According to a recent study by the Center for Medicare and Medicaid Services (CMS), US health spending has crossed $3.3 trillion in 2016 and this is expected to increase 5.5% annually till 2026. This exuberant expenditure on healthcare is due to a number of factors including an aging population, ever-evolving regulatory requirements, intensified focus on the quality & value of care, and innovative treatments and technologies. To reduce the costs to patients and expenditure on care, providers are in constant pursuit of strategies that can decrease the cost while maintaining the high standards of care. Providers today are in the market to re-invent healthcare by developing and collaborating on new technology tools. They need to up their game and digital transformation is the need of the hour.
year bears testament to the growing role of technology in the overall
healthcare landscape. Fighting an uphill battle against a common foe – climbing
costs, healthcare leaders have started looking at technology as a major ally.
Decision-makers understand that as the balance of power shifts towards
consumers, they would need all the assistance they can get to even the scales a
bit. That is perhaps the reason that AI, Big Data Analytics, Natural Language
Processing, Virtual Healthcare, Blockchain are increasingly becoming more than
just buzzwords and are finding a place in the mainstream.
month, Aetna joined a blockchain initiative hoping to improve data quality and
reducing administrative costs. Healthcare organizations striving for size and
scale, a few major hospital merger deals grabbed the headlines in 2018,
including the deals between Advocate Health Care and Aurora Health Care, Beth
Israel Deaconess Medical Center and Lahey Health, and Carolinas Healthcare System
and UNC Health Care.
major trend last year that set the alarm’s ringing was the forays made by rank
outsiders such as Amazon in the healthcare sector. The e-commerce behemoth
announced its intentions to disrupt the pharmacy business through its billion-dollar
acquisition of an online pharmacy – PillPack. The news alone was enough to
shave off $12.8 BN in market value from drugstores CVS, Walgreens Boots
Alliance and Rite Aid. Amazon also opened healthcare clinics for its employees,
a feat which was emulated by another tech giant – Apple. Both companies claimed
that these are just efforts to provide quality healthcare to employees
in-house; however, experts feel there is more to the story than just building
friendly employee relations.
McKinsey study shows that “total EBITDA in the healthcare services and
technology market has the potential to increase from $35 billion in 2016 to
close to $50 billion in 2021. These figures suggest a compound annual growth
rate (CAGR) of approximately 7%, continuing the trajectory these players have
experienced in recent years.”
is a clear testament of technology revolutionizing the healthcare industry.
Advanced analytics, Robotics Process Automation, Internet of Things, Machine
Learning and Artificial Intelligence, have radicalized healthcare and through
this new opportunities have emerged which were unfathomable in the past. The
McKinsey report also states that these upgrades “present important
opportunities to address the half a trillion dollars of annual spending
resulting from low productivity and waste.” No doubt, the discussion on
technology has moved from the confines of the IT department to the CEO board
Teleperformance D.I.B.S we constantly invent, adapt and upgrade technologies
that can reshape the landscape for healthcare providers. By leveraging best of
analytics, technology, and the skills our people, we have supported leading
healthcare organizations to run highly agile and value-enabled operations while
constantly creating shareholder returns and exceptional patient experience.
Executive Vice President, Teleperformance DIBS