Digitization, Healthcare & Insurers — The Recipe for Better Health Care Practices
Digitization has impacted pretty much every industry changing the way we used to operate. Health care, however has been relatively slow in adopting this new way of working but with the increase in the use of Artificial intelligence, Predictive analysis, wearable devices and robotics. Digitization has created a positive impact on the health care landscape. Estimated to be a trillion-dollar industry, healthcare is spread across hospital care, medicine and research and development.
Health insurers have been a major contributor in bringing digitization to healthcare. An average American spends roughly USD 9,000 every year on health care. Such a whopping figure is enough to understand the importance of health insurance. Insurers have welcomed digitization in health mainly due to the ease it provides them to offer better services to the consumers. It is clear that, since insurers hold the ability to bring together all stakeholders within the health-care industry, they play a central role in health-care delivery.
Digitization can play a leading role, seeing how more than 60% of insurance customers have expressed interest in having their insurers offer health-care services that go beyond standard insurance products (Bain & Company). Insurers now have the chance to oversee a digital transformation that will not only attract and retain customers, but will also help manage costs and shift the focus away from quantity of care to quality of care.
The Advancement of digital technologies
Digitization in healthcare is reinventing the way insurance companies work. Using these advanced technologies, the insurance companies can create a better digital profile of the consumer and can offer customized packages to the consumers. Advancements in Artificial Intelligence and Machine Learning along with AR, VR and robotics have revolutionized the healthcare industry. Moreover, with massive amount of data available through wearable and IoT health devices, AI and ML have never been so important. Insurance companies can now come up with the exact picture of an individual’s health that is more accurate than just based on some medical tests. Not only can they get the current picture but can use predictive analysis to create future health profile based on the routines and food intake of an individual.
Popular Digitization Technologies and Their Application to Health Care
Let’s take a look at the widely used digitization technologies and their application in health care. These applications have been grouped under seven critical technologies that are changing the landscape of modern medicine:
1. Advanced analytics are being widely used to analyze the masses of data compiled by insurance companies. This will help insurers develop sophisticated client relationships and aid doctors in delivering a timely and efficient method of care to patients
2. Machine learning: to manage digital interactions with customers, as well as claims processing and fraud detection
3. Internet of Things: to link a healthcare system with smart devices to monitor health, potentially detecting early warning signs of problems before they develop into chronic diseases
4. Online sales technologies: to better anticipate customers’ needs and efficiently target customers with tailor-made services
5. Infrastructure and productivity: to enable efficient processing of medical records and purchasing of prescription drugs
6. Distributed ledgers: to allow every health-care participant secure access to all relevant patient information in order to better monitor and control treatment costs
7. Virtual reality: to diagnose patients on a remote basis and evaluate patient claims.