THOUGHTS

A Comprehensive Overview of the Healthcare Industry

Oct 4, 2018

Globally, healthcare is one of the most flourishing sectors. However, this does not mean that this sector is free of challenges. In the recent years, healthcare industry companies have been exposed to several predicaments including economic recession, increases in uninsured care and growing competition for outpatient services. Despite this, healthcare industry experts believe that there is ample scope of improvement in various healthcare industry segments. Hospitals wishing to increase their profitability and healthcare management can focus on two key areas — reducing costs and increasing reimbursement. Another important element involved in effective healthcare management is to keep up with the changing healthcare industry trends. This can not only help healthcare industry companies to be in line with the advancement in the field of medicine, but also improve their operational and service efficiency to provide better treatment and patient care. Furthermore, customer experience is now gradually becoming a key area of focus for many healthcare companies and clinics. This is aided by new approaches and technology that have the power to transform healthcare. 

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Healthcare industry trends

Augmented reality in healthcare training

Augmented reality has been turning heads in the past couple of years and is all set to become one of the most revolutionary healthcare industry trends. In healthcare, this powerful tool finds the strongest application in medical training. This technology can help healthcare providers can see diagnoses and procedures right in front of them to learn new skills and expand their knowledge. Augmented reality can also help overcome the problem of shortage of trained professionals by training providers all at once.

With such healthcare industry trends in place, doctors would not have to spend more time reading studies to refine their skills, rather the information they need can simply appear in front of them as they seamlessly treat patients with the help of AR technologies.

Wearable devices

The advent of wearable devices is one of the most innovative healthcare industry trends that keeps the patients involved and invested in their personal health. Patients use devices such as activity trackers to stay more active and healthier on their own and consequently decreases their need to see a doctor, while more advanced devices can monitor patient health metrics such as heart rate, blood pressure, and diet, even on the go. Instead of having to go to a clinic for monitoring, patients can do it at home and always be connected to a doctor. In case of a sudden spike in the blood pressure of a monitored patient, the doctor can receive a notification and take immediate corrective action. This can also help medical companies to reduce excessive investment in healthcare industry segments like expensive equipment and devices to monitor patient health.

Personalizing healthcare

The growth in the availability of data is giving healthcare industry companies the ability to personalize the healthcare experience for individual customers. Instead of providing standard treatment to all customers, companies in the healthcare sector are now able to use data and identify several choices and preferences of patients. This includes factors such as what doctors a patient prefer, their health history if they like being seen in person or remotely, and any potential health issues. This translates to the fact that instead of navigating through a complicated web of healthcare representatives, the patient data will be easily accessible, so the right treatment options, preventative care, and recommendations can be provided.

Smart technology

Several healthcare industry trends and innovations have created a new wave of products to improve patient comfort and care.  Smart technology comes in a variety of forms to increase comfort and efficiency and decrease risks of various healthcare industry segments. Top medical companies across the world have started using smart beds that self-adjust to the correct pressure and support for each patient’s preferences and condition. Many clinics have also started using robots that can monitor a patient without a human provider being in the room. Smart devices and applications are expected to continue to grow and spread throughout the healthcare sector.

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