How Will Technology Change the Future of Healthcare? – Discovering the Advancements & Challenges
Society is continuously moving towards a future where astounding technological advancements will be seamlessly integrated into the fabric of our everyday lives. But, how will technology change the future of healthcare? ZT Corporate is very optimistic about the answer to this question and is happy to provide a more in-depth understanding of the future of healthcare technology.
How Does Technology Help in Healthcare?
Put very simply, technology will change the future of healthcare by making it an all-around better experience for everyone. Advanced technology will allow doctors to provide higher quality medical care and improve patient experience on the micro and macro scale in five key areas:
The introduction of TeleHealth communication technology has already improved the accessibility of healthcare in the midst of a pandemic. People are consulting with their doctors through online video conferencing, which saves time for both patients and physicians alike and cuts down on the overhead costs normally incurred by healthcare facilities.
Additionally, mobile apps make getting in touch with doctors and accessing medical records and appointment notes easier than ever before. For rural communities around the world, TeleHealth appointments have allowed patients to speak one-on-one with medical professionals safely and in real-time.
Patient health is always the top priority for any professional in the healthcare industry, and doctors are always searching for ways they can provide better patient care. Newly developed medical technology offers unique and far-reaching solutions for achieving this higher standard of care.
As healthcare technology continues to advance, doctors will have access to tools that allow for increased accuracy in diagnostics, streamlined precision in surgical procedures, more positive patient outcomes, and shorter, less painful recovery periods. In short, advancements in technology will allow for greater effectiveness in all areas of the medical process.
Consolidated Data Resources
As technology continues to advance, so will the interconnectedness of our world. This ever-increasing interconnectedness means that the healthcare sector will eventually have access to highly advanced data sharing technology that allows for patient data, such as recently recorded medical documentation and complete medical history, to be stored in a singular electronic location.
These databases will allow all the healthcare professionals working with a patient complete access to a comprehensive set of medical records. The ability to review detailed electronic health records and the notes of collaborating physicians all at once will provide doctors with a more holistic view of their patients, enabling them to provide more accurate diagnoses in much less time.
Since the invention of the wheel, the main purpose of technology has been to make life easier for mankind. It stands to reason that technological advancements in healthcare will streamline procedures and processes of various healthcare systems, reducing overall business expenses and increasing patient savings.
As technology aids us in refining our methods and resources, overhead costs will decrease, resulting in patients saving hundreds of dollars on medical care. This newfound affordability is a boon in and of itself, but it also contributes to healthcare becoming more accessible to the average person.
Longevity and Quality of Life
Lastly, but certainly not least, technological innovations in the healthcare industry will ultimately result in increased longevity and a better quality of life for all members of society. As healthcare becomes more advanced, doctors will become increasingly capable of treating illnesses and chronic conditions that once resulted in reduced quality of life or a terminal diagnosis for patients.
Though it might not be in our lifetime, illnesses like cancer, AIDS, and diabetes, as well as the general challenges that come with old age, could become things of the past as the healthcare industry continues to move into a brighter future.
The Challenges of a Tech-Reliant Healthcare System
While the future of healthcare is largely positive, with these advancements come valid questions about the challenges that inevitably accompany progress.
In our current society, which already exists online, we see concerns over data security, encryption, and stolen information every day. Healthcare professionals will also have to address this challenge as we continue to rely more heavily on a global, online database to house mankind’s medical information.
With so much sensitive information living in one space, data security must be at the forefront of our minds while we pursue medical data sharing and all of its benefits.
Reliance on the Internet
This challenge stems in direct contrast to the renewed accessibility of healthcare through ongoing technological advancements. In a world where healthcare is 100% dependent on the internet, how do we address the needs of rural or underdeveloped communities who lack reliable access to computers or the world wide web?
Alongside advancements in healthcare technology, there are other essential, global-scale advancements that need to be made; or at the very least, communities that need to be considered and cared for outside of the healthcare systems of the future.
The Face-to-Face Advantage
A very popular point for nay-sayers of technology has been that virtual communication lacks the personal connectivity that face-to-face interactions intrinsically provide. So, with the advancement of TeleHealth communication, healthcare professionals must find a way to ensure that their communication will be just as personable and professional via computer screen as it is face-to-face.
If technological advancements remove compassion and personalized care from the healthcare industry, we must consider whether or not these advancements can be counted as progress at all. However, as healthcare providers integrate new technology into their care repertoire, we can rest assured that empathy and human connection will remain one of the foundational tenets of the profession.
Investing in the Future
Here, we have examined how technology will change the future of healthcare. We have discussed both the victories and potential challenges of this ongoing progress and are aware of the caution that must accompany development. This is a vast topic with many avenues to explore as one debates becoming an investor in the future of medical technology.
As advancements continue to appear across the industry in the years to come, the involvement of passionate and empathetic individuals will be essential to navigating the twists and turns of each new development. Through our rigorous due diligence process, ZT Corporate’s team of financial and operational experts examines challenges with objectivity and the desire to help those who need access to state-of-the-art medical care at the forefront of our minds.
All of these things considered, one thing remains completely certain: to invest in the development of healthcare technology is to invest in the way forward for all of mankind.
Stay tuned for Part Two of this series on technological advancements in the healthcare sector for deeper insights into the actual technology making waves in the industry today.
Nuruddin Ali leads the alternative investments and capital market functions for ZT Corporate and its affiliate businesses. In his role, he manages the Private Equity team, conducts project assessments, raises equity and debt for new projects, and structures deals with lenders. Ali also plays a pivotal role in business development and project & relationship management for ZT Corporate. He joined ZT in 2007, after serving as a Vice President at Bank of America.