25 May 2018 | Herpreet Kaur Grewal
Real estate is a key lever to capture demand in the war for patients in the USA, according to a report by international real estate provider JLL.
It says a look at patient-care facilities across the United States shows that the "hospital-centric image of traditional healthcare is shattering".
It adds that "a growing and ageing population is placing new demands on the nation's healthcare system, while technology advances and shifting consumer preferences are increasing demand for easier access to care in lower-cost settings in communities".
And the push to adopt a new MOB (medical office building) type of facilities is not just because of pressures brought by the Medicare generation and insurers cutting spending.
Millennials are also determining the changing setting of healthcare.
JLL says providers are making major strides in "meeting patients where they are". It says: "value-based care with a focus on population health and the rise of consumerism have altered healthcare delivery, leading to new real estate strategies that include urgent care and building outpatient centres or smaller-scale micro-hospitals and health-system sponsored wellness centres."
Healthcare is the fastest-growing sector in the US economy. Spending on it has jumped 33 per cent since 2000 and now accounts for 17.9 per cent of the nation's gross domestic product. And by 2025, the company expects this expenditure to grow by at least 5 per cent annually.
Job growth in the sector is also surging - healthcare employment is seeing faster growth than any other area of the US workforce. It comprises 12.2 per cent of the nation's workforce, with another 18 per cent increase anticipated over the next decade.