The healthcare industry, much like many others, struggled to meet the demand during the COVID-19 pandemic. Hospitals became in need of more manpower, especially after many of their staff contracted the coronavirus. Then, they needed more bed spaces for the high number of patients. They needed more equipment, especially ventilators to help the patients with severe COVID-19 cases breathe. They also needed more personal protective equipment (PPE) to protect them from the health threat as they treat their patients.
But despite such challenges, experts have found that the healthcare industry may experience a boom in the inevitable post-pandemic world. As someone looking to develop a thriving business in the post-pandemic world, you can consider joining the healthcare industry. All you’ll need to do first is to recognize that the trends that will define the industry in the future. After that, you can start planning your startup or you can look into the best franchise development revenue model for you.
The Rise of Digital Tech in Health Care
Telehealth is one of the buzzwords that’s been spreading around the healthcare industry and beyond. And it’s because of the COVID-19 pandemic and the quarantine restrictions enforced by the government. People faced a very big problem at that time. They’re concerned about their health and want to consult a doctor. But going outside of their homes and visiting hospitals pose a very real threat to their health safety. So many hospitals and small practices looked into telehealth. This way, patients can connect with doctors through online consultations.
Bain & Company predicts that telehealth will continue to rise long after the pandemic passes. It transformed the relationship between doctors and patients. They found that over 80 percent of doctors will continue to use telehealth after the pandemic. They would use this for routine consultations, chronic care, and even consultations between fellow doctors.
So, as someone looking to grow a business, you may consider supporting telehealth by providing mobile apps or developing websites for hospitals and practices.
More Hospitals Working Together
If there’s one thing that the pandemic taught the healthcare industry, it’s the value of working together. This community of healthcare workers needed to band together to face the challenges of the pandemic. If one hospital is overwhelmed with patients, then they can reach out to other nearby hospitals to transfer some patients. If one hospital doesn’t have enough supplies or equipment, then they can reach out to the others for support.
This is why, again, Bain & Company predicted that a post-pandemic boom in the healthcare industry would be influenced by an influx of mergers and acquisitions. They found that 50 percent of hospital administrators are open to working with other hospitals in the next two years. They also found that almost 70 percent of physicians working independently are open to a merger or acquisition. This is because they understand that they would need financial stability after the pandemic passes.
As a budding investor, you may want to look into doctors and hospitals who are open to a partnership. In this way, you’ll be able to ride the wave of the pandemic boom by being a shareholder of a thriving hospital.
The Growing Medtech World
As part of the healthcare industry that struggled during the pandemic, medtech companies worked hard to meet the demand for various medical devices and equipment. The Food and Drug Administration (FDA) stated that hospitals continue to be in dire need of PPE, testing supplies, and ventilation-related equipment.
But, at the same time, medtech companies also suffered a loss during the pandemic. Because of the postponement of various non-urgent medical procedures, they experienced a five percent decline in revenue back in June 2020. Many medtech companies are dealing with the economic downfall by trying their best to meet the demand for COVID-19-related devices and equipment. But when the pandemic ends, they’ll need to shift their focus back to non-essential procedures that were put on hold last year.
This is a challenge for them. But, as someone looking to take advantage of the forthcoming boom in the healthcare industry, you can strategize to meet the demand and maintain financial resilience.
The healthcare industry is one of the many industries that struggled during the COVID-19 pandemic. Much like other industries such as tourism, retail, and events, it suffered many losses. But unlike the said industries, health care was challenged by the pandemic for a different reason. Rather, it was overwhelmed by the demand.
Things will change, though, when the pandemic passes. And experts are predicting a boom in the healthcare industry in the post-pandemic world. And you can be at the forefront of the boom if you play your cards right.