Digital Health Market Outlook — 2019 and Beyond
Let’s explore primary drivers that are responsible for moving digital health along within the medical market.
Healthcare Disrupters
dis·rupt
verb
- interrupt (an event, activity, or process) by causing a disturbance or problem.
- drastically alter or destroy the structure of (something).
The evolution of healthcare is what it is today because of disruption. Innovators, inventions, trial and error, technology advancements, clinical trials — they all play a role in progressing as a global sector.
Behind the significant milestones within healthcare are people…the disrupters.
Here are six of the most influential people, drastically disrupting healthcare, as we know it today. This article highlights key influencers culled down from a much longer list of 100 influential people by Modern Healthcare.
2019 Healthcare Predictions
The transformation to value-based medical care, artificial intelligence (AI) and machine learning, and the rise of private insurance models is predicted to have the most substantial adjustments to how the healthcare industry functions, according to Forbes.
Forbes has published predictions on the evolution to the healthcare industry for the last 10 years.
Here are Forbes’ top eight predictions for the healthcare landscape in 2019:
Implementation of Artificial Intelligence Inside Clinical Settings
Healthcare organizations have their plates full, juggling the latest and greatest offerings and cutting-edge tools, all while figuring out budgets to support the advanced tech tools and procuring staff with the capacity to oversee them. One of these trending tools on every administrator’s mind is preparing for and implementing Artificial Intelligence (AI).
Read any article or watch a news clip about the subject, and there are common themes that AI is projected to bring to the table — you’ll hear words like:
- Analyze
- Predictive actions
- Preventative care
- Feedback
The bottom line is that AI is seen as a benefit to the patient, first and foremost. With continuous connectivity and the capacity to learn, AI would have the ability to improve clinical efficiency by collecting, aggregating, and analyzing patient data —the results of this learning can then be used to improve patient adherence, engagement, and to proactively advise on next steps. AI in a clinical setting would prove its effectiveness as it begins to transform the healthcare system into one more focused on preventative care as opposed to reactionary care.
2019: The Year of Artificial Intelligence in Healthcare
The volume of available data in healthcare is forecasted to increase at a compound annual growth rate of 36%, as IDC stated in a recent report, outpacing the growth rate of nearly every other major industry.
Over the course of 2018, an immense need to ensure these data assets are accurate, trustworthy, timely, accessible, and secure was the driving force behind big investments in new infrastructure, innovative partnerships, and workflow optimization initiatives.
Clinical Integration of Artificial Intelligence — A Look into the Future
In a survey conducted by Intel and Convergys Analytics, half of the participating professionals reported that widespread adoption of AI is imminent — predicting that it will be common practice within five years.
Nearly 20% believe that AI will be completely adopted in less than two years.
The poll found that 37% of respondents are already using artificial intelligence within their organizations in some capacity.
How to Achieve The Triple Aim
The three objectives include:
- Improving the patient experience of care
- Improving the health of populations
- Reducing the per capita cost of health care
It is evident that most recent healthcare reform initiatives by the government regarding healthcare policy and funding, is fueled by the Triple Aim.
The three aims are not a new concept per se, but it wasn’t until government mandated healthcare reform, i.e Obamacare, that the Triple Aim became a sought-after goal for health organizations.
Health Equity: The Forgotten Aim
In our blog earlier this month, we discussed the “Triple Aim” — an initiative launched in 2007 by The Institute for Healthcare Improvement (IHI). It was created for healthcare organizations to enhance a patients’ experience (i.e. quality, access, and reliability) while reducing the per capita cost of care.
However, prior to the Triple Aim’s evolution, The Institute of Medicine (IoM) identified six “Aims of Improvement” in 2001.
- Safe
- Effective
- Patient-Centered
- Timely
- Efficient
- Equitable
The IoM defines Equitable as providing care that does not vary in quality because of personal characteristics such as gender, ethnicity, geographic location, and socioeconomic status.
The Triple Aim: Improving the Patience Experience & Reducing Cost of Care
Following these three Triple Aim objectives enables healthcare organizations to recognize and solve problems such as poor coordination of care and excessive use of medical services. It also encourages organizations to focus attention on and redirect resources to action that produce the most considerable impact on health.
- Improving the patient experience of care
- Improving the health of populations
- Reducing the per capita cost of health care
Why the Triple Aim?
The United States healthcare system is the most costly in the world, accounting for 17% of the gross domestic product with estimates that percentage will grow to 19.9% of GDP by 2022.
2018 Business Savings: Calculating Section 179 Tax Deductions
