{"id":4488,"date":"2021-05-27T09:02:30","date_gmt":"2021-05-27T09:02:30","guid":{"rendered":"https:\/\/codewaveinsdev.wpengine.com\/?p=4488"},"modified":"2023-08-01T14:53:05","modified_gmt":"2023-08-01T14:53:05","slug":"healthcare-digital-transformation-company","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/healthcare-digital-transformation-company\/","title":{"rendered":"Healthcare Digital Transformation \u2013 A Primer For CXOs"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>COVID-19 underlined the need for accelerating healthcare digital transformation, and vaccination hyperness made me realize how useful something like Blockchain could be for transparent distribution of vaccines and providing general healthcare \u2013 with unified citizen identity (Aadhar ID), seamless integration with insurance providers &amp; government databases.<\/p>\n<cite>\u2013 Vidhya Abhijith, Co-founder @ Codewave<\/cite><\/blockquote>\n\n\n\n<p>US health spendings are estimated to reach&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.cms.gov\/research-statistics-data-and-systems\/statistics-trends-and-reports\/nationalhealthexpenddata\/nhe-fact-sheet\" target=\"_blank\">$6.2 trillion<\/a>&nbsp;by 2028. To grab a pie of this market, incumbent healthcare organizations need to embrace digital transformation. While disruptions loom over the healthcare sector, is&nbsp;<strong>\u2018healthcare digital transformation\u2019<\/strong>&nbsp;your go-to strategy for thriving in times of uncertainty?<\/p>\n\n\n\n<p>Yes, that\u2019s true.<\/p>\n\n\n\n<p>Disruption is knocking on the doors of healthcare organizations. Aaron Martin, VP of Providence&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.beckershospitalreview.com\/digital-transformation\/12-healthcare-innovation-execs-define-what-disruption-means-to-them.html\" target=\"_blank\">says<\/a>, \u201cdisruption is a competing business model that puts the existing incumbent model at a disadvantage. It typically delivers more value to the ends of the value chain \u2014 either the source of value creation (physicians\/clinicians) or end consumer (patients) of value being created in the chain.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/q_auto:eco\/v1622108821\/healthcare_digital_transformation_disruption.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Image:&nbsp;<a href=\"https:\/\/www.gartner.com\/en\/industries\/healthcare-providers-digital-transformation\" target=\"_blank\" rel=\"noreferrer noopener\">Fragile vs Fit Healthcare Stat<\/a><\/figcaption><\/figure>\n\n\n\n<p>Just like the retail industry, fragile healthcare doors i.e., 41% of healthcare organizations possibly won\u2019t survive this disruption and its pace, but fit ones may.<\/p>\n\n\n\n<p>The solution to the challenges posed by healthcare disruption lies at the intersection of healthcare &amp; technology i.e.,&nbsp;<strong>healthcare digital transformation<\/strong>. Healthcare digitization is the key to&nbsp;<\/p>\n\n\n\n<ul>\n<li>unlocking innovation across the healthcare value chain,&nbsp;<\/li>\n\n\n\n<li>discovering new business models,&nbsp;<\/li>\n\n\n\n<li>integrating care delivery &amp; management.<\/li>\n<\/ul>\n\n\n\n<p>Another report projects&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mckinsey.com\/industries\/pharmaceuticals-and-medical-products\/our-insights\/healthtech-in-the-fast-lane-what-is-fueling-investor-excitement\" target=\"_blank\">the digital healthcare market to surpass $600 Bn+ by 2024<\/a>. The strong growth prospects further heighten and bolster payers, providers, and investors\u2019 enthusiasm for the&nbsp;<strong><a href=\"https:\/\/codewave.com\/services\/digital-business-transformation\/\" target=\"_blank\" rel=\"noreferrer noopener\">healthcare digital transformation<\/a><\/strong>.<\/p>\n\n\n\n<p>Read this article as your primer on&nbsp;<strong>digital transformation in healthcare<\/strong>.<\/p>\n\n\n\n<h2 id=\"what-is-digital-transformation-in-healthcare\" class=\"wp-block-heading\">What is digital transformation in healthcare?<\/h2>\n\n\n\n<p>Embracing EHRs (Electronic Health Records) and tech solutions that virtualize parts of care delivery like telehealth, remote monitoring, eVisits, digital front doors etcetera are the very basic steps towards&nbsp;<strong>healthcare digital transformation<\/strong>. The idea is to leverage technology to&nbsp;<\/p>\n\n\n\n<ul>\n<li><em>Enhance healthcare access,<\/em><\/li>\n\n\n\n<li><em>Optimize operations,<\/em><\/li>\n\n\n\n<li><em>Deliver timely care,<\/em><\/li>\n\n\n\n<li><em>Keep costs in check, and&nbsp;<\/em><\/li>\n\n\n\n<li><em>Match customer expectations.<\/em><\/li>\n<\/ul>\n\n\n\n<p>A slightly deeper foray into digital healthcare means harnessing real-time data from disparate sources with the help of wearable technology and delivering predictive care on time. Harnessing technologies like AIML, XR, Drones, Digital-twins, Blockchain, Edge analytics, and 5G could be your next steps towards building a highly resilient and efficient healthcare organization.<\/p>\n\n\n\n<h2 id=\"5-digital-transformation-trends-in-healthcare\" class=\"wp-block-heading\">5 digital transformation trends in healthcare<\/h2>\n\n\n\n<p>Genome sequencing is enabling clinicians to detect &amp; treat diseases way before it becomes deadly. Predictive analytics is efficiently minimizing patient re-admissions and ensures the healthcare organization\u2019s operational wheels don\u2019t break due to overload. And several other trends are bringing revolutionary shifts in how patients, payers, and providers access or deliver care.<\/p>\n\n\n\n<p>I personally feel excited about the time when surgeons can teleport and perform virtual robotic surgeries. It might become a reality soon. Anyways, here are the top 5 tech trends fuelling healthcare digital transformation.<\/p>\n\n\n\n<h3 id=\"securing-ehrs-cybersecurity\" class=\"wp-block-heading\">Securing EHRs &amp; Cybersecurity<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/q_auto:eco\/v1622108811\/healthcare_digital_transformation_data_security.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Image:&nbsp;<a href=\"https:\/\/www.hipaajournal.com\/largest-healthcare-data-breaches-in-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">Healthcare Data Breaches<\/a><\/figcaption><\/figure>\n\n\n\n<p>Cybersecurity has grown further in significance esp with escalating ransomware and phishing attacks on healthcare organizations\u2019 EHR software. In 2020,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.hipaajournal.com\/largest-healthcare-data-breaches-in-2020\/\" target=\"_blank\">28Mn+ personally identifiable information of patients were exposed<\/a>.<\/p>\n\n\n\n<p>From Trinity Health to MEDNAX and Luxottica, a total of 616 attacks were reported where hackers stole 500 or more records. The biggest attack was the \u2018Blackbaud ransomware attack\u2019 where 8Mn+ health records were compromised. Healthcare data breaches forced several big&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/healthitsecurity.com\/news\/security-threat-forces-hendrick-health-to-ehr-downtime-procedures\" target=\"_blank\">healthcare chains to operate under EHR downtime procedures<\/a>.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[Through IoMT] healthcare will increase its attack surface rather than shrink its attack surface.\u201d<br>\u2013 Frost &amp; Sullivan<\/p>\n<\/blockquote>\n\n\n\n<p>Securing your digital infrastructure in the age of cloud and IoMT is critical to delivering patient care. \u2018Zero trust security model\u2019 is a rising trend among healthcare payers and providers to boost security aspects.<\/p>\n\n\n\n<p>It means that even the organization\u2019s insiders would need to go through regular rigorous authentication and authorization before accessing critical data &amp; applications.<\/p>\n\n\n\n<p>Patching vulnerabilities, continuous security audits, incident response plans, data backups, training the employees, and collaborating with vendors who prioritize security are some of the concrete steps towards keeping your healthcare infrastructure safe.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"iomt-wearables\" class=\"wp-block-heading\">IoMT &amp; Wearables<\/h3>\n\n\n\n<p>Internet of medical things (IoMT) is rapidly transforming the care delivery process. IoMT is estimated to be a&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.marketwatch.com\/press-release\/internet-of-medical-things-iomt-market-size-2021-in-depth-analysis-market-dynamics-with-top-players-impact-of-covid-19-case-study-analysis-industry-impact-and-global-forecast-till-2026-2021-03-15\" target=\"_blank\">$142.5 Bn+ market by 2026<\/a>. IoMT is a network of digitally connected smart edge devices, software systems,&nbsp; and servers that empowers you to deliver remote patient care.<\/p>\n\n\n\n<p>Prevalence of chronic diseases, the ability of IoMT devices to track, collect, analyze, transmit health data, and the obvious advantages of real-time health monitoring, improved drug dosage management, improved patient outcomes, and reduction in medical expenditure are some of the prominent contributors behind the rapid adoption of smart wearable medical devices across the world.<\/p>\n\n\n\n<p>Healthcare organizations are adopting new technologies and operating models to enhance the patient\u2019s overall experience.&nbsp;<a href=\"https:\/\/mhealthintelligence.com\/news\/88-of-providers-investing-in-remote-patient-monitoring-tech\" target=\"_blank\" rel=\"noreferrer noopener\">88% of care providers are investing in remote patient care solutions<\/a>&nbsp;and IoMT enables you to achieve exactly that.&nbsp;<\/p>\n\n\n\n<h3 id=\"5g\" class=\"wp-block-heading\">5G<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/q_auto:eco\/v1622108835\/healthcare_digital_transformation_infrastructure.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Image:&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.researchgate.net\/figure\/5G-smart-healthcare-architecture_fig1_334641135\" target=\"_blank\">5G Smart Healthcare Architecture<\/a><\/figcaption><\/figure>\n\n\n\n<p>5G can speed up the digitization rate in healthcare. Network bandwidth is one of the major bottlenecks that limit the use-cases and penetration of IoMT. PET scanners generate extremely large file sizes. One patient can have filed as big as 1 gigabyte. High network performance is desirable to transmit these files in real-time to the specialist doctors.&nbsp;<em>With 5G it would be possible to reliably deliver care in real-time<\/em>.<\/p>\n\n\n\n<p>In short, 5G would enable healthcare players to efficiently utilize IoT, AR, VR, AI &amp; Analytics. R&amp;D for 5G-powered smart healthcare architectures is rising.<\/p>\n\n\n\n<h3 id=\"data-ai-ml\" class=\"wp-block-heading\">Data, AI &amp; ML<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/q_auto:eco\/v1622108817\/healthcare_digital_transformation_technologies.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Image:&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.zdnet.com\/article\/data-analytics-machine-learning-and-ai-in-healthcare-in-2021\/\" target=\"_blank\">Source<\/a><\/figcaption><\/figure>\n\n\n\n<p>Healthcare is not a \u2018move fast and break things\u2019 industry. But IoMT, 5G, AI &amp; ML together are poised to give the healthcare industry its biggest shakeup in recent times. What Biochemistry experts used to achieve after 10s of years of studies, experiments, and experiences,&nbsp;<em>algorithms are doing that in a much shorter time with better efficiency<\/em>.<\/p>\n\n\n\n<p>Automated drug discovery, preventive predictive care, and personalized treatment for optimum patient results are the most pursued verticals among the IT teams of healthcare organizations. All this is possible when IoMT, AI, and ML work in tandem. Data is the fuel, 5G is the pipeline, AIML is the refinery, IoMT is like a drilling rig.<\/p>\n\n\n\n<p>Support Vector Machine (SVM), Neural Network, Logistic Regression, Random Forest, Discriminant Analysis, Naive Bayes, Nearest Neighbor, Decision Tree, and Hidden Markov are the most widely used AI algorithms in the healthcare domain.<\/p>\n\n\n\n<p>SVMs are popular for solving classification problems and are extensively used in clinical research to identify imaging biomarkers and diagnose neurological diseases. Neural networks are used for drug discovery and development, biochemical analysis, image analysis, etcetera. For example, predicting breast cancer by analyzing mammographic images.<\/p>\n\n\n\n<h3 id=\"blockchain\" class=\"wp-block-heading\">Blockchain<\/h3>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"http:\/\/www.bmj.com\/content\/353\/bmj.i2139\" target=\"_blank\">3rd biggest cause behind death in the US is clinical mistakes<\/a>. Yes, but it\u2019s not there on any death certificate. A major reason behind these clinical mistakes is the lack of effective patient information sharing between healthcare organizations. This patient information gap amid healthcare institutions and practitioners can be addressed with blockchain. Blockchain technology at its core is a big distributed ledger with immutable records of every single transaction between the stakeholders.<\/p>\n\n\n\n<p>Now, imagine a nationwide blockchain network for EHRs and\/or EMRs. It would&nbsp;<strong>exponentially boost interoperability between healthcare patients, payers, and providers<\/strong>, put patients in control of their data, enhance health outcomes for patients, and bolster data security to a level that is beyond the reach of even high-caliber hackers.<\/p>\n\n\n\n<p>Those were our top 5 picks for transformational technologies in the healthcare industry. 3D printing, nano-technology are some other promising developments in healthcare but more on them in some other post.<\/p>\n\n\n\n<h2 id=\"how-codewave-can-help-you-in-digitally-transforming-your-healthcare-institution\" class=\"wp-block-heading\"><strong>How Codewave Can Help You In Digitally Transforming Your Healthcare Institution?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/q_auto:eco\/v1622108809\/healthcare_digital_transformation_conusmer_adoption_trends.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Image: McKinsey<\/figcaption><\/figure>\n\n\n\n<p>When consumers are open to the use of digital in healthcare what\u2019s stopping you from adopting a better operational healthcare infrastructure and governance?<\/p>\n\n\n\n<p>Organizational culture?<\/p>\n\n\n\n<p>Lack of digitally skilled workforce?<\/p>\n\n\n\n<p>Government regulations?<\/p>\n\n\n\n<p>Budget?<\/p>\n\n\n\n<p>Well, \u2018culture\u2019 is an internal issue and your management team is the best one to take care of it.<\/p>\n\n\n\n<p>Team Codewave can help you fill the skill gap. Our professionals with expertise in Web, Mobile, and IoT technologies can build high-performing, highly secure software solutions for you.&nbsp;<\/p>\n\n\n\n<p>From revamping your existing siloed tech stack to building new intelligent digital capabilities from scratch, we got your back.<\/p>\n\n\n\n<p>Do take a look at our&nbsp;<a href=\"https:\/\/casestudies.codewave.com\/category\/healthcare\/\" target=\"_blank\" rel=\"noreferrer noopener\">healthcare case studies<\/a>, explore our&nbsp;<a href=\"https:\/\/codewave.com\/services\" target=\"_blank\" rel=\"noreferrer noopener\">services<\/a>, and feel free to&nbsp;<a href=\"https:\/\/codewave.com\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">reach our consultants<\/a>&nbsp;for developing innovative AI-ML, Data, Blockchain, IoMT applications.<\/p>\n\n\n\n<p><a href=\"https:\/\/codewave.com\/services\/artificial-intelligence-and-machine-learning\"><strong>Outsource your machine learning requirements to Codewave\u2019s experienced developers.<\/strong><\/a><\/p>\n\n\n\n<h2 id=\"frequently-asked-questionsfaqs\" class=\"wp-block-heading has-background\" style=\"background-color:#fed330\">Frequently Asked Questions(FAQs)<\/h2>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-accordion gb-block-accordion\"><details><summary class=\"gb-accordion-title\"><strong>1. <strong>What are the benefits of digital healthcare transformation for patients?<\/strong><\/strong><\/summary><div class=\"gb-accordion-text\">\n<p>Healthcare digital transformation can bring many benefits for patients, including improved access to medical information, increased convenience and efficiency in scheduling appointments and managing prescriptions, and improved communication with healthcare providers. Additionally, digital tools can help patients better manage their health and wellness, such as through telehealth and remote monitoring. This can lead to better health outcomes, reduced costs, and improved patient satisfaction.<\/p>\n<\/div><\/details><\/div>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-accordion gb-block-accordion\"><details><summary class=\"gb-accordion-title\"><strong>2. How does healthcare digital transformation improve the efficiency of healthcare systems?<\/strong><\/summary><div class=\"gb-accordion-text\">\n<p>Healthcare digital transformation improves the efficiency of healthcare systems by increasing automation, data analysis, and communication. Automation of repetitive tasks such as appointment scheduling and prescription refills allows healthcare professionals to focus on more important tasks. Data analysis allows for improved patient outcomes by identifying patterns and trends that can inform treatment decisions. Improved communication through digital channels allows for more efficient sharing of patient information and collaboration between healthcare providers. Overall, digital transformation can help to reduce costs, improve patient outcomes, and increase the overall efficiency of the healthcare system.<\/p>\n<\/div><\/details><\/div>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-accordion gb-block-accordion\"><details><summary class=\"gb-accordion-title\"><strong>3. <strong>How can healthcare providers ensure the security and privacy of patient data?<\/strong><\/strong><\/summary><div class=\"gb-accordion-text\">\n<p>Healthcare providers can ensure the security and privacy of patient data by implementing a combination of technical and organizational measures. These measures can include:&nbsp;<\/p>\n\n\n\n<ul>\n<li>implementing encryption for patient data both in transit and at rest.<\/li>\n\n\n\n<li>Implementing secure access controls and authentication mechanisms.<\/li>\n\n\n\n<li>Regularly monitoring systems for potential breaches.<\/li>\n\n\n\n<li>Conducting regular security audits and risk assessments.<\/li>\n\n\n\n<li>Providing regular training to staff on data privacy and security best practices.<\/li>\n\n\n\n<li>Complying with relevant regulations and industry standards such as HIPAA.<\/li>\n<\/ul>\n<\/div><\/details><\/div>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-accordion gb-block-accordion\"><details><summary class=\"gb-accordion-title\"><strong>4. How can healthcare organizations implement digital transformation in a cost-effective manner?<\/strong><\/summary><div class=\"gb-accordion-text\">\n<p>Go lean. Implement digital transformation in a cost-effective manner by starting small and then sustainably scaling up. This can be done by identifying specific areas where technology can improve efficiency and patient outcomes, such as electronic medical records or telemedicine. Organizations can also look for cost-effective solutions such as cloud-based platforms, open-source software, and partnerships with technology companies. Additionally, training and upskilling existing staff on new technology are essential to ensure successful adoption. By taking a phased approach, healthcare organizations can implement digital transformation in a cost-effective and sustainable manner.<\/p>\n<\/div><\/details><\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"What are the benefits of digital healthcare transformation for patients?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Healthcare digital transformation can bring many benefits for patients, including improved access to medical information, increased convenience and efficiency in scheduling appointments and managing prescriptions, and improved communication with healthcare providers. Additionally, digital tools can help patients better manage their health and wellness, such as through telehealth and remote monitoring. 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Build solutions with AI, IoMT &#038; Blockchain\n","protected":false},"author":1,"featured_media":4494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"full","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[32,31],"tags":[147,110,240,242,243,244,245,247],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Healthcare Digital Transformation \u2013 A Primer For CXOs<\/title>\n<meta name=\"description\" content=\"Is \u2018healthcare digital transformation\u2019 your go-to strategy for thriving in times of uncertainty? 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