SCALE UP SERIES
Part 1 – Why Organizations Should Prioritize Adopting and Scaling Digital Health Innovations
Digital health innovations are reshaping traditional healthcare models, offering unprecedented opportunities to revolutionize patient care, enhance operational efficiencies, patient data management and drive sustainable growth. As organizations navigate this shift, it’s crucial to understand why prioritizing the adoption and scaling of digital health innovations is imperative.
Digital health innovations have the power to redefine the patient experience, offering greater convenience, accessibility, and personalized care. These technologies can include telemedicine, mobile health apps, wearable devices, electronic health records (EHR integration), AI/ML and new centralized patient interfaces.
For example, telemedicine platforms allow patients to access healthcare services remotely, reducing the need for in-person visits and minimizing wait times. Wearable devices and mobile applications enable individuals to monitor their health metrics in real-time, empowering them to take proactive steps toward wellness. Organizations can foster stronger patient-provider relationships by prioritizing digital health solutions, resulting in improved satisfaction and loyalty.
McKinsey categorized digital health technologies into nine “value pools” across five main categories: R&D, wellness and disease prevention, screening and diagnosis, care delivery, and finance and operations. These are all digital health areas that are seeing investment for innovation within the health system.
It is vital not just for private healthcare companies, but also for governments around the world. A 2023 World Bank Digital-in-Health report found, “It is estimated that some countries use less than 5% of health data to improve health. Within challenging fiscal environments, people-centered and evidence-based digital investments can help governments save up to 15 percent of health costs.”
By harnessing the capabilities of digital technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics, healthcare organizations can optimize clinical decision-making and treatment outcomes. The FDA is expected to increase its rate of approvals by more than 30% for AI/ML enabled medical technologies. AI-powered diagnostic tools can analyze medical imaging scans with unprecedented accuracy, enabling early detection of diseases and improving predictive accuracy. Remote patient monitoring solutions facilitate continuous tracking of vital signs and health parameters, allowing clinicians to intervene promptly in case of adverse trends.
Digital health innovations hold immense potential to streamline administrative processes, reduce inefficiencies, and lower operational costs. Electronic health records (EHRs) and digital documentation systems eliminate the need for paper-based records, enabling seamless information sharing and collaboration among healthcare providers and healthcare professionals. Automated appointment scheduling, billing, and coding functionalities optimize resource allocation and minimize administrative overheads. Furthermore, remote monitoring and tele-health services can mitigate the burden of unnecessary hospital admissions and emergency room visits, leading to substantial cost savings for healthcare organizations.
For pharmaceutical brands, adopting digital health innovations opens new avenues for research and development (R&D) and drug discovery. Advanced data analytics platforms can analyze vast volumes of clinical data to identify patterns, biomarkers, and therapeutic targets, expediting the drug development process. Virtual clinical trials and decentralized study designs leverage digital technologies to enhance patient recruitment, retention, and data collection, reducing trial timelines and costs. By embracing digital health solutions, pharmaceutical companies can drive innovation, improve R&D efficiency, and bring life-saving therapies to market more rapidly.
In an increasingly digital-centric world, consumers expect seamless and personalized experiences across all aspects of their lives, including healthcare. By investing in digital health innovations, organizations can meet these evolving consumer expectations and stay ahead of the competition. Telemedicine consultations, mobile health apps, and virtual care platforms resonate with today’s tech-savvy consumers, offering convenience, accessibility, and choice. By prioritizing digital health, organizations can position themselves as innovators in the healthcare space, attracting and retaining patients in an increasingly competitive market.
Digital health innovations are a thriving and well-funded aspect of health care, and its various ‘value pools’ categorized by McKinsey are expected to grow by at least 8% in 2024.
The imperative for healthcare organizations and pharmaceutical brands to prioritize the adoption and scaling of digital health innovations cannot be overstated. The benefits of embracing digital health are clear, from enhancing patient experiences and improving clinical outcomes to driving operational efficiency and future-proofing against disruptions. By seizing the opportunities presented by digitalization, organizations can lead the charge toward a more patient-centric, efficient, and sustainable healthcare ecosystem.
Amidst this transformation, RxPx is a globally recognized SaaS platform that connects patients, healthcare providers, labs and third party vendors, while automating health care provider (HCPs) workflows. The world’s largest Pharmaceutical companies trust RxPx with their brands, leveraging its end-to-end medical software for healthcare providers and peer-to-peer patient applications.While developing your strategy to scale digital health technologies, consider scheduling a demo with RxPx to see how our products and services support your digital health innovation goals!
