Health is the basic necessity of life. With rise in inflation rate, the cost of health has been rising. According to an article, overall U.S. health costs are still expected to climb 6.5 percent in 2016 which is more than thrice the rate of inflation. Healthcare systems are trying hard to deliver quality care in limited costs. By embracing smart healthcare systems, healthcare organization both in private as well as in public sector can provide cost-effective quality healthcare services with less IT setup costs and reduced risk. Cisco in its recent analysis estimated that hospitals and pharmaceutical companies in private sector realized $67 billion in digital value last year, which is last as 16 percent of what they could have achieved in 2015. Thereby, losing 84 percent, which is $350 billion in potential value.
There is a vast opportunity to create potential revenue through smart health over the next decade. Cisco has already identified 31 smart health use cases with the potential to drive $1.4 trillion in private sector healthcare value from 2015 to 2024. This “value” defines the industry’s ability to serve more patients, improve the quality of care, and reduce healthcare costs.
What is the Network Architecture of Smart Health Systems?
A cost-effective and quality healthcare information system relies greatly on ability of the system to collect process and interpret the data into useful information so action can be taken. Reduced operational costs, improved quality and efficiency of care, decreased inpatient volume, value-based reimbursement, and improved relationships between clinicians and administrators are some key priorities that should be considered by healthcare providers. Electronic health records, mobile apps, Smart Health and social media are some of the technologies that can help address these concerns.
Smart Health is an important case in point. It can save money, improve service and also save lives. The Smart Health program at Lucile Packard Children’s Hospital in Palo Alto, California, helps fill the gap in rural areas that have a shortage of pediatric specialists. With high-quality video conferencing, instant access to patient records, and network-connected medical devices, the hospital’s virtual visits provide care for 300 pediatric patients. The hospital is also a part of the Virtual Pediatric Network, which uses advanced collaboration technologies to help physicians across the country work together on difficult cases.
What is the importance of Data Analytics in Smart Health?
Pharmaceutical companies face a different array of issues. Like other manufacturers, they must fend off low-cost competitors, improve supply chain management, and increase production efficiency. To bring new drugs to market faster and more cheaply, they also need to manage all kinds of data more effectively. Data analytics, social media, cloud, and mobility play an essential role in improving customer engagement, developing personalized medicines, collaborating seamlessly with new partners, and reaching new markets.
What are the future challenges of Smart Health?
Some of the biggest sources of digital value are not unique to healthcare. Areas like cyber security, payments, and connected marketing drive 86 percent of Digital Value at Stake. The largest of these categories, next-generation workers, uses many of the same technologies that make Smart Health possible. They can make all healthcare workers more productive, to the tune of $838 billion over the next decade.
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