IOT Could Drastically Upend the Healthcare Industry In the Next 3 years
Recently Accenture, a business strategy firm released a study showing 73% of healthcare executives believe that the IOT (Internet Of Things) will cause "disruptive change" to the healthcare industry over the next 3 years, however the study also showed that only 49% of those surveyed believed that their companies' leadership knew what it could mean for their organization.
eMarketer Suggests that the value of IOT will surpass $163 Billion by 2020. With larger healthcare organizations utilizing approximately 5.8% of their budgets to IOT, the report suggests that there are significant cost savings, revenue driving benefits as well as overall patient-care improvements.
Patient remote monitoring, patient loyalty, and even speed of payments from the patients or payer organizations are set to see the largest change over the next few years. Newer items such as wearable's, and of course instant communication devices create opportunities for those organizations who can utilize creativity within their budgets and product development to create better and more predictable revenue streams that they would have imagined in the past.
IOT software and material developers also have the opportunity to create things that could shape the way healthcare communications and data are handled, not just from a financial perspective, but more importantly making and using life saving and quality of life instruments that we are just now starting to scratch the surface on.
But make no mistake, the disruption can be a double edged sword, but will likely come down to preparation meeting creativity.