By: Mahima Radhachal
On: 21-October-2020

How Health Industries are Using Technology for Competitive Advantage?

With technological advancements driving transformation across industries, the healthcare industry is no exception. The use of new and emerging digital technology solution in the health industry has been proven to remarkably improve the quality of care for patients. According to Deloitte 2019 Global Healthcare Outlook, the health tech industry is expected to reach $280 Billion by 2021. 

While that's great news, it also means increased competition. As a result, health industries are forced to adapt to new technologies and become more innovative to thrive in the market. Although high-tech operations already exist in the health sector, there are still significant opportunities for hospitals and healthcare settings to use and implement new technologies. It is time to stop looking at technology merely as a catalyst for cutting down the costs and look at it as a competitive advantage.

To meet the rising standards of competition and increasing demand for highly accessible and affordable health care, here are 4 ways technology can be a competitive advantage for hospitals and health systems.

1. Integrated EHR Systems

An important technology that has gained more attention over the past few years is the Electronic Health Records (EHR). EHR helps in understanding the patient care journey from beginning to end and get access to critical patient data quickly and easily. This, in turn, can help in planning the diagnosis and treatment. All this leads to increased patient satisfaction, engagement with patients even after leaving the hospital, promoting loyalty, and improved outcomes. 
Why not use this leading-edge technology to enhance your competitive advantage? Or at least improve operational efficiency in innovative ways?

2. Remote Health Monitoring

One of the technologies that have gained rapid development during the times of COVID-19 and beyond is Remote patient monitoring (RPM). It is considered the future of healthcare. It is a technological advancement that allows close monitoring of a patient's condition without having to travel to the hospital or wait in the waiting room for several hours to meet the doctor. 
Remote Patient Monitoring has been made possible through IoT, Wearables, and Big data. 

IoT - One such example of medical IoT is telehealth. Patients can get advice from doctors remotely through video and calls. It helps the patients trim down the cost and time while reducing the doctor's workload.
Wearables - From watches to bands and other tracking devices, this technology collects critical information like heart rate, pulse, etc., and transmit the data to the doctors wirelessly in real-time.

Big Data - It helps in consolidating, analyzing, and moving the data seamlessly through the cloud. This can eliminate the need for manual entry of data and create more effective health care plans.
Thus, RPM improves two things that are considered a necessity in today's digital world - patient-centric care and patient engagement.

3. Data Security

Healthcare data are considered more valuable by Cybercriminals as it contains highly sensitive data like Social security numbers, names, and health insurance information. From ransomware to insecure IoT devices, it's arduous to tackle the security risks of today. 

However, using modern security tools like blockchain can help create a competitive advantage. Blockchain technology enhances trust, transparency, and privacy in data sharing. This technology lets patients to give consent to their health data and can control who sees what. Another advantage of using blockchain technology in the health industry is that the records in these cannot be altered, thus increasing the safety and security of the patient data.
By securely storing health data using advanced technology like blockchain, you can receive the following benefits

  1. Avoid data breaches
  2. Minimize errors
  3. Streamline access to patient data
  4. Authorized access to staff, patients, and insurance companies
  5. Increase operational efficiency


4. Technology For Reporting

Most of the hospitals and health systems use technology to extract data and report on outcomes, so they can evaluate overall performance and improve the quality of care. They purchase reporting software from an IT software company. Such software automates the process of data collection, tracking, measuring, and facilitates them to get reports on their quality measures, costs, and much more. As a result, the hospitals can focus on the patient outcomes and quality of care provided.

The Final Word

Global IT Services and technology has profoundly changed health care. Electronic records, online consultations, remote monitoring — these are just a few examples of how technology is enhancing health industries and helping them gain a competitive advantage. 

Standing out from the competition requires deliberate effort. If you are looking to improve your health care model before your competitor does and gain a competitive edge, you need to partner with an IT services company. They can address your technology needs today and help you evolve prospective competitive advantages with carefully-selected IT software solutions. With the right technology solution company by your side, you can transform every level of your health care model and improve your organizational and operational efficiency.