Working Capital is Needed to Support Technological Trends in Healthcare

Working Capital is Needed to Support Technological Trends in Healthcare

Becker’s ASC Review Nov 12, 2015

Healthcare as in all other industries is now moving toward twenty-first century technology.  Providers must embrace new ideas and must become technologically adept to join the new generation of treatment and data management techniques. With the learning curve also come the costs of implementing these new and more efficient capabilities.

The first of these is telemedicine. This new and exciting form of visiting one’s doctor is quickly growing and has shown increased patient compliance to current treatment and medications. Chronic disease follow up will be easier for the patient and will allow for less cancelled appointments and better long term care.

Next, we see that technology has become the best and safest way to collect and store patient data. Medical practitioners’ patient scheduling, and clinical data all blend into one storage application which helps for practitioners to review data and better prepare for patient visits whether these are in-office or “televisits.” Additionally prescriptions can be sent directly to the patients’ own pharmacy for quicker filling and faster access to life supporting or therapeutic drugs. Physicians not availing themselves of these new and exciting trends will certainly wither and fall to the bottom of the pack, losing patients and credibility.

Moving to the field of medical research, data mining capabilities have grown and simplified to become more comprehensive and targeted. Real-time data collection is now available using twenty-first century software and hardware. Analyses that can trace the effectiveness of a drug and shorten the time needed to make such determinations can easily be done. Seeing results in a matter of hours rather than in weeks brings research and development to new and soaring heights.

Some of the newest technologies that will boost patient care outcomes particularly in rural areas are wearable monitors/transmitters. These devices can provide real time data to patients and providers and can produce data that will advise the patient as to how he/she is progressing with treatment, thus moving some of the responsibilities for care to the patient.

Physicians tend to be very skeptical of change and in particular of new technology. However the need for, and efficacy of, these twenty-first century industry enhancements is obvious and those not willing to change will ultimately become healthcare dinosaurs. Healthcare providers will see decreased overhead, improved patient attendance to scheduled appointments and higher profits.