Emerging Healthcare Technology Trends
The technological revolution has contributed to the field of medicine in more ways than we can count. Everyday technology is breaking new ground in diagnosis, treatment, research and medicine, saving millions of lives and improving many others. From ‘Smart Hospitals’ to ‘Surgical Robots’, technological innovations in the healthcare industry have aided medical practitioners & hospital administrations to provide care beyond the traditional brick & mortar settings – Telehealth, the future of healthcare is now well and truly on its way to stay & grow.
Driven by the need for a better patient experience, healthcare is witnessing a huge digital shift. Researchers predict that healthcare technology will keep growing at a compounded annual rate of over 12% through 2023.
As per a recent report by FORBES 15% of global healthcare spends would be inclined towards value-based models that benefit both providers & payers. Digital health technologies will grow by 30%, empowering patients to manage self-health, & the market for wearable devices, mobile applications, & RPM devices is projected to cross $12.1 billion by 2021.
Enhanced care due to increased accessibility of Medical Records through EHR
Using Electronic Heath Records (EHRs) has been the real game changer for the industry. This has assisted hospitals and patients to view & use medical data through a secured cloud. Through EHR, healthcare institutes can update patient records with diagnostic & procedural codes by using coding tools. The record includes lab reports, diagnoses, surgical interventions, prescriptions, patient’s medical history and even allergies. Along with EHR, human-assisted medical coding automated bots have further improved the accuracy and speed of completing the entire billing & payment process.
Increased productivity through AI and data analytics
With the increasing role of AI, organizations that were traditionally adopting alternative payment models have deployed technologies to mine claims & health data. These datasets have made predictions about patients who are likely to get sick, review the diseases that would affect them most and ascertain the increasing costs of treating these health conditions. By operationalizing AI, the healthcare industry is expected to gain 10-15% in their productivity in the next 2-3 years. Even in the traditional RCM back-office space, predictive analytics has played a huge role. With propensity models, both pre-work and rework effort to complete claims cycle has improved significantly.
Reducing healthcare costs through digitization
Non-healthcare organizations are moving towards providing healthcare products to customers at competitive prices, which has fueled traditional healthcare organizations to move up the value chain and reduce costs. This new healthcare system is loaded with advanced & enriched data enabling healthcare professionals to intervene in the patient’s health conditions much earlier, with preventive measures. This transformation is causing a huge disruption in the industry, underscored by usage of AI, big-data and more, resulting in preventive care & enhanced patient experience at lower costs.
Through our technology-enabled solutions, we at Teleperformance have consistently enhanced our capabilities to support our healthcare clients by designing & implementing customized solutions to improve their overall business processes across the entire continuum of care.
TP Optify (our cognitive automation-based Medical Coding application) has been a recipient of many accolades internationally in the space of AI in Healthcare in 2019. It has delivered significant business benefits, improving the speed of coding by 30% and reducing costs by 28%, at an accuracy of 95%+.
We have also used predictive analytics and machine learning to great effect in building a robust propensity model that has significantly reduced rework and associated costs – TP Predict (our predictive analytics-based AI application) has improved payer receivables by 25% and reduced costs to collect by 20%
For more than 3 decades, Teleperformance is delivering world class outcomes across the entire Healthcare Business Process spectrum.
By Puneet Goyal,
VP – Healthcare Solutions | Industry SME