The American healthcare industry witnessed the worst during the pandemic, with providers struggling to meet the needs of patients. With the adversity came several crucial lessons, such as to be ready for a crisis when it hits. Moreover, the industry became open to embracing technologies as remote care became the savior during the challenging phase.
As we step into 2024, healthcare innovation is the new normal. In the post-Covid times, the industry has evolved with a more robust infrastructure and better quantum of care. According to statistics, the healthcare IT market revenue was valued at $394.6 billion in 2022 and is projected to reach a staggering $974.5 billion in 2027 at an annual growth rate of 19.8%.
Small clinics and large hospitals must adopt a proactive approach to innovation to stay competitive and relevant. This New Year, there is much you can do to adopt innovation with transformative technologies and novel strategies. Implementing them can enhance patient care, streamline operations, and improve the overall efficiency of your practice.
This article highlights some actionable ways healthcare organizations can adopt innovation in 2024.
Telehealth Expansion with Wearables and IoT
Although most healthcare organizations offer telehealth services after the pandemic, they can move a step further in 2024. Healthcare Internet of Things (IoT) is the next big thing in the industry. The New Year will bring a transformative shift, from a few people using wearable devices to track their vitals to the ubiquitous adoption of these devices.
Integrating wearable devices and IoT enables healthcare providers to monitor patient vitals, leading to early intervention and reducing hospital readmissions. IoT-based healthcare devices can provide real-time monitoring solutions for temperature, oxygen saturation in blood, blood glucose, blood pressure, heartbeat, and asthma. The technology will ensure continuity of patient care beyond traditional healthcare settings.
Emphasis on Personalized Medicine
According to Technology Networks, personalized medicine is another innovation worth embracing in 2024. Personalized medicine uncovers the unique disease characteristics of each patient and designs tailored treatments to treat disease in a targeted manner. On a broader level, it can lead to the discovery of new drugs for precision treatment.
Innovations like genomics and big data play a vital role in personalized medicine and treatments. Besides personalizing treatment, technology can also help identify individual disease risk to enable preventive measures. For example, DNA sequencing enables clinicians to identify inherited genes known to contribute to the risk of certain cancers. In such cases, providers can recommend ways to reduce risks with proactive steps.
Smart Administration with Automation
Automation technology to streamline administration is an innovation organizations should adopt in 2024. Although large organizations may already have these solutions in place, it is time for small practices to modernize too. Electronic health records (EHR) is a must-have tech tool, whether you run a small clinic or a multi-specialty hospital.
Revenue cycle management tools help providers to manage their revenue cycles without dependence on human staff. For example, automating billing processes such as claim submission, reporting, and denial management speeds up the revenue cycle. Additionally, these tools eliminate manual data entry and reduce the risk of errors.
Millin Associates notes that not all RCM platforms are made equal. You should look for one with features to meet the essential management requirements of your business and set it apart from the competition.
Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML are poised to revolutionize the healthcare industry in 2024 and beyond. Integrating them into healthcare can improve clinical laboratory testing, disease diagnosis, and treatment selection. Organizations seeking to optimize patient outcomes should consider adopting these innovations sooner rather than later.
AI can analyze vast patient datasets to uncover patterns, enhance diagnostic accuracy, and predict disease progression. Robotic surgeries are a new reality. Machine learning algorithms can reduce the burden on healthcare professionals and improve overall efficiency by streamlining administrative processes. Together, these technologies can lead an organization toward success.
Cybersecurity Measures
According to the US Department of Health and Human Services, the healthcare sector is an attractive target for cybercriminals. Organizations hold sensitive patient data, making them vulnerable to cybersecurity risks. Even worse, patient care and safety are at stake due to potential attacks. As healthcare organizations digitize operations, cybersecurity investment becomes essential.
In 2024, they must go the extra mile with a robust cybersecurity infrastructure to safeguard confidential patient information. This includes advanced encryption technologies, regular security audits, and employee training programs. Cybersecurity investment is worthwhile because it can build patience and protect the practice’s reputation.
Summing up, innovation is the key driver of success and progress in healthcare. Cutting-edge technologies do more than enhance patient care and outcomes. They also improve administrative efficiencies and reduce the burden on providers, enabling them to focus more on patients rather than worry about running the practice.