The Impact of Technology on Healthcare Costs

The rapidly transforming healthcare sector is fueled by the emerging medical technologies and the availability of modern tools and technology for all healthcare needs. Everything from diagnostic and therapeutic equipment to data storage in the healthcare domain is utilizing the advancing technology altogether and this changing practice pattern by healthcare professionals has almost revolutionized the way healthcare is delivered to patients. The current technology shift has brought in with it a digital makeover to the way doctors and patients communicate and interact within the care continuum, facilitating ease of operations and improved efficiency. This ‘new era’ has ushered in the digital transformation, which has become pivotal for a complete, full-fledged patient experience.

The impact of technology on healthcare domain is endless. It has not only changed the healthcare experience of patients and families but has also created a significant impact on the healthcare management processes and the healthcare practices of physicians and other professionals. In the current times, patient experience is of the foremost importance for the healthcare industry to grow and expand. The integration of information technology with medical sciences can bring about various benefits, one of which is definitely cutting down of the healthcare costs.

Rising Use of Technology in Healthcare

The convergence of technology with healthcare has placed in a huge opportunity for healthcare providers to improve their patient experience and operate with better efficiency, as a result of which, more and more healthcare technology solutions are on the rise. The emergence of augmented processes and information sharing among healthcare providers and other health sectors has made technology an inevitable one within the healthcare system. Modern technological solutions can enhance healthcare, reduce costs, mechanize cumbersome manual processes, and help avoid redundant or duplicate tests / diagnostic procedures.

The increasing adoption of telemedicine, Electronic Health Records, mHealth, and other cloud/web-based healthcare services have all been the impact of technology. As a result, the healthcare system is witnessing an amplified growth in data and digitization, which in turn makes the healthcare processes and operational infrastructure efficient and cost-effective. Moreover, technological evolution in healthcare has given rise to continuous improvements in collaborative data sharing and exchange, improved workflows and mobility, as well as better healthcare management. On the other hand, the shift to mobile devices and wearables with the use of wireless technology and cloud computing has improved the workflows and thus helped reduce system costs considerably.

Tech-Enabled Healthcare is Cost-Effective

The digital transformation in healthcare has enabled improved accessibility and opened up new opportunities for healthcare to reach out to more people across the country. With the implementation of technology, it has been possible for virtual healthcare to be made available for the large segment of the rural population as it connects clinics in the metros and cities to the rural regions for having an instant access to the best clinical expertise. Amidst all the healthcare challenges the use of technology in healthcare has proved to be cost-effective and compelling to help address the needs and demands of the people.

Technology advancements in telemedicine, EHR, HIS, healthcare informatics, and remote diagnostic and therapeutic tools has been the step towards tech-enabled care that can be leveraged to impact the new models of healthcare. By streamlining the healthcare IT infrastructure and providing efficient healthcare services and delivery can help promote productive healthcare model where patient experience, cost-effectiveness, and quality are on the sync.

Technology and Digitalization can help Reduce Healthcare Costs

The use of modern technologies in healthcare is becoming the norm and is seen as a valuable and tangible asset for health organizations. The introduction of EHR or Electronic Health Records to replace manual paper records has been a game-changer not only for the healthcare industry but for many allied healthcare professionals as well. Everything from vital signs to disease/drug outcomes is tracked and analyzed. As a result, humongous amount of data is being generated, organized, and stored in the database, enabling AI-based healthcare applications to analyze and foresee trends and create positive outcomes in healthcare. The use of artificial intelligence and machine learning techniques to the Big Data can help predict outcomes and make the right healthcare decisions earlier, preventing recurring procedures and unwanted healthcare costs.

Similarly, the use of Wearable Health Trackers, Augmented Reality (AR), and Virtual Reality (VR) can change the patient experience within healthcare by providing them early suggestions, consultations, and medical education related to their conditions. These technologies can provide health information through tracking and monitoring of patient information and reports, which helps in identifying trends and problems and automate all feasible processes even before visiting the clinic or physicians, thus help in the reduction of healthcare costs from revisits or readmissions to the hospital. Technological innovations have changed the way healthcare is delivered, thereby improving health outcomes, patient experience, and quality of care as a whole. All of this eventually and adequately reduces healthcare costs and increases productivity.

In a nutshell, no doubt, health technology has extensively and intensely impacted modern healthcare and is shaping the way healthcare services are delivered in the future.  The synergy of new technologies and medicine has created a significant impact on healthcare, bringing in positive changes and reducing the costs.