How Your AEC Firm Can Win More Healthcare Projects
In the evolving landscape of healthcare spending and management, Architecture, Engineering, and Construction (AEC) firms face unique challenges and opportunities. Understanding recent trends in healthcare spending is crucial for AEC firms aiming to secure more projects in this sector.
Updated Healthcare Spending Stats and Trends
- National Health Spending Growth: According to the Centers for Medicare & Medicaid Services (CMS), the average annual growth in national health spending from 2022 to 2031 is projected to be 5.4%. This increase in health spending share of GDP from 18.3% in 2021 to 19.6% in 2031 indicates a growing market for healthcare services.
- Medicare Spending Growth: For Medicare, an average annual expenditure growth of 7.5% is projected over the same period. Notably, Medicare spending growth in 2022 was 4.8%, down from 8.4% in 2021, due to factors like lower hospital care utilization rates among fee-for-service beneficiaries.
- Private Health Insurance Growth: Private health insurance spending growth is expected to average 5.4% over the same period. However, private health insurance expenditures rose only 3.0% in 2022, primarily due to lower utilization, particularly for hospital services.
Strategies for AEC Firms in the Healthcare Sector
- Leverage Technology and Innovation: Embrace the latest design and construction technologies to offer efficient and cost-effective solutions. Highlighting your firm’s ability to innovate can set you apart in a competitive market.
- Focus on Sustainable and Efficient Designs: With a growing emphasis on sustainability, design healthcare facilities that are environmentally friendly and energy-efficient. This approach can appeal to healthcare providers looking to reduce long-term operational costs.
- Understand and Address Client Needs: Deeply understand the specific needs of healthcare providers. This involves not just the functional aspects of healthcare facilities but also aspects like patient comfort and staff efficiency.
- Build Expertise in Regulatory Compliance: Healthcare facilities must comply with numerous regulations. Demonstrate your firm’s expertise in navigating these complexities to build trust with potential clients.
- Strengthen Relationships with Healthcare Providers: Develop and maintain strong relationships with healthcare providers. Understanding their challenges and goals can help tailor your services to meet their specific needs.
- Hire the Best Talent: The cornerstone of success in securing healthcare projects lies in assembling a team of exceptional professionals. Your AEC firm should prioritize hiring individuals who are not only technically proficient but also possess a deep understanding of the healthcare sector’s unique demands.
To win more healthcare projects, AEC firms should focus on aligning their services with the evolving trends and demands of the healthcare sector. Want help building a world-class team to help you do it? Contact us today.
