Medical software is now a well-established part of most healthcare organizations’ workflows. From hospitals and enterprise health systems to single-provider practices, almost everyone uses medical software thanks to government incentives and penalties intended to spur mass adoption.
In 2024, look for continued updates to existing medical software platforms, a consolidation of brands in the industry, and healthcare providers settling into the systems they’ve chosen for their practices, given the significant upfront investment in capital and time.
Allied Market Research has reported that the global medical software industry will reach $63.8 billion by 2030, up from $30.6 billion in 2020, according to Allied Market Research. That represents a 7.7 percent compound annual growth rate over 10 years.
According to the report, the space is mainly driven by advancements in artificial intelligence (AI). New developments in this technology are already bearing this out. For example, some doctors are using DocsGPT, a ChatGPT-powered platform, to write post-surgery instructions, patient referrals and death certificates. The platform is powerful enough that leading EMR vendors may eventually have little choice but to fully integrate it into their software.
AI is also proving to be useful in the development of new patient care systems. NYU Langone Health researchers recently found success with using ChatGPT to facilitate communication between medical professionals and developers on patient messaging systems.
In this study, ChatGPT has been helpful in translating nuanced medically-focused prompts from doctors and nurses into language developers can understand. This advancement could prove beneficial in designing patient messaging systems that provide relevant, helpful tips for patients with conditions such as diabetes.
In 2024, another type of technology may start being integrated into the umbrella of medical software. According to Virti research, 77 percent of healthcare organizations are using virtual reality (VR) for staff training in pre-operative preparation, empathy and communication. Expect VR to gradually join EMR and PMS as types of technology included in the medical software umbrella in 2023.
An emphasis on data security is expected as the use of cloud-based software continues. This emphasis may become especially prevalent in light of the October 2023 announcement that the medical billing service Arietis Health experienced a major data breach. A suspected ransomware attack on UnitedHealth Group unit Change Healthcare in February 2024 may contribute to this focus on security as well. Expect your medical software provider to respond with increased security measures – and the expectation that your practice ups its cybersecurity as well.
Alongside security, quality in medical billing may be emphasized in 2024. According to a December 2023 study, only 38 percent of U.S. hospitals met three key billing criteria. These were the timely delivery of itemized patient bills, patient access to qualified billing employees and hospital legal action on outstanding patient payments. Given hospitals’ lacking quality on all these fronts, expect medical billing services to prioritize them in 2024 for health systems of all sizes.
There may also be consumer and legislation expectations that medical practices prioritize transparency in their billing. In Texas, for example, a new law requires hospitals to provide patients with clear, itemized invoices ahead of sending them to collections. In Colorado, one consumer made national headlines with his complaints to the state government about billing errors that could affect tens of thousands of people. This suggests that a strong focus on billing transparency is necessary for medical practices in 2024.
Similarly, in Minnesota, the Attorney General’s office is investigating the billing procedures of the health systems Mayo Clinic and Allina Health. This investigation indicates an increasing government focus on medical billing practices that keep consumers happy. Using your medical software to power this billing transparency should be a prerogative in 2024.
Additionally, the No Surprises Act that went into effect in 2023 and banned unexpected medical bills for patients came under fire in 2023 – and continues to be disputed in 2024. In February 2023, a federal district court struck down part of the law, but in July 2023, federal executive agencies asked the court to reverse this decision. In April 2024, the Litigation Center for the American Medical Association filed an amicus brief requesting the original decision be upheld. As approximately 30 public companies labeled the Act a risk in November 2023, it’s apparent this law will continue to be contested in court.
The Biden administration’s 2024 progress report suggests that this labeling is correct. In more than 80 percent of Act-related legal disputes, mandated insured payments to out-of-network providers exceeded their equivalents for contracted providers. The three federal agencies co-managing the Act are also spending significantly more time enforcing it than expected. As enforcement of the Act changes, practices may need to alter how they use their medical software to oversee patient billing. The No Surprises Act is thus key to keep track of in 2024.