Technology is changing every industry in significant ways. To help frame how, I’m starting a new series discussing top trends in various markets. First up: Healthcare.
No one can dispute technology’s ability to enable us all to live longer, healthier lives. From surgical robots to “smart hospitals,” the digital transformation is revolutionizing patient care in new and exciting ways. That’s not all. National health expenditures in the United States accounted for $3.2 trillion in 2015—nearly 18 percent of the country’s total GDP. It’s predicted that the digital revolution can save $300 billion in spending in the sector, especially in the area of chronic diseases. Clearly there is value—human and financial—in bringing new technology to the healthcare market. The following are just a few ways how.
Telemedicine
Even back in 2015, 80 percent of doctors surveyed said telemedicine is a better way to manage chronic diseases than the traditional office visit. Why? Telemedicine offers patients and healthcare providers both a new wave of freedom and accessibility. For the first time, a patient’s care options are not limited by geographic location. Even patients in remote areas can receive the highest quality of care, providing they have an internet connection and smart phone. Telemedicine can also save both time and money. Patients no longer have to schedule their days around routine follow-up visits (and long office waits). Instead, they can hop on a conference call to get the prescription update or check-up they need.
Nowhere has telepresence been more useful than in the mental health field. Now, those seeking emotional support can find access to a therapist or counselor at the click of a button, often for far less than they would pay for a full office visit. Internet therapies, for instance, “offer scalable approaches whereby large numbers of people can receive treatment and/or prevention, potentially bypassing barriers related to cost, location, lack of trained professionals, and stigma.” Telemedicine makes it possible.
Mobility and Cloud Access
Have you ever played phone tag with your doctor while waiting for important test results? It’s so nerve-racking! That’s why mobility and cloud access have been such a tremendous help in increasing accessibility for patients and doctors alike. By 2018, it’s estimated that 65 percent of interactions with healthcare facilities will occur by mobile devices. Some 80 percent of doctors already use smartphones and medical apps, with 72 percent accessing drug info on smart phones on a regular basis. Gone are the days of paper charts and file rooms. Hospitals, insurance companies, and doctor’s offices are now storing patient medical records in the cloud, with patients able to access test results online 24/7.
Given HIPAA laws relating to patient privacy, it’s probably no surprise this has also led to an increased focus on data protection and security. According to one report, “the black-market value of medical data is greater than even that of financial information.” Believe me when I say: No industry is more focused on virtualization security right now than healthcare.
Wearables and IoT
I remember the days when going into the local grocery store and getting my blood pressure read at one of those prehistoric machines seemed exciting. Imagine: A machine that helped me manage my own well-being without setting foot in a doctor’s office. Now, mobile devices as small as my cell phone can perform ECGs, DIY blood tests, or serve as a thermometer, all without even leaving my house. With help from automation, patients can even be prompted to check their weight, pulse, or oxygen levels, and enter results into mobile patient portals. Even better: They can transmit the results to my doctor in real time. Those details, when entered regularly, can help predict one’s risk for heart disease and other illnesses, ultimately saving lives. This is far more than cool. It’s life-saving.
Artificial Intelligence and Big Data
Big data is king in the digital world, and healthcare is no exception. Yes, it can be gathered to measure customer satisfaction. But perhaps more importantly, it can be used to automatically identify risk factors and recommend preventative treatment. Even more exciting: with the rise of the Internet of (Medical) Things (IoMT), mobile and wearable devices are increasingly connected, working together to create a cohesive medical report accessible anywhere by your healthcare provider. This data is not just useful for the patient. It can be pooled and studied en masse to predict healthcare trends for entire cultures and countries.
Empowered Consumers
All of the above have led to an entirely new trend in healthcare: patient empowerment. While many of us have come to associate healthcare with high costs and long waits, patients are now in the driver’s seat, with better access to higher-quality doctors, and higher satisfaction rates overall. It’s a healthy new way to look at healthcare, and one that holds promise for all of us with easy access to the digital landscape. My blood pressure is already lowering just imagining the possibilities.
Additional Resources on This Topic:
Overcoming Obstacles to IoT in the Healthcare Industry
How the Internet of Things will Impact Healthcare
Will Digital Healthcare Technology Kill the Independent Physician?
This post was first published on Forbes.
Daniel Newman is the Principal Analyst of Futurum Research and the CEO of Broadsuite Media Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise. From Big Data to IoT to Cloud Computing, Newman makes the connections between business, people and tech that are required for companies to benefit most from their technology projects, which leads to his ideas regularly being cited in CIO.Com, CIO Review and hundreds of other sites across the world. A 5x Best Selling Author including his most recent “Building Dragons: Digital Transformation in the Experience Economy,” Daniel is also a Forbes, Entrepreneur and Huffington Post Contributor. MBA and Graduate Adjunct Professor, Daniel Newman is a Chicago Native and his speaking takes him around the world each year as he shares his vision of the role technology will play in our future.