The world has continued to witness the increase in the demand for healthcare services. Apart from the traditional factors like the aging population, and chronic diseases, the Covid-19 pandemic has further increased the demand for qualified healthcare services. The digital health solutions have been the alternative healthcare solutions that are supplementing and broadening the scope of healthcare service. Today, as the healthcare systems around the world are desperate for upgradation, digital health solutions are seen as the best alternative option that can supplement the lack of traditional healthcare facilities faced by the world.
However, even with the technological advancement of digital health solutions, there is still a large void when it comes to the development of a sustainable digital healthcare ecosystem, which can leverage the latest technologies to create operation and financially viable healthcare solutions.
Challenges Faced by Digital Healthcare Industry
Out of the various issues faced by the digital healthcare industry, the financial uncertainty of the world economy remains a key challenge. Moreover, the evolving demands and expectations of the consumers and adaptation of new healthcare delivery models, cybersecurity, and regulatory compliance remain some of the other pinning challenges faced by the digital healthcare industry.
- Financial Sustainability
The financial stability remains one of the most pinning challenges for the rise of digital health solutions. The uncertain economic conditions, financial instability, rising technologies, and other challenges are hampering the development of the digital healthcare industry. Moreover, the shrinking margins and rising costs are also negatively impacting the development of the industry.
Evolving Preferences of Customers
Another challenge faced by the digital healthcare industry is the evolving expectations and demands of consumers. The rise of technology has led consumers to raise their expectations, as they are increasingly looking for more convenience, increased transparency, and affordability for the service. This poses a serious challenge for the digital health solution industry as they desperately gasp to meet the consumers’ expectations against shrinking profits and increasing costs of the technologies.
- Creating more affordable and convenient services
The even increasing expectations from the technology mean that digital health solutions providers have to come up with better and more affordable services in order to compete in the market and attract consumers. Also, the increasing cost of traditional healthcare services makes it important for digital health solutions to develop integrated workflows and processes to improve efficiency and minimize the cost of the service.
- Cyber Security
For all possible uses of technology, there is always a risk of cybersecurity. As healthcare systems transform into digital systems, it is becoming increasingly important for digital health solution providers to develop strong and robust security features that can handle the ever-growing threat of cybersecurity, which may not only cause loss of crucial data but also leads to severe administrative and monetary penalties.
Converting Challenges into Opportunities
While the digital healthcare industry is facing various challenges, the industry indeed is great strides to convert these challenges into opportunities and use them to their best advantage.
- Reducing Costs and Increasing Profits
Digital health solution providers are increasingly dependent on technology to come up with integrated workflows and processes to improve the efficiency of the systems and maximize productivity. By automating the various administrative and daily routines, practice management systems are cutting down on the resources required to maintain operations; subsequently reducing the cost of operations for the industry. The digital health solution providers are increasingly leveraging innovative and advanced technology to improve their operations, cut down on the costs, reduce the time for treatment, and optimize the patients’ experience through an integrated healthcare system.
- Meeting customer expectations
Disruptive futuristic technologies like Artificial Intelligence and Deep Learning are increasingly optimizing the healthcare system for faster and integrated processes. According to some studies, by implementing Artificial Intelligence and Deep Learning technologies many hospitals have boosted the time required for CT scans by as much as 150times, as compared to a human radiologist. With these powerful analytical technologies, it is now possible to diagnose acute neurological events in less than 2 seconds; as compared to many weeks required for the manual diagnosis of the same.
- Cyber Security
Cybersecurity and data breach has always remained a crucial challenge for all uses of technologies, whether it’s the e-commerce industry or digital payment gateways or the medical use of technology. However, the rise of Blockchain technology has opened up new avenues for digital health solution providers to develop strongly encrypted and decentralize systems that can be used to record and send patients’ data without any mutable, without having to worry about tampering or data breach.
While the digital healthcare industry is facing various challenges, technological advancement is opening up new possibilities for digital solutions to adopt and deliver high-quality, reliable, convenient, and faster healthcare services to consumers. The industry has already become a multi-billion dollar industry and is expected to achieve the operational and financial viability with the maturation of new technologies.
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