Thursday, July 7, 2022
  • Login
CEO North America
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
CEO North America
No Result
View All Result

How You Can Create Value in an Intelligent Health Ecosystem

in Business, Opinion
How you can create value in an intelligent health ecosystem
Share on FacebookShare on Twitter

The intelligent health ecosystem will provide smarter insights and personalized health care experiences to patients, anytime and anywhere.

In brief

  • When a living ecosystem with smart insights and personalized experiences delivers health care anytime and anywhere, how will you create value?
  • How can targeted interventions with better outcomes be measured by stakeholders and thus valued?
  • How will you utilize AI technologies to make health care even more human?

Health sciences and wellness practices have changed beyond all recognition over the past century; yet the rate of change and adoption of digital or virtual care models which transform the way we manage health is now accelerating, arguably with exponential pace. Our newest report, The Intelligent Health Ecosystem (pdf) explores this.

The clinicians of the future may indeed become medical engineers, they will be trained in artificial intelligence, big data, robotics and other emerging technologies and disciplines. They will remotely manage multiple patients at a distance with the help of AI, augmented reality, nanobots and other powerful tools which are already growing rapidly today in technological maturity and commercial value.

Such a huge change in the way we think about medicine sounds like the stuff of science fiction. Yet in 2022 we are already seeing the beginnings of a major shift in the way health care operates. The past two years have seen a significant rise in telehealth adoption but organizations are now moving beyond this to build more integrated, comprehensive virtual approaches to care. For example:

  • We are seeing increasing efforts from Big Pharma to leverage telehealth tools: witness AstraZeneca’s move to acquire a stake in Huma, which offers a digital platform to support hospitals at home care and decentralized clinical trials. Combining disease management tools with predictive algorithms and real-world data, the companies are jointly pursuing “proactive, predictive care and research.”
  • Other Big Pharmas are using digital to design personalized omnichannel approaches to engagement, with Novartis creating tailored, on-demand Netflix-style video and audio content to connect with health professionals.
  • Telehealth networks are expanding in scope and depth, with Amazon collaborating with Teladoc in 2022 to expand virtual care services and make them accessible via voice-activated consumer tools. Other companies, such as Noom, Ro and LetsGetChecked are incorporating additional offerings — from coaching and patient management and at-home lab testing to digital pharmacy offerings — into the telehealth ecosystem, building increasingly comprehensive services.

Fueled by disparate and often unconnected data and technological innovations, these changes give the opportunity for the creation and emergence of an intelligent ecosystem. This ecosystem will ultimately deliver smarter insights and better personalized health care experiences to patients, anytime and anywhere. Realizing this vision, however, will require collaboration across health sciences and wellness, with all participants needing to opt in.

The health care revolution is not just an opportunity but an urgent and essential need. Our existing health care models are not sustainable in the long run. The cost of health spending continues to rise with the rapid worldwide growth of costly chronic diseases. Meanwhile, the global health care workforce faces a predicted shortfall of 18 million health workers by 2030, a gap which will accelerate the necessary adoption of digital technologies.

Yet while these trends are widely acknowledged, health care organizations and stakeholders need to recognize that we now also have the tools for transformation, which will not only drive efficacy of care and personalization, but also, and equally importantly, better access and efficiency.

Science and technology are the engine, data the fuel

New technologies are already driving the evolution of health. Today, health care innovators are working on integrating cloud computing, sensors, virtual and extended reality systems and fifth-generation broadband into our care delivery models. Just over the horizon, still more advanced technologies like quantum computing and an immersive metaverse are taking shape. There is no single new technology that holds the key to the future of health care. Rather, as these technologies continue to evolve and converge in the health care space, they are enabling the creation of a growing internet of medical things (IoMT).

In the future, this IoMT will extend itself everywhere. Our homes and working environments will be loaded with connected appliances, virtual assistants, motion sensors, remote monitoring tools connected to smart infrastructure. Beyond this, the very surfaces and interior spaces of our bodies will be mapped by bioelectronic implants, smart clothing, ingestible sensors, and ultimately nanobots and smart dust.

The net effect of this ever-present IoMT will be to drive an unprecedented growth in the quantity and quality of health care data available. We are already witnessing an exponential surge in health care data, with billions of gigabytes of patient information being generated inside and outside health systems every year. Consider that:

  • In an increasingly connected world, exponentially growing amounts of data are captured passively all the time. There were estimated to be one trillion sensors in the world in 2020 — compared to about 20 million a decade previously (a 10-year CAGR of 195%.)
  • As the number of tools for data capture increases, so does the volume of data relating to each individual: even with the uneven distribution of technology, every person on the earth generates an average of over 50 terabytes of data per year. Though only a minority of this is directly health data, we now know that up to 80% of health outcomes are shaped by non-clinical data.

The projected 36% CAGR for the growth of health data over the next three years is set to outpace the rise in data generation for industries such as manufacturing (6.3%) or financial services (6%).

Data — particularly the disparate, often unstructured data generated from our daily lives, which is often relevant to health outcomes — requires new analytical tools to turn it from raw information into actionable insights. This analytical power is now becoming available and applied to new previously unused data sources in the creation of new knowledge maps.

Building an intelligent ecosystem that can personalize insights

The growing presence of artificial intelligence (AI) within health care is reflected in the approval of over 130 novel algorithms in 2021. These algorithms already offer tools to perform digital triage, optimize care pathways, provide behavioral coaching and real-time disease management, and execute deeper analysis on genomic and other big data sets.

AI’s potential goes far beyond these use cases, however.

As the world of health care data continues to expand, AI offers a means to connect, combine and interrogate these data differently and unlock actionable insights. AI’s rapidly advancing ability to help us Sense, Perceive, Learn, Know, Reason, Plan, and Act; i.e., a combination of human and machine offers routes to augment Human-only intelligence at unimaginable levels compared to today. 

The adoption of AI into care delivery will be a continuous learning process, in which our health care algorithms continuously grow in intelligence and value. This combination of human and computational power will offer more value and power than either alone. With the power of AI, we can begin to link the huge volumes of data generated and the vast array of technological tools being developed into a comprehensive, integrated smart health system.

This system will be built on layers of data integration and analysis, with interconnecting platforms linked by a data backbone. The personalized data cloud surrounding each individual patient will be fed into a data layer which allows that patient’s data to be compared to individualized baselines and to real-world data on comparable patient cohorts. From here the system can begin to plan better-informed targeted interventions – and learn from these interventions to continually refine care approaches for each patient.

This data-driven smart system will enable us to break down the silos between care settings and optimize decision-making across the patient journey. Most importantly, it will finally offer a way to deliver truly human-centric care.

User experience defines the value

In other industries, companies have achieved global dominance by focusing relentlessly on user experience. In retail, entertainment, transport and other markets we have repeatedly seen companies win by offering a seamless trading exchange which offers convenience, transparency, high consumer choice and which continually adapts itself to the individual to ensure predictive and personalized interactions. Companies in the health care space have been slow to learn these lessons.

Now, the explosion in data and technological innovation offers us a way to reinvent care as a patient-centered, personalized health experience. To succeed in this reinvented world companies will need to consider not only traditional clinical metrics, but also the non-clinical measures which capture the subjective reality of the patient’s own experience.

The utilization of these data and an ability to unlock the power within them by sharing, connecting and combining datasets will support the use of these non-traditional measures. Use of these measures to generate actionable insights via AI will be the pivot for the move from data to value and thus, for BioPharma and MedTech companies to gain fair reimbursement for innovation and new products.

Most importantly, success of an organization’s future will be measured by how personalized their contribution to the health experience becomes.

(Courtesy EY. By Pamela Spence, EY Global Health Sciences and Wellness Industry Leader and Life Sciences Industry Leader)

Tags: artificial intelligenceErnst & YoungHealthcare

Related Posts

Passive etfs are surprisingly active
Opinion

Passive ETFs Are Surprisingly Active

How dealmakers can capitalize on market volatility
Opinion

How Dealmakers Can Capitalize on Market Volatility

Regulatory cooperation
Opinion

Electrifying Your Digital Transformation

5 things hr should consider when addressing wage transparency laws
Opinion

5 Things HR Should Consider When Addressing Wage Transparency Laws

Mandated financial disclosure leads to fewer innovative companies
Opinion

Mandated Financial Disclosure Leads to Fewer Innovative Companies

Automaker ceos urge congress to lift ev tax credit cap
Opinion

A New Era for Fuel Retailers

Collaborative advantage: activating the power of many
Opinion

Collaborative Advantage: Activating the Power of Many

Why locking in subscribers is bad for business
Opinion

Why Locking In Subscribers Is Bad for Business

Smart cities, smarter public health
Opinion

Smart Cities, Smarter Public Health

Standing still is not an option
Opinion

Standing Still Is Not an Option

No Result
View All Result

Recent Posts

  • Jobless Claims Rose Slightly Last Week, Layoffs Hit 16-Month High
  • U.K. Prime Minister Boris Johnson Resigns
  • Passive ETFs Are Surprisingly Active
  • Amazon Secures Stake in Grubhub, Gets into Food Delivery
  • Job Openings Fell in May as Demand for Workers Remains Strong

Recent Comments

    Archives

    Categories

    • Art & Culture
    • Business
    • CEO Interviews
    • CEO Life
    • Editor´s Choice
    • Entrepreneur
    • Environment
    • Food
    • Health
    • Highlights
    • Industry
    • Innovation
    • Issues
    • Management & Leadership
    • Multimedia
    • News
    • Opinion
    • PrimeZone
    • Printed Version
    • Travel
    • Uncategorized

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    CEO Latin America | ES

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

    Editorials – george.hatfield@ceo-na.com
    Advertising – media@ceo-na.com

     

    AUSTIN

    600, Congress Avenue 14th Floor
    Austin, TX.
    78701
    USA
    +1 512 649 0340

    NEW YORK

    387 Park Ave South,
    New York, NY.
    10016
    USA
    +1 212 796 64 15

    CEO North America © 2022 - Sitemap

    No Result
    View All Result
    • Home
    • Business
      • Entrepreneur
      • Industry
      • Innovation
      • Management & Leadership
    • CEO Interviews
    • CEO Life
      • Art & Culture
      • Food
      • Health
      • Travel
      • Environment
    • Opinion
    • News
    • Multimedia

    © 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?