Healthcare

Industry Overview

The healthcare industry is in the midst of unprecedented turmoil as it grapples with unsustainable costs, increased demand for healthcare, an aging population demanding improved chronic disease management, digital transformation, and outcome based healthcare. All of these issues are compounded by the projected growth of the industry.

Driven by aging population of the US coupled with the expansion of health benefits, the healthcare industry is projected to continue its dramatic growth through 2024. The category is expected to account of 18% of the national GDP by 2024.

From an employment standpoint, the Bureau of Labor Statistics reports that healthcare jobs and industries are “expected to have the fastest employment growth and to add the most jobs between 2014 and 2024. Employment in the healthcare industry is projected to grow at 21 percent. 

All of these factors are driving rapid and dramatic change across the entire industry. These changes will be less evolutionary and more revolutionary. Many of the jobs are being created to staff new healthcare business models designed to deliver patient-centric are at lower costs. This creates much more competition, something the industry has been lacking for decades. Traditional emergency rooms are being challenged by urgent care clinics. Conveniently located small “quick” clinics are stealing patients from physician practices for minor illnesses and routine medical treatment.