If you've been following the US government's efforts to modernize the nation's healthcare information technology infrastructure, you might have noticed that current trends promise to create a flood of new opportunities for high-tech companies.
Last week a study from PricewaterhouseCoopers (PwC) seemed to confirm the point. The study noted that the booming healthcare market is expected to account for nearly one-fifth of US GDP by 2019. Further, PwC researchers found that consumers are willing to spend more than $13 billion of their own money per year for non-traditional healthcare products and services. These would include $4 billion on health-related video games, $8.9 billion on resources that rate physicians and hospitals, and $700 million on mobile health applications, according to PwC.
IDC Health Insights released another study last month that examined telecommunications providers' engagement in tele-health activities, noting that 2010 appeared to be a tipping point in their go-to-market strategies. According to IDC, the total addressable market for telecom providers in home tele-health in the US will grow to 60.3 million households in 2015.
Tele-health, which uses telecommunications technologies to transmit medical information over long distances, is a growing business that relies on applications such as videoconferencing capabilities, patient monitoring devices, and the increasing use of smartphones and tablets that allow physicians simpler and faster access to medical information.
The trend has encouraged telecom companies to jump into the market. Last November, AT&T launched AT&T ForHealth, a practice area devoted to delivering wireless, networked, and cloud-based solutions specifically for the healthcare industry.
Also last year Verizon unveiled the Verizon Health Information Exchange, a cloud-based service that consolidates clinical patient data and makes it available over the Internet.
As the healthcare sector moves from paper-based systems to digitized medical records, tech companies are focused on managing the growing volume of medical data that is being computerized, largely thanks to the federal government's injection of $19.2 billion to support the expanded adoption of health information technology. An additional $27 billion is also being disbursed under the Centers for Medicare and Medicaid Services' EHR Incentive Programs, which reimburse eligible hospitals and physicians that successfully adopt electronic health records and can show that they are using the technology to improve the quality of care.
In 2010, healthcare providers spent $88.6 billion on developing and implementing electronic health records, health information exchanges, and other health information technology initiatives, according to PwC. These huge budgets, along with expanded US investment in medical electronics and information, has spurred high-tech companies into action. For example, Dell is helping hospitals manage their datacenters and implement EHRs, and has recently struck a deal with Microsoft to provide a cloud computing offering to healthcare customers.
Last month, IBM expanded its Health Analytics Solution Center to incorporate some of the same analytical tools used in IBM's Watson supercomputer as a way to provide solutions for healthcare.
The Massachusetts Institute of Technology launched the Medical Electronic Device Realization Center (MEDRC) in May. MIT, in collaboration with Analog Devices and GE Global Research, will develop technologies aimed at improving patient-monitoring devices, point-of-care instruments, communication technology, and ultrasound imaging equipment.
In the meantime, more opportunities to provide cloud computing, storage technology, mobile devices, and wireless and networking capabilities are envisioned further down the road. According to PwC:
The 10-year implementation of the Patient Protection and Affordable Care Act (PPACA) will bring similar waves of opportunities as it changes the business models of insurers, providers, and pharmaceutical companies. That in turn opens further opportunities: for all kinds of service and product companies. For example, the government is attempting to redesign the health system through outcomes-based payments, health insurance exchanges, comparative effectiveness research, medical homes, and accountable care organizations.
High-tech companies looking for additional revenue streams may well find healthcare IT to be the cure for what ails them.
In this present world every one needs to think about healthcare plan, modernizing healthcare information technology infrastructure brings many new oppurtunities in healthcare field. I think with growing population,increasing diseases, and IT sector making new inventions in Healthcare field. If something like detecting patient through video sensor and calculate his pulse and giving first aid instructions etc will make peoples like soldiers life easier. I am just hoping more new inventions will take place in future years in Healthcare industry.
As you pointed out home Tele medicine is expected to grow more than 60.3million in the US and also its gaining popularity in the middle east and Asia too.
Sarayantil, you’re right it's about right timing. I think this is the right time - don't you think? Home tele health care is anticipated in the USA to grow to 60.3 million households in 2015.
With combination of factors, hopefully this will bring about better, more personalised, less expensive treatments that will keep the population healthier
In addition, with a variety of technology applications in the healthcare sector, this will help to increase output per individual health worker. I fully embrace this.
Excellent point re; social media. Back in April I had read an interesting blog concerning diagnostic laboratories and social media. The online blog basically asked lab managers what the top 6 applications for social media are from their viewpoint.
BTW, the conversation thread was on a Linked In group called Laboratory Management Professionals, a chat group chock full of dialogue among admins and chief medical technologists worldwide.
“Given the very rapid growth of social media it will become more and more important for eye care and surgery practices to adopt this method of connectivity to patients. Even for those ophthalmology practices that feel they have a solid foundation in internet marketing, participating in social media can be overwhelming and intimidating. It can also be a time consuming, ineffective and resource wasting effort,” said Ms. Carlisle. “The need to blend Internet strategy, brand strategy, patient acquisition strategy and media strategy into a coherent action plan-AND do it in the context of a medical practice with regard to content sensitivities, privacy and security, is not trivial.”
Having worked with several companies in healthcare, I can attest to the growth we're seeing here. Other areas of key interest include Patient Identification Systems (used in conjunction with RF technology), Materials Management (used to track and organize instruments that get re-used), Laboratory Management (used to help speed the flow and accuracy of patient sample handling and results reporting).
Your point is well taken. The intervention of technology to enable medical information to be shared and transmitted quickly among physicians will speed up the process of accessing patient information and therefore help doctors address problems faster.Furthermore, sharing electronic medical records among doctors seeing the same patient can eliminate the duplication of tests which is one way to reduce costs.
Health care - Its all about timing, precision, accuracy.With the intervention of electronics and IT is going to make things simpler and fast. Lets take skin for an example and we develop some kind of a lession if we are able to send the image or have an video chat it makes it simpler to cure it right away instead to wait till we get an appointment later.
Smart devices will come handy in the theatres , like the patient monitoring system.
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As Intel improves its chip technology and deals with a declining PC market, the company is still making a concerted effort to improve its supply chain.
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Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
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Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
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Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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