Expert Advice: How Digital Transformation Plays an Important Role in the Healthcare Industry
The healthcare industry is one of the fastest-growing sectors, directly affecting our quality of life. This industry is experiencing tremendous shifts and innovation due to digital transformation. It includes companies that provide medical services, insurance, healthcare facilities, fitness consultation, and manufacture drugs and medical devices.
Healthcare Professionals
Healthcare professionals seek innovative, accessible, affordable, and responsive healthcare facilities to improve care quality, productivity, workflow efficiency, and patient information protection. Industry leaders aim to transform and stay updated with technological developments. The growing global population, the increase in baby boomers, and the rising prevalence of chronic diseases support the industry’s growth and expenditures. The need to minimize healthcare costs while delivering satisfying results is driving the adoption of digital technologies in this sector.
The global healthcare expenditure is anticipated to reach USD 10.059 trillion by 2022. According to Statista, the global revenue generated by the healthcare industry in 2018 was USD 1.853 trillion. The deployment of big data, artificial intelligence, IoT, virtual reality, and blockchain is transforming the industry. Additionally, healthcare analytics is supporting its growth. The development of telemedicine, telehealth, and home care facilities is propelling digital transformation. A healthcare analyst estimates global healthcare expenditures will rise to USD 10.059 trillion by 2022. The American Medical Association reported that the overall cost of healthcare in the U.S. was nearly USD 3.5 trillion in 2017.
Need for Digital Transformation
Remember when scheduling a doctor’s appointment took hours or days? Or when there was no treatment for cancer and many life-threatening diseases? Limited technology, digital environments, and treatment processes existed, yet costs were extremely high.
Healthcare companies and professionals face challenges such as reducing operational costs, performing faster diagnoses, improving productivity, and delivering satisfying care. Thus, the industry is rapidly shifting towards digitalization, adopting digital technologies to provide optimal services. The future of healthcare is customer-centric with digital transformation. According to a healthcare expert, USD 7.5 trillion is spent globally to create transformational digital services.
The crucial aspects of digital transformation include smart care, anywhere and empowered care, and intelligent health enterprises delivering data-driven solutions to patients. Changing consumer preferences and the demand for low-cost, high-quality treatments drive the need for digital transformation in healthcare. An expert survey found that 77% of patients prefer scheduling online appointments and consultations with doctors. Most people rely on fitness trackers to monitor their health and improve their treatment conditions.
Future Outlook
Digital transformation will play a significant role in the healthcare industry’s future, introducing various disruptive innovations. Experts believe health will focus on well-being rather than responding to illness. Prevention and early diagnostics will become the center of consumer focus. Data availability and personalized AI will enable healthcare experts to deliver precision well-being and real-time medical solutions, helping us stay ahead of sickness and catastrophic diseases.