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Is The Healthcare Industry The Next Frontier For Tech Startups?

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In the last decade or so, there has been a considerable increase in the utilization of technology to improve the healthcare sector, covering diagnosis, virtual treatments, and patient monitoring. As a result, medical practitioners are able to perform their duties better and deliver a higher standard of care for the patients. And this doesn’t only have great potential in improving clinical outcomes but also for tech-based startups.

The crisis of the healthcare system

Expenditure associated with health has been increasing at a rapid rate that economic growth cannot match. The WHO estimates that seventy-five percent of healthcare costs are related to the treatment of chronic conditions, such as cardiovascular and respiratory diseases, cancer, and diabetes. And when paired with the growing demand for medical services, the need for a system that can take the strain and pressure off overworked healthcare providers and prioritizes prevention over treatment is at an all-time high.

Some overloaded frontline workers are understandably wary of having changes introduced into existing workflows and might initially respond with some resistance to the adoption of new technologies. However, with all their benefits, there’s little doubt that tech solutions will be more commonplace, enabling healthcare software development companies in these industries to gain a foothold in the industry.

Technology also empowers patients

Self-care management is already becoming more and more common, but modern technology can better provide a means to do it effectively while helping healthcare providers and patients collaborate. For example, through technology, it’s possible to keep patients informed and educated about their treatment options and conditions, enabling them to better understand why they need to adhere to their care plan. Moreover, if they can interact with a device that monitors their health, like wearables, it’ll give them a greater sense of accountability. As a result, they’re likely to be more involved in their treatment process.

In addition, newer technologies are starting to incorporate feedback from patients to enhance personalization and elevate decision-making, taking the opinions and experiences of patients into account with their respective treatment plans. Various technologies power the software used for patient monitoring, but the applications generally have components like data analysis, storage, and central repositories to make everything easier.

From giants to startups

While many household names like Microsoft, Amazon, and Google have invested in technology for healthcare, the industry has also drawn in many startups. Larger companies generally boast advantages in large volumes of data and cutting-edge technology, and startups have multidisciplinary groups that combine business and scientific expertise and can develop solutions quickly. Although penetrating any market can be challenging for a small business, startups are able to make sizable contributions because of their robust tech base, agility, international talent, and scalable solutions.

Conclusion

Technology in healthcare isn’t just confined to projects for innovation, but it’s now a core element of strategy for the industry. The transformation and incorporation of modern technologies have resulted in enhanced efficiency with the design of processes and workflows, leading to lower costs. Because of this, it’s become the new frontier for technology-based startups.

[Photo by National Cancer Institute on Unsplash]