Home » Headline, Investing

Tech Venture Possibilities in Healthcare

25 February 2020 No Comment

The economy has been trending upwards, and some industries are experiencing a significant improvement in job potential and entrepreneurship opportunities. The healthcare market is in a boom, but the industry adding over 368,000 jobs last year alone. While the uptick in the economy has played a role in the expansion, the real proponent of growth has been technology.

The Effect of Tech on Healthcare

The past few years have seen dozens of ground-breaking innovations in the healthcare field. The integration of these tech changes have altered the way physicians diagnose patient concerns, the way consumers locate network providers, the way insurance companies process payables, and the way security and data privacy concerns are mentioned. Not only have these processes been altered, but breakthroughs in disease prevention, cures, treatments, pharmaceuticals, and diagnostic equipment have also changed the healthcare industry. New innovation leads to new opportunities, and with each new opportunity or field of exploration comes the promise of new jobs.

The Areas of Opportunity

As renowned entrepreneur Harry Stylli knows, being the right place at the right time is essential for building a successful business in the healthcare field. His efforts to assist with cancer cures have led to the creation of noninvasive, blood-based immunogenic procedures to help doctors identify different types of cancers. However, you don’t have to be experienced in pharmaceutical research or biomedicine to get your foot in the healthcare door. Technological innovation can include something as small as a smartphone app, and tech is the leading area of healthcare opportunity.

Improved Information Sharing

Healthcare providers have long had a closed approach to information sharing, with patients needing referrals or additional consultations with specialists having to formally request a records transfer. Once the request was initiated, it could take several days before the receiving office had the records in hand. Beyond traditional records exchanges, emergency services and hospital personnel have to rely on the patient’s recollection of treatments or conditions in order to provide treatment as these services can’t access physician records or patient files after-hours. There is a great need for a database of correlated data between medical providers and medical sources to more efficiently and effectively treat patient needs.

In addition to the access of patient records, the use and an AI-powered repository could scan the massive amounts of data for similarities between cases, symptoms, treatments, and cures, potentially guiding physicians in diagnosing, preventing, and potentially curing ailments or diseases. Blockchain has been used for securing information and transaction in the export industry, but there is potential for its integration into healthcare. Blockchain maintains data integrity and security, but real-time access and the ability of the system to analyze data sets at both macro and micro levels establish accurate outcomes in understanding data. The Healx company is using AI and matching learning with drug discoveries and finding cures for rare diseases. Blockchain tech would be able to release this data across the world efficiently but securely.

Improved Patient Experiences

People in need of treatment often have to wait until they are seen by a physician in the office before getting access to help. With technology, the entire patient life cycle can be altered, from the moment treatment is need to all the way through billing and payment. AI has been incorporated into several areas of patient experience, with pharmacies using smart calendar software to set a reminder of patient refills on prescriptions or alert to the need for a visit. The software has been used to call patients directly and schedule an appointment, and as consumers continue to look toward mobile devices and digital experiences for their services, there will be an increased need for prioritized AI projects addressing patient demands. A start-up could pursue how to help patients find the right hospital, the right medicine at the most affordable pharmacy, and the right insurance solutions and services to manage the costs.

Improved Data Collection

The Healthcare Information and Management Systems Society found that almost 86% of all mistakes made in healthcare are administrative. Poor data collections and maintenance practices cause people to lose their insurance and payer higher prices as a result. With an automated process that relied on AI-powered robots, the healthcare field could see more accurate data collecting, processing, and sharing. Data safety will also need to be safeguarded, but again, blockchain has been proven as an effective storage system with impenetrable defenses. Insurance companies that use automated data collection are able to pay out claims more quickly, and with far fewer errors than would be achieved with traditional manual processing. The insurance startup Lemonade has already been able to incorporate automation into its services and has achieved nearly-instant claim payments.

Though healthcare is evolving, many of the processes are still lagging behind their potential with regard to data sharing, processing, and analysis. An entrepreneur looking to make a mark on the field has a wide range of technological opportunities to explore.

Comments are closed.