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Healthcare Insurance Predictions for 2018

Healthcare Insurance Predictions for 2018In our last blog, we covered some critical workers compensation insurance predictions that are slated to occur in 2018. While there are a lot of moving parts to the healthcare industry, we’re going to dive deeper into some of the top predictions for this coming year, as stated by Venrock partners Bob Kocher and Bryan Roberts. Their predictions were fairly accurate for 2017, with 8 out of their 10 forecasts coming to fruition. Read on to discover how the Healthcare Insurance market is expected to shift and evolve this coming year.

Artificial Intelligence.

“While we don’t think bots are going to replace doctors anytime soon, we are bullish that AI and machine learning are going to go from an R&D project to meaningfully improving cancer diagnostics, pathology and image recognition. We think that training data sets and technical capabilities have gotten to the point where new products will be created that begin to make a difference,” they explain to CNBC.

Medicare gets a competitive advantage.

More and more seniors are predicted to choose this coverage as it’s more affordable. What’s more, primary care physicians are expected to skyrocket this coming year in addition to new policies becoming available that favor payors.

New margins and mergers.

“With the crumbling of the Anthem/Cigna and Aetna/Humana mergers, and emergence of Aetna/CVS, we think that Anthem, Humana, Cigna, and Optum will all aggressively acquire higher margin, less-regulated businesses,” Kocher and Roberts predict.

Amazon won’t play a huge role.

The healthcare business is a heavily regulated one and an industry that is difficult to penetrate. Despite rumors of Amazon becoming a provider of pharmacy-required medications, it’s predicted that they will continue to service healthcare businesses but not consumers. They are expected to continue their business to business model rather than business to consumer.

Minimal hospital hiring.

Healthcare reimbursement pressures have created a decrease in admissions for hospitals, which means that there is less need for administrative staff. Hospital hiring has been steadily increasing each month for approximately a decade. Now, however, for the first time since the beginning of tracking by the Bureau of Labor Statistics, this will cease in 2018.

Increase of big pharmaceutical companies.

Mergers and start ups are likely to come to a head in 2018. This means that big corporations, such as Astra Zeneca, will get acquired by even larger companies this year.

As a specialized agent, staying abreast on current trends means that you can better service your clients and protect them from what’s to come.

About ASIA Workers’ Compensation

Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for the past two decades and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call (610) 543-5510 to speak with one of our professionals.

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