It is no secret that the healthcare systems in the western world, especially in the US, are still struggling with challenges like an aging population, shortage of health experts, a rise in chronic diseases, etc. Meanwhile, although the emerging economies are also exposed to similar roadblocks, they also have another problem to deal with – shortage of reliable data on healthcare systems, due to which myriad healthcare challenges are becoming difficult to resolve. At the moment, emerging economies are under severe pressure to generate and access reliable healthcare data. The problem is getting more crucial as authorities are not able to find concrete solutions to various healthcare challenges like empowering supply chains with technological developments, etc.
Emerging economies taking the digital pathway to generate healthcare data
Prominent big data companies and organizations along with tech entrepreneurs and public health activists are coming forward to help out healthcare firms fill the gaps.
Technological innovations like cloud and edge computing, Internet of Medical Things (IoMT), artificial intelligence (AI), drone delivery systems, etc. are contributing to the procurement of genuine data. Apart from data procurement, these technological innovations are also easing it for the healthcare sector in data proliferation to a great extent.
As emerging markets are going digital, advanced analytics and other modes of digitalization has caused an exponential increase in the quantity as well as quality of data enabling private health insurers to take patient care a step ahead.
A surge in electronic healthcare data, unmatched computer expertise, and affordable data storage is dramatically improving patient diagnosis and treatment in a more cost-effective, timely, and accurate way. Quick and easy data sharing between consumers and caregivers is becoming possible through digital connectivity.
Innovations in the world of technology and more analytical advancements are all set to upgrade private health insurers from simply being an intermediary between consumers and providers to becoming the executive managers of the healthcare ecosystem for the consumers. But for that, the health insurers should be well-versed with the art and science of extracting data from advanced analytics and digital connectivity.
How will healthcare data & technology help in reducing treatment costs in emerging economies?
It may sound absurd in the first place, but one of the best ways to curb the cost of treatment is by keeping patients away from the hospital as much as possible. Many times, patients tend to keep making countless hospital visits. But with technology, caregivers can now send them automatic alerts regarding immunizations, lab work, reports, doctor inquiry, etc.
Besides, new sensor devices have been launched for patients to be monitored and analyzed on-the-move. Such devices not only help them in avoiding unnecessary hospital visits but also enable self-management for particular health conditions. Whereas, physicians can use predictive analytics for hospitalized patients for optimizing outcomes and curb re-admissions.
Due to big data and other technological intervention, the healthcare ecosystem is also able to derive advantages that ultimately lead to reduced treatment costs and increased efficacy as below:
- Faster, accurate, and cost-effective diagnosis and treatment can now be provided as physicians can take informed decisions in quick time with the help of big data analytics tools
- Improved physician performance and cost reduction is possible as technology enables physicians to capture, analyze and optimize patient outcomes in a systematic way.
- Predictive tools provide for risk stratification in a way that it helps hospitals track and identify the most critical cases proactively, preventing costly hospitalization and treatments.
- Clinicians and pharmacists can now co-manage drug therapies in real time through big data cloud analytics while reducing healthcare costs by controlling emergency room visits, hospitalizations, and re-admissions.
The healthcare industry, as we see now, has come way too ahead due to big data and suchlike innovations, which are not only helping in reducing healthcare costs but also improving patient care with proactive monitoring and self-management tools.