The Old Model of Healthcare is Dead! Here is How to survive the Healthtech Wave

Telemedicine is not a new concept it has been around for about 52 years, even when the name was not yet coined. When the pandemic struck, it exposed the old fault lines in the Healthcare System and created such bottlenecks that necessitated a shift to virtual care. Of the 2.7 million encounter records about 1,629,000 telehealth encounters occurred in the first 3 months of 2020, the initial days of the pandemic, a 50% rise over the previous year.

A sharp rise in the numbers in March are in part due to the changes in regulations, they allowed for the reimbursements of telemedicine visits in America. Regulations are thus one of the most important pieces of the telemedicine puzzle.

The State of Digital Transformation in Healthcare

It is significant to address the issue of digital transformation here because there is a difference in the way the healthcare system changes and adopts.

According to the recent research Digital Health Partners reveals that only 7% of healthcare and pharmaceutical companies have gone digital, vis-a-vis 15% in other industries. Unfortunately, the healthcare and pharmaceutical industries have lagged when it comes to implementing digital strategies. Yes, you read that right!

Going digital has become an existential necessity because of the need and impact of technologies like telemedicine, AI-enabled MIoT, and blockchain Electronic Health Records (EMR) that have shown incredible results for organizations that have been at the frontiers.

The Need for Strategic Digital Transformations

The competition will intensify in the healthcare industry as digital technologies give power to medical institutions to reach far and wide.

Read our complete blog to get detailed insights into how healthcare is changing and so should the players