Emphasis on Data
Use of big data is becoming more and more prevalent in healthcare. With major changes in healthcare coming through the legislative system as well as many hospitals upgrading their systems, hospitals and tracking more data on patients and best practices. Analyzing this big data is quickly becoming critical for care management and business decisions.
Compensation Increases Based on Patient Outcomes
The advent of big data in healthcare has major implications, especially in terms of compensation. Data can track patient health and satisfaction and soon we might shift from simply fee for service model to a fee based on value and health outcome. This structure puts the incentive on healthcare providers to improve service rather than seek a large quantity of patients.
Increased Demand for Advanced Practice Providers
While demand for physicians has increased, so has the demand for advanced practice providers like nurse practitioners and physician assistants. The Affordable Care Act, increased patient care standards, and the aging population of baby boomers are all contributing factors to this increased demand. Advanced Practice Providers are also becoming more specialized and may demand higher salaries.
Physician Recruitment Incentives Need to Improve
A recent workforce study stated that 81% of physicians feel over-extended or at full capacity. With increasing demand for physicians but only a finite supply of new physicians, recruiting tactics need to get creative to attract talent. Recruiters will have to work together with healthcare organizations to package things like student loan repayments, stipends, or good work-life balance to secure the best candidates.
Continued Flow of Physicians from Private Practices to Healthcare Systems
In 2008, 62% of physicians worked in private practices based on a Physicians Foundation Survey, while that number has decreased to 28%. The American Hospital Association says that the number of doctors on hospital payrolls has increased by a third. The political landscape has had a strong effect on this, as increased regulatory standards and increased fixed costs have forced physicians to work in hospital systems.