Over the years, the incessant rise in healthcare costs continues to dominate headlines. You might have observed that in the last few years, premiums of health insurance have increased at a rate much higher than annual income, according to recent reports. Moreover, the industry has shifted from fee-for-service (FFS) model to a value-based care method to improve the quality and health results, whilst reducing costs. However, a value-based care approach isn’t enough to lower the rising costs of healthcare. Fortunately, technology can aid in reducing the increasing healthcare costs. Specifically, technological advancements with IoT have proven helpful in reducing costs and providing growth opportunities for a career in IoT.
Remote Patient Monitoring: It comes as no surprise that connected medical devices and IoT applications are playing a fundamental role in remote patient monitoring solutions. With the help ofconnected devices, physicians can monitor non-critical patients at home, which results in decreased hospital admissions and a sharp reduction in unnecessary expenditures.
Remote Equipment Diagnostics: IoT is not just helpful in remote patient monitoring. For many years, remote diagnostics technology has been used by medical equipment OEMs to monitor and manage the condition of costly equipment, including ultrasound, MRI, CT scan, X-ray, and radiation therapy equipment.
Clinical Operations: Internet of Things (IoT) technology is also playing a fundamental role inimproving the efficiency of clinical operations.
Data security and data privacy continue to be a critical concern, but still there are many companies out there that continue to overlook the major challenges linked with the underlying IoT infrastructure, such as device interoperability, connectivity, and edge device management. These major challenges often manifest themselves as hidden, additional, and undervalued costs for a business diving into IoT initiatives. For example, in applications such as remote equipment diagnostics and remote patient monitoring, embracing IoT technology can actually increase costs substantially if not implemented appropriately.
Connected healthcare devices accelerate Internet of Things (IoT) technology and wearable device adoption
If reports are to be believed more devices are becoming connected to the Internet – estimates predict that 30 billion devices would be connected by 2020, and you’ll be amazed to know that connected healthcare devices represent a large portion of those 30 billion connected things. In fact, IDC recently predicted that the thriving market for remote health monitoring will increase radically and become $12.4 billion (€10.41 billion) in valuation by 2018. This staggering growth is being stimulated by the technological growth and advancements in IoT connectivity technology, as well as the humongous adoption of both medical-grade wearable devices (that measure respiratory rate, heart rate, skin temperature, etc.) and consumer-grade wearable devices (e.g. fitness trackers, person health devices). These consumer-grade wearable devices and medical-grade wearable devices hold promise for the massive growth of the healthcare industry, since they provide optimal solutions. Today, the Internet of Things (IoT) is applicable to almost every healthcare application such as medication adherence, remote equipment diagnostics, remote patient monitoring, and clinical trials – providing improved care at rock-bottom prices.Remote Patient Monitoring: It comes as no surprise that connected medical devices and IoT applications are playing a fundamental role in remote patient monitoring solutions. With the help ofconnected devices, physicians can monitor non-critical patients at home, which results in decreased hospital admissions and a sharp reduction in unnecessary expenditures.
Remote Equipment Diagnostics: IoT is not just helpful in remote patient monitoring. For many years, remote diagnostics technology has been used by medical equipment OEMs to monitor and manage the condition of costly equipment, including ultrasound, MRI, CT scan, X-ray, and radiation therapy equipment.
Clinical Operations: Internet of Things (IoT) technology is also playing a fundamental role inimproving the efficiency of clinical operations.
Potential Challenges Associated with IoT in Healthcare
As shown in the aforementioned examples, the Internet of Things (IoT) holds unmatched potential to significantly lower costs and improve patient outcomes in the healthcare industry. However, this upside comes along with some major drawbacks.Data security and data privacy continue to be a critical concern, but still there are many companies out there that continue to overlook the major challenges linked with the underlying IoT infrastructure, such as device interoperability, connectivity, and edge device management. These major challenges often manifest themselves as hidden, additional, and undervalued costs for a business diving into IoT initiatives. For example, in applications such as remote equipment diagnostics and remote patient monitoring, embracing IoT technology can actually increase costs substantially if not implemented appropriately.
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