Healthcare 2030 (Part 2)
In our last blog, Healthcare 2030 (Part 1), we ended with some rather bleak topics. As a balance, we will discuss some really great news this week from a recent article in the U.S., “September unemployment rate falls to 3.5%, a 50-year low, as payrolls rise by 136,000.”[1]
The news is very good for all of us living in the U.S., and potentially for many others who depend on the U.S. business activity, at a time when most of Western Europe, Japan, Korea and even China are growing well below historical trend lines. I find it particularly encouraging, at least for those of us in healthcare, that the single largest growth segment is “Education and Health Services.”
By now, it is a well-known fact that healthcare continues to be one of the strongest and most consistent segments of job growth for over a decade; and we think this growth will continue until at least 2030.
As discussed in our last blog, the ever-increasing cost of healthcare continues, both on a real dollar basis and as a percentage of GDP. The good side to all of those numbers is that economic activity and employment continues in a positive direction.
Year-end 2018, there were approximately 16,000,000 Americans working in healthcare, or about 11% of the population.
It is our belief, based on the past and current trends, that U.S. healthcare costs will continue to grow consistently with a base rate of 6% for the next decade, and that the healthcare portion of GDP will continue growing to 20% – likely more! Healthcare is the single largest industry in the U.S. and it’s only get stronger. Some could say that the “business of America is not business,” not anymore as President Calvin Coolidge said in the 1920s. The business of America today is healthcare, and we believe that people will soon figure it out and be in full recognition by 2030. By then, we will lead the world not just in technology innovations, but also in the infusion of technology into healthcare.
We are in the early stages of the “golden age” of healthcare, for those of us in both healthcare and technology.
We’ll discuss more in our next blog. Be sure to follow our social media pages for an announcement regarding our new launch into our PWeR, Inc. & OXIOHealth, Inc. News series.
-Noel J. Guillama, President
[1] https://www.cnbc.com/2019/10/04/jobs-report—september-2019.html