Trends in Business Analytics and Technology that are Improving Healthcare

Technology in healthcare is changing the way we interact with healthcare professionals, make treatment-related decisions or share medical data. There are plenty of examples to display the advancements of healthcare such as Artificial Intelligence enabled medical devices, blockchain, remote-patient monitoring, telemedicine, EHR (electronic health record) and EMR (electronic medical records).  

In a nutshell, the main objective of healthcare innovation is to streamline the work done by healthcare professionals, optimize medical systems through healthcare software development, eliminate human errors, improve patient outcomes and reduce the cost for patients through mobile and integrated web experiences. 

This article talks about the trends in business analytics and technology that are improving healthcare. 

1. On-demand Healthcare

The social distancing norms have forced us to stay indoors. This has led to a drastic increase in demand for patients seeking on-demand healthcare. This technology has gained a decent following as this allows the patients to seek guidance of their own accord. 

Patients need online medical information primarily for the following reasons: 

• 77% of the patients use it to book medical appointments 
• 47% use it to search for information about doctors and healthcare professionals
• 38% of the patient use it to search for information about hospitals and medical facilities

That said, on-demand healthcare is on a rise due to the involvement of several emerging health

care software development companies in the market. 

Many online solutions connect doctors directly with short-term tasks, easing it for the physicians and aiding them to deliver quality care in specific circumstances based on their schedule and expertise. In a nutshell, technology has given doctors the ability to become on-demand healthcare providers to meet the needs of patients, efficiently. 

2. Big Data

Big data is the accumulation of information from various sources such as social media, eCommerce, online and financial transactions. This information is used to establish patterns and trends for future use. 

Benefits of Big Data for healthcare:

• Reduced medication errors: Data from patient records is analysed which allows healthcare software to point out any discrepancy between a patient’s drug prescription and their health. This alerts the patient and the caregiver of the risk of medication error. 
• Preventive care: Many patients who are brought to the emergency room are “frequent flyers” and they sum up to 28% of clinical visits. Big data analysis helps healthcare providers identify these frequent flyers and create preventive plans to reduce their visits. 
• Improved staffing: Using big data healthcare providers can estimate the admission rates helping them allocate the right staff in the right number to deal with the patient flow. This helps in better ROI and reduces the waiting time for patients. 

Big data analytics gives healthcare professionals a better view of the situation and the insights derived from them can improve healthcare operations management and ultimately deliver a stellar patient experience. 

3. Virtual Reality

Virtual reality is adding new dimensions to healthcare. It is changing the way patients are diagnosed and doctors are trained. 

• VR in medical diagnosis & treatments: VR is nowadays widely adopted for treatment, patient education, physical & psychological therapy and robotic surgery. For example, VR can be used to construct a 360-degree patient-specific video with details on how the surgery could cure a patient and consequent results. Virtual is now used to treat anxiety, PTSD (post-traumatic stress disorder) and stroke.  
• VR for medical training: VR is also used to train doctors and medical residents to improve their skills and get better at complex surgeries. On the other hand, VR headsets are being used to encourage post-surgery patients to exercise and follow physiotherapies. VR is also very useful as it enables autistic children to navigate in their surroundings and learn. 
• Growth of VR in the medical field: Most of the healthcare players recognized the importance of VR. It is estimated that the AR & VR market will reach around $5.1 billion. So for healthcare companies, VR is a good place to invest in, in the times to come. 

Virtual Reality offers a channel for powerful communication which allows you to understand your patient’s needs better and a virtual engagement with the latest services and products. 

4. Wearable Medical Devices

Another way technology is changing healthcare is by collecting health data from medical devices such as wearables. Earlier people used to check up with their doctors when there was something wrong or when they were undergoing annual checkups. Nowadays people are more concerned about their health and there is a shift of their attention to preventive measures. People want to know about the status of their health often which has led to the growth of the wearable market. This has led to the emergence of many healthcare software development companies which are making wearable devices that allow the patient or their family members to track health vitals and take treatment when needed. These devices help in monitoring high-risk patients and predict the occurrence of any health risk. 

It is also estimated that wearable medical devices will be valued at over $27,200 mn by the end of 2023. 

Here is a list of some of the most used wearable devices:

• Health and exercise trackers like Google Fit, Fitbit etc. 
• Heart rate sensors such as Pulse Sensor, Samsung Heart Rate Sensor etc. 
• Sweat meters which are used to monitor the blood sugar levels of diabetics 
• Oximeters to monitor the amount of oxygen in the blood 

Benefits of wearable devices 

Personalized healthcare experience: Wearables help patients improve their health and give them control regarding their personal health and avenues to manage it. 

Insurance pricing: It helps the insurers by providing them with the insights that help them rate a patient's issue precisely. 

Insurance incentives: These devices help patients to take preventive measures to improve their health. These types of patients are entitled to insurance premiums. 

Gamification opportunities: Wearables can create goals for patients to achieve through exercise, diet and nutrition. 

5. Healthcare AI Investments Will Increase

AI-enabled healthcare tools are the new buzzword in the market and they are expected to exceed $34 billion globally by 2025. Most commonly the AI-powered chatbots have fulfilled their role as the customer relations staff, diagnostic tools and therapists. The chatbot market is estimated to reach $314.3 million by 2023. 

That being said, the power of AI can be witnessed in areas such as medical imaging, genomics, drug discovery, and precision medicine. For example, AI has designed a first-ever drug, DSP-1181, that can help patients suffering from obsessive-compulsive disorder. Experts are also saying that the use of AI can make drug development faster and efficient. 

Conclusion 

These trends are the future of healthcare as these fields have scope for innovation and adapt to meet the ever-changing patient’s demands. As a result, healthcare organizations should be prepared for the times to come as the very essence of technology is change.