The healthcare IT industry enters 2018 with a lot of potential, along with the need to overcome structures that have historically stunted progress. What is on our health IT wish list? AirStrip is feeling optimistic about the industry’s direction in terms of broader collaboration for building up truly interoperable systems to improve patient care, and overall health system stability.
This past year, 2017, has been a challenging year for many industries, and healthcare is certainly no exception. Not only are there major challenges connected to an increasingly aging population and outdated healthcare infrastructure, but the industry is also adapting to the policies associated with a new presidential administration. While technology will continue to be a key part of the future of healthcare, one of the biggest changes will be a shift in mindset from mobile technology to mobile patients.
As we celebrate National Health IT Week, it is incredible to realize how health technology tools are transforming every facet of patient care. From telehealth, to 3D printers to artificial intelligence, the explosion of personalized health devices redefines the dynamics of patient treatment and interactions.
However, we still fall short in comparison to other industries, particularly in terms of consistent patient information access, and the lack of incentive for industry collaboration to achieve smooth, interoperable data transfers. This week, we strike a balance between applauding our progress, yet refusing to rest on our laurels.
Over the past couple of years, there have been around 200 merger and acquisition (M&A) deals in the healthcare IT space, driven by high enterprise value and the sheer size of the industry. 49 deals came together in the first quarter of this year alone. These numbers make health IT the highest performing industry in terms of M&A activity in the consumer and retail space, and the second highest in the infrastructure/industrial space.
Between 2018 and 2019, we will see an insatiable need for increased health IT interoperability, with providers putting increased pressure on health IT vendors to deliver. This pressure – combined with the shift brought on by new regulations like MACRA around performance, measurement and outcomes – will drive one of the biggest M&A pushes we’ve seen in the health IT industry.
Over the last few years, the healthcare industry has undergone an incredible revolution. Mobility solutions deployed across the care continuum are providing higher quality patient care. The shift from fee-for-service to fee-for-value – no matter how the political environment affects the market – is prevailing. Beyond that, innovation and digital tools are supporting this shift. In the U.S. alone, there are more than 6,000 medical device companies. Around 80 percent of them have fewer than 50 employees. Creative solutions to longstanding problems abound.
As we head into HIMSS 2017, the movement toward precision medicine is at the top of the agenda. The idea of using data to customize care for patients is not new; however, with the passage of the 21st Century Cures Act late in 2016, what was once a far-off dream now seems closer to reality.
But are we really that close? Unfortunately, the answer is no, unless we address the key barriers to success: interoperability and cybersecurity.
Across the country, health care organizations are re-envisioning how to deliver care. Major health systems like Lahey Health are seeking out new solutions that allow us to transition from episodic care to wellness – minimizing the impact of disease and managing the health of populations more effectively. At the same time, patients continue to demand more from their care providers. We now must bring care to patients at the time and location of their choosing, and this is the beginning of the consumerization of healthcare. These shifts require technology that can provide more comprehensive and context-aware views of patients’ data, support for collaborative care across the continuum, and allow health systems to scale their delivery of care in new ways. Consequently, CIOs face constant challenges to seek out the most effective technologies that will ensure an organization’s vision can come to fruition.