It is believed that HealthTech companies are going to lead innovation in 2019. The last Health Affairs article shared some surprising news: VC firms have invested more than $11.5B into HealthTech start-ups.
As 2019 started (and even earlier), there have been thousands of articles saying what’s going to happen in 2019 in the healthcare IT industry.
Forbes says that Artificial Intelligence (AI) for healthcare IT Application will cross $1.7 billion by 2019 and that by applying AI for healthcare workflows it would result in 10–15% productivity gain over the next 2-3 years.
HealthTech Magazine mentions that cybersecurity in healthcare will be the main focus.
Health Data Management portal sees the growing role of virtual care.
We can multiply the healthcare industry’s most disruptive solutions and trends as each magazine, expert and practitioner have other visions and ideas. At Freeport Metrics, we always try not to guess, but to see what our healthcare clients’ requirements are, how they are trying to follow the trends, and what kind of solutions we can work together on. We have decided to define the healthcare IT trends based on our real experiences working with clients.
Here are the trends we think will be popular in healthcare IT in 2019…
Oh, yes, I do agree that this a buzzword, but at the same time there is no better way to describe the process of making healthcare more efficient, cost effective and just simpler. There are thousands of examples of how digitalization may influence healthcare, starting with advanced AI solutions for diagnosis and treatments, 3D printing, IoMT (Internet of Medical Things) through Health Apps, Wearables, to automating prescriptions, workflows and formal processes. It’s all about simplifying the system and making healthcare patient and doctor friendly.
Patient engagement and experience
Engaging patients in their care and providing patient-centered care tailored to the patient’s individual needs is (and will be) a key in the healthcare digital revolution. It will also have an impact on care quality as well as cost control. Healthcare providers will do their best to reach out to the patients no matter where they are - through mobile apps, patient portals and remote patient monitoring. Patients will aim at having easy access to their data, so the healthcare industry definitely needs to meet the requirements and to constantly focus on patient satisfaction.
Innovative changes in private insurance will revolutionize healthcare IT
It’s again about personalization of the healthcare plans which is going to decrease the number of potential claims submitted to insurance companies. It’s assumed that health insurance plans will be related to the lifestyle, data-driven health information.Using individual data improves customer experience and help companies prepare custom tailored offers which are socially engaged and customer centric. HealthTech stands next to InsurTech and this joint potential is going to totally change the way we think about the health insurance system.
…and the solutions which will disrupt the IT health industry
EHR (Electronic Health Record) and how Data Analytics and Big Data are important in healthcare
EHR is the result of the whole concept of using Data Analytics and Big Data in healthcare. Most of the hospitals in the USA are in the process of adoption of EHRs by 2020. EHR is a great example of using integrated data and data analytics to boost healthcare providers efficiency. EHR is a digital collection of each patient data which includes medical history, demographics, laboratory results, diagnoses, but also is a great source of statistics. It’s just one of many examples of using big data in healthcare. Another one is our client product which is focused on providing the ability for healthcare providers to easily and accurately report data to Medicare’s Physician Quality Reporting System (PQRS) in order to optimize their ratings and reimbursements. (read more HERE)
To learn more examples of data analytics usage in healthcare, watch this inspiring video:
Source: How Big Data Could Transform The Health Care IndustryArtificial Intelligence, HuffPost, YouTube.
Yes, Forbes is right. AI is not only (and definitely won’t be) used for surgery robots, and AI based image recognition and diagnostic development, but also for workflow management and administrative tasks such as voice-to-text transcriptions which could speed up writing prescriptions and doctor notes, as well as repetitive activities such as filling timesheets, registering patients, filling up the insurance documents and many more!
IoT for healthcare
Everyone has heard about the smart word IoT, but actually in healthcare IoT is used for monitoring remotely patient health through wearables (including ECG and EKG monitors), smart sensors, and mobile apps. It helps to monitor patients who are at-risk and make sure that they are in good condition, take medicine and have regular examinations such blood testing or measuring blood pressure. But it’s not everything that IoT can support in healthcare. IoT is also used for more administrative issues such as inventory management in hospitals, monitoring hospital or clinic employee activities to make operational changes if necessary, and to improve the process.
As mentioned, the trends and the solutions in healthcare IT presented above are just some examples of what have been seen when working with the clients from the industry. One thing is certain- change is happening. Digital healthcare has been a hot topic for investors, venture capitals and digital transformation experts for around 10 years, and it’s going to be even more challenging. Are you ready?
P.S. At Freeport Metrics we follow the trends and we are open to innovations. We believe that digital health is the future of technology, and we know how to make the most innovative ideas happen. If you want a consultation for your project, just email us!
P.P.S. Stay tuned as this just the beginning of the Healthcare IT series!