The state of the United States healthcare system today is one the most complex in the world. Other nations marvel at the levels of complication that make it harder to navigate an already harrowing industry. As the population evolves and grows, it becomes essential that health requirements keep up with them. Many companies and medical institutions are currently working together to satisfy patients and offer better care. However, all of this sometimes comes with a high financial cost. Many factors are involved in promoting changes in the health system. Amongst these is the implementation of new policies, together with environmental and technological factors that contribute to medical care. However, these changes increase insurance costs, which have been going up at 2 or 3 times the general inflation rate. Healthcare costs have been rising in the U.S. more than anywhere in the world. By 2000, costs reached around $1.4 trillion, and in 2020 the expenses tripled to $4.1 trillion. From 2019 to 2020, health increased by 9.7%, almost double than 4.3% in 2018 to 2019. This substantial increase is attributed primarily to the COVID-19 pandemic – and according to experts, the increases could continue.
What is Innovation in Healthcare
Innovation is the driving force of progress in healthcare. It is the process of creating new ideas, changing what exists, and making improvements. Innovation can be seen in many different aspects of healthcare. It can be seen in the way that technologies are used to improve patient care and in the way that companies are working together to provide better care for patients and doctors alike.
Innovation in Healthcare helps companies improve their policies, effectiveness, services, quality, systems, safety, products, affordability, and technologies. Also, improvements in research, patient satisfaction and access, and education are other factors taken into consideration. The goal of innovation in healthcare is to meet the patient’s needs and demands — therefore, as of today, there are over 160 solutions set to change the traditional healthcare model to improve its efficiency.
What buyers want to see
The healthcare industry is one of the most demanding industries in the world. It is also one of the most lucrative, which means that many companies are competing to provide the best healthcare products and services.
Companies that want to stand out need to understand what buyers want and what they will be looking for when making a purchase decision.
Today’s consumers want innovation, but not just any innovation. They want innovations that are sustainable, affordable, and will make a difference in their lives.
Patient advocacy
There is a need to advocate for patients in healthcare innovation. Advocacy should be targeted at protecting the patient’s right to access and share their health data. Patients should also be able to provide consent for the use of their data for research purposes.
Higher quality services at lower cost
Healthcare providers need to find ways to provide higher quality services at a lower cost. One way is by implementing new technologies such as artificial intelligence and machine learning. These technologies can help providers identify patterns in their data that would otherwise go unnoticed. This allows them to make more informed decisions about how they allocate their resources, which ultimately leads to better patient care and lower costs for both patients and providers.
Navigational services
Navigational services have been around for about a decade, but are now gaining more traction. They help patients navigate the complex healthcare system and find the best care for their condition. A few examples of navigational services are:
- Clinical decision support systems: provide patients with personalized medical information on their condition and treatment options.
- Patient portals: provide patients with access to their medical records and doctors’ appointments.
- Personalized navigation tools: provide the use of artificial intelligence to identify the best care option for each patient’s needs.
Onsite clinics
They allow doctors to provide better care to their patients and also reduce the number of emergency visits. This service delivers complete healthcare and well-being to support patients’ demands. Thanks to flexible offerings in the healthcare space, it has become more practical in providing outsourced services focusing on patient satisfaction.
Narrow wellness products
Narrow wellness products are a new trend in healthcare innovation. Such as sleep helpers, powdered supplements, and even high-tech meditation cushions can be a good solution for people who have a chronic disease and need to take care of their health daily. They can be used by anyone who needs to focus on their health and lifestyle, regardless of their age or gender.
Narrow wellness products are more than just an alternative to traditional treatments. They are also a way for people to take control of their health and make it easier for them to live healthier lives.
Digital applications
The use of digital applications in healthcare is on the rise due to its advantages over traditional methods. One of these advantages is that digital solutions are easier to scale and can be deployed to a large number of people at the same time. The use of digital technology provides better care and improves health outcomes.
Big Data
The healthcare industry generates a lot of data from patients, providers, and medical devices which is later used to improve their care and services, as well as to detect health risks.
Big Data has many uses. One of them is predictive analytics. Predictive analytics is a form of big data analysis that helps healthcare organizations predict possible outcomes for their patients. It uses old patient data to identify patterns and foresee future risks. This information can then be used to prevent future health problems or provide early intervention when needed.
Another use case for Big Data is in population health management (PHM). PHM uses algorithms and machine learning techniques to analyze large amounts of patient data to identify individual and community trends to develop better treatment plans or predict at-risk patients.
Continuous Health Monitoring (Stanford Study)
Continuous Health Monitoring (Stanford Study) is a study conducted by Stanford University’s School of Medicine. The study was conducted to examine the accuracy and feasibility of using wireless sensors to monitor patients’ health status. The study involved 109 participants and was done for eight years. This study revealed the benefits of continuous health monitoring needed in healthcare.
With the data obtained, doctors could detect early signs of illness and provide proper treatment for better outcomes. These findings would likely be missed by using traditional health monitoring. Using Continuous Health Monitoring will address delays in information delivery, prevent the information from getting lost, and limit patient risks and warning signs.
Following are some of the benefits of implementing Continuous Health Monitoring:
Ease of monitoring
Continuous Health Monitoring provides an easier way to monitor one’s health without the hassle of having to get regular check-ups at the doctor’s office.
A clear biological picture
This involves a unique medical profile of the human body based on the state of our immune system, genome sequencing, microbial profiling, viruses that inhabit us, and even in the food that we eat, without invasive tests. This will allow physicians to provide specific treatments depending on a person’s genetics.
Reduces costs
Continuous Health Monitoring reduces costs for the patient as well as for the healthcare provider. By using this tech, the cost of using a physician in a medical facility is reduced.
Ability to detect health alerts
Continuous Health Monitoring gives a baseline reading for physicians to early detect illnesses. In the study, 67 future health crises were spotted and able to be treated at an early stage. Doctors and scientists will be able to clinically act through the information obtained from the patients’ health monitoring at a wider scale than it was traditionally done.
Privacy (blockchain)
Important data is well recollected and preserved. Only those with proper authorization are allowed to access the data. Also, by adding blockchain technology, the data is more safeguarded from hackers.
Reduce human error (AI, automation, machine learning).
Continuous health monitoring is based on automation and software. AI, automation, machine learning, and key algorithms, allows data to be checked at a faster and more precise level. This will enhance diagnostic recommendations, make healthcare more dynamic, and be error-free.
Big data correlation
The future of healthcare is becoming more reliant on data. The current system relies on patients to keep track of their health and report any changes to their doctor. This is a time-consuming process that can be hard for some patients to do. That’s why there is a push for more data collection in the healthcare industry.
One of the biggest areas where this data collection is happening is with continuous monitoring devices, like Fitbits or Apple Watches, which are used by many people as they go about their day. These devices collect information about a person’s heart rate, steps taken, calories burned and so much more. Doctors can use this information to help diagnose certain conditions or illnesses at an early stage before they get worse.
How Healthcare will evolve in the coming years and the role of actuaries.
The healthcare industry is undergoing radical change, and the actuarial profession is evolving to meet the needs of this new era. The increasing use of data analytics, artificial intelligence, and machine learning in healthcare will have a significant impact on how actuaries do their jobs and create a new future of work.
Health providers need to envision themselves towards the future of Healthcare. They can’t afford to stand behind the curve of medical evolution. Competition demands to step up and embrace the changes.
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