The healthcare industry is continuously evolving, driven by a number of factors, including innovations in technology, and a renewed focus on deep analysis of performance and challenges, to inform new best practices. The combination of both of these transformational influences is a healthcare approach that is becoming more individualised, guided by detailed data and patient or participant preferences.
In the past few years, we have seen a notable shift towards value-based care, which emphasises the quality of care provided rather than the quantity. This shift is not just limited to the way we deliver care; it also encompasses the technology we use to support it.
Value-based care is “the measured improvement in a person’s health outcomes for the cost of achieving that improvement”, with the goal of ultimately creating more value for patients. A concept that was first introduced in 2006 and once described as a ‘utopian vision’, it is something that healthcare providers around the world have strived to achieve since then.
According to a McKinsey & Company study, “the economic case for patient-centric models is overwhelming”. Their recent survey showed that “satisfied patients who use patient-centric models are 28 per cent less likely than those who don’t to switch providers, and are five to six times more likely to use other services from that provider”.
This approach has become a cornerstone in many areas of healthcare, from hospitals, to aged and disability care, but really, it is still taking shape as we experience and learn more, and as new ways of facilitating its implementation become available.
Healthcare organisations must continue to innovate to not only thrive but, more importantly, to be able to offer truly value-based care as it evolves.
A promising area of healthcare technology that is supporting the move towards value-based care, is integration software. This type of software can help connect disparate systems and provide a unified view of a patient’s health information, in addition to improving workflow efficiency, enhancing data accuracy, facilitating real-time data sharing and enabling interoperability. This can be incredibly powerful, as it allows healthcare providers to make better-informed decisions and provide more personalised care to patients.
So, what does the future of healthcare technology look like, and how can integration software support the shift towards value-based care?
The technology empowering value-based care
While the concept of value-based care might sound quite simple – a healthcare model that focuses on delivering high-quality care at lower costs, by incentivising healthcare providers to achieve improved patient outcomes – implementation isn’t always quite as straightforward.
One area that has improved significantly over recent years, however, as the approach to value-based care has become more clear, is the technology used to support it.
This model requires healthcare organisations to adopt technology solutions that can support data-driven decision-making, population health management, and patient engagement. The adoption of these technologies is essential for healthcare organisations to succeed in the transition to value-based care and improve the overall quality of care delivered to patients.
Below, we dive into some of the noteworthy technology trends and developments when it comes to value-based care.
Remote patient monitoring
A significant trend in healthcare technology is the rise of remote patient monitoring. This involves using technology such as wearables and mobile apps to collect data on patients outside of traditional healthcare settings.
This data can then be analysed to identify trends and patterns, allowing healthcare providers to intervene before a condition worsens and ultimately work towards improved patient care.
Integration software, like Oliqnua’s Ignite platform, can play a vital role in improving patient monitoring by connecting these various devices and apps, allowing healthcare providers to make more informed decisions about patient care.
Artificial intelligence and machine learning
The first thing that probably comes to mind when you now hear the phrase ‘AI’ is ChatGPT. But another key trend in healthcare technology is the use of artificial intelligence (AI) and, subsequently, machine learning (ML) to analyse a large amount of health data.
According to McKinsey & Company, “advances in automation are reducing the number of patient touchpoints needed to deliver care”. This brings us back to the quality over quantity mentality – it may be less, but the quality is improved when it comes to value-based care.
This can help identify patterns and insights that may be missed by humans, allowing for more accurate diagnoses and personalised treatment plans.
Integration software can help support AI and ML initiatives by connecting various data sources and providing a unified view of patient data. This can help ensure that the algorithms used to analyse the data are accurate and up-to-date.
This is something that has been around for a while, but no doubt exploded in popularity (and out of necessity) in the wake of the COVID-19 pandemic. In fact, virtual health visits grew by 38 times early in the pandemic.
Telemedicine involves using video conferencing and other technologies to provide remote consultations and care to patients. This improvement in health accessibility for patients further adds to achieving value-based care by removing the barrier of location.
Integration software can help support telemedicine initiatives by connecting various systems and devices, such as electronic health records (EHRs) and video conferencing platforms. This can help ensure that healthcare providers have access to all the information they need to make informed decisions about a patient’s care, regardless of their location.
The benefits of integration software in value-based care
So, how does integration software support the shift towards value-based care?
1. Improved care coordination
By providing a unified view of the patient (and hospital) data, integration software can help healthcare providers work together more effectively, reducing the risk of duplicate tests or conflicting treatment plans, as examples.
With software platforms like what we offer at Olinqua, care providers can minimise downtime for patients by easily knowing when their next test is, if there is a wheelchair available and when they need their next round of medications.
2. Better decision-making
Healthcare providers make countless decisions on a daily basis, so one can imagine the toll this can take as the hours of each day go by!
By connecting various data sources and providing real-time updates, integration software can help healthcare providers make more informed decisions about a patient’s care, and help minimise decision fatigue.
When looking at this from a value-based care perspective, it’s easy to see why this is so important – informed decisions not only mean improved outcomes for the patient but also for the hospital or other healthcare settings as a whole with processes running smoothly, costs being kept down and assets efficiently monitored, as examples.
3. Reduced costs
Hospital budgets tend to be already stretched, in more cases than not.
By avoiding duplicate tests and unnecessary treatments, for example, integration software can help reduce overall healthcare costs while improving the quality of care.
4. Improved patient outcomes
From the patient’s perspective, there’s nothing worse than feeling like they’re just a number when it comes to one’s health care.
By providing more personalised and coordinated care, integration software can help improve patient outcomes, leading to better overall health and quality of life. Using the readily available data, insights and ultimately a unified view of the patient’s health at any given time, healthcare providers are able to offer personalised treatment and care that is tailored to the patient – quality over quantity.
The future of healthcare technology is incredibly exciting, and integration software is set to play a vital role in supporting this movement towards value-based care. With the right technology in place, we can look forward to a future where healthcare is more efficient, effective, and patient-centred than ever before.
Find out how Olinqua can help you when it comes to integration software by getting in touch with us today here.