• AI & Machine Learning
• Digital Health
• Health Tech
• Telehealth

Disruptive Innovations Changing the Healthcare Industry in 2023

January 30, 2023

Disruptive healthcare is a term used to describe innovative, game-changing approaches to delivering and managing healthcare services. 

This type of healthcare works by providing an alternative to traditional healthcare models, seeking to change how treatments are provided and:

• Increase access
• Reduce costs
• Improve outcomes
• Empower patients and providers

Some examples of disruptive healthcare are telemedicine, mobile health, artificial intelligence, machine learning in diagnostics, personalized medicine, and big data analytics. 

These solutions can increase access to care by connecting patients with providers worldwide or providing remote monitoring services, so clinicians can monitor a patient’s condition without needing an in-person visit.

Disruptive Healthcare Innovations in 2023

Thanks to technological innovations in healthcare over the years, almost every aspect of medical processes now rely on some form of technology.

Electronic health records and big data   

 With the introduction of the Affordable Care Act, Electronic Health Records (EHRs) have become an increasingly essential element in patient care. In fact, they were mandated by the federal government to show “meaningful use” of electronic health records (EHR) by 2015 or get a penalty for Medicare reimbursement.  The definition by HealthIT.gov says that health records must:

• Improve quality, safety, efficiency, and reduce health disparities
• Engage patients and family
• Improve care coordination, and population and public health
• Maintain privacy and security of patient health information

Surprisingly, these records contain much more than just medical data—they can help facilitate research initiatives, optimize treatments, construct AI applications and spark new business opportunities like patient engagement companies. However, healthcare providers must remain mindful to ensure that EHR security remains uncompromised to ensure the patient’s privacy.

As of 2021 data, roughly 88% of U.S. office-based physicians adopted any electronic health record (EHR) systems as reported by HealthIT.gov. In 2023, this number is expected to be higher as the technology gets more mature and more EHR vendors are able to offer viable products.

Transparency in Billing & No Surprises Act            

In 2021, hospitals must be more transparent with their billing and pricing to meet the requirements set forth by the Centers for Medicare & Medicaid Services (CMS). On Jan 1, 2022, the No Surprises Act came into effect which prevents organizations from surprising the patient with a medical bill for: (1) out-of-network emergency services, including air ambulance (but not ground ambulance) services and (2) in-network nonemergency services provided under certain circumstances. 

Furthermore, patients will gain access to medical records and tools such as online pricing to make knowledgeable decisions regarding their healthcare. These changes signify a continued trend to ensure that individuals receive all necessary information concerning their health-related costs. 

AI and machine learning        

Artificial Intelligence is revolutionizing the healthcare industry, enabling the automation of patient intake, scheduling processes and how we pay. 

Chatbots now provide answers to frequently asked questions by patients on provider websites, while natural language processing and neural networks are employed to analyze medical research data to find insights and solutions to some of medicine’s biggest questions. 

As AI usage increases in the healthcare space, its application could help to bring down medical costs or help to save lives.

As more automation companies start to use AI and NLP like ChatGPT in their solutions, the more healthcare organizations and providers can focus on their patient’s care.

Blockchain    

 Blockchain technology is transforming how providers use medical data through its encryption-based storage capabilities and secure linking. This powerful innovation is improving patient records, streamlining supply and distribution methods, optimizing research initiatives, and inspiring tech startups to develop applications that have changed the health industry as we know it.

In the HHS blockchain whitepaper, one of the benefits with blockchain technology is the use in the pharmaceutical supply chain from the manufacturer to the patient.  This allows each organization to verify the authenticity of medicines and expirations dates before it is delivered to the patient.

 

Consumer devices, wearables, and apps        

It’s incredible to remember that not long ago we considered the doctor’s office the only place to monitor vital signs such as blood pressure, oxygen saturation levels, and pulse rates. Fast-forward to today though, and you have fitness apps available on your smartphone that can track this data with wearable devices like Fitbit or Apple watches. Not surprisingly, physicians are utilizing these readings for treatment decisions; however, they have raised some legal and ethical issues concerning the privacy of patient data.

Healthcare IoT         

With more high-tech consumer devices being used such as smartwatches, thermometers, and fitness trackers. All of this information can now be sent to the cloud and connected with healthcare organizations and public health institutions to be able to detect things like outbreaks of illnesses and other health trends. The internet of things (IoT) offers vast amounts of data in a structured way to these organizations to be able to act on health trends and concerns. As this technology grows in 2023, the FDA will need to determine how to protect patient’s privacy and whether these devices are crossing into the medical device category needed for a medical function.

Telemedicine         

Without a doubt, the spread of COVID-19 accelerated the adoption of telemedicine by both the patient and doctors. Experts are confident that this trend will remain in place and is an attractive option for doctors and patients due to its efficacy and reimbursement opportunities.

In 2023, the American Medical Association introduced new CPT codes for digital health including additional codes for remote therapeutic monitoring and remote treatment of amblyopia using an eye-tracking device.  Proving that telemedicine and IoT devices are here at stay.

Business of Medicine            

In 2023, you’ll continue to see an interest by larger corporations like Amazon, Walmart and others to disrupt the healthcare industry.  Amazon just completed its purchase of One Medical, a hybrid primary care and value-based care provider. In 2019, Walmart launched Walmart Health; stand-alone clinics that offer primary and emergency care services. Both Amazon and CVS disrupted the industry in 2018 with acquisitions in the pharmaceutical retail space (Pill Pack) and adopting a different approach to health plans (Aetna). These revolutionary moves have created powerful entities redefining how healthcare functions today and continue to shape the future of healthcare.

With the ever-shifting landscape of technology and disruptive innovations and policies, healthcare providers must adapt and accommodate these now and in the future.