Did you know that only 1% of patients account for over 22% of total healthcare spending in the U.S.? Further, healthcare spending in the U.S. is projected to have hit $3.1 trillion, or $9,695 per person, last year.
Within the next five to seven years, the payer, provider and patient will make more healthcare related technology purchases than they did in the last fifteen years. The transformational shift in the US healthcare system, ranging from patient engagement to payment reform is underway as customers (patients) finally enjoy price transparency for what is the second largest cost to a household.
Healthcare is truly undergoing a foundational change. In most hospitals, the clinical information systems for primary care do not talk to those in the emergency room, which in turn do not interoperate with the hospitals PACs system.
Health spending is projected to grow 1.1% faster than Gross Domestic Product per year, and as a result, the health share of GDP is expected to rise from 17.4% in 2013 to 19.6% by 2024. This market is ripe for change, and as more investors enter this market, there will be increased competition for deals.
Following are four emerging Healthcare IT trends that get us at Edison Partners excited:
1. Data Proliferation and Availability
2. Connectivity Across the Care Continuum
3. Population Health Management
4. Mobile and App-Enabled Engagement
We firmly believe that mobility is the key to transforming healthcare in the United States, as the proliferation of devices is in the hands of both providers and patients. Mobile engagement is critical for improved chronic disease management, increased patient engagement, and even enhanced care coordination:
Interoperability, payment reform, and greatly heightened connectivity across the care continuum will all be pillars of the new digital and patient centric healthcare model. Our goal at Edison Partners is to play a pivotal role in driving this change.