Health Insurance Innovations: Digital Solutions Transforming European Healthcare – Our research focuses on five key application areas: We apply our rigorous research methodology to our reports, charts, forecasts and more to keep our clients at the forefront of key developments and trends before they reach the mainstream.
Study finds AI retraining of workforce desperately needed Articles | August 16, 2023DraftKings doubles down on marketing amid growing competition in the sports betting market Articles | August 16, 2023 New data: Linear TV fell below 50% viewership share for the first time in July Articles | August 16, 2023Marketing professionals have mixed confidence in their ability to measure ROI. Articles | August 16, 2023 How AI is transforming cloud services Article | August 15, 2023Google is offering refunds to customers hurt by inappropriate video ad placementArticles | August 15, 2023 The Power of Amazon Advertising: Pioneer of retail media network maintains dominance amid growing competition Articles | August 15, 2023 Share of Digital Out-of-Home Advertising Returns to Pre-Pandemic LevelsArticle | August 15, 2023 On Running posts another stellar quarter amid soaring demand for specialty running shoes. articles | August 15, 2023 What brands can learn from Barnes & Noble’s reinvention Article | August 15, 2023
Health Insurance Innovations: Digital Solutions Transforming European Healthcare
Insider Intelligence provides cutting-edge research to clients in many forms, including full-length reports and data visualizations, to provide actionable takeaways for better business decisions.
Digital Transformation: The Way Ahead To Achieve Organisational Growth And Success In A Rapidly Evolving Digital World
Insider Intelligence’s goal is to unlock digital opportunities for clients with the world’s most trusted forecasts, analytics and benchmarks. Our research into digital transformation across five key application areas and dozens of industries is exhaustive.
The coronavirus pandemic has accelerated the ongoing digital transformation in healthcare, and both patients and providers have benefited from new technologies and virtual solutions. Telemedicine appointments, remote patient monitoring services, and modified insurance products have allowed us to deliver quality care to consumers faster and at a lower cost.
However, traditional healthcare institutions need to keep an eye on tech giants encroaching on their space, as companies including Alphabet, Amazon, Apple, and Microsoft seek to move consumers away from traditional healthcare through a consumer-first, technology-driven approach.
Below we look at the trends and changes occurring within the healthcare ecosystem and outline what traditional healthcare players can do to stay ahead of their tech giants.
Enterprise Modernization, Platforms And Cloud
What is Digital Health? While the healthcare industry is moving slowly when it comes to digital solutions, COVID-19 has upended the entire healthcare ecosystem, including the insurance, healthcare delivery and pharmaceutical spaces. Adopting technologies including telemedicine, remote patient monitoring (RPM) and artificial intelligence (AI) was required to effectively treat patients from a distance.
As a result, insurers have had to address obstacles preventing patients and doctors from using telemedicine, such as co-payments and unclear reimbursement pathways.
As hospitals and other health care companies need to reduce non-emergency visits, health care delivery has rapidly shifted to telemedicine alternatives. Prior to the pandemic, telehealth adoption rate was only about 11%, but by August 2020, that rate had soared to 36%, according to CivicScience.
Pharmaceutical companies such as Pfizer, Moderna, and Johnson & Johnson have taken center stage amidst the pandemic as leaders in vaccine development. And the rapid adoption of digital health technologies will continue to work in its favor as it iterates to combat new viral strains. AI can help pharmaceutical companies accelerate the drug discovery process and save money as a result.
German Insurtech Firm Thinksurance Has Raised $24 Million To Expand Its Digital Commercial Insurance Platform In Europe
The “new normal” in healthcare is primarily driven by telemedicine and digital technologies. By August of last year, more than one-third of consumers had used telemedicine. And while much of the increase in adoption has been driven by stay-at-home orders and social distancing, telemedicine will continue to be popular.
Telemedicine is also a possible solution to the impending provider shortage. The US could be short of 122,000 doctors by 2032 and 670,000 health workers, including nurses, by 2025.
Telemedicine has also been proven to reduce healthcare spending and limit unnecessary hospital visits. Because of this, health care providers will continue to offer telehealth services as a means of delivering high-quality telehealth long after the pandemic is over. In addition to benefiting healthcare providers, telemedicine will become a popular option among consumers as its adoption continues to grow.
As noted in Insider Intelligence’s Digital Health Ecosystem report, a Doctor.com survey found that 83% of US adults said they would like to use telemedicine even after the pandemic, so demand for virtual care will remain high.
The Future Of Digital Health
While some aspects of the healthcare ecosystem are difficult to predict moving forward, one thing is certain: digital healthcare is here to stay. Cash-strapped provider organizations will still have to rely on telemedicine to generate revenue from patients who have become accustomed to the convenience of telemedicine in recent months.
Another factor to note this year is the US Department of Health and Human Services (HHS) data sharing mandate. HHS issued mandates to improve interoperability between service providers, payers and health care systems, but has suspended compliance to give health care organizations time to recover from the effects of the pandemic.
As a result of this mandate, Insider Intelligence expects hospitals’ interest in interoperable service providers that can more easily standardize and integrate patient data.
Another slow but steady trend in digital health is digital therapy (DTx). The pandemic-induced virtual care boom has propelled DTx into the limelight, resulting in a significant surge in adoption of DTx tools.
Digital Strategy Solutions
Health|January 1, 2023 US Healthcare Industry in 2023: Analyzing the Healthcare Sector, Healthcare Trends and the Future of Digital Healthcare With the ever-evolving advancements of digital technologies, the healthcare sector has witnessed tremendous change. Digital transformation in healthcare, from IoT-powered wearables to remote consultations, has significantly redefined the way healthcare professionals diagnose, treat, and monitor patients and perform other administrative tasks.
According to Grand View Research, the US digital health market was worth $77 billion in 2022 and is expected to grow at a CAGR of 17.10% from 2023 to 2030.
Digital transformation in healthcare is driving efficiencies and innovations in the field, paving the way for more efficient, affordable and personalized patient-centered care. By adopting advanced technology solutions, healthcare organizations can significantly improve the employee experience, enhance patient care, reduce costs, optimize operational processes, and enable faster diagnosis.
Digital solutions also collect, analyze and share vast amounts of data in the most efficient way to help healthcare professionals identify patterns and detect anomalies. As a result, healthcare organizations can devise novel strategies and deliver personalized care to increase patient trust and loyalty.
Capturing The Health Insurance Opportunity In Asia
In this article, you will gain a deeper understanding of how digital transformation in healthcare is redefining the future of healthcare and patient care. We also look at the changing healthcare ecosystem, the benefits of digital transformation solutions for healthcare, the trends driving this movement, and the risks associated with fully digitizing healthcare.
Digital transformation for healthcare involves an array of technologies. These technology solutions enable healthcare professionals to leverage modular digital solutions to improve patient experiences, discover drugs, streamline operations, and make on-demand care more accessible.
Technological advancements such as electronic health records, online appointments, telemedicine, Software as Medical Device (SaMD), and AI-powered medical devices are some of the most noteworthy examples of digitization in the healthcare industry.
These technologies reshape how patients interact with health professionals, how information is shared with providers, and how choices are made about treatment plans.
It Solutions For Healthcare & Pharma
Digital transformation in healthcare benefits the sector in a number of ways by transforming the way healthcare organizations perform administrative tasks and patients receive care. One of the most significant benefits of digital transformation in healthcare is improved access to healthcare.
Utilizing telemedicine and virtual care, patients can receive remote monitoring and care from the comfort of their own home. This has proven to be very important during the COVID-19 pandemic, as the global lockdown and the need for social distancing before individuals can physically visit a healthcare facility has created significant challenges.
Digital transformation in healthcare is also helping to increase efficiencies, streamline operations and reduce costs. For example, automation of administrative tasks such as appointment scheduling and billing reduces the workload of healthcare professionals, allowing them to focus more on patient care.
Unsurprisingly, digitization in healthcare is a top priority for healthcare leaders who want to build resilient and future-oriented healthcare systems.
Examples Of Innovative Digital Transformation Case Studies (2023)
Chronic diseases/non-communicable diseases (NCDs) are putting increasing pressure on healthcare systems worldwide. According to the WHO, NCDs are currently the leading cause of death among adults worldwide, killing approximately 41 million people annually, accounting for 74% of all deaths worldwide. These figures are expected to increase in the future as the population continues to age.
Therefore, it is urgent to adopt digital transformation solutions for healthcare to keep the system sustainable. These solutions can help individuals detect and treat disease faster and more effectively, while preventing them from developing chronic disease.
As access to information and technology expands globally, patient expectations of healthcare institutions have risen dramatically. They now expect more personalized and convenient management.
The pandemic has brought about major changes in patient expectations. For example, a McKinsey survey found that about 40% of consumers said they would continue to use telemedicine in the future, up from 11% before Covid-19.
Top 6 Digital Transformation Applications In Insurance (2023)
As the demand for convenient and lasting care continues to grow, healthcare organizations are facing staffing shortages in many parts of the world. WHO by 2030
Digital healthcare solutions, healthcare solutions insurance, digital signage solutions for healthcare, healthcare insurance innovations, health informatics transforming healthcare with technology, cardinal innovations healthcare solutions, european healthcare insurance card, cardinal innovations healthcare solutions winston salem nc, engage transforming healthcare through digital patient engagement, digital health innovations, european healthcare insurance, healthcare solutions group insurance