Healthcare Software Trends: Must-Have Technology
March 15, 2023
Healthcare Software Trends: Must-Have Technology
The Latest Advancements Transforming the Healthcare Industry
With the increasing presence of new technology, yesterday's challenges have become easier to conquer. In the healthcare sector, the pandemic led to the industry's rapid transformation, causing more organizations to adopt digital solutions. And, importantly, the 80% of providers that are making these investments indicate an industry undergoing—and embracing— considerable change.
As such, the future of healthcare Saas companies depends on how they adapt to the changes coming their way. Here's a list of the fastest-growing healthcare software trends you'll see more often (and perhaps start featuring) in the next few years.
Modern Filing Systems: EHRs
Medical records are vital to practice management, but if they're paper-based, they can be challenging to maintain. Electronic Health Records (EHRs), however, store patient history, medications, and more in one digital location, making them far easier to manage. Plus, compared to traditional medical records, EHRs can be accessed more quickly and easily. As a result, healthcare providers can be more efficient.
EHRs also enable better care coordination, allowing different healthcare providers to access a patient's medical history. Then, they can see past treatments and medications, avoiding duplicate tests and adverse reactions to the wrong medication.
Additionally, EHRs can combat theft and protect patient privacy, using secure, encrypted systems for storing and accessing data.
Current: USD 28,652 million
Projected: USD 40,435 million by 2030
Compound Annual Growth Rate (CAGR): 4.4%
An Informed Approach: Clinical Decision Support Systems
Providing patients with the best care involves knowing fully how to diagnose and treat them. With Clinical Decision Support (CDSSs), healthcare organizations can view diagnosis and treatment recommendations based on best practices and the latest research.
As for functionality, CDSSs can be integrated into EHR systems or other healthcare systems. Then, the technology reads various data sources (patient medical history, test results, and treatment guidelines) to send recommendations to healthcare providers.
For example, a CDSS might alert a provider if they prescribe a patient medication they're allergic to. This can curb dangerous side effects.
Current: USD 5.23 billion
Projected: USD 14.69 billion by 2033
A Happier Clientele: Patient Engagement
Healthcare professionals are often looking for the best ways to reach and understand their clients. Software solutions that offer a direct path to healthcare practices is quickly becoming a top priority. Patient engagement software allows patient-provider connections by offering many solutions, like patient portals, personal health records, and educational resources. It can also collect reviews, earning practices a better ranking on Google.
Along with improving patient satisfaction, this software allows providers to manage their reputations and streamline clinical tasks. As a result, they’ll save time and money while building a more successful business.
Current: USD 17,015.4 million
Projected: USD 59,737.3 million by 2033
Combined Health Systems: Integration
It can be frustrating and time-consuming for providers if they’re using several different systems to compete tasks. Unfortunately, it can also cause them to deliver a poorer quality of care. When software is integrated, a practice's systems can communicate and exchange data. This allows the office to be more efficient since they can seamlessly exchange patient data.
Integrated systems also prevent errors in patient data, and they even enable patients to access and manage their own records. This, in turn, empowers patients to take a more active role in their own care.
Current: USD 2.1 billion
Projected: USD 4.4 billion by 2026
Powerful Data: Population Health Management
Population health management involves using predictive analytics to identify and manage the health needs of a specific population. One example would be a group of patients with a particular disease. This trend proved especially critical for COVID-19 management. Today, medical professionals continue to use it to improve the quality and efficiency of care.
When a practice uses population health management techniques (such as EHRs, claims data, and patient surveys), it can categorize patients. Based on this information, practices can address patients' needs accordingly.
Through data-driven intervention, patients receive higher quality care, and they'll have fewer complications such as heart attacks and strokes. Additionally, they may even see lower healthcare costs since they're preventing health problems from developing into something more expensive.
Current: USD 24.2 billion
Projected: USD 49.8 billion by 2028
Privacy Protection: Cloud-Based Solutions
For healthcare providers, protecting patients’ information is a top priority. Cloud-based software applications allow them to stay within HIPAA guidelines. That's because these apps are well-protected by encrypted servers and monitored around the clock by experienced IT teams.
Cloud-based software is also a more cost-effective option, since it requires fewer upfront costs and ongoing maintenance fees. And, for busy healthcare offices, the automatic updates save them both time and money on extra labor.
Current: USD 545.8 billion
Projected: USD 1240.9 billion by 2027
Accessible Care: Telemedicine
Telemedicine, one of the most prominent and long-lasting results of 2020's lockdowns, allows for easy remote patient monitoring.
This virtual format can potentially improve the quality and availability of healthcare services. It allows patients to receive care from providers who may not be physically present in the same location. It can also reduce the burden on hospitals and other healthcare facilities. Instead of requiring in-person visits, patients can receive care remotely.
Current: USD 83.5 billion
Projected: USD 539.73 billion by 2029
Smart Troubleshooting: AI & ML
While technology capable of thinking and learning may seem a bit scary, it's actually quite helpful. Artificial intelligence (AI) and machine learning (ML) are valuable to the healthcare industry for quite a few reasons.
AI and ML enable computers to perform tasks that normally require human intelligence, such as learning, problem solving, and decision-making. In the healthcare industry, these technologies analyze medical data and help with diagnosis, treatment planning, and even drug discovery. By analyzing chemical compounds, these technologies can identify potential candidates for new medications. They can also speed up the drug development process since they eliminate the need for tedious manual analysis.
Currently: USD 13.82 billion
Projected: USD 164.10 billion by 2029
Trust-Building Security: Blockchain
Given its security capabilities, one of the most revolutionary healthcare software trends is blockchain technology. Blockchain allows for the creation of secure, decentralized databases. As such, organizations can use it to store and manage their healthcare data that prevents tampering or unauthorized access. This added layer of data security effectively protects sensitive patient information from hackers and other cyber threats.
Blockchain technology can also improve healthcare data transparency by providing a secure, transparent record of all data transactions. This means that healthcare data is accurate and up-to-date, which builds trust between patients, providers, and stakeholders.
Current: USD 4.8 billion
Projected: USD 69 billion by 2030
Achieve Digital Goals with a Partnership
Considering the technological developments that are quickly taking place, staying on top of technology trends can be challenging alone. Moreover, healthcare SaaS companies are heavily impacted by these digital innovations. In order to meet clients’ expectations, it’s important to move with the current.
For these reasons, support is especially necessary to implement the modern tools that more of your clients will be expecting. By working with a growth partner like PracticeTek, your business can offer more of what your clients want. Then, you gain the patient engagement solutions, integrated systems, and EHRs you need to succeed.
With valuable insight and expertise in healthcare software, PracticeTek places SaaS companies at the forefront of technological innovation. Likewise, it can connect your business with strategic partners, forging the digital collaborations you need to become an innovative software company. And with better technology, you can provide better patient care.
Bakshi, S., Schiavoni, K. H., & Carlson, L. C. (2020). The Essential Role of Population Health During and Beyond COVID-19. The American Journal of Managed Care. https://doi.org/10.37765/ajmc.2021.88511
Davenport, T., & Kalakota, R. (2019). The Potential for Artificial Intelligence in Healthcare. Future Healthcare Journal, 6(2), 94–98. NCBI. https://doi.org/10.7861/futurehosp.6-2-94
Marr, B. (2022, January 10). The Five Biggest Healthcare Tech Trends In 2022. Forbes. https://www.forbes.com/sites/bernardmarr/2022/01/10/the-five-biggest-healthcare-tech-trends-in-2022/?sh=ad0111954d01
Rosser, J. “Butch”. (2020). The COVID-19 Crisis and Its Impact on the Future of Healthcare. JSLS : Journal of the Society of Laparoscopic & Robotic Surgeons, 24(3), e2020.00039. https://doi.org/10.4293/jsls.2020.00039
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