“In the middle of difficulty lies opportunity.”
Albert Einstein is less known for this quote than his theory of relativity.
The COVID19 pandemic has completely transformed the way many businesses function. There are many signs pointing to the fact that these changes are going to be permanent. Those who are prepared to transition quickly, will survive and thrive. And, they will prove Einstein right.
For many businesses such as banking, retailing, education, etc. the transition to go online was always on. The pandemic just happened to act as a catalyst.
Likewise, in healthcare, the efficacy of use cases for Telehealth and Remote Patient Monitoring (RPM) was proved beyond doubt. As is the case with many other digital businesses, only under adversity, could we realize the true potential of remote healthcare.
Rising demand
A report by Allied Market Research seems to agree with our understanding. RPM is anticipated to garner $22.58 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Typically, the aging and high risk population with chronic conditions is considered a potential candidate for RPM.
However, to realize the full potential, RPM should cover the ‘At Risk’ population and extend further to the healthy population, with a view to boosting their overall wellbeing and prevention of disease.
The metamorphosis
While the potential is huge, the change required is proportionately large. Similar to how brick and mortar businesses weathered the onslaught of e-commerce, healthcare IT vendors who are prepared to innovate and support the needs of clinicians and patients will rule the waves.
How can healthcare IT vendors respond to the call?
To keep up with the changing scenario, there is a need for a scalable, synchronous ecosystem that offers an integrated, 360-degree approach to patient care. It’s important to realize that the center of the ecosystem is shifting. We need to understand that EHR will no longer be that center, but just a repository of patient data bound by the chains of legacy.
In the next blog, we will discuss how and where the center of the ecosystem will shift and how we are helping some of our customers balance this shift.
Want to understand how to adopt the 360-degree approach to RPM?
Need some advice on building a digital healthcare ecosystem?
Please write to us at itservices@healthasyst.com