Digital Healthcare
Article | November 29, 2023
Introduction
Over the past couple of years, there has been a substantial rise in the burden of chronic conditions and treatment costs, along with the growing elderly population, which is transforming the healthcare sector at a rapid pace. As per a study, healthcare spending across the globe is anticipated to reach an unprecedented value to total US$ 18.3 trillion by 2030. In response to these trends, volume-based payment models are being replaced by outcome- or value-based models.
Predictive analytics helps health organizations to get in line with these new models and improve patient care and outcomes. From predicting critical conditions such as heart failure and septic shock to preventing readmissions, the recent advancements in big data analytics are boosting the adoption of new predictive analytics solutions that aid clinicians improve outcomes and cut costs.
Predictive analytics in healthcare is most helpful with clinical care, administrative tasks, and managing operations. More importantly, the technology is already making a difference in a wide range of healthcare settings, from small private doctor's offices and large academic hospitals to healthcare insurance companies.
How is Growing Healthcare Data Favoring the Penetration of Predictive Analytics?
The growing inclination toward digitalization in the healthcare industry has led to the creation of huge new data sets. These include radiology images, electronic medical record (EMR) systems, lab results, and health claims data. The amount of data is expected to reach new avenues with increasing genomics and cytogenesis research data in the near future.
New data is being generated and collected by the novel medical devices at the edge, such as monitors and patient wearables. In addition, outside the healthcare setting, patients are generating quasi-health data through the use of health monitoring applications, fitness trackers, and personal wearable devices.
By using data from these sources, health care providers can find new ways to use predictive modeling for health risks, predictive analytics for medical diagnosis, and prescriptive analytics for personalized medicine.
Predictive analytics has become a crucial component of any strategy for health analytics. Today, it's an essential tool for measuring, combining, and making sense of biometric, psychosocial, and behavioral data that wasn't available or was very hard to get a hold of until recently. Here are some of the applications of predictive analytics for healthcare
Identifying Patients at Risk
Clinical Predictions
Disease Progression and Comorbidities
Predicting Length of Stay
Speeding Treatment of Critical Conditions
Reducing Readmissions
The Future Story
With the growing prominence of innovative technologies across the healthcare industry, a number of health IT providers are focusing on developing their own analytics software and engines to assist healthcare spaces deliver optimal patient care.
For instance, in 2020, Eversana, a U.S.-based provider of innovative solutions to the life sciences industry, announced the introduction of its ACTICS predictive analytics solution, which enables clinical spaces to combine multiple data sources into a single comprehensive system.
Also, some U.S. companies are partnering with healthcare institutions to develop proprietary algorithms designed to enhance organizational performance, improve clinical care, and increase operational efficiency. Such developments are projected to increase the popularity of predictive analytics solutions in the healthcare sector in the coming years.
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Health Technology, Digital Healthcare
Article | September 8, 2023
In today's uber-fast-paced world, the human race, in general, has gotten highly comfortable running on all cylinders in the rat race of life, especially people in India. Our country is a land where opportunities are aplenty, and competition is ever-present, which makes every day life so tedious and constant that taking a breather is something that people can rarely afford. This has led to increasing cases of anxiety, depression, high blood pressure and insomnia. These cases rose to such high numbers that it gave way to one of India’s most prominent industry sectors: The Wellness Industry.
Though the industry captured global attention between 2015 and 2017, a study conducted by McKinsey & Company found that the wellness industry is currently valued at $1.5 trillion globally. This sudden boom can be attributed to the realisation that it is more important to remain healthy than getting healthy. Furthermore, the report, produced after analysing 7500 consumers in six countries (including India), has offered keen insights into consumer behaviour. When it comes to wellness consumers, their trends can be grouped into six categories:
Health: People are now investing in many remote medical devices that can constantly monitor their state of well-being. With the increase in popularity in digital wearables, telemedicine, and remote patient monitoring services, this trend is bound to increase.
Fitness: People are exercising more. Whether it’s jogging, going to the gym, investing in a pedometer, FitBit, etc., there has been a steady increase in people exercising more.
Nutrition: Dieting has always been a significant part of being healthy. An increase in dietary food, supplements, nutrition coaches can be observed in recent years.
Aesthetics: With a major chunk of India’s youth population getting invested in their social media, notably the pictures that they post, aesthetic well-being has seen a sharp increase. This includes investments in specific Athleisure clothing apparel (Nike, Addidas, Puma), skincare products (collagen supplements, face masks), and plastic surgery.
Sleep: Burning the midnight oil is counterproductive. There has been a steady increase in consumers willing to invest in sleep medications, specialised mobile applications that track their sleep and the state of their sleep, ASMR generating devices, White noise devices, and other products that can enable a consumer to maintain a healthy sleep cycle.
Mindfulness: Introspection, understanding the body and its processes to the molecular level, and figuring out ways to implement clarity of thought and methods for improving focus have been huge draws for the wellness industry. Furthermore, with central government’s schemes like AYUSH and the introduction of International Day of Yoga by the United Nations, this particular trend has seen enormous growth.
Impact of these trends on the future of Indian wellness industry
Organic Products: According to APEDA, India has become one of the largest producers of organic products. A growing number are actively investing monthly in organically grown produce, meat that is organically processed, oil that is wood-pressed or cold-pressed, cosmetics made from organic materials, and clothes made from pure cotton instead of manufactured materials. People becoming more conscious of what they put in their bodies has led to a steady increase in organic shops across India.
Exercise, Dieting & Nutritional Supplements: From using simple Calcium supplements and energy drinks to adhering to a strict diet regimen, today’s consumers are genuinely worried about falling sick. This has led to an increase in purchasing supplements. Another trend can be observed where an increasing number of consumers have started buying vitamin, Zinc, and iron tablets, to shore up immunity. Furthermore, Indians have begun consuming gluten-free cereal, cold-pressed juices, Kale products, Avocados, and other food products recommended to be healthier alternatives. Indians have also become BMI-conscious, and an increasing number of them have started to invest in gyms, yoga/cardio classes, exercise-wear, sports wearables, and other products that can enable a person to work out more effectively.
Constant Increasing Demand for Oxygen: Even before the second wave of the COVID-19 pandemic, getting access to 99% breathable oxygen has pure oxygen was a necessity considering the rising concerns of pollution in Indian cities. As per the ‘World Air Quality Report, 2020’ prepared by Swiss organisation, IQAir, 22 of the world’s 30 most polluted cities are in India, with Delhi being ranked as the most polluted capital city globally.
Moreover, people who indulge in extreme physical workouts exercise, or suffer from high-altitude sickness, need oxygen handy to maintain their wellbeing. In India, prominent wellness companies like UCS Wellness Pvt Ltd have made significant strides to ensure that every individual has access to oxygen through their innovative specially outfitted 18-litre aluminium-bottled oxygen cans of 18 litres under their brand gO2therapy. With the pollution rate showing no signs of slowing down, and the steady increase in demand for oxygen, it would be no surprise to find every household medical kit fitted with a portable oxygen cylinder.
Transitioning to Digital Platforms: With the increase in popularity of Telemedicine and Remote-patient monitoring, healthcare and the wellness industry are gaining an aggressive online presence. There are many online exercises/online videos, fitness apps, meditation apps, motivational apps, power coaches, and so much more. Indians find it easier to use these online tools combined with a digital wearable to keep their well-being in the best of conditions.
Investing in Social Media Influencers: With the increase in online dependence, the voice of social media influencers is soon to be gospel when it comes to maintaining a fit body and healthy mind. Much like how mainstream celebrities endorse various products, the wellness industry has seen great rewards in deploying online influencers to support their products. Typical examples can include a famous workout specialist advertises particular apparel, gadget, energy drink, or brand of Whey Protein distributors as part of their video.
Alternatives to Allopathy: In the Indian market, the wellness industry has seen a shift in paradigm where an increasing number of consumers opt for Siddha, or Ayurveda substitutes, instead of conventional medicine. This is seen more in the age group of 40+. This particular age group has patients with a long history of high BP, high cholesterol, and other ailments that require continuous monitoring and medication. They feel that the healthier choice is in traditional medicine or treatments like Panchakarma, Ayurveda, or Siddha. Conventional medication provides them with little to no side effects, which is the primary reason for its increasing popularity.
India is expected to become a wellness hub in the global community following a 12% growth per annum. The Make in India initiative is expected to bring in more investments and opportunities in this sector. The Ministry of AYUSH, with a separate department for Yoga, has been exempted from service tax. A budget of around ?3,400 crores has also been earmarked to be spent over the next five years to help set up and strengthen Ayush Wellness Centers under the National Ayush Mission. This has sparked an increase in startups and businesses focusing on the wellness sector.
Meanwhile, the global pandemic is also giving rise to a new consumer behaviour called wellness rebound where they are becoming more health-conscious and striving towards regaining their health soon after recovering from an illness. Considering the aftermath of the pandemic, the aggressive implementation of technology, and the constant consumer market in India, it can be inferred that the wellness industry will evolve and expand further with little to no backslide.
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Health Technology, AI
Article | July 18, 2023
The pandemic-fueled technology adoption has enabled the healthcare industry to address the challenges, including cybersecurity, telehealth, invoicing and payment processing, patient experience, effective payment model, and big data. The responses to the unusual COVID-19 pandemic has sped up the adoption of new digital technologies in the industry. It has also fueled advancements in health technology. From the start of 2020, these advancements transformed the healthcare industry into a next-gen one by accelerating digitization of their internal and external operations by two to three years.
This surprising impact of technology in the healthcare industry has brought out unexpected competition between the key players in the B2B healthcare market. Whatever the field, adapting yourself to modern changes is the best strategy to thrive. Get yourself updated according to the changes or get yourself outdated is the new norm in the healthcare industry.
The following trends and advancements in technology in the healthcare industry due to the pandemic in 2020 show that healthcare providers are always searching for new ways to improve their productivity, performance, and efficiency. These were the need of the hour during the pandemic, for them to surge ahead of their competitors.
• Telemedicine
• Artificial Intelligence (AI) in healthcare
• The Internet of Medical Things (IoMT)
• Supply chain management technology
• Privacy issues
• AR/VR/MR in Healthcare
• Blockchain
• Digital marketing trends in healthcare
This article looks into the major innovations, advancements, and trends brought out by the global pandemic in 2020 in the healthcare industry.
Pandemic-fueled Advancements
One of the biggest challenges faced by the healthcare industry in the US today is its digital capacity to effectively engage consumers and make them stay healthy. This can include helping people to prevent getting infected by various diseases such as COVID-19 and effectively managing various other chronic conditions. This is where technology in the healthcare industry has a major role to play.
Due to the latest advancements in technology, the healthcare industry was already evolving but the COVID-19 pandemic accelerated this transformation dramatically. McKinsey reports that US$250 billion was spent on technology in the US healthcare industry to shift the industry into a virtual care model in the wake of the pandemic. Also, a study by FAIR Health, a non-profit group, says the increase in telehealth claims in the US is 4,000% in 2020.
Here’s a detailed look into the above-mentioned advancements, innovations or trends brought out by the pandemic in the industry.
Telemedicine
Had the world ever thought that it would be possible one day for doctors to remotely examine the health of patients via a smartphone or a computer? Telemedicine, a new trend in technology in the healthcare industry, addresses many challenges in the industry. Improved technology in the industry has made telemedicine easier, even for people, who are not computer savvy. Telehealth services are now provided through different telemedicine apps.
In the light of the pandemic, rather than in-person visits, 43.5% of primary medical visits were done using telehealth methods in April 2020 in the US. The major benefit of telemedicine is that it reduces contact between healthcare workers, patients, and other patients. This reduces the chances of the spread of infectious diseases.
Reports say that 71% of Americans considered telemedicine useful at the beginning of the pandemic. This trend is expected to continue in the coming years too. With the pandemic, telemedicine saw an immediate boom compared to previous years. This boom in telehealth is projected to break US$185.6 billion by 2026.
Artificial Intelligence (AI) in healthcare
Artificial intelligence, a new trend and advancement in technology in the healthcare industry, had a critical role in fighting the pandemic. AI played a major role in areas such as pandemic detection, vaccine development, facial recognition with masks, thermal screening, and analyzing CT scans. AI is becoming the new operating technology in the healthcare industry.
Major AI healthcare applications
Healthcare providers will benefit a lot from AI-driven tools as AI technology in the healthcare industry has become a transformational force. Machine learning algorithms and software in AI will revolutionize the use of technology in the healthcare industry and the science of healthcare in the coming years too. AI will unify machines and humans through the brain. Some of the AI technologies in the healthcare industry, which are very relevant, are machine learning, natural language processing (NLP), rule-based expert systems, physical robots, diagnostic and treatment, patient engagement and adherence, and administrative applications.
Benefits of AI in healthcare and statistics
AI addresses many challenges that present technology in the healthcare industry cannot tackle. Better data-driven decisions, increased disease diagnosis efficiency, reduced treatment time, easy integration of information, reduced costs, increased patient satisfaction, fewer errors, and easier payment options are some of the benefits AI-assisted technology in the healthcare industry can provide.
According to an analysis by Accenture, by 2026, clinical AI health applications are expected to create approximately US$150 billion for the US healthcare economy as annual savings. Also, the US AI health market is expected to reach around US$6.6 billion by 2021.
The Internet of Medical Things (IoMT)
Nowadays, medical interactions involve some sort of equipment or device; it can be a glucose monitor, blood pressure monitor, or even an MRI scanner. It may not be a surprise now that, according to a 2020 Deloitte report, the available number of medical technologies are around 50,000. The internet-connected devices, which are known as IoMT tools, are transforming the healthcare and technology in the healthcare industry.
What Is IoMT?
The connected infrastructure of software applications, medical devices, and health systems and services are the IoMT. This has emerged by combining IoT development with telehealth technologies and telemedicine.
Potential of IoMT in healthcare and statistics
Lower costs for care, fewer mistakes, and more accurate diagnosis are the potential capabilities of IoMT. IoMT paired with various smartphone applications allows patients to send information regarding their health to doctors and get treated for diseases. This type of technology-driven healthcare not only improves patient experiences but also reduces the cost. IoMT, the new trend in technology in the healthcare industry, also has a positive effect on drug management.
According to Goldman Sachs, IoMT will save US$300 billion annually in the healthcare industry. AllTheResearch expects that the global IoMT market value will reach US$254.2 billion from US$44.5 billion in 2018.
Supply chain management technology in the healthcare industry
Utilizing advanced supply chain management technology in the healthcare industry enables healthcare providers to reach the right patients with the right product at the right time. Digitalized supply chain management also makes healthcare organizations improve provider-patient connectedness, data flow and analytics, regulatory compliance, and asset tracking.
A range of challenges faced by healthcare providers prompts you to digitalize supply chain networks, using the latest technologies in the healthcare industry. Advanced supply chain management technology will help you optimize costs, reduce unnecessary variation due to error and variability, enhance patient care, engagement, and delivery, and address new value-creation priorities.
According to reports from market researchers, global healthcare supply chain management technology is expected to reach US$3.3 billion in 2025 from US$2.2 billion in 2020.
Privacy issues
Privacy is a serious concern in technology in the healthcare industry, especially because of HIPAA compliance in 2020. Although data and information of patients can be efficiently stored and retrieved through cloud computing, complying with the strict electronic Protected Health Information (ePHI) is difficult.
While electronic health records and sensor networks, and advancements in other technologies in the healthcare industry will surely improve the quality of healthcare by reducing medical errors and costs, associated security and privacy are challenges to be addressed. Journal of the American Medical Informatics Association estimated that stolen or lost PHI may cost the US healthcare industry approximately US$7 billion annually.
To solve these issues, hospitals, and other healthcare providers have to stop using outdated technology and adopt state-of-the-art technologies without violating HIPAA. Encryption technology in the healthcare industry is the best option and healthcare providers should start using it to ensure the privacy of patients.
AR, VR, and MR in Healthcare
Virtual (VR) and augmented reality (AR) are important technologies in the healthcare industry to enhance and ensure the quality of telemedicine, especially during the period of the pandemic. The pandemic has made these technologies more popular and the trend is expected to continue in the future too. Both of these technologies in the healthcare industry are used to enhance patient and provider visits and even to educate medical students.
AR and VR also have the potential to help stroke victims overcome deficiencies, assist in robotic surgeries, educate patients before surgeries, facilitate easy surgical planning, help patients with PTSD, and reduce anxiety in children during a painful procedure or blood tests. Mixed reality (MR) is the mixed use of both VR and MR in a patient’s healthcare process and is also gaining popularity.
Blockchain
Blockchain is a trend which is expected to revolutionize technology in the healthcare industry. Using blockchain or digital ledgers will enable you to securely distribute transaction records to patients with improved data security. Along with other trends such as cloud computing and IoMT, blockchain also offers portability, accessibility, and high security. One of the greatest benefits of blockchain technology in the healthcare industry is interoperability.
As blockchain provides full visibility through a digital ledger, it improves integrity and transparency. Blockchain technology in the healthcare industry is beneficial to handle clinical study information, patient wearable data, and patient records.
Scope of blockchain technology in the healthcare industry
Various statistics on blockchain technology in the healthcare industry expect a wide scope for this technology. The global blockchain technology market in the healthcare industry is projected to cross US500 million by 2022.
Digital marketing trends in healthcare
Digital marketing technology in the healthcare industry has been revolutionized as new trends were set by the pandemic in 2020. As the world shrunk to online mode during the pandemic period, the following healthcare digital marketing trends emerged.
Content marketing
The smartest way to attract new patients to your service is content marketing and educational content. 2020 is the time where the content truly emerged as king. Educational content is vital in the healthcare space because everyone always tries to learn new things. It can be a trick or tips about the latest technological advancements, general industry news, or new diagnostic options.
Mobile responsive websites
Another important digital marketing technology in the healthcare industry is making an attractive website, which also must be mobile responsive. In this modern world of technology, everyone wants to access every facility at their fingertips. So, if your website is not mobile responsive, you won’t get traffic to your website easily.
Along with these two trending digital marketing technologies in the healthcare industry, some of the other trends are:
• Video marketing
• Multichannel initiatives and customer touchpoints
• Online reputation
• Powerful presence on social media channels
• Location-based SEO
The essential trends and advancements in technology in the healthcare industry depicting the future of healthcare are machine learning, artificial intelligence, and data science along with a focus on effective healthcare digital marketing technology and strategy. The pandemic fueled B2B healthcare technology will make the industry evolve every year and go on resolving new challenges that arise.
Frequently Asked Questions
Why is technology important to the healthcare industry?
Integrating technology with healthcare industry will improve quality of life. Also, the use of digital technology in the healthcare industry will increase efficiency, quality, and patient experience.
What is new technology in healthcare?
Due to the COVID-19 pandemic, many trending technologies are used in healthcare. The new technologies in the healthcare industries are AI, blockchain, chatbots, voice search, and virtual reality.
What are the negative impacts of medical technology?
Medical technology can have some negative impacts on patients such as impersonal or minimized care, negative health effects, increased patient costs, inappropriate use, and invasion of privacy.
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Article | June 14, 2021
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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