INDUSTRY TRENDS: BY THE NUMBERSCompiled by Cari Kraft, Jacobs Management Group, Inc.
Number of Medicare beneficiaries in Medicare Advantage
This represents 33% of the total members enrolled in Medicare. There are 2,317 Medicare Advantage plans available nationwide.
Source: Kaiser Family Foundation, October 2017
Increase in DOs in the US
The number of osteopathic physicians (DOs) has surged 68%, and the number of osteopathic medical students is up 85% in the last decade, representing about 25% of all medical students. This may help close the gap between physician supply and demand, estimated at between 61,700 and 94,700 physicians by 2025, according to the American Association of Medical Colleges.
Source: Osteopathic Medical Profession Report, 2017
Projected 2018 rise in medical costs
Medical costs in the employer insurance market will go up about 6.5% this year, the first increase in three years. This price is a significant driver of medical costs, and PwC indicates that healthcare spending is growing faster than the economy, a trend that isn’t sustainable.
Source: PwC’s Health Research Institute (HRI)
Doctors whose top concern was rising cost of care for their patients
This finding has risen dramatically, from 59% in 2016 to 87% in 2017. Other major issues: wider access to therapies, repeal of individual mandate, and a belief there will be cuts to Medicare and Medicaid.
Source: InCrowd physicians’ predictions research, November 2017
Estimated size of Internet of Medical Things (IoMT) in 2021
Standing at only $60 billion in 2014, this market is expected to increase by a CAGR of 12.5% in the next few years to $136B. The Internet of Medical Things refers to the medical devices and applications that collect data and provide it to healthcare IT systems through online computer networks. There are currently 3.7 million in the IoMT.
Source: Allied Market Research
Newborns in study of home cardiorespiratory monitoring
The FDA approved use of ingestible digital trackers in aripiprazole pills as a way to monitor medication use after over 47,000 newborns were monitored for six months with the sensors. The device has the potential to not only alert caregivers to potential life-threatening events, but to also provide insight into vital-sign variability in healthy infants. The study showed high parental acceptance. Prospective studies are warranted to further evaluate its applications in the high-risk newborn population.
Source: SAGE Journals, Initial Experience and Usage Patterns With the Owlet Smart Sock Monitor in 47,495 Newborns. December 4, 2017
Americans who mistakenly believe health insurance or Medicare will pay for long-term care
In a survey of 2,065 U.S. adults 18 and older, OneAmerica reports that a majority believe Medicare or health insurance will be sufficient to cover assistance with daily living due to illness or injury, either in-home or in a care facility, for longer than 90 days. But neither of these will provide for those needs. The results show more education is needed.
Source: Harris Poll on behalf of OneAmerica Financial Partners, August 2017