NAICS 622 - Hospitals
Industries in the Hospitals subsector provide medical, diagnostic, and treatment services that include physician, nursing, and other health services to inpatients and the specialized accommodation services required by inpatients. Hospitals may also provide outpatient services as a secondary activity. Establishments in the Hospitals subsector provide inpatient health services, many of which can only be provided using the specialized facilities and equipment that form a significant and integral part of the production process.
Industry trends:
The hospital industry (NAICS 622) is undergoing significant transformation, driven by several qualitative trends. One of the most notable trends is the shift towards value-based care, focusing on patient outcomes rather than the volume of services provided. This is pushing hospitals to improve efficiency, integrate care, and collaborate with other healthcare providers.
Another significant trend is the increasing adoption of digital health technologies. Telemedicine, electronic health records (EHRs), and artificial intelligence in diagnostics and patient management are becoming integral to hospital operations. This technological integration is expected to continue expanding, enabling more personalized and efficient care.
The focus on patient experience is also intensifying. Hospitals are investing in enhancing the overall patient journey, prioritizing comfort, and transparency in medical procedures. Initiatives to improve patient engagement and satisfaction are becoming standard practice.
Workforce shortages, particularly in nursing and specialist roles, are another pressing concern. Hospitals are exploring innovative staffing models, such as using telehealth to leverage remote expertise and implementing advanced training programs to upskill existing staff.
In the near future, we can expect these trends to persist, with a stronger emphasis on integrating technology and maintaining high-quality patient care, while navigating the challenges posed by workforce shortages and regulatory changes. The continuous adaptation to these dynamics is likely to define the competitive landscape of the hospital industry.
This industry is comprised of:
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