Healthcare industry drivers 2020+
Remote Patient Monitoring has become a key driver for healthcare change
- CMS has added new billing codes to support providers with payment models
- ECHO program
- Technology acceleration in innovation
- COVID 19 intensified the focus
Increasing consumer choice and spending capability – HDHP, less job-focused healthcare
Post-crisis financial regime
- Income has been traditionally in elective surgeries which has become less. New sources of income to consider.
- “In general, the average hospital has seen about a 40% to 45% decrease in operating revenue during this period of time.” – Dr. David Shulkin
- Workforce management – subcontracting remote workforce, telehealth caregivers and reduced healthcare workers.
Financial Services Trends 2020+
- Of the top 30 mobile banking apps, 25% had at least one high risk security flaw1
- The cost of cyberattacks is highest in the banking industry, reaching $18.3 million annually per company.
- 92% of consumers have concerns about the security of their personal data online
- Currently only 7% of banks manage end-to-end digital loan disbursement for mortgages
- By 2022, North American banks are expected to spend close to 50% of their IT budget on4 new technology
- By 2020, digital banking customers will reach 3.6 billion users
Increased Competition in the market
- Non-banking companies are entering the market (Amazon, Apple, Google, Uber)
- Over 52% of all mortgages are originated by non-banks.
Workforce Management – staff reductions, remote working