The healthcare sector has seen exponential growth in recent years. The increasing demand for healthcare services has put a strain on the existing infrastructure, especially now when the world is battling a global pandemic. The healthcare expenditures have risen too, with the worldwide healthcare expenditure estimated to reach over $10 trillion by 2022.
“Today’s healthcare is 30% clinical, 50% technology, and 20% attitude.”
– Kunal Jain
The state of the Healthcare industry
The operational management of healthcare institutions and their finances is a perplexing issue that is hard to oversee. Soaring costs, hours of the waiting period, slow progress of drug advancements, limited access to insurance, and a lot more are some of the common issues of the healthcare sector. Most of the current issues of the healthcare sector can be simplified or resolved using technologies. Health Tech has proved efficient in simplifying multiple aspects of the industry so far. Today, tech is being used in everything from emergency clinic managerial cycles to cancer research and medical procedures to improve productivity throughout the business and make the patient experience hassle-free.
How technology is reinventing the Healthcare industry
The applications of innovative technologies in the healthcare industry are unending. We’ve put together some of the top ways in which technology is facilitating the healthcare industry:
- Better, timely diagnosis
Technologies like Artificial Intelligence, Machine Learning, Robotics, 3D printing, and more and helping healthcare professionals to detect early signs of illnesses and devise a treatment plan. With the help of these technologies, healthcare professionals can detect many medical conditions in advance and reduce hospital admissions and readmissions.
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- Better surgery outcomes
The medical procedure has seen the most significant upgrades in HealthTech over the years. Robots assist in various activities, from minor non-obtrusive techniques to open heart medical procedures. The robotic medical procedures come in all types of shapes and sizes. Be it the micro-bots crawling outside the heart or a monster arm that works like an extra pair of hands in complex procedures, robotics has increased the quality of surgeries with better accuracy and precision.
Robots are not the only ones to bring in evolution in the Health Tech industry. Virtual Reality (VR) and Augmented Reality (AR) are also helping doctors in multiple ways, such as facilitating rehearsals for new intensive procedures before explaining it to the patients.
- Simplified administrative processes
An entire host of software, tools, and applications are making it simpler for healthcare facilities to deal with their ever-increasing administrative paperwork. Artificial Intelligence helps administrators align their patient records by simplifying their processes, right from figuring out the waiting period to foreseeing peak hours for appointment scheduling. Mobile applications are offering patients with preliminary inquiries and organizing plans so that the specialists can utilize their time proficiently.
- Developing better drugs, faster
The pharmaceutical industry is inclining towards leveraging AI and ML to fuel their innovative medications. These devices are utilized by the pharmaceuticals to help accelerate tedious activities like identifying particular chemical combinations that may help make the ideal drug for distinctive patients and benefit them from a specific drug trial.
- Fitness awareness
Fitness and well-being are turning into a more significant focal point of the Health Tech ecosystem. The use of smart wearables, mobile applications, and similar tools track the health metrics and report any irregularities which help the healthcare professionals to diagnose better. They also prove very useful to track the metrics of the patient post-surgery, especially with senior citizens.
With increasing expenses and enhanced focus around preventive healthcare services and wellbeing, it is essential to invest in innovative health tech solutions. Technology is helping to bridge the gap between doctors and patients, drive better patient outcomes, reduce costs, and promote effective operational management. The approach of smart wellbeing will help improve healthcare quality, increase accessibility, rationality, lower cost, and provide better and easier access to the masses. Health Tech will facilitate quality patient care and advance personalized healthcare systems.
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