While legacy systems are still important parts of the functionality of hospitals and clinics, it is essential to start integrating them with emerging technologies and adopting more advanced solutions. This effort will contribute to enhancing efficiency, boosting performance, and protecting data much better. Therefore, it is more crucial than ever to keep up with healthcare technology trends in 2024.
So, what areas should your healthcare organizations focus on? Let’s draw from KMS Healthcare’s expertise in developing healthcare solutions to obtain the latest healthcare technology trends that will elevate your organization to new heights!
The COVID-19 pandemic acclerated health digitalization and health technology adoption. During this time, investors flooded the healthcare industry with enormous resources, enabling healthcare organizations to quickly adopt new capabilities. However, this stream of investment slowed down significantly after that, so some companies even had to close in 2023.
However, emerging technologies are still gaining traction. The most notable one is artificial intelligence which can help streamline operations, reduce administrative work, and improve overall productivity in the healthcare industry.
At the same time, when more and more organizations try to digitize their processes, healthcare data breaches can easily expose the sensitive personal information of millions of patients. It is a time when cybersecurity becomes a big challenge to handle.
The COVID-19 pandemic made health digitalization and health technology adoption faster. (Source: Demigos)
Rapid technological advancements make the year 2024 a time to bring transformative changes to the medical field. The following are several healthcare technology trends that can address the challenges and innovate care delivery models.
Artificial Intelligence (AI) and Machine Learning (ML) play an important role in managing data, providing healthcare, and supportingclinical decisions. What do these technologies do? They can help process big data and provide crucial insights for diagnosis and treatment.
Regarding AI, it contributes to enhancing the precision and scope of diagnostics. For example, when AI-powered whole-slide imaging is incorporated with traditional methods like biopsies, pathologists can examine wider tissue areas to better understand diseases like cancer. Overall, AI accelerates the diagnostic process and improves accuracy.
In terms of ML, which is a subset of AI, this technology is a great tool for analyzing complex data like CT scans. It has proved to function very well during the COVID-19 pandemic with various challenges.
AI contributes to enhancing the precision and scope of diagnostics. (Source: ActiveState)
Since its debut in 2020, telemedicine has grown a lot to help patients get qualified consultations. It has been adopted by 82% of consumers since COVID-19. But its market will continue to grow and is expected to reach $225 billion by 2030.
On the other hand, remote patient monitoring technology also helps in delivering high-quality patient care. This technology allows continuous monitoring of patient health data. It sends data directly to health providers, particularly vital for high-risk patients to get timely and efficient care. The remote patient monitoring market is expected to reach $175.2 billion by 2027, up from $53.6 billion in 2022.
These two advanced technologies contribute to improving the patient experience and healthcare institutions’ efficiency. As these digital trends in healthcare technology continue to develop, they become the top healthcare technology trends to consider in 2024!
Telemedicine has grown a lot to help patients get qualified consultations. (Source: Mobisoft Infotech)
Besides frequent and preventive care, patients now expect more instant updates on their health. Wearable technology devices can help healthcare organizations effectively meet these demands of patients. These devices allow real-time monitoring of high-risk patients to detect critical health incidents early. Therefore, the market for wearable medical devices is estimated to reach $41.8 billion in 2024 and $86.2 billion by 2029.
Wearable devices include blood pressure monitors, glucose meters, ECG monitors, fitness trackers, and integrated activewear. These devices enable healthcare professionals to remotely communicate with their patients and monitor their health conditions better, regardless of their distances.
As people increasingly prioritize preventive well-being and health tracking, a range of new wearable devices will enter the market in 2024. Moreover, this trend opens an era of virtual-based hospitals, where patients can receive healthcare from their homes.
Wearable devices enable healthcare professionals to remotely communicate with their patients and monitor their health conditions better. (Source: Postgraduate Medical Education)
The backbone of the healthcare industry should lie in patient data, particularly within electronic health records. However, most of the current methods of storing and exchanging this sensitive information are not strong enough to ensure optimal security and efficiency. More than 11.5 billion medical records have fallen victim to breaches since 2005 with the escalating threats of cyberattacks and fraud. As a result, it is necessary to establish a secure system to protect patient data.
The solution for this issue is blockchain technology which is an innovative decentralized digital ledger system helping healthcare organizations securely store and share data in near real-time.
Blockchain-based systems are better than current vulnerable existing systems in preventing hacking and cyber theft. It presents heightened security measures for patient information and allows exclusive access to authorized individuals. The blockchain technology, therefore, can help healthcare providers guarantee the security and authentication of all records, mitigate the risks of fraud, and ensure data accuracy at the same time.
Leading countries such as Australia and the U.K. have experimented with blockchain to manage medical records and transactions. Nevertheless, in the United States, stringent regulations have hindered healthcare companies in this country from developing blockchain-based electronic health records. However, with ongoing research and development of blockchain, we are confident in the future of this technology.
Blockchain-based systems are better than current vulnerable existing systems in preventing hacking and cyber theft. (Source: The World Economic Forum)
Healthcare executives face a major challenge when they have to adopt new technologies and business models under financial pressure. Because of this, many will fall behind. But this year is expected to bring remarkable innovations for organizations that manage to adapt to the changing landscape. Therefore, this year is the year for healthcare leaders to choose the right path for their organizations.
In such a disruptive environment, it is natural to feel anxious for the future. According to Deloitte’s Health Care Outlook Survey, only 3% of health system executives and 7% of health plan executives have a “positive” outlook for 2024.
However, there are bright spots as the industry undergoes convergence. There is the disruption of traditional healthcare stakeholders to allow the entry of new players like retailers and tech companies and the creation of new opportunities within the ecosystem.
As there are such many new challenges, medical technology is a vital way for leaders to improve performance, increase collaboration, and manage costs. It can handle various complex tasks to streamline processes, automate tasks, and improve workflows. Finally, when they manage to adapt the advancements properly, they can confidently expect a blossoming result with enhanced patient care, improved experiences, and reduced burnout, especially.
As there are such many new challenges, adopting innovative technology is a vital way for leaders to improve performance. (Source: Parallels)
Considering the concept of convergence, it is crucial for healthcare organizations to determine their future outlook. This effort will enable them to develop a strategic plan for 2024.
When the strains caused by labor shortages, inflation, and the ongoing COVID-19 pandemic reduce, the financial health in 2023 gradually improves and is expected to get better in 2024. Healthcare delivery players have made significant transformation efforts over the past year or two to make things better.
However, health-system margins still lag behind their pre-pandemic levels in terms of financial performance. Profit pools in skilled nursing and long-term care are weakening, and eligibility redeterminations in a robust job market have negatively impacted payers’ financial performance in the Medicaid segment. Nevertheless, payers have seen favorable economics in the Medicare Advantage and individual segments.
Looking ahead to 2027, one of the most significant opportunities for payers lies in the managed care duals population, which includes individuals eligible for both Medicaid and Medicare. On the healthcare delivery side, financial performance will continue to rebound as transformation efforts, mergers and acquisitions, and revenue diversification strategies yield results.
Technology adoption will fuel the growth of healthcare services and technology businesses, particularly those offering measurable short-term improvements for customers. Additionally, pharmacy services players, especially those focusing on specialty pharmacies, are expected to experience growth.
Technology adoption will fuel the growth of healthcare services and technology businesses. (Source: EY)
Because of the rapid pace of technology, it is difficult to predict what will happen in the coming year. Security measures are expected to improve across the industry, but there is still a need for a more proactive approach to prevention rather than reactive responses. Emerging technologies like artificial intelligence and machine learning continue to advance for ongoing enhancements in the quality and efficiency of the healthcare industry.
When considering incorporating healthcare technology trends into your organizations, it is essential to choose skilled and experienced engineers to go with you. They are the ones who understand your unique needs and long-term objectives. That is where KMS Healthcare comes in to achieve your goals. Contact them today for a conversation and start developing a clear action plan for your own healthcare organization!
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