While healthcare has always been a dynamic industry with many complexities and players involved, the ante was really raised when The Patient Protection and Affordable Care Act (PPACA), commonly called the Affordable Care Act (ACA), was signed into law by President Obama in March 2010. Since then, every year has been the ‘Year of the ACA.’ To some degree, it will never go away completely because of its influence on decision and policy makers across the healthcare spectrum. As we sit here on the cusp of 2015, nearly 4 full years since the regulatory overhaul took effect, there are no signs that the healthcare industry will slow down or the impact of the ACA will cease to be felt. If anything, we’ll continue to see the torrid pace intensify across all areas including life sciences, health IT, medical device, biotechnology, pharma, payers, providers and care facilities. However, unlike previous years, 2015 should see a shift away from ‘all ACA, all the time,’ towards a truly market-wide industry that is increasingly innovative, wired and consumer-driven. At a macro level, there are several trends that will have an impact and touch most parties across the healthcare spectrum:
Show me the money. Healthcare spending will rise, largely driven by the ACA, the economic uptick and the continued focus on the Triple Aim (improving the health of the population, enhancing the experience and outcomes of the patient, and reducing the overall cost of care). Total health spending will trend upwards as more people have access to health insurance as a result of the ACA. As the economy starts to turn a corner and the recovery strengthens, consumers that may have put off procedures and tests over the past few years will start to take care of lingering ailments, regularly visit with their primary care physician, and make investments in their overall health and wellness. But, the uptick won’t be limited to patients/consumers. Payers and providers will continue to invest in technologies that improve collaboration between the two entities. Providers and care facilities will continue to invest in technologies that move and store data (largely driven by Meaningful Use) such as EHRs, which help to make more informed decisions based on up-to-date information about patients, their conditions and treatment options.