IRVING, Texas, Feb. 20, 2024 -- Vizient, Inc. announced it has released trends providers should strategize for in 2024. These include payer strategy, ambulatory design considerations, an approach to primary care access and the importance of targeted technology adoption. View 2024: A Year for Bold Bets.
"Where and how healthcare providers invest their resources is a crucial question," said Bill Woodson, senior principal, Intelligence at Sg2, a Vizient company. "Those decisions will ultimately impact financial performance, market position, and in the end, patient care delivery."
The trends are projected based on market research and data analysis, including proprietary Sg2 all-payer claims data. Based on the data and in-house expertise, Vizient is advising providers to:
- Revisit their payer strategy: Medicare Advantage now represents two-thirds of the total Medicare population in some markets and the number of Medicaid enrollees continues to grow. With a high proportion of Medicare and Medicaid enrollees in managed care, providers should have a strategy that proactively addresses total cost of care as a market play.
- Re-evaluate their ambulatory business model: As the shift from inpatient to outpatient care continues to accelerate, an ambulatory strategy must be designed to meet consumer expectations. Providers should also work to understand their consumer purchasing patterns and get ahead of forthcoming price transparency mandates.
- Change the game in primary care: Primary care in traditional office settings will shrink to less than 50% of market share by 2030, according to Sg2, as payer-owned and retail healthcare models surge. Analytics can help pinpoint key growth segments. Providers should keep an eye on new-market entrants and use analytics to determine gaps those entrants address before deciding whether to partner or compete.
- Differentiate through targeted technology adoption: Technology adoption is crucial to effectively managing accelerating consumer needs. Evolving AI tools, home DNA testing, new cellular-based therapies, telehealth visits and use of digital devices that capture real-time health trends all show exponential growth.
"2024 must be a year of inside-out focus for healthcare organizations. Investing time, talent and capital in areas that better meet patient need today and address what tomorrow's patients will demand is essential," said Woodson. "A focus on these vital areas will help providers on their journey to cost, quality and market performance alignment."
Read 2024: A Year for Bold Bets.
About Vizient, Inc.
Vizient, Inc., the nation’s largest provider-driven healthcare performance improvement company, serves more than 65% of the nation’s acute care providers, which includes 97% of the nation’s academic medical centers, and more than 35% of the non-acute care market. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents $140 billion in annual purchasing volume. Vizient’s solutions and services improve the delivery of high-value care by aligning cost, quality and market performance. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at www.vizientinc.com.