Consulting Services Use in Healthcare and Technology

Part
01
of two
Part
01

Consulting Services Use in Healthcare: Trends

The research covers two current or future trends in the healthcare consulting services space, which showcases in the findings, reasons why they are considered trends. The two trends include Artificial Intelligence momentum and making the patients paramount through technology.

AI Momentum

Why it is Considered a Trend

  • It is considered a trend because there are at least some healthcare consulting firms researched so far, already identify with this trend. The names of a couple of such firms are McKinsey & Co., and IQVIA.
  • Another reason this was chosen was that it is also a major trend with other industries outside this scope. This trend was chosen due to its relevance in the current healthcare consulting space. Many companies already are leaning in this direction as big data is now a major consideration.
  • Also, according to PwC’s GSISS survey, about three-quarters of health executives are interested in leveraging AI in the next three years.

Example

The Patient is Made Paramount through Technology

  • By harnessing the power of data to improve patient experience through wearables, spending habits, and pharmaceutical apps, healthcare consultants can improve the patient experience.

Why it is Considered a Trend

Example

Research Strategy

To determine some current or future trends in the healthcare space, we searched through relevant sources like market research and data publications to come up with our findings. One of our sources obtained, deemed questionable according to standards, had some interesting examples for our research. To confirm the credibility of the information contained in this source, we found two credible sources supporting the findings, which consequently makes it valid.
Part
02
of two
Part
02

Consulting Services Use in Healthcare: Technology

Technology is rapidly evolving to encompass aspects from digital strategy to technology change projects. The healthcare sector is also in need of technology because it is becoming increasingly important to ensure the future growth of this sector globally. A technology consultant comes in to map a current process and examine it to figure out what is wrong with it. The current trends in the technology space include data analysis, virtual health, and mobile health.


DATA ANALYSIS

Description

  • This is the scientific process of collecting historical raw data, analyzing the data, and then communicating the findings in order to arrive at informed conclusions.
  • Data analysis is useful because they can help individuals carry out actions and envision measurable value, swiftly.
  • Data analysis involves the secure mining of data collected from various sources in order to make useful business insights.

Why it a trend

  • The global healthcare data analysis market is currently estimated to be valued at USD 14.0 billion and expected to grow at a CAGR of around 28.3 percent to reach a value of USD 50.5 billion in 2024.
  • A number of providers of healthcare analysis are focused on offering solutions that can be scaled to adapt to advancement in technology as well as human expertise and skills in healthcare organizations.
  • Currently, robust and meaningful data analysis hold the potential power to transform a health care organization, unlock new sources of value, and differentiate it from competitors.

Examples of companies

  • Some prominent players operating in this market include IBM and SAS Institute, Inc.


VIRTUAL HEALTH

Description

  • This is the provision of health solutions through technology for care management, disease management, utilization management, behavioral health, care coordination, population health, and care coordination to optimize care and support community integration for high-risk members.
  • Virtual health combines clinical care and professional collaboration through telemedicine and collaboration at-a-distance to connect clinicians, patients, care teams, and health professionals to provide health services, support patient self-management, and coordinate care across the care continuum.
  • This means that a patient does not need to physically be in the office in order to communicate with a caregiver, especially to those who can be busy at work or cannot afford healthcare costs.

Why it a trend

  • According to Parks Associates, the number of households consulting physicians via video rose from 900,000 in 2013 to around 22.6 million in the year 2018, with revenues expected to grow from under $100 million in 2013 to $13.7 billion in 2018.
  • The increasing use of smartphones, improved technology, and the transition to value-based care are all drivers of virtual health adoption.
  • There is evidence mounting that virtual health can improve outcomes in certain populations by reducing the length of hospital stays, improving the experience among chronically ill patients and decreasing readmission rates.
  • However, more than 70% of healthcare consumers have never tried a virtual health visit while 57% are considering virtual visits, according to a survey.

Examples of companies


MOBILE HEALTH

Description

  • This is the use of mobile technology to enable health-care organizations to extend health-care services by providing a suitable environment to achieve mobile health goals, making some health-care services accessible anywhere and anytime.
  • This is the use of mobile technology such as smartphones, sensors, networks, and analytical tools to provide health care solutions throughout the patient journey and is within the scope of mobile health.
  • The development of mobile apps is among the myriad of mobile technologies in health care. While the apps have increased, there are fewer statistics on usage statistics by clinicians and patients.

Why it a trend

  • There is an increasing need for communication between patients, caregivers, and health care providers for easy-to-use, personalized user experience that enables data sharing.
  • Early evidence suggests people with disabilities are not well represented in the growth of mobile healthcare, and particularly the proliferation of mobile health software applications for smartphones.
  • Enhancement in technology means patients are empowered with the ability to access their electronic health records through the Web, as most of them own smart mobile devices such as smartphones that can be used to access the Internet.

Examples of companies

  • Samsung is leaning towards the provision of mobile health.


Sources
Sources

From Part 02
Quotes
  • "As technology rapidly evolves, this area of work is becoming increasingly important to ensure the future growth of organisations globally."
Quotes
  • "An eBook that features valuable insights on the changing landscape of the Healthcare IT industry"
Quotes
  • "The purpose of DA is to sort through data in order to arrive at a conclusion."
Quotes
  • "to help you implement actions and realize measurable value, rapidly."
Quotes
  • "The global Healthcare Analytics Market is estimated to be valued at USD 14.0 billion in 2019. This market is projected to grow at a CAGR of 28.3% during the forecast period to reach USD 50.5 billion by 2024"
Quotes
  • "focused on offering scalable solutions that can adapt to advancement in technology as well as human expertise and skills in healthcare organizations"
Quotes
  • "Today, robust and meaningful analytics hold the potential power to transform a health care organization, unlock new sources of value and differentiate it from competitors."
Quotes
  • "provides insights regarding the impact of interventions to optimize care and support community integration for high-risk members"
Quotes
  • "Virtual health combines clinical care and professional collaboration through telemedicine, telehealth and collaboration at-a-distance to connect clinicians, patients, care team"
Quotes
  • "he digital age is upon us. With it comes significant advancements and innovations in patient access, health care costs and quality of care"
Quotes
  • "Evidence is mounting that virtual health can improve outcomes in certain populations by reducing length of hospital stays, improving the experience among chronically ill patients, and decreasing readmission rates"
Quotes
  • "health-care organizations to extend health-care services by providing a suitable environment to achieve mobile health (mHealth) goals, making some health-care services accessible anywhere and anytime"
Quotes
  • "use of mobile technology such as smartphones, sensors, networks, and analytics tools to provide health care solutions throughout the patient journey"
Quotes
  • "Little is known about how much and in what ways mobile health (mHealth) apps are used by clinicians and patients"
Quotes
  • "people with disabilities are not well represented in the growth of mobile healthcare"
Quotes
  • "The global medical device and mobile health-monitoring market is growing at over 43% per year"