Value based care set to drive 2024 healthcare technology adoption

In the ever-evolving landscape of healthcare, the focus is shifting from a fee-for-service model to a value-based healthcare system. This transformation places an emphasis on…

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Scott Lundstrom

December 6, 20235 minute read

In the ever-evolving landscape of healthcare, the focus is shifting from a fee-for-service model to a value-based healthcare system. This transformation places an emphasis on delivering high-quality care while controlling costs. To navigate this paradigm and shift successfully, healthcare organizations are turning to cutting-edge technologies.

For 2024 there are five technologies that are driving the delivery of value-based healthcare:

Intelligent document processing

Intelligent document processing (IDP) is a critical component of modern healthcare delivery systems, offering several advantages that significantly enhance efficiency, accuracy, and the overall quality of care. IDP integrates seamlessly into healthcare systems, automating the processing of documents such as patient records, insurance claims, and billing. This streamlines administrative tasks, reducing manual data entry and paperwork, which can be time-consuming and error prone. As a result, healthcare providers and staff can focus more on patient care rather than administrative tasks.

IDP systems digitize documents, making it quick and easy to retrieve critical patient information. Healthcare professionals can access medical records, test results, and other documents in real-time, allowing for more informed decision-making and faster response to patient needs.

Telemedicine – expanding access and efficiency

Telemedicine has rapidly gained traction in value-based healthcare as a means of expanding access to care and increasing efficiency. This technology allows patients to consult with healthcare providers remotely, eliminating the need for in-person visits in many cases. By leveraging telemedicine, patients can receive timely care without the hassle of long waiting times, or the costs associated with physical visits.

Telemedicine also supports the concept of continuous care management, a fundamental element of value-based healthcare. Through remote monitoring and virtual consultations, healthcare providers can track patients’ progress, adjust treatment plans, and offer guidance in real-time. This approach not only enhances patient engagement but also reduces readmissions and prevents complications, leading to cost savings. Telemedicine helps bridge healthcare disparities by providing access to specialized care in remote or underserved areas. By extending the reach of healthcare services, telemedicine contributes to the core values of value-based care – improved outcomes and reduced costs.

Artificial intelligence (AI) and machine learning – transforming decision-making

Artificial Intelligence (AI) and machine learning are at the forefront of healthcare innovation, significantly impacting value-based care. These technologies have the potential to revolutionize clinical decision-making, optimize resource allocation, and predict patient outcomes.

AI-driven predictive analytics can identify patients at high risk for specific health conditions or readmissions. By analyzing vast datasets and recognizing patterns that may elude human practitioners, AI can help prioritize interventions and preventive measures. This targeted approach not only improves patient outcomes but also reduces the financial burden on the healthcare system. Machine learning algorithms can also enhance the efficiency of administrative tasks, such as revenue cycle management and claims processing. This automation reduces errors, speeds up processes, and ultimately lowers costs.AI-enabled chatbots and virtual assistants are being employed for patient engagement and education. These tools can answer questions, provide reminders, and assist with medication management, promoting adherence to treatment plans. In the context of value-based healthcare, improving patient engagement is pivotal to delivering better outcomes and controlling costs.

Wearable health tech and IoT devices – real-time monitoring and personalized care

The Internet of Things (IoT) has made its way into healthcare through wearable devices and remote monitoring technology. These devices have the potential to revolutionize the delivery of value-based care by providing real-time data on patients’ health and activities.

Wearable health tech, such as fitness trackers, smartwatches, and medical sensors, can collect continuous data on vital signs, physical activity, and even sleep patterns. This real-time information can be transmitted to healthcare providers, enabling timely interventions and personalized care plans. For patients with chronic conditions, wearable devices can be a lifeline, helping them manage their health and avoid complications.

IoT devices also have applications in remote patient monitoring, allowing healthcare providers to track patients’ conditions without the need for frequent in-person visits. This approach can prevent hospital readmissions and reduce the overall cost of care.

Total experience improves care quality and outcomes

Value based care relies on a personal relationship with the patient where we can educate and manage their treatment to improve outcomes. Healthcare organizations are investing in solutions that automate processes, integrate systems and manage information, enabling them to bring efficiency to clinical and non-clinical operations, drive personalized engagement and improve patient outcomes. Increasing engagement and encouraging allows patients to be advocates for their own health and intelligent educational outreach improves health and reduces care costs. With widespread clinician shortages and burnout total experience solutions improve clinician satisfaction, automating tasks and streamlining disease management and patient outreach efforts to allow clinicians to focus on patient care.

The transformation towards value-based healthcare is reshaping the way healthcare is delivered and managed. Enabling seamless data sharing, real-time monitoring, data-driven decision-making, and secure information exchange – all of which are pivotal to delivering high-quality care while controlling costs. As the healthcare industry continues to evolve, these technologies will play a crucial role in shaping the future of value-based care. Embracing these innovations is not just a choice; it’s a necessity for healthcare organizations that aim to thrive in this new era of healthcare delivery.

In 2024, healthcare companies will need to work with patients more closely and collaboratively to meet objectives. Many of the problems facing the market require both changes to behavior and business models; doing this during a period of scarcity and economic uncertainty is undoubtedly challenging.

Learn more about how OpenText solutions for healthcare can help you address challenges in your organization.

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Scott Lundstrom

Scott is a long-time industry analyst, CIO, and software developer supporting complex regulated businesses in healthcare, life sciences and consumer goods. At AMR, Scott contributed to the original SCOR model, and helped launch the Top 25 Supply-Chain program. Scott founded the health industry practice at IDC Research and lead this group for 13 years. Scott also held leadership roles in research focused on AI, Cloud, SaaS, enterprise applications and analytics.

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