Digital Tools & Technology Round of 32 Results: Where High Tech Meets the Bottom Line
In a region defined by trends that aren’t based in finance, we continue to see a domination of those that can positively affect bottom lines. Discussion almost always came back to a focus on the trends with the ability to provide immediate financial relief, with all winning trends competing better against their adversaries along this line.
Here’s how the four matchups in this region unfolded:
Digital Tools & Technology Trends
Artificial Intelligence and Machine Learning Dominates Extended Reality
“I don’t think healthcare is ready for goggles and glasses yet,” said a Committee Member in an opening volley.
Extended Reality (8) was no match for Artificial Intelligence and Machine Learning (1), which dominated this matchup with zero resistance in a quick 5-0 win. So much is going on in the artificial intelligence landscape now that this wasn’t a fair fight. Congratulations to Extended Reality for making it into the tournament; maybe it’ll have another shot down the road.
Clinical Automation Shuts Down Precision/Personalized Medicine
“Precision Medicine in the next two to three years is probably going to be a huge opportunity for private equity money,” said one Committee Member. That being said, this member voted for Clinical Automation (2) for its superior impacts in 2023, particularly its mitigation of staff shortages.
Another member wanted to know how Clinical Automation is manifesting; one respondent pointed to things like early sepsis identification and personalized care plans that are taking up a lot of slack. The future looks bright for Precision/Personalized Medicine (7), all agreed, but in 2023, Clinical Automation is the clear winner in a 5-0 victory.
Cybersecurity Sneaks By IT and Infrastructure Modernization
The matchup displayed the age-old battle between investing for the long-haul versus the major threat staring you in the eyes – a major theme of this year’s tournaments.
“Cybersecurity wouldn’t be such a current emergency if we had properly invested in IT infrastructure.”
Throwing down a vote for IT and Infrastructure Modernization (3), one Committee Member commented, “Frankly I think cybersecurity wouldn’t be such a current emergency if we had properly invested in IT infrastructure.”
Others concurred but voted for Cybersecurity (6), with breaches and ransomware posing daily threats to operations, patient privacy, financial strength and reputation. Cybersecurity is such a problem that a lot of systems are forking over ransom demands to get their systems back because they can’t afford the consequences – and because resisting is usually more expensive than the ransom. A final observation before this 3-2 win was the need for better accounting regulations regarding expenses in this area.
Remote Patient Monitoring Edges Out Digital Front Door
Votes diverged from the start of this contest, with one Committee Member supporting Digital Front Door (5) due to the pervasive activity across the industry, while the next vote came in favor of Remote Patient Monitoring (4) for its direct ROI impact and simplicity of getting it off the ground. This was a neck-and-neck contest between two players that both seemed to have widespread adoption and a strong future.
Ultimately, Remote Patient Monitoring won the day 3-2 due to its immediate economic benefits.
Which trends do you think will shape the industry in 2023?