Digital Front Door
Both consumers and purchasers have come to expect on-demand digital offerings, which has been accelerated by the COVID-19 pandemic and remote workforce. With the rise in consumerism, digital front door technologies will serve as the primary entry point into the healthcare system. In 2023, payers and providers will focus on a digital front door strategy that can improve patient satisfaction with a simplified member experience, expand access to care, optimize resource allocation (often through self-service tools), and reduce unnecessary treatment through better care coordination.
Remote Patient Monitoring
The need to monitor, report, and analyze patients with multiple chronic conditions in their time of need is a critical factor in potentially avoiding hospitalizations and exacerbation of diseases. The Global RPM market is projected to reach $175B by 2027, from $53.6B in 2022 (CAGR of 26.7%). The focus on reducing healthcare spend will continue to drive adoption of RPM solutions in 2023.
In the past three years, over 93% of healthcare organizations have recorded data breaches. According to Health IT Security, 80% of healthcare data breaches in 2022 were related to hacking and IT incidents, which is an increase of 45% from five years ago. Stronger data governance strategies and investment in IT security to combat data breaches and cyberattacks will be a priority in 2023.
IT & Infrastructure Modernization
In 2023, providers and payers will invest in modernizing their technology infrastructure with more reliable systems that may integrate with or replace legacy systems. The focus will be on improving performance, productivity, and efficiency. Implmentation of new IT, data, and analytics (population health and/or predictive) systems will be multi-year investments requiring both financial and human capital resources.
Precision medicine encompasses patients' genetics, lifestyle, and environment data to ensure the accuracy of personal diagnostics and treatment efficiency. Emerging precision informatics technologies will be secure, interoperable, and service providers, payers, pharmaceutical firms, and other interested parties. In 2023, patients will have more opportunities to receive healthcare delivery that is tailored to their individual needs.
With mounting labor concerns and consistent employee burnout, healthcare organizations are investing in clinical automation solutions to reduce administrative burdens among staff. Clinical automation investments will augment traditional practices to create workflow efficiencies and streamline care delivery.
Extended reality includes virtual reality (VR), augmented reality (AR), and mixed reality (MR). According to a Fortune Business Insights report, the global healthcare VR market is projected to grow at a CAGR of 38.3%, to $11.6B in 2028. These technologies will help automate day-to-day activities to increase staff productivity and efficiency.
AI & Machine Learning
The market for Artificial Intelligence (AI), specifically Machine Learning (ML) tools is forecasted to top $20M in 2023. There will be continued adoptions of various AI-aligned technologies like computer vision, natural language processing, pattern recognition algorithms. Investment in AI and ML tools will improve efficiency with information processing and decision making.