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September, 2023

AI -Driving the Future of Medical Innovation

September, 2023

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Table of Contents
01  The HealthTech Monthly Roundup

02  Emerging Trends In the Insurance Industry

03  Healthcare Evolution In the USA

04  How Tech is reshaping the digital healthcare ecosystem in the USA?

05  AI -Driving the Future of Medical Innovation

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The HealthTech Monthly Roundup

A quick roundup of the month’s latest health tech activity, both in India and globally.

  • Peping, a Bengaluru-based digital healthcare clinic platform specializing in gut health recently garnered $400K in its funding round. The money raised will be used to improve the product and tech infrastructure and grow their acquisition channels.
  • LISSUN, a mental health platform secured $1.3 million. These funds will be directed towards improving its technology and product solutions, growing its service portfolio, and establishing valuable partnerships with healthcare institutions and other organizations.
  • Copenhagen’s healthtech firm Corti, secured $60M in the recent funding round. The money raised is expected to help fuel the company’s growth and expand its AI-driven services that aid healthcare providers in delivering timely, accurate care.

The Role of Generative AI in Healthcare

Read the blog, here. 

Mantra Research
Emerging Trends in the Insurance Industry 

India’s wide-ranging demographic, socioeconomic, and geographical distinctions, the insurance needs of this vast populace are nothing short of varied. A 2021 report by Business Today indicated a mere 3.76% insurance penetration and $78 insurance density, showing an untapped market.

Economic Factors: 62% of underinsured 18-34 respondents were from lower-income households, indicating a correlation between economic capacity and insurance coverage.  Case in point, Pooja, a modestly earning receptionist, struggled financially when her health insurance didn’t fully cover her mother’s hospital bills.

Awareness Gap: Despite digital platforms, 55% were unaware of their insurance options. Consider the example of Ravi, an IT professional, who was surprised when his insurance only covered 80% of his medical bill.

Regional Disparities: 70% of urban respondents felt underinsured, compared to 30% in rural areas. Ramesh, a rural farmer, was underinsured due to a lack of outreach on government schemes that could cover his crops.

Gender Inequity: A gender gap emerged with 75% of female respondents feeling underinsured compared to 65% of males. Meena, a single mother, found her health insurance didn’t cover specific reproductive health concerns.

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Healthcare Evolution in the USA

Today’s healthcare scene paints a very different picture. Healthcare in the U.S. has shifted from passive care to a deeply engaging, patient-centric approach. At its core, passive care was a one-way street. Patients came in, got treated, and left. Little room existed for understanding their experiences, emotions, or concerns. Here’s a closer look:

It was all “Number” mentality. Patients often felt they were just numbers in a system. Personal stories and individual concerns? They often got lost amidst the rush to move on to the next patient.

Very limited channels for feedback. If you had a suggestion or a concern, where would you go? Back in the day, feedback mechanisms were few and far between. This meant patients had little say in shaping their own care experiences.

As we entered the 21st century, a wind of change began to blow through the corridors of hospitals and clinics across the U.S. Suddenly, patients weren’t solely relying on doctors for medical information. With platforms like online forums, reviews, and patient communities, individual stories and experiences started echoing louder than ever before. A poor hospital review could now reach thousands, urging institutions to listen and adapt.

A survey conducted shows that 72% of patients would like to have access to a patient portal, and 64% would like to use a mobile app to manage their health. 

The progression from past to present-day healthcare showcases the incredible strides made in patient care, all geared towards creating an ecosystem where every patient feels valued, heard, and cared for.

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How Technology is Reshaping Digital Healthcare Ecosystem in the USA?

The digital health ecosystem is reshaping the healthcare landscape in the United States, bringing forth a multitude of benefits for patients, healthcare providers, and the overall healthcare system. Telemedicine, remote patient monitoring, electronic health records, health and wellness apps, and advanced analytics are transforming the way healthcare is delivered, leading to improved access, efficiency, and patient outcomes.

In order to bridge the existing gap in the ecosystem, technology could give much-needed support to improve customer and provider experience.

Comprehensive Healthcare System to increase operational efficiency 

To create a smooth patient experience, healthcare stakeholders need to move away from working in silos and instead work together to have more visibility over every step of the customer journey. 

Mantra Labs developed a digital solution for mLinkRx that Digitized all specialty medication processes using digital forms along with capturing eConsent from Health Care Providers and patients using the OTP verification process. There’s also an in-built solution for converting pre-printed hard copy form to an editable PDF form. 

Preventive Care 

Healthcare is moving towards preventive care. With an increase in the use of IoT and predictive analytics, health, and wellness platforms are helping people track their current health status, set goals, and suggest lifestyles to prevent disease in the future. They can also provide access to health coaches, nutritionists, and other health professionals online to help users reach their goals. Additionally, many health management platforms offer incentives and rewards for users who achieve their goals, such as discounts on health insurance premiums or other bonuses.

Patient-centric Platforms:

With a plethora of information available online and better connectivity like 5G coming into the picture, be it millennials or Gen Zs whose lives revolve around technology, data consumption has become at an all-time high. They need everything at their fingertips. Enterprises need to focus on developing patient-centric mobile apps to improve customer experience (CX) and offer digital touchpoints across the entire healthcare value chain covering pre-hospitalization, in-hospital, and post-hospitalization experience. This will give complete visibility to the patients and a seamless customer experience.

As technology continues to advance, a well-connected digital health ecosystem will play an increasingly vital role in driving innovation and revolutionizing healthcare in the USA and beyond.

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AI-Driving the Future of Medical Innovation

Prompt and precise disease identification is pivotal in healthcare. AI in healthcare is leading a revolution in this arena. The trailblazers include innovative firms like Mantra Labs, as well as projects like an AI-powered system for medical imaging and a cutting-edge pathology platform.

AI: Personalizing Treatment

AI in healthcare is dispelling the ‘one size fits all’ approach in treatment strategies, steering us towards personalized medication and therapies.

AI: Enhancing Patient Outcomes

AI’s role in healthcare extends beyond diagnosis and treatment. It plays a significant part in continuous patient monitoring and predicting future health trajectories.

  1. Telemedicine: Innovative telemedicine platforms like Aidoc use AI for the real-time monitoring of patient data, alerting healthcare providers about significant health changes.
  2. Predictive Analytics: AI can scrutinize a patient’s health records to forecast future health risks, enabling early intervention and prevention. Google’s DeepMind is spearheading this initiative with its project that predicts patient deterioration up to 48 hours before it happens.
  3. Mental Health: AI can also help healthcare providers in the treatment of the mental health of their patients. Wysa, a mental health app developed by Mantra Labs uses emotionally intelligent AI to help users cope with stress, anxiety, depression, and other challenges. 

AI in healthcare is charting a future where diagnoses are swift and accurate, treatments are personalized and effective, and patient outcomes are significantly improved. The journey, however, has just begun, and there is much more to explore and innovate.

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Business cognizance for the new-age digital insurers

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