Top Health Benefits Trend Predictions for 2023
Published on January 16th, 2023
As we begin a new year, it’s natural to wonder what it may entail, especially in the health and benefits space. While our product and market experts took the time to predict the state of health benefits in 2023, many other leading industry publications made their predictions as well. Seeing as everyone has a different pulse on top trends, we thought it was worth reviewing a variety of takes.
Below are some 2023 health benefits and FinTech trend predictions from leading industry sources, compiled in one place with quick synopses to make them easier to digest.
- As Health Care Costs Rise, Affordability is Top of Mind – for Employees and for the Business: Employers will absorb above-average increases in healthcare costs to maintain affordability for their employees.
- Shifting Workforce Dynamics Playing Out in Health and Wellbeing Offerings: Employers are increasingly recognizing the effect of health and wellbeing on their overall workforce strategy.
- Employers Will Address Health Inequities in a Multitude of Ways: Continued focus on Social Determinants of Health (SDOH) with health and wellbeing programs, expanding coverage and benefits for neurodiverse populations and transgender individuals, increased recognition of disability inclusion as part of DEI initiatives, and specific issues within women’s health, like reproductive care.
- Programs that Support People in Tough Times Become Even More Critical: Employers should consider offering mental health, retirement savings, day-to-day financial priorities like saving for emergencies, paying down debt, creating a household budget, gaining early access to earned wages and paying for college.
- Back to Basics When it Comes to Value: More adoption of value-based payment models like advanced primary care, high-performance networks, accountable care organizations and centers of excellence.
- Virtual Health is at a Critical Crossroads:Virtual care is increasingly viewed as a complement to in-person care.
- Policy and Regulation Impact Access to Healthcare: Employers need to continue to view their relationship with policymakers as a partnership. Governments will look to employers for support and resources to communicate public programs. Employers will need to stay engaged in civic discourse to understand and help define their involvement and responsibilities.
- Artificial Intelligence in Healthcare: The artificial intelligence market is forecast to reach $20 million in 2023, with technologies like computer vision, natural language processing, and pattern recognition algorithms already embedded and continuing to be adopted in the healthcare system. AI is being used in areas like drug discovery, analysis of medical imagery, and detection of neurological disorders.
- Remote Healthcare – Virtual Hospitals, Healthcare Communities, and Telehealth: A continued rise in virtual appointments, use of telehealth, and even remote, robotic surgeries.
- Retail Healthcare: Healthcare business conducted through retail outlets is expected to double in 2023.
- Wearable Medical Devices: These will increasingly be adopted by individuals for personal use, as well as recommended by clinicians to monitor patients remotely.
- Personalized Healthcare: Precision medicine will allow drugs and other treatments to be specifically tailored to an individual or group of patients based on factors like age, genetics or risk, and can even take into account a person’s genome.
- Digital-only banking
- Artificial intelligence
- Payment innovations
- Crypto card payments
- Contactless payments
- Smart contracts
- SaaS platforms
- Robotic Process Automation
- Fintech super apps
- Digital exchange and trading solutions
- Peer-to-peer finance and credit
- Consumers and investors alike are increasingly interested in embedded finance
- China will lead the FinTech market and evolution
- Banks enter the BNPL market, competing with FinTechs
- The adoption of artificial intelligence will become even more natural
- Regtech solutions will reach all-time high adoption rates
- The FinTech industry will combine financial offerings with green initiatives
- On-demand pay becomes a new way of the wage distribution