The landscape of healthcare is rapidly evolving, with the emergence of new technologies as well as changing legislation, regulation and consumer expectations. These triggers hold the potential to fundamentally change how care is delivered. There is a lot to be optimistic about as well as change to navigate.
As we look towards the future, specifically the remainder of 2024, here are our top 5 predictions for healthcare:
1. Increased AI experimentation and adoption
While issues around bias, hallucination, safety and capability in using AI will need to be overcome, there is no doubt that AI will have an important and growing role across healthcare.
With increasing regulatory intervention and differing approaches across the globe, it will be essential to marry the imperative to deliver improved healthcare with clarity on what guardrails must be accommodated and considered.
2. Focused attention on data governance
Alongside and coupled with the use of AI and machine learning, organisations will need to remain focused on and look to invest in maturing their data governance.
By doing so, they will enhance their operational and technical readiness for leveraging AI and machine learning as well as in responding to upcoming privacy reforms. Accessing and handling data well and securely will remain a top priority for those leading in the sector.
3. Greater integration of wearable technology and personalised care
With a continuing focus on wellness, adoption of healthcare monitoring continues to remain popular and the technology is becoming increasingly sophisticated. Compliance with both regulation and community sentiment on accuracy, safety and privacy remain paramount.
One of the areas we predict to really advance this year is use of this technology in elder care to prevent and detect falls, and to provide other benefits such as early disease detection, medication alerts, emergency notifications, and digital medicines with sensor-containing pills.
4. A 'step up' in expectations for aged care and disability services providers
The aged care sector is already undergoing significant reforms and with the New Aged Care Act due to come into effect in July, providers will need to prepare and respond to heightened expectations both for their organisation and their responsible persons.
The Exposure Draft has signalled a person-centred and human-rights focus, heightened regulatory powers, greater standards of care, extended whistle-blower protections, worker screening requirements and a new provider registration regime. And as we await the Government Taskforce's response to the Disability Royal Commission Final Report, for disability services providers we anticipate 2024 will kick off an extended period of legislative and policy reform.
5. Upswing in healthcare deals generated by advancements in genomics, technology and AI
We are seeing momentum build in the M&A market in particular sectors and the health industry is a focus. With an increasing and ageing population, an increase in the use of technology and AI, as well as innovation in areas such as genomics, we are seeing an upswing in deals across healthcare.
One of the most exciting prospects in our view is the advancement in genomics. This has the ability to completely change the health landscape in Australia and we expect it will drive transactional activity.
Healthcare in 2024 promises to be an exciting landscape driven by technology, innovation, and a strong focus on person-centred care. The use of AI, effective data governance, increased use of wearable technology, and the rise in genomics are all set to revolutionise the healthcare industry and drive investment interest.
It's vital that healthcare providers and policy makers prepare to meet the new challenges and opportunities these trends present. The future of healthcare is about harnessing these advancements to deliver better outcomes for patients, residents, consumers, providers, and the community.
If you would like to discuss any of these trends, please contact us.
