Over the past decade, health care systems and hospitals have adopted digital technologies in different business and functional areas. Digital transformation can be viewed as a modern approach to delivering care to meet the well-being requirements of the consumers while also refining the existing processes. The US Healthcare market is enormous, and the digital health market is projected to reach from 86.4 billion USD in 2018 to 504.4 billion USD within 2025*, at a CAGR of 29.6%.
How can Digital Transformation be categorized?
Digital transformation can be classified based on the target area of transformation i.e.,
- Business Model Transformation
- Domain Transformation
- Process Transformation
- Organizational/ Cultural Transformation
Why is Digitalization important in the healthcare industry?
The primary aim of digitalization in the healthcare sector is to increase operational efficiency to optimize the patient and provider experience. Digitalization improves the business of medicine while also providing enhanced security and privacy for patients, medical facilities, and their ancillary partners. Workflows are refined, reducing data redundancy and payer denials, resulting in increasing ROI. Additionally, electronic medical records, unified platforms for data exchange, and patient portals promote transparency between providers and patients, thereby improving the patient journey. Digital technologies reduce data redundancy by preventing duplication of care processes and enhance interaction between providers which helps in avoiding unplanned visits for urgent care and hospitalizations.
How can different technology trends contribute to digital transformation?
Let’s look at some of the aspects of the healthcare industry that are transformed due to digitization*:
| Digital Technology | How has it transformed healthcare? |
| Telemedicine | Patient Monitoring Patient-doctor communication E-prescription |
| Virtual Reality | Pain Reduction Techniques Better Patient Experience |
| Big Data | Strategic Planning Patient Admission-Rate Prediction Preventing Human Errors |
| Artificial Intelligence | Drug & Vaccine Research Pathology Image Analytics |
| Internet of Things | Risk Assessment Remote Patient Monitoring Health Condition Prediction |
| Virtual Assistant (e.g., Alexa) | Medication Alert Waiting time Reduction |
Health information technology provides numerous prospects in transforming and improving healthcare which includes but is not limited to:
- Improving clinical outcomes
- Improving practice efficiencies
- Tracking data over time
- Improving Population Health Management
- Facilitating care coordination
- Improving Patient Education
- Reducing human errors
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References*:
- https://codescrum.medium.com/how-has-the-healthcare-industry-faced-digital-transformation-during-the-pandemic
- https://www.osplabs.com/insights/all-you-need-to-know-about-digital-transformation-in-healthcare
- https://www.prnewswire.com/news-releases/worldwide-digital-health-market-to-hit-504-4-billion-by-2025-global-market-insights.html
