Deloitte’s 2024 Health Equity Outlook highlights executives’ heightened focus, with over 80% prioritizing health equity. It emphasizes strategic investments and regulatory pressures shaping the healthcare landscape. Challenges like limited resources and AI biases stand out, demanding proactive measures. Community engagement, workforce well-being, and research advancements emerge as key priorities. The report underlines collaboration’s transformative potential and the imperative of integrating health equity enterprise-wide. Deloitte foresees improved outcomes and cost reductions, signifying an industry-wide shift.
Deloitte’s latest report delves into the pivotal role of enhancing health equity, revealing that over 80% of C-suite executives within healthcare and life sciences are prioritizing this objective in their top-10 goals for 2024. Drawing insights from a comprehensive survey conducted by the Deloitte Center for Health Solutions, encompassing perspectives from 53 health equity leaders and 121 executives from healthcare and life sciences backgrounds, the report paints a comprehensive 2024 outlook for health equity across these industries.
Health equity, as defined by Deloitte, encapsulates the notion of fair and just opportunities for individuals to achieve holistic health, regardless of their background or origin.
The survey outcomes indicate a significant shift in commitment, with nearly half of the respondents expressing intentions to escalate their investments in achieving health equity in the upcoming year. Recognizing the long-term return on investment, the report underscores the need for deliberate strategies, emphasizing that these investments could yield immediate benefits such as improved recruitment, retention, and operational efficiencies, while also fostering a positive impact on various business facets in the long run.
Jay Bhatt, Managing Director of Deloitte Center for Health Solutions and Deloitte Health Equity Institute, highlights the economic imperative intertwined with health equity. He advocates for a transition from mere corporate philanthropy towards an enterprise-wide strategy, stressing the importance of data-driven insights to understand disparities and transform health equity from a sideline concern to a core organizational focus.
Anticipating the landscape for 2024, surveyed leaders foresee regulatory pressures as a significant driving force, with initiatives from the Biden administration and the Joint Commission advocating for equity-focused strategies. However, they also anticipate challenges, including limited resources, competing priorities, and margin pressures, which could be mitigated through the establishment of clearly defined goals and robust mechanisms for measuring health equity.
The report emphasizes the critical role of Artificial Intelligence (AI) in healthcare while cautioning against unintended biases. Surprisingly, over 80% of surveyed health equity leaders express minimal involvement in the decision-making processes related to their organization’s AI strategies. To counter this, Bhatt emphasizes the importance of trustworthy and ethical tech development, emphasizing the need for leaders to actively participate in AI-related decisions.
Community engagement and collaboration emerge as top priorities for 2024, with a significant focus on forging stronger ties with community health centers to diversify clinical trials. Moreover, the workforce’s well-being and engagement are expected to be pivotal concerns, with organizations urged to expand recruitment efforts within their communities and prioritize employee health to enhance retention and alleviate burnout.
Collaborations across ecosystems and optimizing resources through interdisciplinary groups are highlighted as potential strategies for efficiently scaling change. Strengthening research capabilities, focusing on reliable data, and fostering multi-sectoral collaborations are underscored as essential elements for achieving key sector outcomes.
Despite the challenges, the report concludes on an optimistic note, emphasizing the transformative potential of prioritizing health equity. Deloitte foresees improved patient outcomes leading to a substantial impact on overall health spending as organizations rally together in an integrated approach toward achieving health equity.
Jay Bhatt encapsulates this ethos by stating, “It’s an all-hands-on-deck, integrated approach and I think health equity is everyone’s business.” As the report highlights the immense opportunities and challenges ahead, it underscores the necessity for collective action and a concerted effort from all stakeholders to truly realize the vision of health equity.
Deloitte’s comprehensive report underscores the rising significance of health equity in the healthcare and life sciences sectors. It emphasizes collective action, strategic planning, and regulatory compliance as pivotal drivers for achieving equitable health outcomes. Despite challenges like resource constraints and AI biases, the report envisions transformative potential through community engagement, workforce prioritization, and robust research strategies. As organizations unite in an integrated approach, Deloitte predicts tangible improvements in patient outcomes and significant reductions in overall healthcare spending, marking a substantial industry evolution.