Private Healthcare leaders are looking forward to 2023, planning how to manage rapidly changing priorities against a backdrop of political and economic turmoil.
Businesses are analysing and laying foundations to help them prepare and innovate to improve processes, outcomes and services which will positively affect patient care, and relieve pressure on the NHS.
Here is a snapshot of trends in Q3 2022 and a look forward to what we can expect in 2023.
Staff shortages and rising costs.
The covid pandemic and Brexit continue to have an impact on labour shortages, something I’ve discussed at length previously. Businesses are also having to grapple with supply chain challenges and rising costs caused by global increases in inflation, primarily driven by the ongoing war in Ukraine.
How technology is helping healthcare evolve
This year’s HETT Show (Healthcare Excellence Through Technology) explored the systems and infrastructure that underpin a data-driven NHS, supporting the delivery of patient outcomes through technology.
Keystream exhibited and met with NHS delegates, healthcare technology exhibitors and private healthcare providers. Using technology innovations to provide answers to the myriad of challenges currently facing the NHS and healthcare sector was a key theme.
Hot topics of conversation were:
- Streamlining data and reengineering processes
- Digitally empowered patients
- Using systems to improve patient safety
- Digital health transformations
Currently, the NHS faces record high waiting lists. Obtaining access to comprehensive medical data for every patient is critical to providing the right care and enabling the most efficient use of resources. Helping healthcare providers digitise and improve visibility of patient data is a key priority in 2023 in order to increase efficiency and tackle the backlog head on.
Mergers and acquisitions over the pond
Moving onto the US healthcare market, Q3 2022 hospital merger and acquisition (M&A) deals are starting to creep up versus the same period last year. 2022 saw 10 new hospital mergers compared with 7 in 2021. However, numbers remain lower than previous years: 2020 = 19 deals, 2019 = 25.
It is worth noting that, despite a lower volume of deals, their value has increased by $3billion, a significant amount creating a greater impact on the market. M&A deals have been spread across the sector, including
- For-profit health systems
- Non-profit systems
- Academic or university-affiliated
- Religiously affiliated companies
Advisory firm Kaufman Hall predict that:
"As hospitals and health systems focus on building depth and breadth of services within core markets, we anticipate continued growth in partnership models that can offer new sources of capital.*”
Healthcare trends for 2023
The role of artificial intelligence is expected to play an even greater role in healthcare in 2023. So, what does this mean in practice for patients and doctors?
Patients will receive personalised treatment plans, much more quickly. Medical research will become more efficient and easier to communicate to the wider community of healthcare professionals, resulting in faster, more accurate, diagnoses.
Many doctors and healthcare professionals are now accredited to practice virtually. The HETT Show revealed many new technology developments that enable efficient virtual GPs services for diagnosis alongside virtual remote monitoring of patients for ongoing care. The result will be to free up space in hospitals, utilise healthcare professionals time more effectively and creating big cost savings meaning budgets can be deployed elsewhere.
As we look forward to 2023, the global economic situation is more fragile than ever. The UK has been thrust into economic and political upheaval and there is little sign of a positive and lasting end to the Ukraine war on the horizon. These recent events had proved that it’s impossible to predict a return to stability in 2023.
Those that thrive will be the companies that can quickly adapt and respond to whatever challenges the year may throw at them.
For more insight into the private healthcare talent market, get in touch with Natalie Drew, Divisional Manager.