‘health’ and ‘technology’ are two common words that almost everyone must have heard. However, not everyone has heard of healthtech, or a healthtech company, which is why we have discussed it in this article. So, what is a healthtech company?
A healthtech company is a company that focuses on improving healthcare through technological innovation.
They include startups, established businesses, and even government agencies. And there are several reasons why the healthcare sector is a hotbed for innovation.
First, healthcare costs continue to rise, especially for chronic diseases. Second, the U.S. spends twice as much per capita on healthcare as other developed countries.
Third, the Affordable Care Act was passed in 2010, requiring insurance providers to cover preventative care and wellness programs.
Fourth, the ACA also requires insurers to provide coverage for mental health services. Finally, the number of people turning 65 every year continues to increase.
So, the demand for medical services will continue to increase. HealthTech companies are innovating in four main areas:
The use of technology to help patients manage their conditions. It is also used to find new treatments based on their genetic information.
This can range from wearable devices that track blood pressure to smartphones with apps that help people manage diabetes.
Telehealth involves the delivery of healthcare services via electronic communication technologies. Physicians, nurses, pharmacists, dentists, psychologists, physical therapists, and services may provide services.
Digital Healthcare Records
This technology uses digital tools to store patient data. So, doctors, nurses, and pharmacies can easily access it.
Electronic Medical Record Systems
These software applications allow doctors to share patient information electronically across different locations.
There are different ways in which technology improves healthcare. However, not all innovations are equal. Some have the potential to make an immediate impact, while others require more time before they produce results.
Benefits of Healthtech
The benefits of HealthTech are many. Here are some examples:
Improved Patient Outcomes
Technology allows patients to track their health and receive treatment at home. For example, a person with diabetes could wear a glucose monitoring device and view their readings on their smartphone.
If the level gets too high, the patient will take insulin accordingly. In this case, the patient’s condition is better managed because they know what is going on.
Technology helps reduce costs by reducing errors and increasing efficiency. For instance, if a doctor orders a test but doesn’t get the results within 24 hours, the hospital must spend additional money to re-order the tests.
However, the doctor can order the test remotely and still get results by using telemedicine. The result? A lower overall cost to the patient.
Better Quality of Life
Technology improves the quality of life by allowing people to stay active and healthy. For example, a stroke victim might use a robotic arm to move around their house. Or someone with multiple sclerosis might use a computer game to practice walking again.
Better Job Satisfaction
As mentioned above, technology helps save money and improve the quality of life. It also allows higher job satisfaction among employees. Doctors, nurses, technicians, etc., love working with technology. They feel like they’re part of something important when they use it.
Challenges of Healthtech
HealthTech has its challenges as well. Here are a few:
Privacy concerns arise whenever personal information is shared online. Many people worry about who will have access to their medical records and how they will use those records.
There are risks associated with sharing sensitive information over the internet. Hackers can steal that information or misuse it for malicious purposes.
Government regulations often lag behind technological advancements. This means that new laws may not catch up with new technology until after implementation.
Healthcare providers need to invest in new technologies. That means spending money upfront. But once these investments pay off, the return on investment is enormous.
Future of Healthtech Companies
The future of HealthTech looks bright. More companies are investing in innovative solutions to help patients live healthier lives.
And they’re doing so by providing services that were previously only available in hospitals. There are different reasons why the healthtech trend is likely to continue:
- There are different types of technology that we can apply to healthcare.
- The industry is multiplying.
- Also, the government is increasingly interested in improving how we treat our citizens.
- The general public is becoming more aware of maintaining good health.
So, it’s safe to say that the future holds even greater innovation. We’ll see more innovations in artificial intelligence (AI) and robotics, and AI is already being used to create robots that perform surgery.
Eventually, we could see robots performing routine tasks while doctors focus on complex cases. In other words, the future of Health Tech is inspiring!