Expert Advice: How Digital Transformation Plays an Important Role in the Healthcare Industry
Healthcare industry is one of the fastest-growing sectors as it creates a direct effect on the quality of our life. This industry is seeing tremendous shifts and innovation with the integration of digital technology. It comprises of companies which provide medical services, medical insurance, healthcare facilities, fitness consultation, and manufacturing of drugs & medical devices. Healthcare professionals are continually looking for innovative, accessible, affordable, and responsive healthcare facilities to deliver a better quality of care, increased productivity, workflow efficiency, and protection of patient’s information. The healthcare industry leaders are looking to shape up the future to transform and be at par with technology developments and digital transformation. Increase in global population and rise in baby boomers coupled with growing prevalence’s of chronic diseases is supporting the growth of this industry and its expenditures. Need for minimizing the healthcare cost expenses and deliver satisfying results is supplementing the adaption of digital technologies in this industry.
The global expenditure within the healthcare industry across domains is anticipated to reach the value of USD10.059 Trillion by 2022. According to Statista, the global revenue generated by the healthcare industry in 2018 was USD1853.80 Bn. Deployment of big data, artificial intelligence, IoT, virtual reality, and Blockchain is transforming the healthcare industry coupled with the integration of healthcare analytics is supporting the growth of the healthcare industry. Development of telemedicine, telehealth, and facilities of home care is propelling digital transformation in this industry. According to a healthcare analyst, it is estimated that global healthcare expenditures are expected to rise and reach a value of USD10.059 Trillion by 2022. The study by the American Medical Association shows that the overall cost for healthcare in the U.S was almost USD3.5 Trillion in 2017.
Need for Digital Transformation
Do you remember the days when you had to wait for hours and days to schedule your doctor’s appointment and get a consultation? The days where there was no treatment for cancer and many life killing diseases. There was a very limited role of technology, digital environment, the process for treatments and still the costs were extremely high.
Various challenges faced by the healthcare companies and professionals include reducing operational costs, performing faster diagnosis, improving overall productivity, and delivering a satisfying level of care. Thus, the healthcare industry is experiencing a rapid shift towards digitalization and adopting digital technologies in terms of availing and offering optimal/competent services. The future of healthcare looks very different and customer-centric with digital transformation. According to a healthcare expert, USD7.5 Trillion is spent globally to create transformational digital services.
Some of the crucial importance of digital transformation are smart care, anywhere & empowered care, and facilitating intelligent health enterprises to deliver data-driven solutions to patients. Perpetual changes in the consumer’s preferences and demand for low cost and high-quality treatments are driving the need for digital transformations in the healthcare industry across the globe.
According to an expert survey, 77% of the patients prefer scheduling an online appointment and consultation from doctors. Majority of the population prefer to rely on fitness trackers to monitor their health and improve their treatment conditions.
Digital transformation within the healthcare industry is likely to play a significant role among its stakeholders in the future, along with various disruptive innovations. Experts believe that health is expected to revolve around well being rather than responding to illness in the future. They expect prevention and early diagnostics to be the center focus for consumers in the future. Availability of data and personalized AI is enabling healthcare experts to deliver precision well being and real-time medical solutions which allows us to be ahead to sickness and catastrophic diseases.