Time is zipping by fast! In fact, too fast as far as I’m concerned. Another calendar is winding down and 2018 is quickly approaching. When it comes to the topic of healthcare, 2017 has been an interesting year to say the least. On nearly a daily basis, healthcare policies and emerging technologies have been in the new. Emerging technologies such as Artificial Intelligence (AI), the promise of Immunotherapy, and the evolution of Wearables has captured the hearts and minds of nearly everyone.
With the arrival of a new administration in the White House, the Affordable Care Act (ACA) has kept the attention of many due to its ongoing scrutiny (i.e. should it be repealed and replaced). After multiple failed attempts by the GOP led administration to repeal ACA, we head into 2018 not knowing what to expect in the coming months. With all these strong whirlwinds, one thing that continued to rise unabated was the US healthcare costs, which today stands at $9,000 per capita – significantly higher than the rest of the world. And there is no stopping these spiraling costs as they are expected to be about 22-25% of US GDP in the next four to five years.
I am a firm believer that technology coupled with the right healthcare policies can make a significant dent to contain these rapidly rising costs. Frankly, we don’t have a choice. We have to find a way to drive transformation in the healthcare industry that will not only result in improved quality and access to care, but improve cost structures and ROI. Traditionally the healthcare industry has been a slow adopter of new ideas and technologies, but I do see that changing for better over the next year. In my conversations with healthcare customers, I have seen an increased willingness to try new innovative ways of tackling business problems. I have seen an increased appetite to take on more calculated risks to drive about the desired changes, without compromising patient privacy and data security.
Here at DMI, we continue to engage with our customers as trusted partners, working collaboratively ‘with’ them, rather than ‘for’ them. We strive be an active participant in transforming this very important industry, which has ramifications for all of us, as in some shape or form, we are all consumers of the healthcare industry. So, as we say goodbye to 2017, we are excited to welcome 2018, as the journey we are on is about to get more immersive and personal. To learn more about healthcare in the new year, the top healthcare trends to watch for in 2018 can be found here.
Tapan Mehta, Market Development Executive, Healthcare & Life Sciences Practice