Covid-19 has shaken all industries across the world, some for the better and some for the worse. However, with an effective vaccine just around the corner, the bounce back to a functioning economy seems to be at the horizon and healthtech and healthcare businesses are taking a front seat here. The main reasons for this new development revolve around the fact that everyone is looking for healthcare these days, predominantly, healthcare that is affordable and accessible. Along with accessible healthcare comes the requirement for tech-based healthcare – which leads us to the realm of healthtech, a recent, yet fast growing industry. Here are a few startup game changers that are helping businesses in the healthtech industry prepare for a post COVID world.
- Telemedicine as a feature has evolved over the last few years and we are seeing is grow into a game changer in the healthtech industry. As the demand for telemedicine grows, startups and quickly adapting to this demand with innovative technologies and products to serve customers quicker. Telemedicine is offering individuals better access to quality healthcare and a sense of independence as they do not have to rely on visiting the doctor/hospital when the situation arises. For doctors and professionals, it gives them a platform to keep better track of their patients while allowing them to be in the comfort for their homes. This will help mitigate risks and enable professionals to provide better quality healthcare overall. All the telemedicine communication systems will need to be be HIPAA and HITRUST compliant so you can be sure they’re safe.
- AI in healthcare
- AI in healthcare and insurance is going places and taking the healthcare industry with it. It has helped understand and track user behavior along with better assessment of a patient’s prognosis, treatment, and management. With extensive data available underwriting and claims processing is transforming the current documentation-heavy practices. This will not only help is quicker claims settlement but will also help detect and avoid insurance fraud.
- More benefits than just insurance
- With COVID-19 striking the world, people are demanding for more than just health insurance. They want access to better and more comprehensive health benefits which include access to medicines, lab tests, consultations and more. The healthtech industry is adapting to this need with startups creating products and plans that provide individuals and their families all-round healthcare. This is a multi-pronged advantage not only to the users but also to the providers of healthcare. For the users it will ensure they have a single platform to go back to – to track their health records, reach out to their preferred health professionals, access healthcare facilities as and when needed etc. For healthcare professionals, this helps with management of patient data, claims and hospitalization processes and reducing the turnaround time for health assessments and prognosis.
- Preventive healthcare
- Covid-19 has led to an increased awareness of health issues especially among urban populations. The fear of contracting the virus due to increased exposure, low immunity etc. has put individuals on the edge, pushing them towards adopting better and healthier lifestyles. This new rise in awareness and demand for preventive healthcare has led to a rapid growth in fitness, mental wellness, and diagnostics-based products. The digitization of these facilities with online training classes, therapy sessions, consultations, open channels for communication with professionals – is quickly transforming into the future of healthcare in a post-COVID world.
- Personalized care
- Everyone’s healthcare requirements are different. Emerging healthtech startups are doing a brilliant of job of focusing on the individual needs of patients giving them an opportunity to access personalized care packages that fit their budget. Digitization of healthcare will also help save patient data online which can be accessed at any time during their treatment to help professionals provide a more detailed and thorough prognosis. Personalized care is also becoming an attractive feature for businesses when providing healthcare benefits to their teams.
- Technology to withstand future pandemics
- One of the key developments in healthtech is going to be based around creating an industry that helps the world become pandemic proof. This requires research and the development of technology that helps with DNA testing, tracking mental health conditions etc. – everything that contributes to an individual’s predisposition to a certain virus of illness. Research is also helping develop technologies that can detect potentially dangerous and fast-spreading viruses to prevent future pandemics or help control them better.
Article Contributed by Kulin Shah, Co-Founder, Onsurity