Stitch, a healthcare technology coordination platform, is helping healthcare companies to streamline communications between professionals and patients by enabling them to collaborate from anywhere on any device.
But Stitch isn’t the only healthcare technology platform. There are over 2500 healthcare tech startups in the U.S alone.
Globally, the health tech industry generated a revenue of approximately $457 billion in 2019. That’s more than the entire economy of UAE in 2018 and almost 4 times the amount NASA spent getting to the moon.
Pandemic’s Impact on Healthcare Technology
The rise of healthcare tech is one of the remarkable stories of the COVID-19 pandemic. Pandemic brought some serious impact on the Medtech. The world adapted to telehealthcare and an AI system predicted the threat of virus spread before humans did. These were some highlights on tech news during the last six months.
By the end of the 1950s, the technology for virtual healthcare already existed, piloted by NASA to monitor the health of the astronauts. And yet six decades later, at the start of 2020, 80% of the doctors weren’t using virtual healthcare tools in their patient interactions.
Yet, six months after that, 90% of the physicians started using virtual interaction tools to streamline patient care. With, 58% of them increasing it by 50%.
However, this evolution in the healthcare sector is not a by-product of COVID-19, these technologies are there before COVID-19, which only boosted the adoption among people.
It was always going to happen in five years, but it happened in five months,” a participant told the first EY/AdvaMed Medtech CEO roundtable, on 4 August 2020.
However, this shift to online interaction is going to stay here for a long time. As Josh Makower, MD General Partner, NEA said, “I think the shift to online commerce and remote video interactions will have a long-lasting impact that will change how we think about future opportunities.
In this blog post, we will look into what health technology is and how it is revolutionizing the healthcare industry?
Let’s start with a formal definition of Healthcare Technology.
What is Healthcare Technology?
Health tech (Healthcare Technology) refers to the use of technology to manage, organize, streamline, and automate medical tasks in hospitals and on a personal level. From Robotic surgery to health monitoring apps, all the systems that use technology and relate to the healthcare industry come under healthcare technology.
The healthcare industry is searching for every way to improve healthcare services. And that is where health technology comes in. The technology is being integrated into every step of the healthcare experience to counteract two key problems in the industry: quality and efficiency.
Currently, there are multiple types of healthcare software assisting professionals and hospitals in hospitals in managing their day-to-day operations seamlessly.
Here is a list of 11 Types of healthcare software currently being used in healthcare: 11 Types of Healthcare Software.
Healthcare technology companies are providing a much-needed jolt of efficiency by tailoring experiences to individuals. These companies know that there’s no one-size-fits-all approach to proper care, and customization is the key.
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By personalizing everything from hospital payments to health monitoring and diet planning, healthcare companies are prioritizing human health and removing the unnecessary strain on the industry.
Other than that, healthcare technology has the potential to reduce costs, unbearable wait times, inefficiencies in drug development. Alongside improving the limited access to insurance and healthcare providers.
4 Ways Technology is Improving Healthcare System
Following are some ways technology is improving healthcare facilities:
Better Patient Care
Technology has been bringing benefits to healthcare for years. The first robotic surgery was conducted in 1985, in which computed tomography was used to guide the robot as it inserted a needle into the brain for biopsy, a procedure that was previously subjected to errors because of hand tremors.
Better equipment has enabled doctors to provide more accurate care. This leads to better treatments, which has improved the quality of life for people suffering from chronic illness.
Moreover, technology has made it easy for physicians from across the globe to connect and share information instantly. Many apps and websites allow physicians to share recent experimentations and findings.
Concerning direct patient care, many companies are working to improve the patient experience by facilitating interactions with doctors. Also, making it easier to get medication, and steering people towards the right resources.
Online and Mobile Education Opportunities
Technology is assisting aspiring healthcare professionals to pursue their education by taking online courses. Remote access to medical training has also made it easier for doctors and healthcare professionals to learn and expand their skill sets in more isolated areas of the world.
This increased ability to access education in formerly ignored regions of the world leads to more healthcare opportunities for people who truly need them.
Accurate Input on Medical Decisions
Gone are the days when doctors make guesses based on their experiences. With computers becoming more sophisticated, they are providing useful aid to healthcare professionals.
Computers can now offer input on multiple diagnostics to help physicians make more timely and informed decisions. Specifically, in developing new drugs and determining the best way to treat patients.
With AI becoming more intelligent in analyzing data, healthcare professionals can make accurate decisions.
Read More: AI’s impact on healthcare
More Data to Improve Pharmaceutical Products
As Electronic Health Records (EHR) become more prevalent and access to patient data increases, pharmaceutical companies have more resources to enhance their product development. This way companies can analyze data and see the results of particular drugs on different people. And gain insights to improve the efficiency of drugs.
Despite some concerns over the usage and security of medical data, the advantages of the healthcare system are far greater. And it is worth investing in.
Especially with the COVID-19 pandemic showing the vulnerabilities in the healthcare systems all around the world. Healthcare companies need to adopt new technologies that could help them in automating and streamlining their operations.
InvoZone is a software development company, helping healthcare businesses to develop software technologies. Ranging from EHR systems to big data analytics, Intelligent AI systems, and IoT apps. If you are a healthcare company and want to analyze how health tech can improve your operations and enhance your business, call us.