The healthcare sector is witnessing a significant shift towards digitalization, aiming to enhance patient care and operational efficiency and reduce the burden of administrative tasks.
A notable trend is the move towards becoming insights-driven organizations. According to a study by
Forrester Consulting, commissioned by EdgeVerve, a whopping 87% of participants expressed their commitment to integrating data-driven strategies across their IT and business frameworks. The ultimate aim is to enhance responsiveness to the fast-changing market dynamics while effectively managing competition and consumer expectations. Navigating through potential economic downturns, outdated technologies, the emergence of new market competitors, staffing shortages, an increase in chronic illnesses, and disruptions in the supply chain presents a formidable challenge for healthcare entities. Despite the considerable investments in digital transformation, achieving tangible success remains a complex goal for many. A significant number of healthcare organizations find themselves in a limbo of digital evolution and connectivity.
The Stark Reality of Healthcare’s Digital Shift
The urgent shift towards digital solutions in healthcare has led to a mix of outcomes affecting business value, customer service, and trust levels. The prevalence of disjointed point solutions has resulted in data silos, obstructing the path to a successful digital transformation. Consequently, the anticipated benefits of digital initiatives remain largely untapped. Presently, a majority of healthcare decision-makers lack confidence in their digital transformation strategies to yield the expected business results. Despite the high costs involved, almost half report no positive return on investment from these efforts. Furthermore, a significant portion of the funds allocated for digital experience enhancements has failed to produce measurable business benefits.
The repercussions of ineffective digital initiatives extend beyond financial losses. They hinder
the full utilization of data and partnerships, creating gaps in patient care narratives and
undermining trust. Such oversights can lead to severe issues like diagnostic errors and data
inconsistencies, impacting patient experiences and reducing clinical productivity.
Charting a Course for Digital Triumph with Platform Integration
Healthcare organizations are keen on closing the gaps between data, individuals, processes,
and the broader enterprise. However, the presence of entrenched silos poses a significant
barrier to digital progress. To navigate past these challenges, healthcare institutions should concentrate on:
- Enhancing connectivity to align IT and business goals for a patient-focused technology
strategy. - Breaking down existing barriers and inefficiencies with comprehensive, adaptable, and
scalable digital solutions. - Elevating the role of AI and automation to boost human capabilities and enrich patient
interactions through scalable self-service options. - Adopting emerging technologies with clear, impactful use cases to ensure technology
investments drive business success.
Refining partner ecosystems with strategic platforms that enhance transparency and accountability, thereby encouraging innovation and operational efficiency. Adopting a platform-oriented strategy can facilitate seamless integration across systems, data, and processes. Such an approach, marked by a strong emphasis on AI and automation empowers organizations to maximize their digital potential through effective partnership ecosystems.
Creating a Cohesive Healthcare Ecosystem: The Path Ahead
Traditional healthcare models often suffer from compartmentalization, restricting the flow of data and technology. This isolation hampers decision-making and limits opportunities for growth and agility. Recognizing these limitations, 75% of healthcare entities are now striving to establish a more integrated ecosystem, enhancing internal and external connections. This holistic approach aims to improve connectivity across the organization, streamline operations, maximize partnership value, and increase transparency.
Organizations that successfully implement digital strategies to achieve a unified enterprise environment enjoy numerous advantages, including standardized and automated business processes. The Forrester Research highlighted that 68% of leaders observed quicker responsiveness to consumer needs and more efficient management of health records. From our perspective, the implementation of digital technologies in healthcare has proven to unlock significant efficiencies, amplify human capacity, and leverage the strengths of a connected ecosystem. For example, a leading U.S. health insurance provider addressed a backlog of 70,000 records and improved claim processing times through automation, effectively reducing errors and handling a higher volume of customer inquiries. Similarly, a major healthcare manufacturer streamlined over 100 finance and accounting operations worldwide, saving over a million hours of labor. Another success story involves a Fortune 500 healthcare firm that enhanced customer satisfaction, productivity, and accuracy, cutting down claim resolution times by 60%.
It is clear that to drive growth and innovation in the digital healthcare landscape, companies must adopt a platform-centric approach, creating an interconnected system prepared for a digital resurgence.
About the Author:
Arvind Rao is the Chief Technology Officer at Edge Platforms, EdgeVerve. Arvind has significant experience leading globally distributed product teams through the entire software development lifecycle for various large-scale, mission-critical products. EdgeVerve Systems Limited, a wholly-owned subsidiary of Infosys, is a global leader in developing digital platforms, empowering clients to unlock unlimited possibilities in their digital transformation journey. Our purpose is to inspire enterprises with the power of digital platforms, thereby enabling our clients to innovate on business models, drive game-changing efficiency, amplify human potential, and foster a connected ecosystem.
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