Six Leading Trends in Health Tech
Modern day healthcare is brimming with progress and possibilities and as the industry continues to evolve, we often find ourselves asking what's next or how can we better this process.
Medical providers search for ways to improve health outcomes, enhance quality of care, and ultimately lower costs, while patients desire a process that will allow them to feel safe and cared for.
In a society where tech now touches nearly all realms, it makes sense to leverage this innovation to improve delivery of care. Both healthcare consumers and providers are adopting technology in order to create an efficient and effective system.
Let’s learn how the healthcare industry is getting a makeover with some of today’s leading trends in the health tech world.
1-E-prescribing allows a physician to electronically send an accurate, error-free prescription directly to a pharmacy from the point-of-care. This means that instead of a patient dropping off their prescription and returning several hours later to pick it up, they only have to make one stop at the pharmacy.
According to Surescripts, the nation’s largest health information network, e-prescriptions increased 400 percent in 2014, creating a total of 1.67 million e-prescriptions nationwide. Although this sounds promising, the same report shows that out of the 73 percent of pharmacies that are prepared to receive e-prescriptions, only about 1.4 percent of prescribers use this service.
While some may voice concerns regarding privacy, proponents believe that e-prescriptions will allow physicians and pharmacies to better monitor a patient’s prescribing patterns and prevent users from committing fraud and acquiring multiple sources of prescriptions.
A recent report published by Transparency Market Research, titled “E-prescribing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, states that the global e-prescribing market was estimated at $250.2 million in 2013 and is predicted to grow at a CAGR of 23.5 percent over the next few years -- reaching a total of $887.8 million by 2019.
This anticipated growth shows promise for this innovation’s ability to cut healthcare costs, enhance efficiency, and improve quality of healthcare.
2. Pharma delivery takes the concept of convenience to a whole new level. Designed to simplify the process of managing medications, pharma delivery picks up and delivers pharmaceuticals to and from hospitals, nursing homes, doctor’s offices, dental offices, and homes.
With 70 percent of Americans currently taking at least one prescription drug, this trend is an excellent example of using modern technology to create quality, personalized service.
Pharmaceutical delivery startup PillPack was launched in 2014 to coordinate with insurance companies and physicians in order to ship medications straight to a patient’s home. Since then, PillPack has seen significant growth and recently raised a $50 million growth round in Series C financing to begin building retail pharmacies and take on other retail drugstores such as RiteAid and Walgreens.
3. An electronic health record (EHR) is a digital version of a patient's medical chart which contains everything from their medical history to treatment plans to immunization dates to laboratory and test results. EHRs can improve quality and convenience of care, increase patient participation, strengthen care coordination, and encourage efficiency.
According to a survey from Accenture, 79 percent of US doctors report being more proficient using EHR in their clinical practices today than two years ago, and a majority of these doctors believe that the technology is helping with patient engagement, satisfaction, and understanding of their health conditions.
The report states that for the first time, a majority of U.S. physicians say that currently they “routinely” access patient data from outside their organizations, up just slightly from 45 percent in 2012. By working with EHR providers such as Epic Systems, Allscripts, Athenahealth, and Greenway Health, doctors have the opportunity to lower medical costs and create a more streamlined approach to sharing information.
Although this is a step in the right direction, a vast majority of doctors are concerned that their EHRs are difficult to use and that health IT may limit the amount of time they actually spend with the patients. Additionally, more doctors need to adopt EHRs in order to share information with other health care providers to create the highest level of patient care.
Cloud-based records in particular lend well to interoperability and meeting consumers’ demand for greater access to their health information.
4. A recent report from CB Insights shows that digital tools such as telemedicine and teleconsult services are on the rise. These services provide patients with remote access to healthcare professionals -- often for common ailments such as colds, sore throats, and rashes, as opposed to chronic conditions or cancer.
Karen Rheuban, MD, director of the Center for Telehealth at the University of Virginia believes that telemedicine’s live, interactive, and video conferencing capabilities make it a "transformational tool" which can improve timely diagnoses and delivery of services.
However, she also says that while there is substantial data supporting many of the approaches to telemedicine, additional research is needed regarding the safety and efficacy of what she describes as ‘direct-to-consumer telemedicine.’
Despite some people’s skepticism, many healthcare systems are ready to invest in telemedicine. According to the 2015 HealthLeaders Media Industry Survey, 56 percent of people said they believe telemedicine is an effective strategy to reach future financial targets.
5. A growing shift toward personalized consumer-centered healthcare has paved the way for on-demand care.
House call services such as Pager offer patients the opportunity to receive quality care in the comfort of their home without the hassle of the emergency room or doctor’s office. Companies throughout the country are beginning to offer basic access to medical advice, appointments, and prescriptions in order to fill the gaps in a fragmented healthcare system.
In an interview with MedCity News, New Enterprise Associates Partner Mohammad Makhzoumi shared his beliefs on the trend. “There’s an enormous supply of remote physicians for telehealth and on-demand services,” Makhzoumi said. “By and large, sophisticated health systems are viewing this as an opportunity not a threat.”
Makhzoumi mentions that in addition to venture investors, on-demand startups are receiving support from health systems in order to help hospitals gain better patient outcomes.
6. Health-specific social networks empower patients to take control of their health. By sharing information about health experiences, patients and practitioners have an opportunity to ask more questions and build relationships. Additionally, services like ZocDoc offer access to doctor reviews from a quality and care perspective which allow people to play a more active role in their care.
With all of this innovation, it is important to remember that there is no one-size-fits-all solution when it comes to healthcare. The challenge is to take this information and health tech advances and use them to create a better care experience.
According to Surescripts, the nation’s largest health information network, e-prescriptions increased 400 percent in 2014, creating a total of 1.67 million e-prescriptions nationwide. Although this sounds promising, the same report shows that out of the 73 percent of pharmacies that are prepared to receive e-prescriptions, only about 1.4 percent of prescribers use this service.
While some may voice concerns regarding privacy, proponents believe that e-prescriptions will allow physicians and pharmacies to better monitor a patient’s prescribing patterns and prevent users from committing fraud and acquiring multiple sources of prescriptions.
A recent report published by Transparency Market Research, titled “E-prescribing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, states that the global e-prescribing market was estimated at $250.2 million in 2013 and is predicted to grow at a CAGR of 23.5 percent over the next few years -- reaching a total of $887.8 million by 2019.
This anticipated growth shows promise for this innovation’s ability to cut healthcare costs, enhance efficiency, and improve quality of healthcare.
2. Pharma delivery takes the concept of convenience to a whole new level. Designed to simplify the process of managing medications, pharma delivery picks up and delivers pharmaceuticals to and from hospitals, nursing homes, doctor’s offices, dental offices, and homes.
With 70 percent of Americans currently taking at least one prescription drug, this trend is an excellent example of using modern technology to create quality, personalized service.
Pharmaceutical delivery startup PillPack was launched in 2014 to coordinate with insurance companies and physicians in order to ship medications straight to a patient’s home. Since then, PillPack has seen significant growth and recently raised a $50 million growth round in Series C financing to begin building retail pharmacies and take on other retail drugstores such as RiteAid and Walgreens.
3. An electronic health record (EHR) is a digital version of a patient's medical chart which contains everything from their medical history to treatment plans to immunization dates to laboratory and test results. EHRs can improve quality and convenience of care, increase patient participation, strengthen care coordination, and encourage efficiency.
According to a survey from Accenture, 79 percent of US doctors report being more proficient using EHR in their clinical practices today than two years ago, and a majority of these doctors believe that the technology is helping with patient engagement, satisfaction, and understanding of their health conditions.
The report states that for the first time, a majority of U.S. physicians say that currently they “routinely” access patient data from outside their organizations, up just slightly from 45 percent in 2012. By working with EHR providers such as Epic Systems, Allscripts, Athenahealth, and Greenway Health, doctors have the opportunity to lower medical costs and create a more streamlined approach to sharing information.
Although this is a step in the right direction, a vast majority of doctors are concerned that their EHRs are difficult to use and that health IT may limit the amount of time they actually spend with the patients. Additionally, more doctors need to adopt EHRs in order to share information with other health care providers to create the highest level of patient care.
Cloud-based records in particular lend well to interoperability and meeting consumers’ demand for greater access to their health information.
4. A recent report from CB Insights shows that digital tools such as telemedicine and teleconsult services are on the rise. These services provide patients with remote access to healthcare professionals -- often for common ailments such as colds, sore throats, and rashes, as opposed to chronic conditions or cancer.
Karen Rheuban, MD, director of the Center for Telehealth at the University of Virginia believes that telemedicine’s live, interactive, and video conferencing capabilities make it a "transformational tool" which can improve timely diagnoses and delivery of services.
However, she also says that while there is substantial data supporting many of the approaches to telemedicine, additional research is needed regarding the safety and efficacy of what she describes as ‘direct-to-consumer telemedicine.’
Despite some people’s skepticism, many healthcare systems are ready to invest in telemedicine. According to the 2015 HealthLeaders Media Industry Survey, 56 percent of people said they believe telemedicine is an effective strategy to reach future financial targets.
5. A growing shift toward personalized consumer-centered healthcare has paved the way for on-demand care.
House call services such as Pager offer patients the opportunity to receive quality care in the comfort of their home without the hassle of the emergency room or doctor’s office. Companies throughout the country are beginning to offer basic access to medical advice, appointments, and prescriptions in order to fill the gaps in a fragmented healthcare system.
In an interview with MedCity News, New Enterprise Associates Partner Mohammad Makhzoumi shared his beliefs on the trend. “There’s an enormous supply of remote physicians for telehealth and on-demand services,” Makhzoumi said. “By and large, sophisticated health systems are viewing this as an opportunity not a threat.”
Makhzoumi mentions that in addition to venture investors, on-demand startups are receiving support from health systems in order to help hospitals gain better patient outcomes.
6. Health-specific social networks empower patients to take control of their health. By sharing information about health experiences, patients and practitioners have an opportunity to ask more questions and build relationships. Additionally, services like ZocDoc offer access to doctor reviews from a quality and care perspective which allow people to play a more active role in their care.
With all of this innovation, it is important to remember that there is no one-size-fits-all solution when it comes to healthcare. The challenge is to take this information and health tech advances and use them to create a better care experience.
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