10 Unforgettable Digital Health Facts I Learned After 15 Years in Healthcare Industry
The US healthcare industry has been the only niche in which I've gained my learnings, experience, and knowledge about tech today. I've worked for over 15 years in this industry; one thing that I witnessed the most is the advancements and adoption of technology.?
Well, the recent one being Digital Health.?
Over a decade now, digital health has gained popularity gradually. And now it's at its peak.?
Did you know the funding in digital health increased from 1.1 billion dollars in 2010 to 22 billion dollars in 2020?
I have witnessed several such funded digital health startups in recent years. Clinicians and healthcare organizations are now valuing this technology more than ever. In fact, they are open to adopting new emerging digital health technologies like Generative AI, ambient clinical voice, predictive analytics, and more.?
Here are some unforgettable digital health facts that stayed with me in the last couple of years.?
Fact 1: The Pandemic Triggered the Focus Shift to Virtual Care
Do you know that more than $200 billion was lost by hospitals and health systems in the US between March 1st and June 30th, 2020?
The Covid-19 pandemic triggered a major healthcare crisis globally. As a healthcare leader, preparing for this crisis was the top-most priority then. All other healthcare leaders thought the best solution was to shift to virtual care.?
This strategic shift to virtual care ensured uninterrupted care and filled staffing gaps. In short, the pandemic was the real reason behind the sudden rise of telehealth and RPM technologies.?
Fact 2: Value-based Care Viewed From a Mixed Lens
Interestingly, only 10% of healthcare leaders are practicing value-based care.?
Even though value based care ensures you pay for the value rather than the quantity, ultimately reducing the cost of care. However, the pandemic caused healthcare leaders to deprioritize the focus on value-based care.?
Some leaders only emphasized incorporating elements of value-based care like patient safety. But they weren't interested in deploying the full-fledged value-based care model. Well, the primary reason being physicians' compensation depending on the value of service.?
Fact 3: Invested in Lasting Telehealth Legacy
Nearly 89% of healthcare leaders in the US are more likely to invest in telehealth technologies in the next few years.?
However, there's a contradiction.?
You'll be surprised to learn that only 40% of healthcare leaders will invest in telehealth technologies three years from now. It's a significant drop considering the current investment levels. Keeping an eye on this stat, leaders' next step is building a long-lasting telehealth legacy. Since practices have already adopted telehealth services, improving them will be the focus in the coming years.?
Fact 4: Changed Perspectives About AI and Predictive Technologies
The era of AI is here.?
Over 39% of leaders are expected to invest in AI in the next three years.?
I think this number will definitely increase with new AI innovations. At present, AI is mostly used for administrative tasks. Technologies such as Generative AI integrated with EHR aim to reduce the administrative burden on clinicians.?
Perhaps leaders envision that AI technologies will delve deeper into digital health with increased usage. Healthcare facilities, at present, are investing heavily in predictive analytics to prepare for the future. And this is their top priority.?
Fact 5: Value Strategic Partnerships to Boost Care
In a survey, almost 41% of respondents said hospitals and care facilities must prioritize strategic partnerships and collaborations to implement digital health technologies successfully.?
The pandemic was an eye-opening crisis, and leaders had multifaceted takeaways. While healthtech leaders are eyeing AI, they are also trying to build strategic partnerships with non-traditional players like healthcare software development or other tech development companies. Having a reliable, strategic partner or collaboration will foster better digital health innovations in healthcare.
Fact 6: Changed Focus to Sustainable Care
The pandemic crisis has subsided.?
But health leaders have changed the way they see care delivery. By taking a pragmatic stance, health leaders are now thinking of how and where to deliver care. Now, they are thinking beyond the conventional method of providing care. That's beyond the walls of hospitals. Thinking creatively and strategically, leaders are pledging to minimize the environmental footprints, aiming to make healthcare sustainable.?
Fact 7: Looking Beyond Old School Care Model
Healthcare no longer follows the old-school care delivery model.?
Leaders are trying to move past traditional care models and adapting new innovative care delivery ideas. Smart hospitals, rural facilities, hospitals outside the four walls, and more are ideas leaders will work on next.?
What's interesting about it then?
A resilient future of care delivery that goes beyond hospitals. It's basically about delivering care anywhere, anytime. And, of course, digital health technology can make it happen.?
Fact 8: One Size Doesn't Fit All
Believing in one size fits all is a myth.?
As a healthcare leader, I've contacted multiple small-scale and large-scale organizations. Interestingly, every organization, even of the same size, had different requirements. Earlier, leaders and stakeholders often overlooked this aspect. But digital health leaders don't.?
In the digital health landscape, choosing solutions is based on a few factors-
Fact 9: Interoperability is the Biggest Barrier in Digital Health
In the US, 40% of healthcare leaders believe interoperability and data standards are the most significant barriers to the digital health ecosystem.
High volumes of data and the need for clarity of data ownership are potential causes leading to obstacles in digital health systems. I think leaders of today are more concerned about data privacy and security. Of course, they would, considering increasing cases of cyberattacks and data breaches.?
Leaders view these issues as perennial and are investing heavily to resolve these challenges.?
Fact 10: Increased Focus on Customer Engagement
The digital health landscape is the most dynamic niche in which to work.?
As a health tech leader, our primary focus is patients, who are now viewed as customers. Like other industries, healthcare now considers patients as customers. And their experience matters the most.?
That means the digital health technologies of today are built keeping customer engagement and their experience in mind. And that's an important business goal.?
Wrapping Up?
Reflecting on my experience, I feel the digital health landscape will evolve continuously. In the next few years, digital health technologies will oversee every aspect of healthcare- patient care, billing and revenue, decision-making, and more. Despite ongoing challenges, leaders are confident about the emerging technologies taking over, changing the care model, and boosting efficiencies. It's ultimately going to be a major game-changer in healthcare.?
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Thank you Riken Shah for this analysis and share - the drivers toward a more distributed and virtual future for care are very powerful.
Vice President of Operations
2 周Telehealth investment has exploded, especially during the pandemic, and it’s likely here to stay. The accessibility and convenience it offers to both patients and providers are key drivers of its continued growth. It’s exciting to think about what the future holds for telemedicine as more investment and innovation flow into this space.
Proud Dad | Healthcare Innovator | Senior Vice President of Operations at OSP | Enhancing Care Through Smart Technology and Compassion
2 周Interoperability remains one of the biggest hurdles in healthcare today. As we move towards a more connected system, the ability for different technologies and platforms to communicate effectively is crucial for patient care and operational efficiency.
VP of Healthcare Solutions @ OSP
2 周The shift towards value-based care is a critical one. Focusing on patient outcomes rather than the volume of services is an important transition, but it comes with its own set of challenges. It’s interesting to see how this shift will continue to evolve as technology advances.
Dad to Two Amazing Daughters | Director Of Operations at OSP | Specializing in Healthcare Tech | Championing Healthcare Innovation for Better Lives.
2 周AI and predictive analytics have been game changers in healthcare, allowing for earlier detection and more personalized treatment plans. These technologies have enormous potential to not only improve outcomes but also reduce costs across the healthcare system.