Published on Nov 9, 2023
Innovation is the lifeblood of the healthcare industry, constantly pushing the boundaries of what is possible and improving patient outcomes. But with the ever-increasing complexity of healthcare, more is needed than to rely on intuition and experience to drive innovation.
According to research published by Harvard Business Review in 2023, 94% of respondents agreed that data-driven healthcare creates new opportunities for patients and doctors, allowing them to benefit from more personalized healthcare approaches. However, while the intent to adopt data-driven decisions is at its strongest, the same survey lists that only 16% of these companies can be considered mature regarding their data strategy. Just a 1% increase from a similar survey conducted four years ago.
Data-driven decision-making is now the new pulse of healthcare innovation, revolutionizing the industry in ways we never thought possible.
The Power of Data
Data is the foundation of healthcare innovation and an accelerator in global data volumes. About 30% of the world’s data volume is generated by healthcare, and by 2025, the CAGR data for healthcare will reach 36%—more than any other industry—according to RBC Capital Markets.
Today, with the rise of electronic health records and the digitization of medical information, we now have access to an unprecedented amount of data. This data is used to identify patterns, trends, and insights that were previously hidden, allowing for more informed decision-making and ultimately improving patient outcomes.
The Role of Analytics
More than data is needed to drive innovation. It must be analyzed and interpreted to extract meaningful insights. Advanced analytics tools and techniques allow healthcare organizations to make sense of their data and identify patterns and trends that would be impossible to detect with the human eye.
Our clients, Abbvie, leveraged our advanced analytics and AI-driven platform to draw meaningful insights from existing research and patient data for their healthcare services. It helped them make data-driven decisions, leading to more efficient and effective processes, better patient care, and, ultimately, improved outcomes.
Collaboration and Innovation
Healthcare innovation is not a one-person job. It requires collaboration and partnership between stakeholders, including healthcare providers, researchers, technology companies, and patients.
Digital companies can play a significant role in facilitating collaboration in the healthcare industry. Here are a few ways they can help:
1. Virtual Collaboration Platforms: Digital healthcare companies can develop and provide virtual collaboration platforms that allow healthcare professionals, researchers, and other stakeholders to connect and share information effortlessly. These platforms can include features like secure messaging, video conferencing, and document sharing.
The Lazard Healthcare Innovation Consortium is a prime example of this collaboration in action. This consortium brings together leading healthcare organizations and technology companies to drive innovation and improve patient outcomes. By working together and sharing data and insights, these organizations can develop new treatments and technologies that are difficult on their own.
Closer home, the Connect 2 Clinic platform built by Mantra Labs boasts collaboration-focused features that help its doctor base of over 40,000 to share information and insights digitally easily.
2. Integration of Electronic Health Records (EHR): Digital healthcare companies can develop platforms integrating electronic health records from different healthcare providers. This integration enables seamless sharing of patient information, enhancing collaboration among healthcare professionals and improving the continuity of care.
Leading digital healthcare company Innovacer provides a Health Pulse platform that helps unify patient records from multiple touchpoints track and provides insights from the same.
Mantra Labs has recently helped a leading insurance giant integrate ABHA, the government’s initiative towards creating unique health IDs for all Indian citizens, with their health insurance platform. This will help make access to patient history and relevant data more seamless.
3. Telemedicine and Remote Monitoring: Digital healthcare companies can offer telemedicine solutions that allow patients to consult with healthcare professionals remotely. This not only improves access to healthcare services, especially in remote areas but also promotes collaboration by enabling healthcare professionals to collaborate on patient care across different locations.
The Future of Healthcare Innovation
Data-driven decision-making is not just a trend in healthcare; it is the future. As technology advances and more data becomes available, the potential for healthcare innovation is limitless. With the help of advanced analytics and collaboration, we can expect to see even more groundbreaking treatments and technologies that will revolutionize the industry and improve patient outcomes.
The Importance of Data Security
With the increasing reliance on data in healthcare, it is crucial to ensure that this data is kept secure.
Healthcare organizations must invest in robust data security measures to protect patient information and maintain patient trust. This includes implementing encryption, access controls, and regular security audits. By prioritizing data security, healthcare organizations can continue to leverage data for innovation without compromising patient privacy.
Recently, in India, there was a breach that led to the compromise of data of 81.5 million Indians and their AADHAR details. This is a worrisome fact considering the government’s bid to move towards digital health records.
In 2022, 49.6 million Americans were affected by healthcare data breaches. Hacking ranks as one of the most damaging and impactful types of data breaches for healthcare payers and providers.
Companies like Cisco, Symantec, and McAfee provide cybersecurity solutions that combat modern challenges.
It’s essential for healthcare organizations to carefully evaluate their security needs and choose a solution that best fits their requirements.
In conclusion, data-driven decision-making is the new pulse of healthcare innovation. By leveraging data, analytics, and collaboration, healthcare organizations can drive innovation and improve patient outcomes.
As we continue advancing technology and data, the potential for healthcare innovation is limitless. Are you ready to embrace data-driven decision-making in your organization?
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