Tech-Driven Healthcare Transformation

Why are tech visionaries seeing opportunity amidst chaos?

Here’s what sounds crazy in 2023: they are attempting to fix the United States' healthcare system.

Modern technology's penetration into healthcare remains low, with the industry still heavily reliant on outdated communication methods like paper files and fax machines. It's a dire situation, but it's also an opportunity for the tech world to step in and revolutionize healthcare.

High-Tech, High-Stakes

The most impactful companies in history have always been born at the frontier, and healthcare represents the next big thing, especially after a biological global pandemic.

We all agree that healthcare is complex, but so are most markets. Healthcare, with its multitude of entities such as providers, payers, and insurance companies, is definitely complex, but the complexity is consistent with its scale. One often overlooked aspect of the healthcare industry is the vast amount of funding it receives from federal and state governments, totaling over a trillion dollars annually through programs like Medicare and Medicaid. This makes it one of the most significant markets just waiting to be disrupted.

At its core, healthcare is a combination of (1) data, operations, and logistics challenges, and (2) consumer experience and engagement issues. These are precisely the two domains where the tech world excels.

There still isn’t true data interoperability–one person’s important medical records lay across dozens of different doctor’s offices and health systems. The problems plaguing healthcare, from fragmented medical records to inefficient clinical trials, do not require an MD or a PhD to solve—they require innovative technologists.

Many poor health outcomes and deaths in the United States arise from diseases that are preventable or curable. What is required is not more scientific advancement but a cultural shift in policy changes. Technology plays a pivotal role in building better patient experiences, encouraging healthier habits, facilitating regular doctor visits, and ensuring medication adherence.

The advantages of coming from tech are clear. Tech moves faster than healthcare, and tech visionaries don't accept the status quo.

Healthcare needs fresh eyes and innovative solutions, and that's precisely what tech innovators bring to the table. Moreover, healthcare provides the best opportunity for harnessing cutting-edge tech tools, especially using artificial intelligence (AI). Unlike other industries, much of healthcare is service-based, characterized by low gross margins. AI has the potential to drastically improve the economics of healthcare, making it a more enticing field for innovation.

This revolution begins with non-clinical applications of AI, addressing challenges like call centers, scheduling, prior authorization, medical coding, revenue cycle management, and battling medical bills.

With AI, health tech companies can streamline operations and reduce the need for extensive training, offering AI solutions that mimic human interactions while taking the workload off healthcare professionals' shoulders.

It's clear that the healthcare industry is at a crossroads, and tech might be the compass it needs to navigate the challenges ahead. It is now time for tech-savvy organizations to leverage their skills and expertise in a global digital world ripe for disruption.