Information technology adoption and leverage of the impressive potential of digital transformation in the healthcare industry is more than just a bright prospect. Today, it is a necessity for every clinic and hospital. It helps make quality service more accessible and affordable for larger audiences and provides data-driven support for the next level of business effectiveness.
In our article, we will make a comprehensive review of the latest trends and initiatives of digital transformation in healthcare. And you will find our experts’ insights on how to launch the most powerful levers of software support to open new horizons for your healthcare business.
Technological developments have changed the way we shop, bank, travel, and relax. According to Statista, the total amount of digitally transformed enterprises in the global nominal GDP is projected to reach $ 53.3 trillion in 2023. That will become more than half of the overall global nominal GDP for the first time in history. So, we are soon expecting digital supremacy that will rule the global economy.
It has also become a game changer for such a traditional industry like healthcare. Online registrations, telemedicine, health wearables, swift and secure data interchange, and other improvements help professionals focus on turning the corner of patient satisfaction and reinventing business processes.
Healthcare digital transformation adds value to healthcare effectiveness by building loyalty and trust with a better patient experience. Deloitte study found that 92% of healthcare professionals and institutions have achieved better results thanks to digital transformation.
Technology had been paving the way for less time-consuming effective interactions with less in-person communication for quite a long time before the pandemic outbreaks. The hard lesson of COVID-19 was a watershed of breaking that natural step-by-step process.
The vivid illustration of boosting digitalization striving among healthcare providers is demonstrated in the latest report by Technavio. It predicts that from 2020 to 2025, the digital health market will grow by $207.34 billion at a CAGR of 20.16%.
So, hospitals and clinics must get on with the leaders of digital transformation in healthcare to sync with the tendencies of highly competitive markets.
Maintaining a digital presence in healthcare can be challenging for healthcare providers. Healthcare leaders may find it challenging to decide which technology to invest in. To succeed in the digital age, companies have to ditch outdated business processes and embrace technological disruptions.
First, let’s answer the pivotal question: “What is digital transformation in healthcare?” Though it may seem rather obvious to a modern person, in reality, such transformation is more than just adding cool technological software solutions to your business.
When institutions and clients get new powers to cooperate, the health information system undergoes digital transformation. As an organizational change, it improves the health system agility, reduces costs, and improves operational excellence.
We handpicked five groundbreaking trends that used to be newfangled tech players for healthcare providers just a couple of years ago. Today, they are true industry powerhouses and help create new normality for all healthcare stakeholders.
Video-calling your physician was far too long from common practice just a decade ago. Now, you can find telehealth options available in many doctor offices. It is convenient and efficient for patients and doctors.
The contribution to healthcare for broad audiences was proved by the pandemics when we all realized that video or phone calls are as effective as visiting brick-and-mortar clinics. But it is much safer to get the necessary support in the comfort of your home.
Moreover, telemedicine helps relieve healthcare overloads, optimize costs, and bring quality care to wider audiences. It also promotes health awareness in communities. With telehealth, we now get an opportunity to guard our physical and mental health in a 24/7 format with an attractive bonus of less expensive bills.
Most industries have modernized and created more efficient ways to operate thanks to the internet since it was born. As a result of the integration of medical technologies, hospitals, healthcare centers, and medical providers can now communicate more effectively with one another and their patients.
Here are some examples of integration practices that proved effective for the healthcare industry:
Healthcare services generate large amounts of data. It opens prospects for utilizing it with artificial intelligence or creating neural networks for analysis. It empowers professionals with meaningful assistance tools and helps make quick data-driven decisions and diagnoses.
Of course, AI is not the substitute for a doctor. But it can take over such routine tasks as facilities scheduling, customer relations support or providing help with EMR/EHR management.
Furthermore, AI and machine learning, when combined with medical IoT, enhance traditional medical devices. Bluetooth-operated heart monitors, for example, provide doctors with more accurate information.
For instance, when people could not reach a hospital quickly or safely during the pandemic, healthcare providers managed crises with AI and real-time health data assessments.
The essential feature of the industry is that it is a highly regulated sphere. It must comply with strict regulations and security rules. That is why all healthcare providers should put particular emphasis on organizing all the processes with documents and data in the company. It requires additional expenses on personnel and facilities.
But at the same time, the data can not remain locked in the hospital and clinic. Healthcare providers need safe data streamlining and management with insurers, suppliers, and other organizations. And that may require huge amounts of time and effort.
Luckily, a wise healthcare digital strategy that employs BPA solutions and ERP software can turn the situation about. Robust, productive, and safe custom web development systems are the leaders of innovative transformation in healthcare.
People are eager to actively participate in their well-being daily as they take a closer look at their healthcare picture.
Likewise, today we take the convenience of digital interactions for granted in many spheres of our life. And the key moment in such vast digital adoption is that it helps individualize our experiences.
No wonder personalized and digitally empowered care is the touchstone of patient satisfaction and loyalty. The survey conducted by Deloitte among healthcare consumers showed that an ideal healthcare experience includes a personal touch as the essential component whether it could be delivered virtually or in person.
However, in healthcare, personalization is viewed from two perspectives: how patients receive it and how healthcare providers can utilize it. It means that patients can achieve improved health outcomes when they are acknowledged as unique individuals and healthcare support based on their personal history and circumstances of health.
As for organizations, advanced personalization enables a deep understanding of their customers for tailoring such processes as timing or messaging. These valuable insights also help develop new services and scale business prospects.
Now we can see that the digital future for healthcare is inevitable: patients, doctors, providers, suppliers, and other stakeholders of the healthcare industry are already aware of the potential of technological upgrades. But four powerful driving forces accelerate digital transformation in the healthcare industry.
The aging population of our planet is not only an indicator of improved living standards, which is inspiring, of course. For healthcare specialists, it also means that chronic diseases will increase the burden on global healthcare systems.
For instance, 537 million adults are living with diabetes. Unfortunately, it is predicted that by 2030 this number will reach 643 million. One more disappointing statistic denotes hypertension — nearly half of adults in the US (47%, or 116 million) suffer from it today.
Global healthcare systems urgently need digital solutions to prevent, detect, and treat chronic diseases.
We’ve already mentioned that the renovated care support tailored to every patient is growing in popularity. And it is also an essential factor for the ongoing transformation of the healthcare digital strategy.
Otherwise, healthcare providers may lose their customers. According to McKinsey, more than 40% of consumers plan to use telehealth support after COVID outbreaks as the solution is convenient, effective, and even more caring than traditional health plans.
The increasing demand for healthcare services leads to a growing need for professional staff. In reality, staff shortage problems are a severe challenge in lots of regions of our planet. The WHO evaluates that in 2035, healthcare organizations will have a deficit of about 12.9 million doctors, nurses, and other specialists.
And we shouldn’t forget about the overloads and high pressure that healthcare systems had to overcome during the pandemic.
That is why digital transformation in healthcare can streamline workflows and automate tedious tasks to ease the pressure and protect the mental and physical comfort of healthcare professionals.
Healthcare systems are confronting a dilemma because the costs of maintaining their systems and infrastructure keep rising at the same time as reimbursements are under pressure.
From 2020 to 2024, global health spending is expected to rise by 3.9% annually, up from 2.8% in 2015-2019. Investing more money does not necessarily yield better results. A report, published in the Journal of the American Medical Association, shows that about 25% of all healthcare expenditures in the US are wasted. Primarily, it is due to administrative complexity. Data-driven insights are critical for healthcare leaders who want to reduce waste and improve operational efficiency.
This four-point list illustrates the urgent need for digital transformation in the healthcare industry to enable new ways of matching demand and supply. Digital transformation will shape healthcare systems in the future.
Let us review the main advantages of the digitization process from the perspective of two active members of the industry — the providers and the patients.
How can healthcare institutions benefit from the digital transformation of healthcare?
What benefits can patients get from the implementation of digital healthcare solutions?
The reinvented digital healthcare industry empowered by the shift of expectations to more personalized services and technologically advanced support in business operations provides many benefits for all stakeholders. On top of that, it helps meet expectations of the new norm reality where technology is infused into our life.
For this purpose, digital transformation in healthcare optimizes workflow processes, maintains compliance, and controls costs while managing patient health.
So, let’s take a closer look at practical examples of digital transformation in healthcare that are already being used in the healthcare domain.
Telemedicine is one of the loudest trends in technological revision in healthcare. But it is much larger than a new fab to add some tech to usual processes.
An RPM platform can give more breathing space for reaching ambitious scaling goals for a healthcare business when it is carefully tailored to the organization.
An exclusively tuned RPM solution from CleverDev Software set a base for an additional revenue stream of more than $1M annually and impressive business growth for the client’s company. It was enabled by unifying business processes, innovative integration X12 EDI solutions for secure data interchange with insurers and clearinghouses, and an impressive set of technological tools for patient-doctor communication and interaction.
Mobile technologies fuel the rise of customer satisfaction in many industries. mHealth is becoming a common means of delivering quality healthcare to broader audiences.
A custom application can strengthen medical organizations with such advantageous features for their customers:
Furthermore, healthcare digital transformation supplemented by mHealth capabilities helps companies create strong brand awareness, increase customer loyalty, and become a valuable source where they can offer new services and products.
A well-tuned custom hybrid app, developed by CleverDev Software for a US healthcare provider, straightforwardly increases the customer base by 50% every year.
Healthcare organizations have been processing claim data manually for decades. It required tons of man-hours and led to immense expenses on personnel. However, it is not a remedy for non or partly-paid claims and business loss. The claim process can take up to three months if your accounting team is the most skilled in the world.
In contrast, digital solutions like X12 EDI integration streamline the lightning-fast connection of a medical provider with insurance companies. Specialists can get the overall picture of the claim process and easily preview, adjust, and update claims. With tracking and notification systems, the company can immediately resolve any transaction issues.
For instance, with CleverDev Software’s advanced X12 integration solution the billing lag has been reduced from 3 months to just one day. Also, the number of non- or partly-paid claims was minimized.
More and more people trust digital health services as a way to get and give healthcare because they understand and appreciate their value. Technology has made it possible for doctors to create incredibly personalized care plans and conveniently build relationships with their patients outside of the office setting. High-end healthcare software development services are accomplishing this all the rage trend.
We are sure that healthcare technology will continue to evolve to meet the needs of patients and care providers.
Healthcare professionals and newcomers to the field must stay abreast of current trends in healthcare. From streamlining processes and data to providing traditional care, there are many ways in which you can make a difference in the healthcare industry.