- Question
What lasting impact will COVID-19 have on the U.S. healthcare industry?
The healthcare industry has remained relatively the same even in the face of digital transformation and wider societal change. For example, most doctors still use pagers which were first invented in 1928! However, during COVID-19, the entire healthcare system was put to the test. In many parts of the country, essential equipment such as ventilators and N95 masks were running low. Doctors and nurses were working overtime but they were denied hazard pay. Many challenges during this time revealed intricate flaws within the system. There is bound to be massive reform in the industry following the pandemic.
Systematic changes to the once rigid healthcare process will occur
COVID-19 has affected Americans on many levels, but US healthcare has been directly reeling from the impact. The pandemic forced health care organizations to prioritize leadership, increase hospital staff to reduce burnout, and adopt a more successful model to avoid another long-term fallout.
Many hospitals and clinics might face moderate to severe financial hardships
During COVID-19, hospitals began to make massive equipment purchases. Ventilators, an increase in ICU facilities, protective gear, and overtime payments for all healthcare personnel added up to become hefty sums for the healthcare industry. In the aftermath of the pandemic, many hospitals and clinics are going to face financial challenges and might need government intervention.
The fitness and wellness markets within the healthcare industry will make huge profits
During the COVID-19 pandemic, many people's lifestyles evolved into idle and unhealthy ones. With the increased emphasis on healthcare, there will also be a lot more attention diverted towards exercising, eating healthy, and staying safe. Most Americans, regardless of their affiliation with healthcare, will actively participate in these markets.