Technology and Healthcare Cost

The reach of technological innovation continues to grow, changing all industries as it evolves. Medicine in the 21st century is increasingly dependent on technology. It plays a crucial role in almost all processes, from patient registration to data monitoring, from lab tests to self-care tools.

Devices like smartphones and tablets are starting to replace conventional monitoring and recording systems. People are now familiar with undergoing a full consultation in the privacy of their own homes. Technological advancements in the healthcare industry have contributed to services being taken out of the confines of hospital walls and integrating them with user-friendly, accessible devices.

Here are some of the important technologies that have emerged in order to develop the healthcare sector.

1. 3D PRINTING

3D printing is used for the development of new surgical cutting and drill guides, prosthetics as well as the creation of patient-specific replicas of bones, organs and blood vessels. It also contributes to the development and preparation of personalized medicines at pharmacy as well as industrial scale. Recent advances of 3D printing in healthcare have led to lighter, stronger and safer products. It also helped in reduced lead times and lower costs.

2. THE ELECTRONIC HEALTH RECORD (EHR)

The EHR has already created big strides in the centralization and efficiency of patient information. It’s a real time patient-centric digital record, created and managed by authorized users, and capable of being shared with other providers across more than one healthcare organization. It can also be used as a data and population health tool for the future.

3. MOBILE HEALTH (mHEALTH)

Medicine and public health services are progressively supported by mobile devices. mHealth applications are widely used for collecting, real-time monitoring and sharing meaningful healthcare data. It enables physicians and patients alike to check healthcare processes on-the-go. Smartphones and tablets allow the users to more freely access and share information. Physicians and service providers can use mHealth tools for orders, documentation, information processing etc.

4. TELEMEDICINE/TELEHEALTH

It helps to access healthcare services remotely to manage healthcare. Studies consistently show the benefits of telehealth, especially in rural settings that do not have access to the same resources metropolitan areas may have. It’s very convenient and cost effective in comparison to the process of waiting to see a doctor or other practitioner.

COST EFFICIENCY AND ADVANTAGES:

Technology helps to improve medical practice management by increasing practice efficiencies and cost savings. It benefits medical practices in a variety of ways including:

• Reduced transcription costs.
• Reduced chart pull, storage and re-filing costs.
• Improved documentation and automated coding capabilities.
• Reduced medical errors through better access to patient data and error prevention alerts.
• Improved patient health/quality of care through better disease management and patient education.
• EHR-enabled medical practices report.
• Improved medical practice management through integrated scheduling systems.
• Time savings with centralized and easier chart management, condition-specific queries and other shortcuts.
• Enhanced communication with clinicians, staff, hospitals, labs etc.
• Easy access to patient information from anywhere.
• Automated formulary checks.