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New Revenue Opportunities for 2009, 2010 and Beyond……

July 5, 2009
by Wayne Craige
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We would agree that the healthcare industry is facing some serious challenges, such as, rapidly increasing costs, lack of quality control, depleting level of care and revenue management. Nevertheless, despite – or perhaps because of – these challenges, today the healthcare industry presents significant opportunity and growth prospects.“It’s a continuous process to constantly evaluate our pipeline and make decisions based on high-priority, unmet medical needs with market growth potential.”
Ray Kerins, VP of WW communications, Pfizer

It is the end of the 2nd quarter of 2009 and the industry is showing significant growth opportunity for healthcare organization of all types. I see facilities are expanding their healthcare practices and building up their healthcare industry expertise. I also see economists, consultants, hospitals, physician offices and specialized care (Chronic, Indigent and Disease Management) firms nationwide looking to healthcare industry changes as a bright spot in an otherwise abysmal economic.

As healthcare professionals – in whatever domain - we know healthcare is a necessity, and as such providers ; life sciences (includes pharmaceuticals and medical devices); payers (health insurance and health plans); and government or public healthcare organizations, will continue to invest in operations and continue to seek advisory services, particularly as they lead to improved patient care, efficiencies and revenue growth.

Now that Obama administration focus on healthcare is becoming a sweet spot. The outlook for healthcare transformation and technology adoption nationwide is positive, particularly as compared to other industries. While major industries, such as financial services and manufacturing, are more troubled by the recession and have significantly cutbacks. Healthcare firms continue to recruit industry expertise, particularly clinical and scientific expertise, which is invaluable. Healthcare players are now more than ever optimistic about prospects in the healthcare market. In fact, more healthcare firms are focusing on or investing aggressively.

How many of us have watched the healthcare landscape becomes increasingly competitive as the months goes by. Is it because the Obama administration is more focus on healthcare issues than on defense? In comparison to previous administrations, do you see a significant shift to provide more for firms that serve the public sector than for defense contractors? Looking at what is happening today, IT adoption and investment is much stronger in healthcare. New revenue opportunities are here for the healthcare industry. Today, more facilities are launching specific initiatives within their practices to transform departments or all areas of their practices. I believe going forward, the most successful healthcare practice will be those with strong and integrated clinical operations, good source of finances, strong technology integration and strong regulatory capabilities – the opportunity is here!

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Comments

Frank, good point....Ergo, consultants can add greater value to healthcare clients by working with and leveraging their knowledge of the financial services industries and products.

People get sick and need medical care regardless of government measure and regulations or the state of our economy. One can easily estimate that the Obama healthcare plan will cost the US federal government anywhere around $75 billion in its first year of enactment, but on the other hand this translates into providing health insurance for an estimated 95% of Americans. Hence, they are a number of drivers of healthcare consulting services.

One thing for sure, growth in health spending accounts (HSAs) in the US will lead to a greater need for streamlined methods of clinical information access and healthcare consulting.

Mike...
Sounds very bullish. How do you factor in that the hospital associations just agreed w Obama that they will accept payment cuts of $200 billion when feds said they wanted $900 billion? Real number will probably be in middle...that's a big net revenue reduction that has got to come out of somewhere...

Wayne Craige

Chief Executive Officer & Bio-medical Informatician

Wayne Craige

@wayne_craige

www.cidrep.com

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