Healthcare industry drivers 2020+
Remote Patient Monitoring has become a key driver for healthcare change
- CMS has added new billing codes to support providers with payment models
- ECHO program
- Technology acceleration in innovation
- COVID 19 intensified the focus
Increasing consumer choice and spending capability – HDHP, less job-focused healthcare
Post-crisis financial regime
- Income has been traditionally in elective surgeries which has become less. New sources of income to consider.
- “In general, the average hospital has seen about a 40% to 45 % decrease in operating revenue during this period of time.” – Dr. David Shulkin
- Workforce management – subcontracting remote workforce, telehealth caregivers and reduced healthcare workers.
Financial Services Trends 2020+
- Of the top 30 mobile banking apps, 25% had at least one high risk security flaw1
- The cost of cyberattacks is highest in the banking industry, reaching $18.3 million annually per company.
- 92% of consumers have concerns about the security of their personal data online
- Currently only 7% of banks manage end-to-end digital loan disbursement for mortgages
- By 2022, North American banks are expected to spend close to 50% of their IT budget on4 new technology
- By 2020, digital banking customers will reach 3.6 billion users
Increased Competition in the market
- Non-banking companies are entering the market (Amazon, Apple, Google, Uber)
- Over 52% of all mortgages are originated by non-banks.
Workforce Management – staff reductions, remote working
Hazel and the Triverum team have played an important role in the transformation of ThoughtForm. As a strategy + design consultancy, we have been asked to play a more important role helping our customers navigate a global pandemic. Hazel’s experience, empathy, grace, collaborative manner and data driven thinking have enabled us to challenge and better guide our customers through this crisis. We are grateful to work with such a wonderful and thoughtful person.