(BPT) - COVID-19 has tested our economy’s limits in ways we never expected. Over the last few months, countless health care organizations have learned to either roll with the punches or get sidelined by constant and unpredictable change. It's taught them that if they want to avoid more infections and societal upheaval, they need to move quickly.
Almost every industry has felt the impact of the coronavirus. But the way it's affected the health care sector is unique because of how it’s changing the behaviors, finances, preferences and use of technology among patients and providers.
As health care providers clear through the clutter and try to predict what the industry will look like, data will become one of, if not the most crucial asset in adapting their practices. At Analytical Wizards, we’ve collected some recent findings on health care trends across the country to help you understand what’s happening now and how that could affect the future. Here’s what we found:
Demand for health care services is increasing, but hospitals face financial pressure
Health care professionals are working beyond the frontlines when it comes to the pandemic, so it’s no surprise the demand for these workers is on the upswing. It doesn’t matter what side of the income spectrum they’re on, employers are having a hard time finding employees from epidemiologists to call center representatives.
Despite increased service and labor demands, many hospitals are struggling to stay afloat. From our research, we found that countless hospitals are under severe financial strain, losing approximately $68,000 a year. The coronavirus has only made things worse. Many have had to reduce or cut elective surgeries, a substantial source of income, to focus on treating the virus. On top of that, some hospitals aren’t receiving money from coronavirus treatments due to insurance complications or patients’ inability to foot the bill.
As a result, some hospitals are undergoing mergers to avoid going further into debt or permanently shutting down.
More patients find themselves out of work and without health insurance
Patients are also feeling the financial strain of the pandemic. COVID-19 has put millions of Americans out of work. For some, job loss means they’re losing their health insurance as well. If these unemployed patients contract COVID-19 or have some other medical emergency, they may be left with a bill they can’t afford without insurance coverage. Because of this, we’re seeing more of a dramatic shift from private health insurance to more government programs like Medicaid. This trend shows that access to affordable health care is changing and that patients are increasingly demanding high-quality care at a more affordable cost.
Telehealth is changing how patients prefer health services
While demand for health services is high, clinic and hospital waiting rooms are becoming ghost towns. That’s because half of patients are calling in to their providers via telehealth services. However, most of them prefer this model of service. According to our research, 60% of patients reported a positive experience with telehealth appointments if they didn’t need to be in a clinic. Initially, many health insurance providers didn't cover telehealth visits but have since updated their policies due to the pandemic.
Data collection is key to keeping up with rapid change
If 2020 has taught us anything, it's that fully understanding the present can help us prepare and improve for the future. Analytical Wizards is at the forefront of collecting and analyzing what the health care industry needs to push forward. By using data to paint a picture of the present, we can help the industry grow and adapt to fit market needs.
Interested in learning more about our product offerings? Check out our website today.
