Some of us may recall that in 2012, there was a HHS study that concluded that if 25% of the $3 Trillion being spent on US Healthcare is taken away, nothing will change in care quality or patient outcome. Last year in 2018, the total US Healthcare spend was $3.7 Trillion and it’s anybody’s guess as to the extent of waste or inefficiency in that spend (perhaps just a shade less than $1 trillion by now?)
Though the Jury’s still out on whether this was an accurate analysis or not, yet on the brighter side of things, what I have observed as an industry participant is a gradual but definite awakening in Healthcare Providers to become more efficient and effective, by leveraging Digital Technologies such as Analytics, Cloud enablement, Mobility, Social Media, etc. This change in mindset has already positively impacted millions of lives, enabling interoperability, improving patient outcomes and patient experience, while reducing the cost of care.
We think it’s the right time for the healthcare industry to take the next leap to Digital 2.0, to embrace the combination of AI + Machine Learning + Intelligent Automation, especially in non-core operations and processes. This will not only help in reduce wastage in day-to-day operational hassles but will also make them more cost-efficient.
The possibilities of Digital Intervention exist in almost all functions in the Healthcare Providers Value Chain, ranging from
1. Core Functions (chart below)
2. Support Functions (e.g. Patient Helpdesk, Diagnostic and Therapeutic Services, Information Services)
3. Enterprise Functions (e.g. Analytics, F&A, HR, Ops).
Following chart provides some examples for possibilities for Digital 2.0 leverage in the first category (Core Functions)
In a subsequent blog next week, we will list down some possibilities in the other 2 categories - Enterprise and Support functions. We at @Airo Digital Labs have been participated in may such journeys for our clients.
In summary, each organization is different and will have different approaches to make themselves more efficient at improving patient outcome. However, the bottom line remains the same, the advancement in automation is here not to dehumanize the working of healthcare organization but to support and empower its everyday operations and consumer experience while driving down its cost. We see Digital 2.0 as the bridge connecting the present to the future of the healthcare industry.