The Healthcare Industry is MASSIVE! Healthcare spending accounts for a little over 19% of the US GDP. So, that means almost twenty percent of our country’s economic output is dedicated to healthcare. This means that when compared to most other countries, healthcare in the US is more expensive. Countries like New Zealand and Australia devote under 10% of their spending to healthcare. Experts estimate that US health spending will balloon from 2020’s $4 trillion to just over $8 trillion by 2040.
A big aspect of this boost in medical expenditure is the emerging transition to a more health-focused and technology-driven approach. This would mean providers leveraging the tools that are available to their patients, like tracking of vitals through electronic mediums, like watches meant to let you know when heart rate and breathing are irregular. This would mean that the tools could be monitored by the practitioner remotely and integrated into the patient’s care, playing a larger role in early detection efforts and helping in ensuring that the patient establishes consistent patterns, which lead to healthier outcomes.
Healthcare is a branch of the US market that consists of many parties working together, to ensure that the patient is the top priority and properly cared for. If you’re looking for help with your revenue cycle management our team at Gables Medical Billing will be more than happy to get you paid in a timely manner.
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