Emerging tech trends in healthcare

Team Udayavani, Oct 18, 2023, 11:07 AM IST

In the past year, there has been a notable surge in the healthcare industry as cutting-edge technology has seen a rapid rise in adoption. Despite the obstacles encountered, there have been impressive advancements and breakthroughs, especially in healthcare information technology (IT). Technology is continuously evolving to enhance the efficiency of healthcare processes and elevate patient experiences and outcomes.

AI has the potential to revolutionize healthcare services and facilities, empowering healthcare professionals to develop cost-effective and preventive solutions for their patients. According to a WHO projection, there could be a shortfall of around 10 million healthcare providers and practitioners by 2030.

AI based healthcare solutions streamline the healthcare delivery processes and effectively transform the system by automating several processes, and pharmaceutical research. This enables practitioners to focus on direct patient care.

AI also optimizes Revenue Cycle Management (RCM) and reduces the probability of errors in medical billing. Insurance claim denials cause hospitals to lose millions of dollars every year, and AI can help reduce this by using pre-submission capabilities to aid in fixing authorisation concerns and using predictive analytics to identify which claims have increased likelihood of being returned.

Additionally, AI can help reduce human error in medical coding by detecting missing charges before claims are filed, thereby preventing revenue loss. Keeping up to date with fast changing policies poses a significant challenge for payers, and AI can also assist with this through automated payer alerts that monitor web pages and identify relevant information.

As we look ahead to the current year, the healthcare industry is anticipated to experience continued innovation, particularly in healthcare IT.

Here are the top emerging trends in healthcare IT that are shaping up in 2023:

Tele-Patient Monitoring:

Telehealth and patient monitoring will continue to be among the top trends in 2023. The COVID-19 pandemic has compelled healthcare workers to provide care to patients in remote areas around the world.

In response, healthcare institutions are increasingly relying on remote patient monitoring services to deliver timely and high-quality care to patients. Telehealth usage has already seen a significant surge, and this trend is expected to continue.

Telehealth has evolved as a significant technology that can greatly benefit urgent care facilities in recent years. Telehealth enables the treatment of many people during emergencies by providing remote monitoring and care.

According to a Grand View Technology research, over 60% of US individuals aged 65 and up are eager to accept virtual treatment for long-term diseases. The rising demand for telehealth services is predicted to drive the market value of the business to $186 billion.

Internet of Medical Things (IoMT):

The adoption of the Internet of Medical Things (IoMT) is dramatically transforming the public healthcare industry. This particular cloud technology based market is currently valued at approximately $62 billion glibally and according to market forecasts it is predicted to grow at a CAGR 23.70% between 2023 and 2032.

This cloud based network of medical software and infrastructure has laid the foundation for technology-enabled healthcare by enhancing service efficiencies. This technology has the potential to transform the healthcare business by delivering services to people who do not have access to full-time facilities and help healthcare providers monitor patient data in real time.

Furthermore, it also simplifies tedious RCM procedures allowing the secure transfer of data between healthcare providers and insurance companies.

Healthcare and AI

The healthcare industry has been at the forefront of AI adoption, making it one of the most noted AI adopters among diverse sectors. It’s no surprise that artificial intelligence (AI) will continue to drive future advances in healthcare in 2023, benefiting medical practitioners in a variety of ways.

For example, Generative AI is increasingly being used to develop large language models and virtual assistants like chatbots to help the care delivery system optimise its resources and save costs.

However, concerns regarding data security of patients have given rise to ethical regulations that moderate the use of AI in healthcare so that actual medical practitioners are readily available should there be any escalations.

Big Data:

As Generative AI becomes more integrated into our systems, the volume of available data is growing. With data becoming an increasingly important component of the economy, the opportunity for innovation is expanding exponentially. Big data has the potential to significantly reduce healthcare expenditures while also improving treatment quality.

Additionally, emerging HealthTech companies are mining Big Data enabled clinical services which can provide well-analyzed information about the organization, such as staffing requirements, financials, or other administrative activities, effectively assisting management in making informed decisions. Although there are potential dangers with regards to securing data across the networks, Generative AI is helping build algorithms to mitigate cybersecurity risks.

Cybersecurity Mesh:

With the surge in cyber-attacks, it is evident that organizations must enhance their cybersecurity measures and invest in an architecture with protective measures. The healthcare industry, which is often a soft target for hackers and cybercriminals, is expected to adopt cybersecurity mesh more aggressively in 2023.

As of 2023, general data protection standards will no longer be sufficient to protect organisations from data breaches and cybercrime. To secure the safety of their patient data, medical institutions will need to invest in innovative technology such as blockchain-based solutions and implement complete cybersecurity practices.

Advancements in Technology and AI have enabled Cybersecurity mesh networks that instantly react to security threats, quickly changing the accessibility requirements to prevent any compromise.

Health Informatics:

Health informatics is leading the current technological development in this field while increasing patient care, owing to big data and artificial intelligence. Health Informatics has given rise to various clinical enablement services designed to be patient centric. For example, currently Health Informatics is being used extensively to accelerate RCM Processing, digitize EMR and EHR inputting, and offer clinical data based insights to practitioners.

In 2023, technological developments like these are propelling the healthcare business forward at breakneck speed. This decade has paved the way for stronger healthcare systems worldwide that provide better value-based care based on technology.

As more people become proactive in their healthcare, technology will continue to revolutionize the healthcare industry, promoting the use of generative AI to expedite hassle-free healthcare processes. Healthcare Organizations must take calculated risks, trust and invest in disruptive technology, and abandon outdated systems and procedures.

By Ms. Vijayashree Natarajan, SVP – Head of Technology, Omega Healthcare

Disclaimer: Any opinions, findings, and conclusions or recommendations expressed in this article are those of the author(s) and do not necessarily reflect the views of Udayavani.