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Tipping Point - The Healthcare IoT

Internet of Things in Healthcare

On the edge of major transformation through advanced analytics is the healthcare industry. Their use of data technologies and big data are the driving force behind the change.

Big data is big business and offers valuable insights into customer’s spending habits as well as insights into marketing practices and financial services. But, in healthcare, data analytics can mean life or death. Gartner, always on the cutting edge of business intelligence trends has identified three trends transforming business processes over the next three years. One such trend is the increased use of wearable devices and the Internet of Things (IoT).

Most business processes will be eliminated or digitalized by 2020

Connected devices, sensors, smart machines, and wearable devices to monitor patients is growing. The opportunity to receive information in real-time and be more proactive in the healthcare space will increase in value in the industry. Operational processes are quickly becoming digitalized and decisions may soon be based on algorithmic, automated judgements.

New technologies such as machine learning, predictive analytics, and AI are putting real-time, relevant information in the hands of those who need it. These powerful new tools of information and advanced technologies are invaluable resources for patients, doctors, insurers, hospitals, and researchers.

In tandem with digitalization, wearable devices, and the healthcare Internet of Things (IoT) is the goal of modern healthcare systems to provide optimal care. With their advancements in new technologies, they can once again focus on patient-centric care vs fee-for-a-service as in previous decades.

Patient-Centric Care to Improve Modern Healthcare Systems

Meaningful use on information in the healthcare industry can improve a number of situations including care quality, reduced costs, and support for reformed payment structures.

Insurance companies are gradually progressing from fee-for-service compensation to data-driven incentives. The valuable information obtained through electronic health records (EHR) and other similar avenues offer a return on investment of higher quality, cost effective care. Improvements will also be made in reporting, claims processing, process automation, and data management.

The shifting focus in the healthcare industry through analytics is opening a treasure trove of value-based, patient-centric care and personalization. By focusing on outcomes and leveraging the advancements in technology, those responsible for a patient’s care find their time freed up and their information multiplied allowing them to monitor, control, and predict patient’s current care and future treatments. Additionally, more efficient, personalized care allows for transparency in billing and delivery, and measurable outcomes based on patient satisfaction.

The volume of data generated by smart devices, sensors, and wearable technology is escalating at a rapid pace. Its pace suggests greater spending in the next four years of up to $120 billion.

While many of these smart devices have been around for a number of years, new technologies allow providers and patients to manage day-to-day care lessening the need for in-person physician visits. Remote monitoring can detect medications being taken regularly, if a pacemaker is not pacing properly, and in some cases, predict whether or not a patient will suffer a seizure or stroke. The possibilities are endless and opportunities in the industry abound.

If you’re interested in contributing to the future of healthcare analytics, we might have the role for you. We specialize in Data and Analytics recruitment and always have a wide range of vacancies at both junior and senior level. Take a look at our current vacancies or contact us to find out more.

For the East Coast team please call 212-796-6070, or email newyorkinfo@harnham.com.

For the West Coast team please call 415-614-4999, or email sanfraninfo@harnham.com.