Health Technology, Digital Healthcare
Article | September 8, 2023
Introduction
The field of smart wearable devices has advanced significantly in recent years as a result of the advent of mobile medicine, the development of new technologies like smart sensing, and the increased penetration of personalized health concepts.
These Internet of Things (IoT)-based smart devices not only help people pursue a healthier lifestyle, but also offer a constant flow of healthcare data, which can be used for disease diagnosis and treatment, by actively recording, tracking, and monitoring metabolic status and physiological parameters. Wearable technologies have the potential to completely change the ways to monitor health behavior and are increasingly finding clinical implementation for patients with various types of diseases.
Wearable Technology: New Ways of Patient Monitoring
While wearable technology has demonstrated value in the fields of entertainment, fitness, and gaming, it is making inroads into the healthcare industry at a rapid pace. Increasing advancements in sensor technology and artificial intelligence (AI) are assisting millions of people in detecting and managing chronic health conditions and avoiding serious illnesses using devices that are as small as a patch the size of a penny or small enough to be worn on the wrist.
According to a study, nearly 320 million consumer health and wellness wearable devices are estimated to be shipped across the globe in 2022, and the number is likely to surpass 440 million units as a number of new devices come out and more healthcare providers start using them.
Most wearable devices, such as smartwatches, now include heart rate monitors, and some have FDA approval for detecting abnormalities such as atrial fibrillation, a major cause of stroke. As these devices become more intelligent, the percentage of patients and consumers who use them to manage chronic health conditions and diagnose symptoms of serious diseases is likely to rise.
This is expected to assist the sales of wearable devices in healthcare to exceed $195 billion by the end of 2027, presenting huge prospects for healthcare equipment providers and associated companies to benefit from the opportunity.
The Future of Wearable Technology in Healthcare
Though wearable technology is experiencing rapid growth, the field is still considered to be in its nascent stage, presenting massive remunerative prospects for the manufacturers of smart devices, especially in the healthcare industry.
Hence, companies of all kinds, from giants to upstarts, are emphasizing on investing and developing new wearable devices with new features and functionalities to meet the surging demand for wearables across healthcare in coming years.
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Health Technology, Digital Healthcare
Article | August 16, 2023
NIS2 Cybersecurity Rules Approaching: Is Your Organization Prepared? The EU NIS cybersecurity regulations are evolving for 2024, and if you’re not currently aware of how they’ll apply to your organization, now is the time to get up to speed with the desired requirements. Not only is the directive being tightened, but an extended range of healthcare and related organizations will be added to the list of ‘critical entities’ that must comply. These include certain medical device manufacturers, pharmaceutical companies, and organizations that carry out R&D. The Network and Information Systems (NIS) standards were set up in 2016 to protect essential services – such as water, energy, healthcare, transport, and digital infrastructure – from online cyberattacks. The updated legislation, NIS2, will have stricter rules,reporting requirements, and higher penalties for non-compliance. They will apply to medium-sized and large businesses that operate within one or more EU countries. Those based only in the UK can’t sit back; however, the original NIS regulations will still apply as part of British law. What’s more, a UK version of the rules is coming very soon, and it’s likely that the framework will closely resemble the EU’s. What will the requirements cover? There are a number of cyber risk management measures that all organizations that come under the scope of NIS2 will be required to put in place. For instance, they will need to conduct regular security assessments and risk analyses, adopt incident response and handling plans, and appoint a chief information security officer (CISO), among other obligations. The new directive will streamline and strengthen incident reporting requirements. Entities must notify regulators of any incident that has compromised data or had a significant impact on the provision of their services, such as causing severe operational disruption or financial loss. Applying information system security policies and business continuity plans will form part of the obligations, as will conducting cybersecurity testing and training for all staff. The use of multi-factor authentication (MFA) and encryption, wherever appropriate, will also be mandated. There is plenty of focus within the directive on the cornerstones of cybersecurity best practices particularly, the proper control of administrator-level account credentials, privileged access, and endpoints, all of which are prime targets for attackers. Under NIS2, organizations are being separated into ‘critical’ and ‘important’ entities. It’s important to determine which category yours’ will fall under, as each has different requirements. The third-party threat will also be addressed in NIS2 by pulling in managed service providers (MSPs) to the list of ‘critical entities’, with the aim of keeping digital supply chains secure. MSPs are often granted privileged access to clients’ corporate systems and networks, which creates security risks. What are the consequences of non-compliance? Organizations that come under the regulations’ purview will be subject to random checks, regular security audits, on-site inspections, and off-site supervision. For those found to be in breach, sanctions could include warnings, temporary suspension of certain activities, and temporary prohibition to exercise certain managerial functions. Financial penalties could be as high as 10 million Euros or 2% of an organization’s global turnover, whichever is higher. What steps should healthcare organizations take now? Organizations should take action to establish whether the EU or UK NIS2 regulations will apply to them and what their responsibilities will be. Having identified any gaps in existing cybersecurity processes, policies, and practices, they must determine what changes need to be made to address them. As a priority, they must review their incident response plans and incident management and reporting procedures. It’s also a good idea to begin assessing the security posture of partners and third parties in the supply chain and incorporating relevant security requirements into contracts. Given the framework’s focus on protecting privileged admin accounts, organizations should implement controls limiting the number of staff members with these robust credentials. Implementing privileged access management (PAM) will allow IT to control who is granted access to which systems, applications, and services, for how long, and what they can do while using them. Preparing for the introduction of the EU NIS2 regulations should be considered more than just a compliance exercise. By meeting the strengthened requirements, healthcare organizations will be building a foundation of resilience that protects them, their customers, and the essential services they provide.
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Health Technology, Digital Healthcare
Article | September 7, 2023
COVID-19 has practically given a metaphorical high-voltage jolt to the whole world. It fell like a plague and affected humans in a way that nothing else has since the last global war. In short, it has reminded us of our mortality. As a result, improvement has become the new goal for the wise.
According to Jana Abelovska, Head Pharmacist atClick Pharmacy, “COVID-19 has put the world on notice, especially the healthcare sector. Everything and everyone has seen its effects. But in this turmoil also come opportunities – an opportunity to grow and be better. It is a time of progress to help create a better and healthier tomorrow.”
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Health Technology
Article | May 30, 2022
It’s no secret now that healthcare is an in-demand field. Today, business leaders need modern and intelligent decision-making solutions for their customers and clients. They must also focus on the right investment areas and learn the tricks for investing, spending, and setting goals for revenue generation to accelerate business.
With continuous developments in the healthcare sector, integrating AI into processes can help increase ROI. Therefore, if you, like any other business leader, are looking for solutions to empower your services and products in the healthcare domain, this article will help you through AI’s ultimate use cases and churn out a higher ROI.
What’s with AI in Healthcare at Present?
AI’s role in healthcare is evolving and enhancing traditional business operations, particularly marketing. According to a study by IBM, 71% of customers expect real-time communication. Thus, global demand is fueling the rising adoption of AI marketing solutions.
The effects of AI in healthcare are evident. Gartner reports increased marketing efficiency and effectiveness (86%), improved decision-making (71%), better data analysis and new insights (79%). Global AI spending will rise from $450 million in 2019 to over $28 billion by 2024 is not surprising.
Similar and further studies are ongoing on various use cases of AI in healthcare at scale. What are the efficient use cases of AI that will help healthcare businesses boost their ROI? Let’s find out.
How is AI Applied in Healthcare?
The promising applications of AI in healthcare to improve outcomes are very intriguing. While there is still much to achieve in the AI-dependent healthcare business, there is sufficient potential that tech companies are willing to invest in AI-powered tools and solutions.
Let’s examine the potential examples of AI in healthcare to prepare and support business strategies accordingly and foster higher ROI generation.
Predictive Analytics
AI-based predictive analytics impacts a business by automating administrative tasks, predicting sales outcomes for a year, customers’ behavior and making strategies accordingly. According to a Forbes study, AI-based predictive analytics can save businesses $18 billion in tasks, expenses, and pricing.
To understand this, one example of using AI to automate admin tasks is a collaboration between the Cleveland Clinic and IBM. Cleveland Clinic uses IBM’s Watson to mine big data and provides personalized services for customers and clients on marketing deeds.
Some of the practical applications of AI and predictive analytics in healthcare are:
Monitoring market trends to maximize marketing efforts
Organizing datasets
Creating marketing campaigns tailored to each demographic-based client
Mining collective data for future decision-making
Fraud Prevention
AmerisourceBergen Corp detects fraud and misleading business operations through AI. A sales account team conducts audits with AI to detect usual lea and queries to prevent hefty expenses for businesses.
The example explains that implementing AI in your process will help detect any significant fraud attempts inside your business operation. This will help your business save huge expenditures.
Boost Sales
By putting down false leads, AI helps in maximizing sales numbers, resulting in significant ROI generation. For example, AI transforms data into personalized data, which reduces the cost of operations.
Chatbots
Most healthcare businesses leverage chatbots on their websites to engage more and more customers and boost engagement. In this way, businesses tend to gain multiple leads and convert them into clients by providing the best marketing solutions.
Chatbots are fruitful for AI start-ups in healthcare—small businesses can deploy AI to their websites. By doing so, they can save millions in administrative costs and attract numerous leads.
The most prominent examples of AI in healthcare hail from giant tech titans such as IBM, Amazon, and Microsoft. They are assisting healthcare providers with AI to create and deploy digital-human employees.
Segmentation of Marketing Targets
Is your target audience not responding to your marketing campaigns (for example, by not clicking a link, subscribing or unsubscribing to a newsletter, or not registering for a medical event)? If that's the case, how should you go ahead?
Using AI-based tools allows your marketing to easily identify target behaviors and reactions based on the type of marketing actions to be carried out. Analyzing these actions can help segment targets based on your company's marketing objectives.
The most significant development took place in April 2022, when Amazon Alexa became fully HIPAA compliant. It works with health developers and service providers that manage protected information for customers.
AI Leads to Data Modernization
It’s all about the data—not any data!
There’s a precise association between AI and data management, resulting in data modernization. According to a Cognizant research study, healthcare leaders have made significant progress in modernizing their data. In contrast, most upcoming businesses are expecting to do so by 2024.
The maximum acceleration of AI in modernizing data will be seen in the manufacturing and marketing of healthcare products and services, respectively. It is because AI helps to churn data easily. The accessibility of data, in particular, becomes simpler with automation than doing it manually, which generates a massive amount of data. Such effects of AI in healthcare can be one of the prime reasons for the higher ROI of your business in the future.
“There has never been a greater need for skilled analytic talent in health care. Because AI is becoming more strategic, organizations must ensure access to this skill set, either by growing their analytic teams or seeking out experienced partners."
Steve Griffiths, CEO of Optum Enterprise Analytics
AI Expenditure is on the Rise
McKinsey says that by 2025, the use of AI in healthcare will be widespread, resulting in significant expenditure by global healthcare leaders.
AI is a significant concern for healthcare decision-makers, investors, and innovators as customers extensively engage and react to AI-powered services and solutions. AI is constantly bringing improvements to almost all processes, including cost savings, management of services and products, and monitoring of multiple operations. Even small businesses in the healthcare industry are proactively investing in AI applications to match steps with the current wave of innovation in healthcare services.
Accelerate ROI Using AI
AI in healthcare is becoming one of the prime responsible technologies for accelerating ROI. Technology can eradicate multiple business growth challenges. Let’s find out how.
Enhanced Performance
As previously stated, use cases of AI in healthcare can relieve stress on employees. This would allow them to devote their time to more value-added marketing activities to churn more ROI.
Emphasize Cost-Effectiveness
Most of the businesses associated with healthcare are concerned about the costs involved. With AI, they now develop policies to spend less on non-essential activities and necessitate profit-oriented actions.
"We believe in the potential of AI to deliver insights and operational efficiencies that unlock better health-care performance."
Robert Musslewhite, CEO at OptumInsight
Frequently Asked Questions
How is AI used in healthcare?
AI in healthcare automates and predicts processes by analyzing data throughout. It is used to predict potential customers, improve business management workflows, and manufacture medical products.
How does AI drive growth in the healthcare industry?
AI drives business growth by improving the ability to understand better day-to-day customer patterns and needs based on services and products.
How is AI changing the Healthcare industry?
AI applications in healthcare have demonstrated their potential to improve analytics and data management and assist service providers in making timely medical decisions.
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