In the last few years, the healthcare industry has seen rapid advancements in tech adoption. It has also come under increasing scrutiny from government sources as well as regulators. While the COVID-19 pandemic saw the industry growing, there are many challenges that are acting as difficult impediments for future growth.
While the developed world is seeing the wonders of modern medicine, top-class facilities and expert practitioners taking care to another level, the picture on the other side, does not look to be promising. The pandemic exposed the already crumbling healthcare industry in developing and underdeveloped countries of the world.
In this article, we speak to leading experts and ask them about some of the major challenges affecting the healthcare industry in today’s times. If you are a representative in a healthcare business, you should read the points mentioned in the article till the end.
List of Top 5 Challenges Healthcare Businesses are facing today
1.Tax Regulations and Control-
In recent years, healthcare businesses have been forced to give their taxation structures a close relook. This has primarily been because of the advent of sales tax nexus in the different states.
One reason why healthcare industries have been drawn into this issue is because of the rise of telemedicine services in the advent of COVID-19.
While these were present before as well, the pandemic forced almost all healthcare businesses to start offering telemedicine facilities to patients. If you wish to know more about paying sales tax nexus, go here.
2.Adapting to New and Advanced Technologies in Healthcare-
There have been calls to integrate various advanced technologies into the field of healthcare. Increasing automation, the use of Artificial Intelligence, and the creation of a centralized database of patient records is something that healthcare businesses are grappling with.
The integrated records are meant to help in the flow of information between insurance companies, pharma manufacturers, and other stakeholders in the industry.
There is also talk of integrating Blockchain Technology to help get this done. While some advancements have been carried out (automation), a lot still needs to be done.
3.Cybersecurity Attacks and Concerns in Datasets-
Healthcare businesses were one of the biggest targets of cybercriminals in 2020. If you look at the companies that were researching the COVID-19 vaccine, you will notice that there were multiple and frequent attacks.
Cyber risks in the healthcare industry are a growing and pressing area of concern. Attempts to steal sensitive patient information, pharma secrets, and clinical records are on the rise.
Healthcare businesses need to invest in strong cybersecurity measures to withstand attacks from cybercriminals.
4.Increasing Costs in providing Healthcare Services-
With every passing day, availing of quality healthcare services and facilities is getting beyond the reach of ordinary citizens. This is something that governments need to look into on a serious level.
Rising costs brought upon by medical device manufacturers, medicine, and pharma companies have made providing quality healthcare become an expensive proposition.
One more stakeholder that can be said to indirectly affecting the rising costs has to be the medical insurance companies. With more stringent demands and application processes, they have resulted in the creation of a very expensive claims process.
5.Poor quality Consumer Experience and complicated paperwork-
If you have been admitted to any healthcare facility or have helped some family member, you will know that transparency is a major issue here.
The way invoices are processed is something that is always a cause for concern. It seems that hidden costs always find a way into the medical bills and there is no defense in terms of the questions that are asked or clarifications sought.
Healthcare businesses need to work on an authentic and credible way to help patients and their families understand the paperwork and the billing structure. There has to be a uniform approach.
The Final Word
Healthcare businesses came under a lot of flak during the pandemic because of growing concerns around extortionist tactics. However, there is no denying the fact that they have played a major role in helping save millions of lives. The above are some of the problems that these businesses face in recent times. If you wish to add to the list of problems or offer constructive solutions, let us know in the comments section below.