Table of Contents
01 The Health Tech Monthly Roundup
02 5 CX Trends in Healthcare for 2023
03 Predictive Healthcare over mobile apps
04 Improving Patient Engagement with XR
05 4 Steps to a Conversational CX-driven Healthcare Enterprise
The Health Tech Monthly Roundup
A quick roundup of the month’s latest health tech activity, both in India and globally.
- AI-based medical imaging company, Qritive raised $7.5 million in its recent funding round.
This fresh capital will be utilized to improve cancer care, expand its footprint and product portfolio, and support regulatory approvals.
- Wellness focussed app, Impact $600K received in their pre-seed round.
Impact plans to build a global user base of 100 million by 2027. The startup is will also expand its services by adding activities like yoga, meditation, cycling, on-click sync with wearables, and gamified features to boost user engagement.
- Singapore-based Holmusk bagged $45 million.
The company intends to deploy fresh funding to grow the database for the behavioral health industry.
“This investment will enable our team to continue curating and enhancing data as we plan to build the world’s largest platform for behavioral health data,” says Holmusk founder and CEO Nawal Roy.
- Gurugram-based, Breathe Well-being garnered $6 Million+ to assist people in reversing diabetes.
The money raised will be utilized to grow the workforce, ramp up the tech platform, and improve the coaching and medical academies.
- Women-focused health and fitness app SocialBoat attracted $200,000 in an angel funding round.
The company aims to deploy this funding to strengthen its tech platform and onboard more talent.
What does the Digital & Connected Patient Experience of Tomorrow look like?
Read the blog, here.
5 CX Trends in Healthcare for 2023
The healthcare industry has seen several practices become common that otherwise took a back seat. Here are a few trends the healthcare sector will see emerging which will shift the overall customer experience in the year ahead.
- Retail Healthcare: Rural hospitals are particularly at risk, owing to low financial reserves or reliance on government aid. Due to this, consumers are inclined more toward retail healthcare. “In 2022, the US retail clinic market size was valued at $3.49 billion, with additional retail companies looking to join the ranks of CVS-Aetna, Walgreens, Walmart, Amazon, and Optum-UnitedHealth Group,” says Forbes. While the medical industry finally embraces advanced technology, the retail healthcare system is predicted to take center stage backed by its priority to provide customers with the best overall experience.
- Artificial Intelligence: According to Mantra Labs report, 93% of Gen Z, and 71% of Millennial customers say they would prefer to use conversational chatbots that offer ‘convenient experiences’ as their primary mode of interacting with a healthcare brand. Despite being rather slow in its evolution, AI will change, considering various factors such as clinician burnout, staggering economic resources, and the onset of retail healthcare. It offers the solution to give some structure to the plethora of data produced by the medical industry.
- Predictive Analytics in Healthcare:Predictive health solution has been helping in increasing operational efficiency, giving better outcomes, and reducing risks. It helps identify an individual’s phenotype (refers to an individual’s observable traits, such as height, eye color, and blood type). By enabling the studying of every patient’s particular phenotype, IoMT makes it possible for healthcare providers to offer their customers a personalized experience in managing their lifestyles and conditions, thereby preventing a situation that requires an operation.
- Extended Reality: Global XR market is expected to reach a market size of $1,246.57 billion growing at a steady CAGR of 24.2% by 2027. As the wearable market continues to see an upward trend, the healthcare industry gains from it by using it for pain management, remote patient monitoring, and physiotherapy.
- Telehealth: Primary care and predictive analysis will accompany TeleHealth practices, to serve patients a safer and more advanced experience at the onset of a possible outbreak of the new COVID virus: the BF 7. Additionally, with an increase in chronic diseases, telehealth in the future would be useful in keeping the patient’s symptoms under control- paired with IoMT by providing regular check-ins, monitoring vital signs, and the required support.
Read the blog, here.
Predictive Healthcare over mobile apps
Preventative medicine is all set to make a comeback as hospitals now have the tools required to collect, analyze and deliver solutions that map the trajectories of their patient’s health in a sustainable fashion.
Here are five ways in which hospitals can start delivering predictive health solutions to their customers via mobile telephony:
#1 Replace in-person visits with mobile engagement
The increasing acceptance of patients liaising with their doctors through mobile applications means that doctors can now mediate most in-person visits via mobile applications. This translates to greater convenience for both parties and facilitates a robust data collection platform.
#2 Leverage analytics
Predictive analytics is proving to be a big draw for hospitals as the average patient now has a digital footprint that provides ample information regarding the patient’s well-being if processed in the right fashion.
#3 Implement advanced Tele-ICUs
Predictive algorithms, when deployed in tele-ICU settings can give doctors enough insight into patient vitals and alert doctors to signs of impending patient deterioration so they can act on time and save patients from slipping further.
#4 Integrate wearables
There are several anecdotes from around the world as to how the Apple Watch’s state-of-the-art ECG feature helped save lives by alerting the wearer to slight anomalies in their homeostatic process. This can further be extended to patients with chronic diseases who can be equipped with wearable biosensors that collect data at regular intervals.
#5 Democratize Clinical Surveillance systems
Hospitals can also place comprehensive clinical surveillance systems at home for at-risk patients in their homes.
For young hospital chains that still seek to differentiate themselves from older chains, digitizing their operations and making full use of their data and the commoditization of the smartphone can yield staggering results. Over time, they can even create personalized models for individual patients and deliver healthcare with greater success, the likes of which will be received with great fanfare from both customers and non-customers alike.
Read the full blog here
Improving Patient Engagement with XR
According to Deloitte, by 2040, healthcare, as we know it today, will cease to exist and the focus will shift from ‘healthcare’ to ‘health’. While it’ll be impossible to eradicate disease and illness completely, early detection, proactive intervention, and progress tracking will help to prevent serious consequences and promote well-being.
Smartwatch market share is expected to reach $ 95.78 Billion by 2028 and register a CAGR of 19.1%, according to Emergen Research. A 71-year-old woman in the US collapsed while she was alone, but the Apple Watch’s fall detection feature was able to warn her son and first responders. When she was taken to the health center, she was detected with a mass in her lungs that was cancerous. The future of healthcare will be strongly empowered by the digital revolution where the focus will be more on wellness rather than illness.
Patient loyalty is directly linked with their overall experience. According to Accenture, “Two-thirds of patients are likely to switch to a new health system if their expectations are not met”. Hence, the future of healthcare will be strongly empowered by the digital revolution where the focus will be more on wellness rather than illness.
State of Extended Reality in an Experience Economy
Read the report, here.
4 Steps to a Conversational CX-driven Healthcare Enterprise
- Identify data sources, pipeline, security & privacy concerns.
Leverage in-house data first to set the foundational base for an open data platform and governance that supports customer-centric analytics. This will enable HCPs to pilot use cases in isolation along the business value chain to extend capabilities.
- Explore setting up CX-supporting systems.
Most HCPs get stuck in an endless loop of proofs-of-concept or off-the-shelf tools but do not move towards transforming how they operate or how their patients perceive them. Setting up a supporting system first, like a customer analytics platform, allows HCPs to utilize a data-driven approach to Conversational CX.
- Optimize & build around digital customers & agents first.
Consider the business problems you’re trying to solve, and how replacing or opening up new channels can solve operational challenges. HCPs can effectively learn from interactions, to allow contextual conversations to happen where the patient is.
- Scale & evolve value-based care to the patient’s door.
Adapt Conversational CX across business units that allow Providers to be less siloed-working and more synchronized. Build relevance in your interactions through contextual engagement based on the patient’s life stage needs, matched to on-demand products and experiences
Elevating Conversational CX in Healthcare
Read the Whitepaper here.
Business cognizance for the new-age digital insurers