2020 Health Industry Trends: Emerging Challenges and Implications

With the beginning of the new year, organizations have the opportunity to pause and review the most recent industry macrotrends and, based on those market insights, either confirm or adjust their strategies. Similar to previous years, healthcare providers continue to face a dizzying array of growth-challenging macrotrends. An often-overlooked lever that can help health system leaders combat some of these trends is a true clinical asset management strategy. In our 2020 Industry Macrotrends blogs and webinar, TRIMEDX will share our take on the challenges facing the industry and the implications of those challenges for clinical assets. There are six key macrotrends we see coming to the fore in 2020. 

  • Margin pressure. Unhealthy margins are forcing health systems to keep their focus on operational efficiency, while rethinking their growth strategies. This continues the scrutiny on operational expenses and what can be done to improve net income. 
  • Capital constraintsHealth systems must ensure they have adequate capital to invest in strategic, growth-generating initiatives. 
  • Clinician experienceMinimizing turnover and ensuring physician satisfaction is key in an era of rising RN burnout and growing physician leverage. 
  • Transformation of Systems of CareAs more and more health system business moves to alternative sites of care, provider organizations must build a strategy that mirrors and supports this migration with a growing focus on patient satisfaction. 
  • Merging Medical Devices and IT68% of medical devices will connect to the network by 2025, requiring a comprehensive strategy to minimize potential cyberattacks. 
  • Intensifying Competition. New and innovative market entrants are beginning to have an impact on health system volumes, with major implications for future growth. 

Your clinical assets play a vital role in weathering these macrotrends.  A wellrun clinical asset management program that ensures your clinical assets are managed safely and efficiently, maximizes the equipment’s useful life, minimizes unnecessary capital spend on equipment so that the health system can allocate precious capital to growth, removes friction from the environment of care to maximize your clinician experience, and ensures equipment (particularly mobile equipment) is clean and available are all necessary to enable (rather than undermines) the ability of health systems to weather the macrotrends facing down the industry. While clinical assets are not often topofmind when it comes to these macrotrends, our research and conversations make it clear that a failure to manage your clinical assets to the highest operational and strategic standard will undermine your larger strategies for weathering these 2020 macrotrends. 

For a deep dive on several of these challenges, please view our 2020 Healthcare Industry Macrotrends: Emerging Challenges and Implications” webinar, where I will be joined by Chief Financial Officer Chris Dunkerley and Senior Vice President of Product Management and Solutions Scott Trevino for a spirited discussion. You can view that webinar on demand by clicking here.