Generative AI, ESG compliance, AI revolution, and virtual reality taking over the real world were some of the major headlines we came across in 2023, and they are likely to continue to be used frequently in 2024. Several healthcare executives are trying to keep pace with a rapidly evolving industry. Understanding which technology to pursue and prioritize can be tricky as sector transitions are taking place.
Adoption of new technologies and business models under sustained financial pressure is the greatest challenge healthcare executives will face in 2024. The year ahead is going to have several bottlenecks; therefore, we are likely to see some remarkable innovations as organizations adapt to the new environment. 2024 is likely the year healthcare leaders will choose the path that is going to lead to –
Streamlined Administrative Processes – Digital transformation allows healthcare organizations to automate administrative tasks such as patient registrations, appointment scheduling, claims processing, inventory management, and billing processes. Therefore, it improves overall efficiency and also allows medical professionals to focus on patient care.
Improved Interoperability – The integration of digital solutions and EHRs promotes seamless data exchange and collaboration among healthcare providers. This ensures that patient information is readily accessible, leading to better-informed decisions, improved care coordination, and improved patient safety.
People will be more qualified about their health conditions. The personal profile is no longer a secret for individuals, and now they are well equipped with resources that they can use to take a proactive approach to improve their health. Numerous self-checking apps and monitoring devices make it possible.
Productivity-centered industrialization of healthcare – The implementation of lean operating models results in easy fundraising and the development of cost-effective solutions. Based on existing technologies, hospitals can deploy enhanced tools and scale the reached productivity growth with increased compliance and predictability.
Transparency between stakeholders – The healthcare landscape is going to experience significant transformation because of the growing influence of non-traditional healthcare and the rising self-awareness of patients. As a result, we will witness the shift towards customer-focused services.
Considering these transformations, let’s take a look at all the tech trends redefining the Healthcare Industry –
Developing AI-powered workflows
With the rise of the pandemic, healthcare systems worldwide are embracing emerging technologies to address ongoing challenges that include cost reduction, improved access to care, and a shortage of skilled workers. Cutting-edge technologies offer the potential to personalize patient interactions, streamline admin tasks, and free up clinicians to focus on complex procedures.
Now, healthcare providers are collaborating with tech companies to develop AI tools that can better predict clinical outcomes, improve radiological imaging, and optimize sleep monitoring. Predictive AI can now help forecast patient volumes and help hospitals adjust their staffing and resources by predicting future resource needs, analyzing detailed data, and identifying high-impact patterns and trends. AI is rapidly becoming a competitive necessity in the healthcare industry.
Moving to the next level of data interoperability
Interoperability has been a persistent challenge in healthcare, stemming from the complex and fragmented nature of most of the healthcare IT and data infrastructures. Healthcare leaders in the Philips Future Health Index 2023 report identified it as one of the top four factors for providing new ways of delivering care that integrate in-person and virtual care across settings.
Healthcare technology providers would change the approach that liberates data from silos. For example – in patient monitoring, data available from medical device vendors has historically been siloed, leaving clinicians with the task of referencing multiple sources to gain a complete clinical view of the patient. The inefficiencies caused by this process impact clinicians’ ability to deliver timely diagnoses and treatments to patients.
However, interoperability capabilities bring disparate medical devices and systems together into a single interface to create a comprehensive overview of a patient’s condition. This empowers caregivers to provide care recommendations confidently from anywhere in the hospital, alleviating the pressure caused by information overload. Recently, the introduction of visual patient avatars has helped to provide insights by translating critical complex data into easy-to-understand displayed information.
Checking the mark of affordability
Rising healthcare costs pose a challenge to quality, access, and affordability worldwide. The pandemic intensified the staffing shortages, inflation, and demand backlogs, increasing the costs further.
Tech-enabled models offer potential solutions for delivering efficient and cost-effective care. To address the rising costs of healthcare and improve accessibility and affordability, today, countries are exploring solutions that leverage technology that enhances care delivery models. This includes telehealth, remote health monitoring, and AI-based solutions to optimize resource allocation, streamline processes, and personalize patient care.
Healthcare organizations globally are implementing several innovative technologies, such as virtual wards and enabled diagnostic tools, to reduce the costs of age-related care. Providers are investing in technology to accelerate diagnoses and reduce treatment costs for chronic diseases.
Addressing the shortfall of workers
The global healthcare sector faces a severe shortage of workers, with projections indicating a shortfall of up to 10 million by 2030. This shortage is driven by multiple factors that include burnout, limited talent pipelines, demographic changes, and migration rates.
To retain the clinical workforce, healthcare leaders now have the responsibility to rebuild their trust and restore meaning, value, and purpose in their industry. Listening to frontline workers, recognizing their clinical autonomy, elevating leadership, and building an inclusive culture are some of the steps organizations should take to achieve this. AI has the potential to take over documentation burdens, handle pre-operational workflows, and assist with insurance claims.
Prioritizing social care
The traditional healthcare model is shifting towards a holistic approach. It is meant to address the social determinants of health. This integrated model incorporates social and healthcare services to prevent illness and promote well-being across everyone, including the elderly.
Organizations are implementing holistic service delivery models that prioritize prevention and address the needs of underserved communities.
Several tech solutions are being developed, such as real-time monitoring devices and voice-based assistants, and the establishment of care centers is taking place. Providers are striving to prioritize social care as part of their commitment to deliver excellent treatment in this segment.
Conclusion
The landscape of healthcare in 2024 stands at the intersection of dynamic technological innovations and evolving patient-centric paradigms. The headlines of 2023 – Generative AI, ESG compliance, AI revolution, and the immersive realms of virtual reality – foreshadow a transformative year ahead. Healthcare executives grapple with the pivotal task of navigating this fast-evolving industry, seeking the most judicious technologies amidst substantial transitions.
The challenges in 2024 are undeniably formidable, notably the pressure to adopt new technologies amid financial constraints. However, within these challenges lie unprecedented opportunities for groundbreaking innovations. The coming year is poised to usher in a wave of advancements that promise to reshape the healthcare landscape profoundly.
Streamlined administrative processes, improved interoperability, better-informed decisions, increased individual empowerment through health awareness, and productivity-driven industrialization are some pivotal trends defining the path forward. These trends reflect the imminent shift towards a customer-centric approach, where transparency between stakeholders and the seamless integration of technology and care are paramount.
The emergent tech trends in healthcare underscore a promising future: AI-powered workflows designed to personalize patient care, enhanced data interoperability, cost-effective solutions bolstered by tech-driven models, and the imperative to address workforce shortages through innovative AI solutions. Additionally, a paradigm shift towards prioritizing social care as an integral part of holistic healthcare is redefining industry standards.
As the healthcare sector embraces these advancements, the trajectory for 2024 appears promising. The fusion of cutting-edge technology and a redefined focus on patient well-being is poised to revolutionize healthcare delivery. The year ahead is not just about technological strides but embodies a commitment to human-centric care, setting the stage for a transformative era in healthcare.
