The current transformation of the medical industry by healthtech is quite commendable
For improving and transforming healthcare, healthtech offers numerous advantages and opportunities such as sophisticating clinical outcomes, reducing human errors, increasing practice efficiencies, facilitating care coordination, and tracking data over time. The global healthcare tech market growth is largely driven by factors such as a surge in demand for telehealth and mHealth solutions from a large number of smartphone users, adoption of cloud technology related HCIT services, implementation of various healthcare reforms such as patient protection and affordable care act (PPACA), and rapid increase in aging population and subsequent rise in the number of chronic diseases.
Healthcare technology refers to any IT tools or software designed to boost hospital and administrative productivity, give new insights into medicines and treatments, or improve the overall quality of care provided. Today’s healthcare industry is a US$2 trillion behemoth at the crossroad. Currently being weighed down by crushing costs and red tape, the industry is looking for ways to improve in nearly every imaginable way. That’s where healthtech comes in. Tech-infused tools are being integrated into every step of our healthcare experience to counteract two key trouble spots: quality and efficiency.
The year 2020 and 2021 were setbacks for many seeking healthcare. In a period when a significant volume of resources was urgently diverted to battling COVID-19, those in need of care for other medical issues were severely affected. However, the isolation caused by the pandemic was all it took to realize the potential of pairing technology with healthcare. Now, healthtech and particularly health tech companies are one of the largest growing verticals in the healthcare sector. “Healthcare at home” has become increasingly normal. Healthtech companies have revolutionized the way we approach healthcare. A time when it was difficult to imagine the application of artificial intelligence in the health sector, today it is a reality that we live in. Healthtech companies are surely treading their way forward.
AI and its role in medicine is a burning reality. Services that were once limited to a hospital or a medical practitioner’s clinic can now be availed from the comfort of home. Such is the pervasiveness of AI in our lives. From offering consultations to giving therapy for terminal illnesses, today’s health tech companies can do most things (if not all).
The uses for healthcare technology are seemingly endless. To improve efficiency throughout the industry and make the patient experience as painless as possible, healthcare tech is being implemented in everything from administrative processes, to a more complete and accurate diagnosis. Emerging technology in healthcare like applications that aid in identifying potential health threats and examining digital information from lab results and problem lists also contribute to the benefits that healthcare technology trends bring to medicine.
As new technology in the medical field and the evolution to value-based payment models continue to take shape we have to continually familiarize ourselves with the latest healthcare technology trends to control technology and not the reverse. The future of healthcare is working together with health technology, and healthcare workers have to accept emerging healthcare tech to stay relevant in the years to come.
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