BOSS Magazine, seven Healthcare Industry Trends For 2017

7 Healthcare Trends For 2017

Today’s informed consumers are getting hip to healthcare tech, questioning authorities about everything from the high costs of drugs to their side effects, while requesting the quality care they deserve.

With every Fresh Year, the role of technology widens in the healthcare space and two thousand seventeen will demonstrate a promising collaboration inbetween the two industries having more benefits in store for the consumers.

The U.S. healthcare industry is valued at more than $Two.8 trillion, and globally seventy percent of health care companies are anticipated to invest in wearables, mobile applications, virtual care, and remote health monitoring for customers by 2018.

Here are few predictions for the healthcare industry for 2017…

Government Fix for Rising Drug Costs

In 2017, prescription drug costs for citizens under sixty five years old are expected to grow by 11.6 percent in 2017. Wages of Americans, on the other mitt, are supposed to leap Two.Five percent in 2017, according to Segal Consulting.

Citizens expected Congress to tackle the rising prices concern, but they have been left disappointed. Valeant and Mylan, the controversial pharmaceutical companies, aggressively enhanced the prices of their drugs.

About one in ten Americans avoid having all prescribed medicines because of the costs. President-elect Donald Trump has said that he is for bringing down drug prices but in the very first week of 2017, pharmaceutical companies do not seem to be deterred—continuing to hike the costs.

Artificial Intelligence and Big Data

Beyond generating revenue and lowering wasted overhead Big Data can “predict epidemics, cure disease, improve a quality of life and avoid preventable deaths.”

Big Data can help physicians in comparing a patient’s data with billions of anonymous, detailed patient records and against the latest findings in world medical research to provide better care. Dashboards with elementary language will go after the customized care plan.

Artificial intelligence permits a digital device to recognize objects—like reading a barcode—respond to a request—à la Siri—make decisions as well as switch its thinking and behavior based on the data stored in the cloud, such as IBM’s Watson.

Google , Amazon , Apple, IBM, and Microsoft are some of the thickest players in AI space.

AI is one of the greatest reasons behind the success of connected home appliances, autonomous cars, and private virtual assistants but the influence of AI in healthcare goes beyond convenience. The technology improves and saves human lives.

AI can help in the examination of medical information, decision-making, integrating medical software and cognitive sciences, while providing a repository of the medical database for the future healthcare community.

Applications of AI in Healthcare

If you need urgent treatment, you visit a nearby clinic in a local mall or chain pharmacy where you’ll meet a nurse who will pull up your secure and universally accessible, electronic health record (EHR).

For ailments which do not require urgent treatment, people will be able to share a picture or a movie of, say, a rash on their skin to your doctor.

A computer will see the picture and recommend how to proceed. People with chronic conditions will receive help from a nurse or a doctor but not in the skin. They can talk with them via the laptop, smartphone, and television based on data from wearable sensors.

A person undergoing a major surgery will be provided affordable care in convenient settings. For example, there will be no such thing as an ICU; every single room in the hospital will be a self-contained ICU.

Voice recognition software will take notes and orders for physician notes and come in into the EHR.

AI will substitute the need for 24/7 customer service treating administrative requests, such as billing, scheduling, and other clinical requests; and reduce the overall administrative costs for hospitals. AI can also help in finding mistakes in CT scans, MRIs, and other medical pics.

According to CBI Insights , twenty two companies are working on innovating imaging and diagnostics.

Apple has been enormously focusing on health in the past two years collaborating with leading hospitals such as the Mayo Clinic , Epic and Johns Hopkins along with top researchers.

It recently acquired medical records startup Gliimpse for broadening its presence in the individual healthcare information management market. The tech giant has added health features to the Apple See and created fresh software platforms, like HealthKit, ResearchKit, as well as CareKit—a central storehouse for clinical data, clinical trials, and a patient care app respectively.

Apple’s chief executive Tim Cook believes that the Apple See could serve as a warning system for our figure, like those that alert drivers when something is wrong while on the road.

“What is the equivalent for the assets? Well, it’s our mind, but our minds persuade all of us all too often not to seek help. And many times we don’t know there is a symptom, so if you could have a device that knew stuff about you, it would be pretty incredible and would extend life and extend quality,” said Cook.

While the company faces fierce competition in mobile health and remote monitoring, Apple wants to be the ‘go-to’ for clinicians and patients alike.

Apple devices are a large hit among physicians who bought the iPhone five at four times swifter rate than the general public, according to Doximity.

Venture Capital To Revolutionize Healthcare

Beyond the financial benefits, these investors could resolve other healthcare issues by driving innovation, reducing costs, upgrading age-old systems, and helping healthcare function efficiently and smartly.

Biotech has been a lucrative sector for investment, but health insurance and revenue cycle management have the potential to emerge as identically strong and profitable markets. Investors are attempting to bridge the gap inbetween the tech start-ups and healthcare.

Entrepreneurs are excited to revolutionize healthcare by creating more gadgets and software solutions. Venture funds like Heritage Group, HLM Playmates, and UPMC Enterprises are helping tech companies to understand the unique business challenges of healthcare companies while healthcare industry is leisurely attempting to adopt these innovations.

Moving beyond stereotypical sectors, investors are eyeing niche investment areas, such as behavioral health, dermatology, case management, population health, and agony management—all rising rapidly and showcasing strong financial growth.

Blockchain Improving the Healthcare Network

Gem , a blockchain company, created the Gem Health Network, a network for developing health applications and connected infrastructure for healthcare.

“This technology permits participants to stir data in real-time, without the need for reconciliation, because each participant is connecting to the same network, working on collective information, and collaborating peer-to-peer — all without exposing these channels to theft, forgery, and malice,” says, one of Gem’s engineers, Julian Vergel de Dios.

“Disconnected parties — within an organization or across an entire industry—can now securely converge on the same information, permitting for the development of an entirely fresh class of applications that will unlock wasted resources.”

Other companies such as Blockchain Health and HealthCombix tho’ taking different approaches to Blockchain—are also working in the same direction to make healthcare more efficient.

More Concentrate on Senior Care

HomeHero which commenced as a consumer app that connected elderly members with caregivers has now teamed up with hospitals to connect patients to home care providers. It is now working on a mobile application to help people track the health of their family members that are provided care by home care workers hired by HomeHero.

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