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4 New-Age Innovative Businesses Branching From Healthcare

Last updated on June 20th, 2023 at 09:52 am

Healthcare is one of the most dynamic and rapidly evolving industries, with innovations and technologies emerging at an unprecedented rate. The rise of digitalization, the increased focus on personalized medicine, and the growth of health and wellness are just a few of the many trends driving growth in the sector. 

It has given rise to a new generation of healthcare businesses leveraging cutting-edge technology and data-driven insights to transform the industry. 

From telehealth and virtual care platforms to personalized medicine and AI-powered healthcare, these innovative new businesses are shaping the future of healthcare. This article will review the five new-age innovative business branches from healthcare.

Virtual Care

Virtual Care and remote treatment represent a new branch of healthcare that revolutionizes how Care is delivered to patients. With the advancement of digital technology, patients can receive high-quality Care from the comfort of their homes, regardless of their location. This has enabled a more efficient and cost-effective approach to healthcare, making it more accessible to a wider population segment.

The new technology is enabling cheaper care in several ways. First, virtual consultations eliminate the need for patients to travel to a doctor’s office, saving time and reducing transportation costs. Additionally, remote treatment eliminates the need for costly medical equipment and facilities, allowing care to be delivered at a much lower cost. 

Virtual Care is a field that saw a huge boost during the pandemic, as going out was not possible, and people were paranoid. A recent report shows how more than 100,000 patients of university hospitals were given digital screeners about dealing with Covid and how these technologies continue to be effective to this day.

Wearable Tech

Wearable technology has significantly impacted the healthcare industry, providing individuals with a convenient and accessible way to track their health and wellness. Health bands and smartwatches equipped with sensors and other technology enable people to monitor their heart rate, sleep cycle, and other vital signs, providing valuable insights into their health.

One of the key benefits of wearable tech in healthcare is that it allows individuals to manage their health proactively. By tracking their vital signs and monitoring their activity levels, people can identify health issues before they become serious problems, enabling them to take preventive measures to maintain their well-being. 

For example, if an individual notices that their heart rate is consistently elevated, they can seek medical attention, which can help prevent more serious health issues from developing.

Remarkable advances in AI and cheaper electronics have made wearable tech more advanced. A recent Deloitte Insight report discusses how wearable tech is becoming a huge part of people’s lifestyles, with sales bound to reach $440 million by 2024 

Revenue Cycle Solutions

The evolution of revenue cycle management (RCM) companies is a game-changer for healthcare organizations as it provides a single portal for managing all payment-related details. These solutions streamline and automate administrative processes, reduce mismanagement, and improve visibility and efficiency.

The solutions offered by a revenue cycle management company eliminate the need for manual record-keeping, reducing the risk of errors and duplications. The centralized platform provides immediate access to all customer payment history and details, allowing for better decision-making and reducing the need for manual follow-ups. 

RCM software also automates tasks, such as claim submissions, follow-up on denied claims, and payment collections, freeing up valuable time and resources.

Moreover, RCM software helps improve financial performance by reducing revenue leakages, ensuring that healthcare providers are reimbursed promptly and accurately. The software can track the status of claims and help resolve any issues, reducing the time taken to receive payments.

RCM software also helps healthcare organizations comply with regulations, providing real-time updates on policy and procedure changes. It eliminates the need for manual updates and reduces the risk of non-compliance.

AI-Based Healthcare

AI-based healthcare is a rapidly growing field that leverages the power of artificial intelligence and machine learning to improve diagnosis, treatment, and overall care of patients.

Huge volumes of medical data, including patient records, genetic data, and medical imaging, may be analyzed by AI to find patterns and insights that would be hard or impossible for a person to notice. It enables medical professionals to customize treatment program, make more precise diagnoses, and enhance patient outcomes.

One of the key areas where AI is being used in healthcare is the field of medical imaging. AI algorithms can analyze medical images, such as X-rays, CT scans, and MRI images, to detect signs of disease and injury. 

For example, one can use AI to detect early stages of cancer or identify abnormalities in the brain that may indicate a stroke. It helps healthcare providers make more accurate diagnoses, improving patient outcomes.

Conclusion

The healthcare industry is constantly evolving and creating new and innovative businesses. From telemedicine and remote patient monitoring to personalized medicine and biotechnology, these new-age healthcare branches can potentially transform how we access and receive medical Care. 

By leveraging technology, they are breaking down traditional barriers to healthcare and making it more accessible and affordable for people worldwide. These businesses not only provide a variety of services but also create new job opportunities and economic growth. 

As the healthcare industry continues to grow and evolve, it will be exciting to see how these businesses develop and what new opportunities they bring in the future.

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