Digital transformation in healthcare technology is top-of-mind for the upcoming year. We can expect to see reinvention and reuse of Artificial Intelligence (AI), Insurtech, population health management, predictive analytic tools, and connected clouds. The digitalization of the healthcare industry involves a slow and tedious implementation but, with the intention of improving traditional business models. These upcoming technology trends will focus on measurable outcomes and ultimately transform patients’ lives and the well-being of Americans.
- AI is revolutionizing the way patients and doctors interact with data management and analytics. Digital Insurance states, “We are evolving from static, passive reports of things that have already happened to proactive analytics with live dashboards helping businesses to see what is happening at every second and give alerts when something is not how it should be.” Enhancing the quality of data revolving around patient’s health can directly affect treatment and overall diagnosis. AI will also be involved in the development of technology in general. Gartner believes by 2022, 40% of new application development will involve AI co-developers. New and innovative platforms will quickly emerge and speed up the development of future technology.
- Merging mind and machine: Specific neurological diseases and trauma to the nervous system can impede on a patient’s abilities to communicate verbally and use physical gestures. Creating direct interface technology that acts as the human mind is significant for these types of patients. Brain-computer interfaces (BCIs) propelled with AI can reestablish these key functions to those who thought they were gone forever. Leigh Hochberg, MD, PhD, Director of the Center for Neurotechnology and Neuro-recovery at MGH states, “By using a BCI and artificial intelligence, we can decode the neural activates associated with the intended movement of one’s hand, and we should be able to allow that person to communicate the same way as many people in this room have communicated at least five times over the course of the morning using a ubiquitous communication technology like a tablet computer or phone.” BCIs could have extraordinary effects on the quality of life of patients living with ALS and various spinal cord injuries.
- Insurtech is centralized around technology created to search for savings and competence from the current insurance industry model. Insurtech innovations are in the works of utilizing deep learning to take over tasks of brokers and find the correct mix of policies for individual’s coverage. According to Digital Insurance, Insurtech will be able to skip the legacy systems and jump straight into digital-first infrastructure and technology that is more suitable to smaller-scale products. Since 2016, funding in Insurtech has gone up 60% in America with an increase of $1.46 billion to $2.44 billion, as reported by Digital Insurance.
Population Health Management:
- Healthcare providers are putting in maximum effort to optimize treatment outcomes and costs by dividing patient communities. Through this segmentation, doctors can treat populations specific illnesses. Health Data Management writes, “The growing implementation of technology developed for healthcare is creating the opportunity to use clinical data in more sophisticated ways, enabling clinicians to make better decisions and deliver better care.” Incorporating this strategy alongside predictive analytics, hospitals can identify high-risk patients, diagnose quicker, and ultimately refer them to the appropriate resources. If clinicians can treat based on patterns in a specific population, value-based care increases throughout the country.
Predictive Analytic Tools:
- Predictive analytics can extract information from existing data sets in order to predict future outcomes. This includes forecasted future data and the possibility of error. Predictive analytics has the ability to step foot into the future and determine what decisions should be made for a patient’s care. Overall, these projected analytics should be able to prevent doctor and human error. In other words, this technology can see what effects future decisions will have on a patient and adjust accordingly. As stated by Digital Insurance, “This improves decision-making a lot, as future outcomes are taken into consideration in the prediction.” Although this would have a direct impact on patient’s lives, it also effects businesses. Predictive analytics allows organizations to become proactive and anticipate behaviors based on data while minimizing unexpected costs.
- A multi-cloud plan refers to the implementation of multiple Software as a Service (Saas) or Platform as a Service (Paas) solutions. Having a multi-cloud strategy requires departments to be completely connected on multiple platforms. Having this system reduces risk and adds needed flexibility. Digital Insurance explains, “Businesses will need to assess their needs and capacities of implementation, to evaluate whether it would be beneficial and profitable to go for a multi-cloud strategy.” Although some are skeptical about cloud reliability, it is typically used as a way to prevent data loss. If doctor and patient data is secured, there will be no gaps in treatment or backwards pedaling in the case of an emergency. This strategy also allows for the ability to implement different cloud services and features from several providers.
The digitalization of the healthcare industry means executing and implementing various forms of technology. Digital technology gives consumers and providers various options for delivering and receiving care. These 5 trends are expected to reshape healthcare in 2019 while elevating strict budgets and financial outcomes.
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