TradeRiver has identified the Healthcare industry among a number of high growth industries where innovation and disruption are either happening or in desperate need of occurrence. Here’s a quick dive into all of the things we’ve highlighted about the Healthcare industry.
Global healthcare spending continues to increase and is expected the reach USD $10.059 trillion in 2022. Factors that are impacting these costs include, but are not limited to the growing life expectancy rate, the fight against communicable diseases, NCD’s, etc.
Health care providers are prioritizing financial management, efficient operational performance, outcomes-based care, and innovative solutions development. The intent is to develop and maintain a sustainable smart healthcare ecosystem.
Companies providing full employee health coverage are dropping at exponential rates as health rates have simultaneously increased drastically in cost. Today, few companies provide employees with full coverage healthcare benefits and packages.
Health benefit costs are rising at two times the average rate of wage increases and three times the rate of general inflation. As a result, health benefits are becoming unsustainable for businesses to cover and provide for on behalf of employees.
Small businesses are beginning to switch employees over from health insurance coverage to individual health insurance as costs increase and pose new challenges to business’ financial forecasts and budgets.