Behavioral Health Market Poised to Explode: Are You Ready?
Everywhere you look these days people are talking about a behavioral health crisis. It is a crisis that seems to be gripping America at an accelerated pace since the start of the COVID pandemic. From the business side of things, the behavioral health market is poised to explode over the next 5 to 10 years. Are you ready?
Behavioral Health Consulting Can Put You Ahead
Behavioral health consulting focuses on helping hospitals, clinics and other providers do what they do better. The end goal is twofold: creating better outcomes for patients and improving the bottom line. Behavioral health management companies, like Horizon Health, exist to help organizations like yours succeed. But in order to succeed, your organization needs to be nimble and flexible enough to keep up.
Patient Volumes Are Rising
Mental and behavioral health isn’t new. There has long been a demand for services. But that demand increased significantly when COVID came to our shores. So where are we now? For starters, 2021 estimates suggest that 20% of U.S. adults now live with some sort of mental illness. Throw in teenagers and young children and the numbers only go up.
In addition, a recent analysis by The New York Times reports that the total behavioral health market could reach $105 billion just five years from now. That represents a growth of more than 30% over 2021, when the market was worth $77 billion.
Behavioral health is as much a business as it is a healthcare service. And when looked at from a business perspective, market growth of 30% is nothing to scoff at. Such strong growth is nothing short of a market explosion.
Demand Is Everywhere
Market growth manifests itself in a demand for services. As behavioral health consultants, we can tell you that increased demand is everywhere. No matter where you go in this country, patients and their families are begging for access. Local leaders are courting behavioral health groups in hopes of getting them to open new facilities.
According to The New York Times, the need for more behavioral health services isn’t limited just to patient demand. It is also intrinsically tied to the realities of insufficient public resources. Local counties cannot invest enough money in services. Unfortunately, many do not have any more to invest — likewise for the states. State budgets are tapped as demand for services only increases.
If local needs are going to be met over the next 5 to 10 years, the private sector will need to step up. Behavioral health groups, hospital groups, and even local clinics are going to have to find a way to offer more services in more locations. If that means building new behavioral health clinics and urgent care centers, then that is the way to go.
An Opportunity Waiting to Be Seized
Our best advice to behavioral health stakeholders is to not wait to be overwhelmed by demand. There is an opportunity waiting to be seized right now. Those that step up and do it first will be in the best position to maintain a strong market share moving forward. The early bird definitely gets the worm here.
If the market does prove to grow by 30% over the next five years or so, organizations willing to get involved right now will reap the largest benefits — one of those organizations should be yours.
There is no doubt that behavioral health services are needed now more than ever. There is little doubt that the market is poised to explode. If your organization is not ready to respond, you could find yourself chasing the pack by the end of the decade.