The healthcare industry is an important sector on which people rely for their quality of life. In many nations it is considered to play an imperative role for the economic situation of the country. But does that meant that the healthcare sector has no challenges to overcome? Or are they free of all the obstacles that the modern era has bestowed upon other industries? Thus, to have a closer view of the industry, discussed below are the problems faced by this sector.
6 Major Problems The Healthcare Industry Is Facing –
Increase In Healthcare Cost:
Though medical facilities are increasing with each passing year, there is not no deduction in the healthcare expenditure that a patient needs to undergo. In fact, now, they have to pay much more than what they used to a decade back. While this is not much of a tension for the high-ranking class of the society but the middle and the lower class has to bear a heavy burden. The disappointing fact is that, due to the hike in healthcare expenditures, many patient avoid seeing a doctor unless something major does not happen.
Problematic Healthcare Insurance Policies:
Individual healthcare insurance policies sold out during the recent years turned out to be challenging. This is so because many insurers increased their premiums but in spite of undergoing losses. In the last couple of years, even many insurance companies had to witness a all time low in their profits. Moreover, according to experts, lesser projected enrollment accompanied by higher medical utilization by enrollees with further worsen the situation.
Even though, Smartphone might serve as a boon to our lives, it has emerged as a challenge to the healthcare industry. Currently, these devices are coming up with applications and accessories that are medically sound. For example, maximum of the chronic disease patients have already started managing issues with these apps. The truth is, everyone wants to keep a check on their health conditions from anywhere and at anytime. But this is building tension for medical practitioners.
Implementation of IT Applications:
In order to maintain efficiency and effectiveness, of later, there has been a growing reliance among healthcare centers on IT applications like business/finance systems and electronic health records (EHRs). But the issue is, such IT applications as well carry risks that are associated to reimbursement and clinical care. Extra care is required to ascertain that the capture patient information is satisfactory.
Rise in Drug Price:
Pharmaceutical drug prices are on rise due to industry consolidation and drug shortages. This has made healthcare centers to leverage their scale while procuring certain products and standardize clinical and purchasing protocols to drive volume discounts. Even consumers are tired of paying out-of -the-pocket prices to drugs in the course of their treatment.
Growth In The Number Of Elderly People:
With a steady decrease in the death rate along with an increase in life expectancy, it has become vital for the healthcare industry to fund their Medical centers and organizations more, for long term care and development. Furthermore, reduced state budget, slow growth in the private long-term care insurance market and employer reductions in retiree health benefits will make the elderly lot to face shortage in certain healthcare facilities and services.