Future of Health Administration: 5 Things to Expect
Globally, the future of healthcare administration looks bright. As the population grows, healthcare staffing is expected to increase. Also, with many companies coming up with exciting innovations, hospitals can enjoy streamlined processes and improved efficiency.
If you’re planning to pursue a career in healthcare management, that’s great! From increased staffing to exciting technological innovations, here are five things to expect:
A positive job outlook in health administration
According to the Bureau of Statistics (BLS), the employment of healthcare managers is projected to grow 18 percent from 2018 to 2028. Even in a slow economy, the healthcare industry is expected to expand.
As the baby-boom population ages, there should be increased demand for healthcare services. This means a greater need for doctors and other healthcare workers, and therefore a greater need for managers who’ll organize and manage the healthcare staff. Based on BLS projections, there will be 56,000 new jobs in healthcare administration through 2024.
Depending on whether the candidate has a bachelor’s degree or a master’s degree, they may find opportunities in the following areas:
- Medical records manager
- Health and social services manager
- Clinical director
- Hospital chief executive officer
- Hospital administrator
- Hospital Chief Financial Officer
- Director of Nursing
Healthcare managers must be transformational leaders
With the country’s healthcare system experiencing significant, dramatic changes, more organizations demand transformational leaders. Transformational leaders are expected to demonstrate capabilities beyond general management skills, like panning, directing, and coordinating healthcare services in various organizations and settings. These leaders must be able to:
- Inspire and motivate their staff to perform at their best
- Serve as role models by “walking the talk”
- Challenge others to be creative and innovative
- Demonstrate genuine concerns for the feelings and needs of others
Having somebody who can inspire and motivate others, as well as challenge them to be creative and innovative, can result in increased productivity, enhanced employee morale, and improved job satisfaction.
Artificial intelligence (AI) technology is increasingly being utilized for different medical purposes. The AI healthcare market was valued at about $600 million in 2014 and is projected to reach $150 billion by 2026. AI automates tasks that are usually done by humans, thereby making administrators’ lives easier.
Not only that, but AI can also reduce expensive overhead and administrative costs. The American Hospital Association estimates that hospitals in the country spend $39 billion each year in complying with healthcare laws. In a medium-sized hospital, regulatory compliance is a full-time job for an average of 59 employees. With AI, a hospital can have intelligent checklists that automatically implement patient privacy rules. Also, AI in medical billing applications can accurately probe and assign costs, and correctly come up with invoice requests.
Electronic medical records
Electronic medical records (EMRs) safely records and stores patient data in a centralized system. They allow hassle-free tracking of countless data from thousands of patients that enter the hospital every day.
In the old days, patient health records are saved on paper, but now, health records can be saved in digital formats. Documents like patient forms, test reports, prescriptions and any other related files can be maintained well. EMRs allow the easy sharing of information with other healthcare bodies like pharmacies, laboratories and other hospitals. Not only does EMRs allow for easy information access, but it can also lead to lowered cost per patient admission.
According to the American Journal of Managed Care, patients treated in hospitals that use advanced EMR systems cost, on average, $731 or 9.66 percent, less than patients admitted to hospitals without advanced EMRs.
And according to the Centers for Disease Control and Prevention, 86 percent of office-based doctors use an EMR system. This number is expected to grow as more hospitals turn digital when it comes to storing data.
Customer relationship management
Healthcare customer relationship management (CRM) is a system that uses data to assist hospitals in monitoring and managing patient interactions, as well as improving patient experiences. Also, many healthcare providers rely on CRM campaigns for their marketing, sales, and customer service and support efforts.
According to Stratistics Market Research Consulting, the global healthcare CRM market was valued at $7.27 billion in 2017 and is projected to reach $28.89 billion by 2026.
A CRM campaign allows healthcare managers to target their marketing efforts on the hospital’s ‘most profitable’ customers. For example, if your hospital is hosting a prostate screening campaign, the CRM will target male customers, who’ll most likely need the service.
According to Finances Online, a CRM platform can boost sales by up to 29 percent, and increase revenue by up to 41 percent per sales representative. In fact, according to Nucleus Research, every dollar spent on a CRM campaign can return as much as $8.71 in sales revenue.
The future of health administration appears very promising as more job opportunities are expected in the next decade. Not only that, but exciting innovations like artificial intelligence, customer relationship management, and electronic medical records are also expected to change the delivery of services.