Friday, 17 December 2021 16:21

How Healthcare is Being Disrupted by Technology pixabay

The Healthcare Industry is ripe for disruption. Healthcare spending in the US was $3 trillion in 2013, expected to grow between 5-8% every year until 2018. Healthcare will soon be 20% of the entire economy, leaving trillions of dollars to be saved through better technology and business models.

Mobile Healthcare Apps are beginning to drastically change how patients manage chronic illnesses like diabetes, heart disease, hypertension, asthma etc… They're even helping Accute Medical needs like stitches and broken bones. The industry has an estimated revenue stream of 9 billion annually now but by 2020 it's projected to near 40 Billion . And if you can't beat them join them - big pharmaceuticals (Gilead Sciences acquired Caremark in 2004 for $11 billion) and Healthcare insurance providers are getting into the Healthcare App game

The potential for early detection of disease is huge. Healthcare providers are starting to use mobile devices, including wearables, to collect data on patients that can be analyzed to provide predictive analytics. The next step is personalizing care for each individual. Imagine a future where your Healthcare provider has all your medical data and knows what treatments work best for you. This would eliminate much of the guesswork in Healthcare and lead to increased efficiency and cost savings

Technology is even changing how we deliver Healthcare. Telemedicine is one example of this. With telemedicine, Healthcare providers can offer services to patients remotely using video conferencing or other telecommunications technology. This can be done for routine care or for specialty services that are not available in the patient's local area. It also allows Healthcare providers to see more patients, which leads to increased revenue. Telemedicine is currently used for mental health services, pediatric care, and geriatric care

The Healthcare Industry is changing rapidly and will continue to do so. Healthcare providers need to stay on top of the latest technology trends if they want to remain competitive. Technology offers opportunities for cost savings, improved patient care, and increased revenue. Healthcare providers that embrace these opportunities will be successful in the coming years.