Predictions 2023: Retail Health, Decentralized Trials, & Wellness Are On The Front Lines

In 2023, Forrester predicts hospital bankruptcies will spike by a third. Chapter 11 bankruptcy filings for large healthcare organizations in 2022 are tracking 28% higher than for 2021. High-deductible health plans, and commercial insurance rates will move the needle on hospital sensitivity to recession from low to high. The loss of employer insurance and significant shift from private to public insurance cost hospitals an estimated $95 billion in annual revenue and an additional $33 billion due to cost-aversive consumer behavior. Rural hospitals are especially at risk with more than 30% at immediate risk of closure due to low financial reserves or reliance on government aid. To navigate this crisis, hospitals should start quantifying their finance distress levels now.

In 2022, the US retail clinic market size was valued at $3.49 billion, with additional retail companies looking to join the ranks of CVS-Aetna, Walgreens, Walmart, Amazon, and Optum-United Health Group. As retail health doubles in the primary care space, demand for health systems to step up their patient experience game will increase. In 2023, patients will choose retail health for their primary care needs as health systems fail to match retail’s elevated patient experiences. .

Forrester predicts remote patient monitoring (RPM) tools will play a critical role in treating multimorbid patients. Devices like weight scales, pulse oximeters, blood glucose meters, and heart monitors will improve clinical prognosis. RPM market is projected to reach $175.2 billion by 2027 from US$53.6 billion in 2022, at a compound annual growth rate of 26.7%.

Source: Forrester