Technological developments in the healthcare industry
One of the most important, yet overlooked, keys to success when working in healthcare is having a good understanding of current and predicted trends. In the digital age that we are currently living in, this largely means knowing the ins and outs of technological development. Given how quickly technology can be developed and implemented in the healthcare industry, it is admittedly rather difficult to stay up-to-date. Using technology within your business is one of the primary factors for having a long and successful career, so knowing what healthcare technology can do is absolutely essential. With this guide, we hope to explain some of the most important and influential technological trends that we are seeing in 2023. This information should help inform your healthcare business startup guide, allowing you to put your best foot forward when it comes to making technological investments.
Healthcare IT market overview in 2023
Following the impact of the COVID-19 pandemic, the healthcare industry has witnessed an astronomical change in regard to the development and implementation of technology. In 2021, the healthcare industry brought in a total of $21.3 billion in venture funding, significantly beating the previous (2020) record of $14.6 billion. Deloitte reported that there is an increase in patient demand for accessible, remote care and integration between different healthcare businesses. As the global healthcare industry continues to increase, and at a rather fast rate, it has become important for healthcare practitioners to develop solutions to the demands of patients. These can largely be found in new healthcare technology and systems including predictive modeling and using data warehouses. Although it can be difficult for a startup business to invest in all of these resources simultaneously, they are nevertheless a fantastic way to stay ahead in the highly competitive healthcare industry.
Rise of telehealth during the pandemic - Will this continue?
Unsurprisingly, the impacts of the COVID-19 pandemic saw a massive increase in the number of practices that offered telehealth services so that their patients could access care from the comfort and safety of their own homes. Whilst this was a necessary and fantastic solution to social-distancing regulations, it has become crucial to consider whether or not the use of telehealth will continue to rise. Realistically, the telehealth industry will see a definite reduction in usage over the next few years. However, that’s not to say that it won’t remain a highly lucrative form of healthcare. Essentially, telehealth offers care solutions to patients that may not otherwise be able to receive it. This is especially the case for patients who live in remote areas, have accessibility issues, are stay-at-home parents, or can’t afford a standard in-person appointment fee. Because telehealth is entirely remote, often more affordable, and can be accessed by anyone (from anywhere), these types of patients will always seek virtual options. Thus, provided telehealth businesses continue to develop their own methods of delivering care and are willing to adapt to the shifting needs of patients, there is no reason why it should not continue to be an integral aspect of the healthcare industry. When it comes to developing a business plan for your healthcare startup, you should definitely be considering offering telehealth solutions - they offer endless possibilities for the growth of your business and are a fantastic way to broaden your clientele.
Rising healthcare technology trends in 2023 and beyond
In order for you to decide exactly what technology to invest in, you need to have a good understanding of the current trends. So let’s take a look at what the healthcare industry has seen so far in 2023!
Rise of healthcare mobile apps
The growing use of mobile devices, coupled with the desire of patients to have more responsibility when it comes to managing their health, has led to a rise in healthcare mobile apps. These apps are usually integrated with features that allow patients to track and monitor their own health, in addition to treatment, intervention, and prevention information.
Internet of Medical Things (IoMT)
The Internet of Medical Things has grown significantly in recent years and is largely related to the use of wearable medical devices. Patients can access real-time information regarding their own health status from these devices, leading to more accurate and accessible medical care.
Remote Patient Monitoring (RPM)
Remote Patient Monitoring is particularly useful for patients dealing with chronic illnesses or for those who have been recently discharged from in-patient care facilities. RPM allows medical practitioners to provide their patients with care from a remote location, ensuring good health outcomes whilst simultaneously managing intake at hospitals and practices.
Growth of cloud migration
Cloud technology has been intrinsic to the implementation of software within healthcare businesses. Recently, this type of technology has been migrated at a much higher rate, improving coordination of care and general interoperability between different healthcare facilities.
Increase in use of robotics
The development of highly sophisticated robotics has impacted various fields within healthcare, including surgery, diagnostics, consultation, and rehabilitation. This type of technology has meant patients can access care faster without compromising on quality, and as the opportunities it offers are endless, it is expected to grow significantly in the coming years.
Exciting developments in wearable technology
Wearable technology has had a significant influence on patients’ ability to manage their own health. Developments in this field have led to real-time, accurate information regarding health, encouraging patients to become more involved in preventative measures.
Technology around data security
Understanding why healthcare data security solutions are important is an essential component of introducing any new technology into your business. As a number of technological solutions are being introduced into healthcare practices, there has also been a rise in the number and frequency of cyber attacks. However, advances in data security technology have helped mitigate these and ensure that PHI remains protected at all times.
At-home diagnostics & monitoring devices
Following the COVID-19 pandemic, there has been an increase in patients who want to access quality healthcare solutions from the comfort of their own homes. Fortunately, the development of at-home diagnostics and monitoring devices facilitates this. These function to monitor and track patient health from a distance, generating real-time data to ensure their safety is always guaranteed.
AI and predictive analytics to boost patient care
Artificial intelligence offers exciting possibilities for patient care, particularly regarding predictive analytics. This type of technology identifies trends in data that reveal at-risk patients, allowing practitioners to initiate preventative measures.
Understanding the current technological trends in the healthcare industry is one of the best ways to succeed as a healthcare startup. Given the immense advancements, we have seen in technology over the past 20 years, investing in these systems will open up endless opportunities for your business. Furthermore, whilst we understand the challenge in such high-cost investments, it is important to think about the long-term. In addition to providing patients with accessible and high-quality solutions, the majority of these technology advancements are financially beneficial to healthcare businesses in the long run, and as such are some of the best ways to overcome revenue challenges.
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