Technological Innovation In Healthcare: Staying Ahead of the Game

In a healthcare environment that is increasingly focused on efficiency, it can be difficult to find the time or the means to foster innovation or out-of-the-box thinking, especially in a clinical practice setting. However, healthcare consumerism — the tendency for patients to act more like customers, with the same price sensitivities and willingness to “shop around” — has, to a degree, started to force the hand of many healthcare-centered businesses in this regard. Technological advances keep coming, and as they are more commonly adopted, the expectation from patient-consumers that they will be available to them wherever they go will only increase.

What innovations in healthcare tech are ripe for widespread implementation in the coming years? Here are two we expect to see popping up frequently in offices big and small.

Artificial Intelligence (AI).

There is still a prevailing idea that the introduction of AI into so many facets of business and even society overall means that robots will soon be taking over the world. However, most experts would say that AI, without humans, doesn’t exist, for it’s the humans that provide the data points needed to make AI work. For individual practices, the implementation of AI primarily relates to the automation of routine tasks. This can mean AI chatbots that can assist with online patient scheduling, “smart contracts” that can handle insurance authorizations, or AI accounting software that enables automated bank account reconciliation.

The intersection of Big Data and the Internet of Things (IoT).

If there’s one thing that the healthcare industry knows how to generate in reams it’s data. Finding ways to use that data to enhance patient care can make a huge impact on patient experience, which ultimately keeps them coming back, rather than shopping around. This, in turn, creates a positive feedback loop that also helps ensure a healthy practice bottom line.

One example of using Big Data and IoT in clinical environments are smart watches/fitness trackers. While these have been popular with consumers for a number of years, most do not share that information with their providers. Making it simple to share that data with a care team, especially in a vulnerable population such as cardiac or diabetes patients, can result in the transmission of invaluable information to clinicians. After all, if their patients are moving more, they know that their prognosis is much more likely to be positive in the long term. Another example is “smart inhalers,” used in asthma patients to track usage patterns (how often), their triggers, as well as compliance with a given treatment plan.

The challenge for healthcare innovators: working capital.

Innovation may be necessary in order to provide the best care, but that doesn’t make it any less of a financial investment. Now, more than ever, it can be difficult for healthcare providers to find outside financing, especially funding that is customized and at the appropriate scale for their needs. Praxis offers solutions ranging from factoring lines and term facilities to short-term working capital. We provide the working cash you need to grow your business and achieve your goals with repayment terms unlike anything in the industry. Interested in finding out more about how Praxis can help your practice innovate? Contact Aquina Health today.