Technological advancements have made a significant impact on the healthcare industry. It has completely transformed the treatment methods and added value to the lives of patients. Diagnosis and treatment methods have become more efficient and accurate now. The outdated procedures and equipment are no longer required in today’s medical and healthcare landscape. The digital revolution is proof of the positive impact of technology in the healthcare industry. It has completely transformed how we interact with medical professionals and how decisions are made about our health outcomes.
However, the healthcare industry has not been able to utilize the potential of digital strategies completely. According to the research, only 7% of pharmaceutical and healthcare companies have gone digital. However, the healthcare sector is slowly starting to leverage the effectiveness of digitalization. Here is a complete guide that will highlight significant medical advancements in 2021.
When you hear about “on-demand,” it means that consumers are asking for their convenience. It means they want appointments at their own time and place. The healthcare industry has entered into the era of digital innovation. Patients now look to avail the services of freelance professionals according to their convenience through online platforms. All these platforms show people feedback and EMR rates for companies that help consumers make the right decision. An experience modification rate (EMR) is a determinant that allows insurers to determine the compensation of the worker’s premiums. It shows the number of injuries or claims of the company in the past. EMR less than 1 shows that the company is safer than others, so they can also take care of consumer’s needs efficiently.
Big Data in Healthcare
Big data fetches information about businesses through different platforms such as social media, e-commerce, financial and online transactions. Big data offers plenty of benefits in the healthcare industry that includes:
- Reduce medication errors by the patient record analysis. A software indicates inconsistency between drug and patient’s health.
- Big data helps create preventive care plans by identifying many people stepping into emergency departments.
- Another advantage that big data offers is accurate staffing through predictive analysis. It helps medical institutes to allocate exact staff for patients.
- Keeping the benefits mentioned above in mind, healthcare companies need to manage and organize their data.
Big data also allows businesses to understand their target market. It has also enabled pharmacies to determine the product budgets and iteration according to the current and future demand. A firm grasp of the market provides the healthcare marketing sales team to advertise products to ideal consumers.
Wearable Medical Devices
Wearable technology is another exciting prospect for the future of healthcare. Patients mainly were satisfied in the past to undergo a physical surgery once a year, only consulting doctors when there is something wrong. In today’s digital era, patients prefer to stay updated about their health condition regularly. Health companies are also encouraging patients to use wearable technology as it monitors the state of high-risk patients 24/7. According to a study, the wearable device market will exceed $28 million by 2024. Some standard wearable devices are exercise trackers, sweat meters to monitor the level of blood sugar, heart rate sensors, and oximeters to keep track of oxygen levels in the blood. There are various benefits that healthcare companies get by investing in wearable medical devices that include:
- Personalized healthcare experience.
- Insurance incentives.
- Gamification opportunities for consumers.
Predictive healthcare is one another supportive element of digital transformation that helps in predicting diseases type. Information extracted through big data and other platforms helps in healthy recommendations for patients. For example, by hiring an analyst, you can track social media and search engine activities and analyze the most common searches for different illnesses and medical conditions. In this way, analysts help you create a predictive model that can help you predict future health outcomes.
Artificial Intelligence (AI) holds special significance in digital transformation. It is the most significant proof of the medical revolution, and big game players are ready to invest millions of dollars in it. Healthcare AI-powered equipment is expected to exceed $35 billion by 2026. It means that this technology will have a significant impact on the healthcare industry. Different AI-based robots are designed to assist human nurses with their daily tasks.
Virtual health assistants and chatbots are also AI-enabled technology that patients are gradually becoming familiar with. Chatbots can fulfill the duty of diagnostic tools, therapists, and customer representatives. The role of AI in medical imaging, genomics, drug discovery, and precision medicine holds great significance.
Digitalization has made a positive contribution to our lives. Specially in the healthcare industry, it has transformed diagnosis and treatment methods to improve the survival rate. Medical institutions are responsible for creating awareness among consumers about the latest technological advancements in health sector. It’s also helping people take care of themselves by learning the proper use of technology to keep track of their condition.