4 Industry Experts Discuss at Roundtable — The Digital Future of Healthcare
The hyperbole surrounding Digital Transformation has a ring of truth that comes from the incredible results it has demonstrated in every industry.
Yet it has taken a while for the healthcare industry to wake up to digital as a matter of great immediacy. The delay could be attributed to the radically different nature of healthcare owing to its highly regulatory and conservative approach that remains highly skeptical of digital technologies on issues such as cybersecurity and privacy.
According to recent research by Digital Health Partners, only 7% of healthcare and pharmaceutical companies have gone digital, vis-a-vis 15% in other industries. The latest research by McKinsey (Telehealth: A quarter-trillion dollar post-COVID-19 reality?) slates the potential for value creation to be near USD 250 billion. This makes the visualization of the amount of value that can be created via digitals technologies abundantly clear.
Going digital has become an existential necessity because of the need and impact of technologies like integrative Platforms, Telemedicine, AI-enabled IoMT, Blockchain, and more, have shown incredible results for frontier organizations.
The Healthcare Roundtable
In response to the unprecedented digital acceleration in Healthcare, Techment organized this roundtable with prominent global healthcare experts and over 150 participants who joined us from 13 countries.
Manish Agrawal, co-founder and CEO, Techment Technology, was the perfect host of the event. He coordinated the entire session, asked tough questions to the panelists, conducted polls and monitored the Q&A sessions.
Here are the excerpts from the roundtable discussion:
The Dawn of Consumer-Centric Healthcare
“How has the pandemic changed patient needs and expectations, and what care providers must do to better serve the evolved patient? And do you feel it right if we call them customers?”
Dr. Vikram Venkateswaran responded to the questions directed at him:
“Today, the consumer expectation has undergone a radical change, and the benchmark of services is Amazon. Consumers expect the same level of service from healthcare providers. Globally, private caregivers who do not adapt to digital, do not harness data, and fail to use it for insights will perish in the coming 5–10 years. The gap between patient expectations and what care providers can deliver will prove fatal.” Dr. Vikram concluded.
Leveraging Data for Better Care Delivery
“How can care providers leverage data to address issues of value-based care, personalization, and interoperability?’
James J. Stoodt responded to the question:
“Digital is transforming two core entities of the care system: The patient and the care team. Data allows strategic decision-making for both parties and thus, facilitates better patient care and personalization of care with telehealth in the grand scheme of things.” James explained.
Digital Lead Innovation and New Ecosystems
“Using technology, can companies create new value, innovate and develop new ecosystems that fundamentally change care delivery? How can care providers survive and exploit this trend?”
Tripp Braden shared insights on the topic:
“Innovation comes from approaching things differently. We can look at things from a different vantage point — Why are care providers after the sick, why are they not serving people to prevent sickness? Tough questions have to be answered — How does one innovate when there is a life involved? How can the regulations change to have an affirmative effect on innovation and not strangulate them?
Technology is getting 50% cheaper by the year, and equipment is getting affordable; that reality is not going away. It is time we look at innovation with these things in mind and put together each piece of the healthcare puzzle to make a better tomorrow possible”
To read the entire roundtable excerpts read our blog and listen to the entire roundtable, please follow the link: Healthcare Roundtable.