July 7, 2021 3 mins read

What Is Healthtech and Why Does It Matter to All of Us

 

Technology is shaping every industry, regardless of the work involved. The healthcare industry, setting trends for technological shifts and changing consumer behavior, is being disrupted by innovative tech solutions to accomplish automation and scale for businesses. Health technology (or healthtech) is applying organized knowledge and skills in digital devices, medicines, procedures, vaccines, and healthcare systems to solve health problems and improve quality of life. It helps in:

  • Reducing healthcare/medical costs
  • Predicting epidemics
  • Avoiding preventable deaths
  • Improving the quality of life
  • Reducing healthcare waste
  • Improving care efficiency and quality
  • Producing new drugs and treatment procedures

Over the past few years, healthtech has grown tenfold and has been adopted largely by every medical firm. As per reports, in 2018, 70 percent of healthcare organizations invested in mobile medical apps, which is estimated to be nearly USD 1.5 trillion. Even in India, the future of healthtech is expected to soar higher. By 2022, experts predict that the Indian healthtech market will reach USD 372 billion.

And the reasons for such advancements are clear; healthtech has developed personal technology to digitize healthcare facilities, fundamentally transforming the entire medical decision dynamics. Treatments are conducted through a combination of health monitoring technologies, including telemedicine, at-home diagnoses, and even pop-up retail settings. Healthtech developers have begun to identify the specific benefits of remotely treating patients.

How is tech impacting healthcare?

In every possible way, you can imagine. The medical sector’s need for healthtech is to provide an easy and improved alternative to hospital-run healthcare programs.

Patients even consult healthcare professionals on social networks and share information from their automated readings. They can seek consultation from a physician during Q&A sessions or even reach for emotional support. Technology, such as big data, offers a safer and reliable alternative to patient care with better data management and security. For instance, doctors and nurses employ portable devices, such as tablets or computers, to document a patient’s medical history and deliver the right treatment. Additionally, patients may use apps to detect the correlation between their condition and medication interaction to make decisions on how to improve their health.

Why does healthtech matter?

The world is growing older day by day, and technology helps every person lead a comfortable and safe life.

The doctor-patient relationship’s new dynamic requires collaboration and business models and a revised understanding of the healthcare company’s role in a value chain that helps healthtech development. Moreover, healthtech development is the source of connecting health organizations, which plays a vital role in making things easy for health practitioners and hospitals.

By implementing EHR (Electronic Health Record), doctors can measure and track patient data for an extended period. It helps to identify the people whose medical and preventive check-ups are due. Alongside this, EHR also helps monitor each patient’s certain requirements around vaccinations and blood pressure readings. Similarly, HIMS, Pharmacy Management Software (PMS), Medical Practice Management Software (MPMS), and more telemedicine offerings help healthcare companies manage their key operations and stay compliant with standards, such as HIPAA, HHS, ONC-ATCB, HITECH’s MU-1 and MU-2, and HL7.

Healthtech also provides critical and urgent help to patients who live in backward and rural areas. Healthtech improves healthcare delivery quality, increases patients’ safety, reduces medical errors, and improves healthcare providers’ and patients’ interaction. On a similar note, the future of healthcare will likely be a consumer-driven market with a holistic approach to health and personalized treatment.

 

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