How the Healthcare Industry Is Moving Towards Successful Digitization

How the Healthcare Industry Is Moving Towards Successful Digitization

As a part of digital transformation and streamlining data, most healthcare organizations are adopting reliable digital technology with the support of data conversion services. www.managedoutsource.com

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Advancements in digital technology are reshaping the healthcare industry. As a part of digital transformation and streamlining data, most healthcare organizations are adopting reliable digital technology with the support of data conversion services.

Healthcare’s digital future looks promising as patients are more comfortable using digital services. In fact, digitization has transformed how providers and patients function and interact and moreover, it has made medical services more accessible and secure to everyone.

With technological advancements, the US healthcare industry has seen three major trends.

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An increase in the need of improving the quality of care such as more focus on improving clinical quality and innovation in personalized medicines, and value-based models.

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Industry consolidation with mergers and acquisitions that allow healthcare providers to leverage volumes of scale and drive quality initiatives cost effectively.

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A large ecosystem of digital data with the use of wearable technology, consumer devices and mobile apps.

Other technology trends including cloud, mobility, machine learning, artificial intelligence, and predictive analytics are growing rapidly across hospitals, clinics, insurance companies etc. In the near future, we can expect a tremendous shift towards digital transformation initiatives.

Insurance companies would leverage large volumes of patient data available in hospitals and other health systems to develop better products for their members. A huge amount of innovation is happening around consumer technology and this creates new opportunities to leverage consumer data. Telehealth and remote monitoring are being actively used to reduce visits to hospitals. With much advancement in the field of technology, healthcare IT teams must shape up to stay ahead of the competition. CIOs should bring balance between new initiatives and IT budgets to adopt next generation technology.

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Technological disruption in the healthcare industry is due to the increasing data that is generated within the organization and in the consumer world. By digitizing these datasets, healthcare organizations can reshape the quality of service, and build new revenue streams. Another reason for disruption is the way patients interact with healthcare providers. In the present healthcare system, patient data is accessible to a wide spectrum of stakeholders. The expectations from consumers have also increased and today they prefer interacting with their healthcare providers using mobile apps, patient portals etc.

In the US, the digital transformation journey in the healthcare industry started around 7 years back with the introduction of the Affordable Care Act (ACA). With this act, the healthcare industry has undergone various regulatory changes and industry initiatives with focus on improving the quality of care. This helps to lower costs and make the data accessible to everyone. Machine learning and AI are seeing greater relevance in the US healthcare industry in different areas like imaging, population health, management, care coordination and point-of-care decision support.

What to Expect in 2018 2018 is the year that is expected to see the emergence of specialized healthcare focused solutions, streaming analytics, AI, machine learning and so on. Emerging areas like Blockchain and Nano technology will also gain significance in the long run. The impact of digitization will be at two levels: •

Healthcare IT teams have to quickly ramp up on a wide variety of domain and technology capabilities. Legacy technology will undergo some amount of transformation to include new types of data. Fast changing technology means the teams will also have to move to the newer and more efficient models available

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Other stakeholders like care providers, decision makers and administrative personnel will also need to quickly learn how to use these new capabilities to improve efficiencies.

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What CIOs Must Focus on in 2018 CIOs should think about building a robust technology and also balance the innovation needs with any cost constraints.

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Identify key use cases within the organization that stand to gain from the emerging technology initiatives

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Choose the right technology

options from the

vast spectrum

of

applications, tools and platforms •

Decide on the right technology partners with a strong understanding

of

complex healthcare needs •

Leverage best practices across different parts of the care continuum like care coordination, digital transformation, population health management, clinical quality management etc.

•

Stay committed to innovations goals over the next 2 to 3 years to the actual value.

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Align new technology initiatives with immediate and long term business needs

Big Data in Healthcare Market In 2018 The report “Big Data in Healthcare Market”- Forecast 2022 provides accurate and meaningful insights, both qualitative and quantitative. This report satisfies the need for comprehensive insight needed to compete against and beat competitors in today’s market.

America holds a major market share with extensive use of information technology and high healthcare expenditure. Quick uptake of new technology and the presence and concentration of big data companies in the healthcare sector drive the global big data in healthcare market. With revenue of $4.61 billion, North America leads the global big data in healthcare market followed by Europe. Asia Pacific is also expected to grow. China and India are likely to lead the market due to unmet needs during the forecast period. APAC is expected to grow at a higher CAGR of 24.75 percent than the other regions due to rising clinical trials and ageing population. www.managedoutsource.com

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Key players and market analysis: The key players of this market are Cerner Corporation, Cognizant, Dell, GE Healthcare, McKesson, Philips, Siemens, and Xerox among others. The global healthcare market is expected to rise in the coming years. During the forecast period 2018-22 the market is expected to grow at a CAGR of 19.8% and experts believe that the market will earn up to USD17, 277.10 by the end of 2022. The market is also expected to face hindrances in the form of shortage of technical experts and higher security measures.

Market segmentation: The global big data healthcare market is divided into components, services, types of applications, analytics and geographies. On the basis of components the market is fragmented into hardware and software. VPN, cloud service, cordless, email servers and access points are the sub segments of the hardware segment. On the basis of services the market is divided into management, revenue cycle organization, risk assessment and claims processing.

The types section comprises of practice management software, revenue cycle management, electronic health record software and employee management software. The application segment is again segmented into financial analytics, clinical data analytics and operational analytics.

The big data healthcare market is spread across regions like America, Europe, Asia pacific and rest of the world. North America has the largest market share.

The goal of big data technology is to get better insights that can aid in more efficient diagnosis and treatment of patients. So it is important for healthcare organizations to maintain their patient data in digital format with the help of data conversion services. In-housing data conversion is expensive as it requires high speed scanners for scanning huge volumes of data, advanced software and above all an experienced team who can scan medical documents with utmost accuracy.

Assigning the document scanning process to the hospital staffs will affect their working hours and it can lead to reduced productivity. Hence outsourcing services to an established service provider ensures accurate digitization of medical records that can be stored and retrieved easily.

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