This article provides in-depth industry analysis and research on the specialty hospital industry. This article discusses the definition, major industry products and activities, and major industry trends. Understand the revenue model, a brief history of trends over the current century, and the key challenges currently facing the specialty hospital industry.
What are specialty hospitals?
A typical community hospital offers a wide range of services to meet the needs of the public it serves. Specialty hospitals offer targeted services to treat medical conditions that require a particular subset of skills and technology. Specialty hospitals provide care for a specific specialty and tailor their care and facilities to the type of condition, patient, or chosen procedure they focus on. Types of specialty hospitals include trauma centers, rehabilitation hospitals, children’s hospitals, hospitals for the elderly (geriatric), and hospitals to treat specific medical needs such as psychiatric problems (see psychiatric hospital), certain categories of diseases such as cardiac, oncological or orthopedic diseases. problems, and so on.
Quote from Clayton M. Christensen:
“The hospital industry is the only industry in the world where the factory (a hospital) is not specialized and tries to provide and be everything for everyone.” – The prescription of the innovator
What is the specialty hospital industry?
The industry includes companies that provide medical diagnosis and treatment to hospitalized patients with a specific type of disease or medical condition. Specialty hospitals have existed in various forms for many years, such as children’s hospitals, psychiatric hospitals, rehabilitation hospitals, eye and ear hospitals, arthritis hospitals, and they also focus on cardiovascular surgery, orthopedic surgery, general surgery and women’s health. Specialty hospitals include hospitals that primarily provide long-term care to the chronically ill and those that provide rehabilitation, restorative, and supportive services to people with disabilities or disabilities. Industry does not include specialized units in general hospitals or psychiatric or drug hospitals.
Specialty Hospital Industry Products:
- Long-term acute care hospitals
- Inpatient rehabilitation centers
- Children’s specialist hospitals
- Cardiac facilities
- Orthopedic facilities
- Facilities for women
- Rehabilitation facilities
- Eye and Ear Facilities
- Arthritis treatment facilities
- Cancer hospitals
- Geriatric hospitals
- Hospitals for chronic diseases
- Nose and throat hospitals
Specialty Hospital Industry Activities:
- Hospital care
- Ambulatory care
- Diagnostic x-rays
- Clinical laboratory services
- Service in the operating room
- physical therapy
- Educational and professional services
- Psychological and social work services
- Food services
Specialized hospitals V/s General hospitals:
Specialty hospitals are specialized centers that focus their efforts in a single area by providing their physicians with the resources to stay on the cutting edge of treatment in their area of specialization. Due to larger volumes, they can provide better care at a lower price. Physicians working in specialty hospitals are masters of their field and have a greater contribution; autonomy and independence in the operation of the establishment therefore have the additional advantage of participating directly in the governance of their establishment and can quickly take decisions allowing them to more easily influence quality and efficiency. Specialty hospitals, by allowing physicians to share in efficiencies through ownership, create incentives to improve costs and quality. Competition from specialty hospitals is driving positive changes in community hospital inpatient departments, such as extending patient hours, improving schedules, and upgrading equipment. As specialty hospitals focus on a small number of medical procedures, they are able to perform this responsibility well compared to general hospitals.
Specialty hospitals are gaining ground for future expansion and development and continued health care reforms will further benefit this trend. The focus is on improving medical outcomes, and as specialty hospitals move to pay-for-performance systems, they are expected to continue to grow. Specialty hospitals will be well placed to benefit from value-based purchasing and other pay-for-performance programs. Specialty hospitals rank well in key metrics such as length of stay, discharge rates, and quality of care measures.