2020 Business Trends

Goals

The goal is to find mega business/economic trends affecting midsize businesses in the Northeast US for the following industries: Healthcare, Skilled nursing, Dental practices, Food & beverage, Franchises, Infrastructure (e.g., construction, civil engineering, energy companies), Law practices.

Early Findings

  • In healthcare, payers and providers are expected to prioritize working together in order to bridge the information gap that currently exists in healthcare. Partnerships will aim to reduce overhead and simplify processes across multiple organizations.
  • More employers are expected to switch to self-insured insurance instead of "fully insured plans". Incentives from healthcare companies will encourage employers to use these plans to encourage wellness among employees.
  • In skilled nursing, demand is expected to soar for nursing home services and there are expected to be bed shortages.
  • In the dental industry, an increase in businesses using online review management practices is expected to occur. Historically, dental practices have not put much stock in online practice reviews, but are now recognizing the importance of doing so.
  • In the food and beverage industry, 1 in 4 companies are planning to introduce some kind of CBD product line in 2020.
  • In franchising, the rise of multi-unit franchises is expected in 2020. More franchisees are using technology to be able to own and manage multiple franchise businesses from afar.

Proposed next steps:

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