Gary Lynch, Global Practice Leader Healthcare & Life Sciences at Verizon Business01.15.24
More than half of hospitals in the United States are in the red. Many of them haven’t been able to recover since the height of the pandemic. Inflation has outpaced revenue, and the labor crunch continues to cause the industry fits. During the peak of social distancing, the healthcare industry invested in digital infrastructure to accommodate telehealth and other necessary pivots.
Though the industry’s challenges remain, digital transformation offers a path to getting back in the black. In 2024 (and beyond), we’ll see healthcare providers prioritize digital investments, especially those that can improve operational efficiency.
The investment makes sense. Smart hospitals offer tremendous value. Imagine a surgeon wearing a visor enhanced with augmented reality. During surgery, a 3D overlay can assist the clinician in identifying the precise location of a tumor, for example. In addition to compelling use cases like the one above, digital transformation can make good use of the huge amount of data in a hospital. By combining that data—genomics, demographics, biometrics, patient history and more—with AI-powered predictive modeling, care pathways will become smarter, more customizable and more effective.
As compelling as these benefits are, the short-term priority for many hospitals will be operational efficiency, given their financial woes. Thankfully, digital infrastructure can provide solutions to that end.
That is a staggering amount of staff resource waste, which only compounds ongoing labor challenges. If that equipment is connected to a network, however, those wild goose chases are no longer necessary.
By connecting medical equipment and other devices to a 5G network through IoMT technology, healthcare professionals can locate the nearest available equipment by the touch of a phone or tablet screen. The collective time spent chasing down equipment can then be applied to providing care or performing other administrative duties.
Along with IoMT technology, hospital administrators can add predictive maintenance tools to better manage their equipment inventory. Hospital administrators can extend the lifespan of equipment by anticipating the need for maintenance. It’s easier to maintain something that works than it is to fix something that’s broken. This proactive approach to inventory management can improve operational efficiency, increase equipment availability and reduce cost.
Expanding attack surfaces demand a proportionate investment in cybersecurity. Not only will healthcare providers prioritize cybersecurity in 2024, they’ll increasingly invest in private networks and Edge technology to reduce transmitting data to the cloud, thereby limiting the potential points of entry.
In 2024, most healthcare providers will prioritize digital solutions that improve efficiencies and reduce costs. Financial stability is a solid foundation for the connected healthcare industry of tomorrow. Hospitals can’t innovate if they’re not around, after all.
Though the industry’s challenges remain, digital transformation offers a path to getting back in the black. In 2024 (and beyond), we’ll see healthcare providers prioritize digital investments, especially those that can improve operational efficiency.
Improving Care with Smart Hospitals
The smart hospital is a growing industry and providers are investing in smart solutions and connected healthcare, which will only accelerate in 2024 and the coming years according to numerous market sizing reports.The investment makes sense. Smart hospitals offer tremendous value. Imagine a surgeon wearing a visor enhanced with augmented reality. During surgery, a 3D overlay can assist the clinician in identifying the precise location of a tumor, for example. In addition to compelling use cases like the one above, digital transformation can make good use of the huge amount of data in a hospital. By combining that data—genomics, demographics, biometrics, patient history and more—with AI-powered predictive modeling, care pathways will become smarter, more customizable and more effective.
As compelling as these benefits are, the short-term priority for many hospitals will be operational efficiency, given their financial woes. Thankfully, digital infrastructure can provide solutions to that end.
How Smart Hospitals Can Improve Operational Efficiency
Consider the following healthcare reality: a third of nurses spend an hour each shift looking for equipment. Those hours start to mount quickly with dozens of nurses at any given hospital.That is a staggering amount of staff resource waste, which only compounds ongoing labor challenges. If that equipment is connected to a network, however, those wild goose chases are no longer necessary.
By connecting medical equipment and other devices to a 5G network through IoMT technology, healthcare professionals can locate the nearest available equipment by the touch of a phone or tablet screen. The collective time spent chasing down equipment can then be applied to providing care or performing other administrative duties.
Along with IoMT technology, hospital administrators can add predictive maintenance tools to better manage their equipment inventory. Hospital administrators can extend the lifespan of equipment by anticipating the need for maintenance. It’s easier to maintain something that works than it is to fix something that’s broken. This proactive approach to inventory management can improve operational efficiency, increase equipment availability and reduce cost.
Digitalization Increases the Need for Cybersecurity
As fast as the digitalization of healthcare inside the hospital is poised to grow, the digitalization of healthcare outside those four walls is projected to grow even faster, from $58 billion today to $520 billion by 2032 or a CAGR growth of 25.2% during the forecast period. As the digital transformation of healthcare continues to accelerate, so will the potential points of entry for threat actors. In the last few years, we’ve seen the growing incidence of ransomware attacks. These attacks are not only costly, but they can potentially compromise life-saving medical equipment.Expanding attack surfaces demand a proportionate investment in cybersecurity. Not only will healthcare providers prioritize cybersecurity in 2024, they’ll increasingly invest in private networks and Edge technology to reduce transmitting data to the cloud, thereby limiting the potential points of entry.
The Trajectory of Digital Transformation in 2024
There’s no question that the healthcare industry is on a trajectory toward the smart hospital and connected healthcare ecosystem. Early adopters and innovators are well underway, and you will see more of them in 2024, but industry-wide adoption will still take several more years.In 2024, most healthcare providers will prioritize digital solutions that improve efficiencies and reduce costs. Financial stability is a solid foundation for the connected healthcare industry of tomorrow. Hospitals can’t innovate if they’re not around, after all.