Indian Healthcare sector is evolving rapidly after the introduction of new age technologies. The time has gone when the healthcare industry was just based on doctor and patient interaction and has now reached at the real time engagement without any geographical limitation, writes Kunal Kishore Dhawan, CEO, Navia Life Care, for Elets News Network (ENN).
With advances in technology in the healthcare industry, public is becoming more aware and smart to lead a healthy life. The consciousness of people especially for their health is resulting in the acceptance of more efficient and innovative systems along with hospitals and other healthcare service providers. With the continuous adoption of new age technologies, the healthcare industry is going through a major transformation and likely to move towards “Value-Based Care”.
In the upcoming year, there will be a huge impact on healthcare sector with two of the most talked about technologies – Artificial Intelligence (AI) and Blockchain.
AI to drive the sector’s growth
AI helps in creating a personalised environment for both patients and healthcare service providers. Today, several companies use AI to streamline their administrative work for enhancing efficiency. Therefore, many healthcare experts anticipate that implementing AI across healthcare work management would result in 10-15 percent increase in productivity in next two years.
In addition, within the AI framework, machine learning will further strengthen human and machine interaction. This would create an impact on diagnostics, risk analytics and drug discovery verticals. According to the estimates of a Frost & Sullivan Survey in 2018, AI for healthcare (IT application) market is expected to cross USD 1.7 billion by the end of 2019 and projected to achieve CAGR of 68.5 percent by 2022.
Big Data to result in preventive care
Healthcare industry is getting comfortable with data management. Thus, it is expected to see analytics solutions which will strive to investigate treatment viability, drug utilisation, and self-care programmes specific to chronic conditions. Moreover, success of healthcare providers will depend upon leveraging analytics capabilities. It is expected that almost 50 percent of healthcare companies would have resources to access, share and analyse real world data for individual conditions. In addition, several researchers have found that the adoption of big data is projected to touch USD 34.27 billion by 2022.
Blockchain to bring healthcare efficiencies
Blockchain Technology is expected to help in solving security problems related to data exchange. Blockchain has the tendency to provide faster access to big amount of data that provides improved patient experience on real time basis.
Blockchain has gained a lot of popularity in the past several years and now the blocks of the technology are going to come together into real commercial implementations. The other ways in which the technology is going to make an impact on healthcare providers are by streamlining and providing transparency in processes, eliminating intermediaries wherever possible, providing a guard against counterfeit drugs and reducing unnecessary healthcare costs.
Cloud technology to change the healthcare scenario
Cloud Computing has already become necessary in healthcare sector. Last few years marked the beginning of Cloud Computing in healthcare industry. The upcoming year is likely to focus on adopting Cloud Computing based convenient and cost effective healthcare services. Many hospitals are changing their everyday processes by including electronic health records and digital paper filling work.
Cloud Computing is set to evolve the way healthcare industry works. It is going to provide the quickest and easiest access to business applications and customer relationship management. Moreover, it offers large storage facility for clinical and non- clinical records with an enhanced security environment.
Innovative Insurance models for preventive healthcare
Insurance models play a crucial role in healthcare payer industry. Undoubtedly, the healthcare insurance policies that are available today do not meet the personalised needs of an individual. To ensure better growth prospects of the industry, companies are focusing on providing personalised healthcare policies that are driven by data and IoT to reduce potential claims.
As per the research estimates of Frost & Sullivan Survey, such innovative policies will enable insurance companies to come up with personalized premium plans by leveraging individual data. The upcoming year in healthcare sector points towards preventive healthcare due to innovative insurance models based on information from healthcare systems and data from sensors, wearables and trackers.