Establishing the Groundwork for Healthcare in the Digital Age

The economy is going through a shift, as digitalization alters traditional business practices and sets the stage for a more technology-oriented future. Healthcare organizations, in particular, are embracing digital technologies on a large scale. This includes data-driven workflows, automated claims processing, AI/ML-based medical imaging, robotics-assisted surgeries, and new models of care at home.

This movement is driven by the awareness and clarity of mind demonstrated by users—both employees and patients. With a variety of options at their disposal, they are unafraid to voice their preferences and expectations. This collective assertiveness is steering significant changes in the healthcare landscape.

The value of digital transformation in the healthcare sector globally is around USD 65.2 billion in 2023, which is predicted to grow at a CAGR of 14.5% from 2023 to 2033 and reach USD 253.6 billion by 2033. Technologies such as cloud computing, artificial intelligence (AI), machine learning (ML), and the Internet of Medical Things (IoMT) have become commonplace and are fundamental in establishing a strong foundation for advanced and futuristic applications.

Telehealth

Remote care and telemedicine have transformed the delivery of care, patient-provider engagement, and overall patient outcomes. Telehealth adoption in India has seen significant growth, particularly during the COVID-19 pandemic. Before the pandemic, telehealth accounted for less than 5% of India's overall healthcare IT market, but this figure rose to 47% during the pandemic.

However, contrary to the prevailing notion that it is a consequence of the recent global COVID-19 pandemic, the concept is not new; it has been in existence for over five decades.

With the support of telecommunications and virtual communication, it is now extending to all corners of society. To put things in perspective, the Indian telemedicine market achieved a valuation of $1.10 billion in 2022.

 Remarkably, there has been a higher engagement rate from marginalized pockets of society, influenced by factors such as age or various financial, economic, or sociological circumstances.

 For instance, 42% of females engage in telemedicine practice over 31.7% of males. While this situation presents an excellent opportunity to tap into a potentially unexplored market, it also poses the inherent challenge of developing a digital solution that is both robust and scalable, facilitating seamless communication between care providers and patients while remaining user-friendly. Healthcare organizations find it imperative to select and partner with a healthcare IT services provider capable of delivering at this intersection, ensuring that their investments yield meaningful results.

Data Analytics

Today, digital data has assumed the role of the new oil. India is currently shifting its focus from a 'data-driven' approach to a 'data-first' approach where 'data for development' will play a crucial role. This shift is expected to enhance the management of health emergencies like COVID-19 and deliver better healthcare services.

A study states that every day, the human body generates two terabytes of data encompassing various vital signs such as blood pressure, sugar levels, heart rate, and lifestyle behaviors. This vast pool of insightful information offers a unique opportunity for leveraging data analytics.

Physicians and hospitals can personalize meal plans and healthcare regimens based on this patient data, while insurance providers can tailor their products to align with a patient's risk factors and self-interest in achieving better care outcomes.

Healthcare providers can leverage insights derived from data analytics to reduce in-patient visits and streamline processes. Payers, on the other hand, can enhance profitability through effective risk mitigation.

In the context of declining revenue, healthcare organizations can navigate challenges by embracing a purpose-led ecosystem economy. This approach offers improved control over revenue leaks and promotes patient loyalty through continuous engagement. Regular notifications about scheduled appointments, relevant products, and services contribute to a more patient-centric and financially sustainable healthcare model.

 Additionally, amid revenue decline, the adoption of a purpose-led ecosystem economy enables healthcare organizations to exert better control over revenue leaks. Driving patient loyalty through consistent engagement, including periodic notifications on scheduled appointments, related products, and services, becomes a key strategy in maintaining financial sustainability.

Robot-Assisted Surgery (RAS)

Technology has not only increased the accessibility of healthcare but has also made it less invasive. Presently, surgeons are receiving assistance from robots in operating rooms, signaling a future of medicine characterized by less invasive and more precise surgeries.

 In July 2019, India had 66 centers and 71 robotic installations in the country, with more than 500 trained robotic surgeons. By 2022, the number of robotic surgeons had increased to over 800, with these surgeons using advanced Robotic-Assisted Surgery (RAS) systems installed at various government and private hospitals.

 From the robot itself to its console, arm, and foot control, and the high-definition screen are all a part of a very sophisticated med-tech solution. The current market is experiencing a notable growth rate, with a projected CAGR of 16.84%. The forecast anticipates a future value of USD 20.98 billion by 2030, compared to USD 5.16 billion in 2021. While the technology is advancing, its economic potential is far from realized, emphasizing the importance for healthcare businesses' CIOs and CTOs to strategically invest in this evolving technology.

 Moving Forward

The acceleration of technological advancement is intricately linked to the escalating demands of consumers, forming a classic causal nexus. This interdependence is vital for healthcare organizations to grasp, especially as they transition towards a tech-savvy future characterized by a patient and consumer-centric environment.

The surefire method to achieve this transformation is by wholeheartedly adopting and integrating state-of-the-art medical solutions, leveraging the power of cloud computing, artificial intelligence (AI), machine learning (ML), robotics, and remote care to facilitate accessible, personalized, and effective care for all in the evolving landscape of healthcare.

Authored by Santosh Patil, Senior Vice President - Delivery, CitiusTech