- Given spiraling healthcare cost around administration, insurance expenses, and hospital spending amid an aging population with more chronic illnesses, Healthcare IT companies leverage the power of technology through a multi-faceted approach aimed at improving operational efficiencies across health systems, clinical trials, and medication management among others.
- Digital technology is now transforming healthcare supported by wearables, internet of things (IoT), AI, blockchain, and big data analytics. Telehealth has witnessed a surge in demand from COVID-19 pandemic. The real transformation of telehealth will be spearheaded by large technology players that use algorithm to make decisions powered by artificial intelligence and big data.
- Remote patient monitoring market is expected to demonstrate stronger growth supported by rising wellness trend. Digital therapeutics (DTx) that integrate advanced technology with therapeutics is deep rooted in science and remains uniquely positioned to drive savings and improve patient outcome.
- Value-based reimbursement (VBR) environment driving cross-sell opportunities: Performance improvement vendors are spending on technologies beyond core financial and clinical systems while exploring cross-selling opportunity for ancillary products focused on cost improvement, physician performance and patient experience to enable the shift toward value-based reimbursement.
- Growing confidence and increased adoption of block chain technology: Blockchain offers capabilities that can solve some of the pressing challenges and they include healthcare data management, drug traceability, billing and claims management and advanced medical research. Additionally, blockchain could help resolve issues such as interoperability, patient data sharing, and build efficiencies for payors and providers.
- Cost savings from digital technologies on life sciences industry: At the backdrop of continual pressure to reduce clinical trial costs and speed time-to-market, HCIT players are offering next generation offering that cover clinical research, data management, real-world evidence (RWE) networks, and predictive analytics solutions to help life science clients connect processes, documents & data to eliminate inefficiencies.
- Digital revolution underpinned by operational efficiency: Fueled by advanced analytics, machine learning, IoT, smart devices and autonomous robotics, healthcare industry has now begun to drive digitalization efforts. Small to mid-sized companies are now pursuing a buy-and-build strategy around digitally enabled platforms to boost their market presence. The sector is also gaining strength in response to value-based care and drug pricing reform.
- VBC (value-based care) creating demand for population health solutions: For HCIT players, PopHealth related technology will become strategically and operationally necessary to manage and grow their business. Alternative payment methods are driving new investment cycle in PopHealth solutions. The financial and operating realities of scale and efficiency are driving a new round of vertical and horizontal consolidation across the provider market.
