4 Modern Challenges For Healthcare Businesses (And Their Solutions)

You could argue that it’s both a good and a bad time to be in the healthcare industry. On the positive side, demand for healthcare services has never been higher, and that’s expected to grow in the coming years. Driven by a CAGR of 5.98%, the healthcare industry as a whole is expected to grow from a valuation of $11.04 trillion to more than $17.5 trillion in 2032.

With that said, healthcare businesses are also facing unique and sustained challenges, including the rising threat of cybersecurity issues and the integration of AI tools. Healthcare businesses that proactively tackle these issues will be in a strong position to give themselves a competitive advantage and tap into the significant revenues on offer in the coming years. 

In this post, we’ll run through some of the most pressing challenges, as well as offer advice on how to avoid/limit them.

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Burnout and Staff Shortages

A growing demand for services is the primary driver behind increased revenue for healthcare businesses. However, as things stand, that demand will outstrip supply. The American Hospital Association predicts that there will be a shortage of some 100,000 critical health care workers by 2028, which will make it even more challenging for healthcare clinics to bring on board the healthcare staff they need to offer a high level of service.

This is compounded by growing rates of burnout among healthcare staff, which is also leaving healthcare providers short-staffed.

Healthcare businesses that create an employee-friendly work environment, which includes good work-life balance and competitive salaries, can help to avoid the complications associated with high employee turnover. 

Increased Cybersecurity Threats

Cybersecurity is an ongoing threat across all industries, but it’s especially problematic in the healthcare industry. There’s been an increase in the number of attacks (and attempted attacks) in the past couple of years, which has led the FDA to update its cybersecurity requirements. 

As such, it’s more important than ever that healthcare facilities prioritize their organization’s cybersecurity. Working with an IT company that offers FDA cybersecurity services can ensure that you’re fully compliant with those requirements and that your sensitive data is kept safe from cybercriminals. Many healthcare operators treat cybersecurity as an afterthought, but with the risk ever-growing, it’s more important than ever to treat it as a priority. 

Overreliance on Digital Tools 

Digital tools are playing an increasingly prominent role in the healthcare industry, but there’s also a danger that clinics become overly reliant on digital tools. Patients still want and need human interactions, so while AI and other tech tools can streamline operations, it’s important that they don’t dominate workflows.

Assuming Past Success Equals Future Prosperity

Finally, perhaps the biggest challenge facing healthcare businesses is the rate at which things are changing. More than ever, previous success does not equal future success. Things are changing, and standards are rising. Organizations must keep their fingers on the pulse of the winds of change and make sure that they’re continuing to operate at the highest level.
 

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