In a new analysis released by Frost & Sullivan, key growth generating opportunities have been set out and unsurprisingly digital health is at the forefront. We have witnessed a sharp rise in telehealth and medtech usage in 2020 following the Covid-19 outbreak. This pandemic has already reshaped the world, and analysts estimate that it will continue to do so.
This will take place across all industries of course but in particular in healthcare, where digital solutions will provide the most growth generating opportunities.
The use and development of robotics, AI, or telehealth in the healthcare sector have been in the works for some time, with robust initiatives taking place at university-based med centers as well as larger for-profit concerns. What few could have anticipated, however, was just how quickly these initiatives would permeate all areas of healthcare, thanks to Covid-19.
As we covered in this piece, the last 6 months have placed a higher emphasis on medtech solutions and digital health than ever before. In response to this, we have seen coalitions formed by big tech and health providers looking to pressure the government into making changes.
Both those coalitions and the Frost & Sullivan report agree strongly on one topic: swift change is required. This report in particular expects the healthcare industry to see a drop in growth of over five percent. The analysts described this to be an “unforgiving but transformational year.”
Those comments about this being a “transformational year” were made back at the end of July. Since then, of course, the results and the impact of this pandemic have violently ebbed and flowed. The analysts have now released what they believe will be the key areas of growth generating opportunities, to combat that five-point drop.
The report looked across a wide range of industries and found these particular growth generating areas within the world of healthcare;
Digital Health which would be primarily focused on telemedicine and robotic care. Improved and quicker standard of care offered with an increase in providers and wider coverage from Medicaid.
Technological advancements such as artificial intelligence (AI) which could be used across medical sectors. Aims of AI would be to provide support with disease management such as diabetes patients, something we have already covered at length.
Increase in remote care from consultations to use of robotics for diagnosis and treatments.
Human augmentation through further investment in behavioral analytics in order to enhance healthcare systems across the country. This should help bridge the gap between those who currently receive the best and the poorest care in the country.
Our piece on this year’s hottest technologies shows that there are already many of these tech innovations in place, enabling the healthcare industry to seize these opportunities.
For over fifty years Frost & Sullivan has been helping governments, corporate leaders, and investors through its in-depth research and analysis. Even in this unprecedented time, through using diverse metrics and real-time data Frost & Sullivan brings clarity and solutions to the post-pandemic climate.
Beyond simply looking at trends and solutions, Frost & Sullivan has also highlighted the companies which are geared up to take the lead. For example, having reviewed over fifty companies, the analysts have highlighted eleven which will lead the charge. One such company is Allscripts.
On its selection of Allscript as a leader in the field, Koustav Chatterjee, Healthcare Industry Principal at Frost & Sullivan, had this to say;
“During and post-COVID-19, Allscripts’ EMR, patient engagement, population health management (PHM), and revenue cycle management (RCM) solutions can be made part of an integrated offering that can interface with external health systems, solutions and service providers, at scale and in near-real-time.”
The analysts found this company to be well equipped to create growth generating opportunities. This was based on Allscripts’ ability to quickly scale up, to integrate new solutions at speed, and to offer API initiatives.
Paul Black, Allscripts Chief Executive Officer, spoke on his company’s election as the future of healthcare in a post-pandemic world.
“We are honored to be recognized by Frost & Sullivan as an industry pioneer, as this ranking reflects our leadership in innovation and interoperability across the healthcare continuum.”
If the healthcare sector wishes to find its way back, these are the growth generating opportunities which it will need to seize with both hands.