The lockdown caused by the coronavirus pandemic resulted in a significant transformation in the healthcare industry. Service providers and patients saw benefits in the virtual solutions provided by new technology. Remote patient monitoring, telehealth appointments, and revised insurance offerings that offered quality care were adopted by the US healthcare ecosystem quickly and at less expensive rates.
Digital Trends in the Healthcare Ecosystem in the US
Giant tech companies such as Apple, Microsoft, and Amazon, among others, are entering the healthcare ecosystem and swaying consumers from the traditional healthcare service providers with their tech-focused consumer-first approach.
Digital health trends showed Telehealth was slowly moving before the pandemic accelerated the entire health system to adopt remote patient monitoring using artificial intelligence. Initially, insurers were unsure on how to address patients’ and doctors’ doubts about payments, including insurance reimbursements and co-pay, etc.
Even before the pandemic, 54% of adults said they would use Telehealth if it meant saving money. Health care service providers quickly adapted remote care to reduce non-emergency hospital visits.
Factors that Fuelled US Healthcare Digital Transformation
- Lower costs– Healthcare providers saw the benefits of lower costs for patients and the positive pre-pandemic survey of US adults to invest more in digital healthcare. Going forward post-pandemic, they would like to maintain the lower cost factor.
- Accessibility – Patients find going for physical healthcare consultation inconvenient and time-consuming. The skyrocketing preference for hyper-convenient care is mainly by millennial, who comprise a significant chunk of the population. Providers find it easier to sell online digital health services and virtual care to this category.
- Value-based healthcare models – Insurance companies focus on value-based outcomes rather than the number of services digital health companies Using digital tools such as artificial intelligence-based data analytics helps optimize healthcare without compromising the quality of care and costs.
Effect of Covid-19 on US Health Ecosystem
Telehealth is the new normal after the pandemic. In the US, more than a third of the consumers used digital health in 2021. With stay-at-home orders and social distancing now becoming an acceptable norm, there is an uptick in the adoption of virtual services, and Telehealth in the healthcare ecosystem will continue to remain popular in the future.
There is another factor that is going to push digital healthcare, and that is the shortage of workforce. The US could face a shortage of 670,000 healthcare workers by 2025 and 122,000 physicians by 2032.
The digital health ecosystem will also help to reduce medical spending as unnecessary hospital visits will be reduced, resulting in savings in travel costs. These will be helpful when the peak inflations force consumers to cut costs and focus on primary spending.
As per a survey by Doctor.com, demand for digital care will remain high as 83% of US adults want to continue with Telehealth even after the complete withdrawal of the pandemic.
Conclusion
It is tough to predict how the digital healthcare ecosystem in the US will move in the future. It is sure to stay. Cash drained will undoubtedly look towards telemedicine to get revenues from patients who now find this mode more convenient.
