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5 Ways Health Tech Will Transform in 2024

In 2023, we witnessed an unprecedented surge in technological advancements in the healthcare sector. The rapid pace of innovation, fueled by breakthroughs in artificial intelligence (AI), data analytics, and digital solutions, has laid the foundation for a seismic shift in how we approach healthcare.

Now, as we stand on the cusp of a new year, it will be critical to view this technology as not just a tool but an indispensable partner in delivering superior patient outcomes and driving operational excellence. As the co-founder and CEO of PointClickCare with more than 20 years of experience tackling complex challenges across the healthcare continuum, I pulled together my top five predictions for how the industry will evolve in 2024. Let’s dive in.

1. The Investment Landscape Will Become More Dynamic

In the evolving landscape of healthcare investments, we’re witnessing a surge in private equity (PE) investments and the welcome recovery of initial public offerings (IPOs). Organizations, having learned valuable fundraising lessons in the past, are now strategically positioning themselves in the market’s new digital economy. PE, in particular, emerges as an attractive option for mature organizations with a focus on long-term impact.

Insight: The year 2024 is poised for a significant influx of PE investments, a resurgence of IPOs, and a strategic shift towards thriving in a digital-centric healthcare economy.

2. AI Will Drive Greater Operational Efficiency

The integration of AI into healthcare operations is not just a fleeting trend; it’s a paradigm shift. AI, advancing at an unprecedented rate, is set to revolutionize how healthcare organizations operate. While immediate impacts include freeing up healthcare workers’ time through the automation of administrative tasks, the true potential lies in the realm of faster diagnoses, personalized medicine, and enhanced cost-effectiveness.

Insight: As we progress through 2024, AI will not only enhance operational efficiency but also usher in new, evolved models of care, fundamentally transforming the industry.

3. AI Will Facilitate Standardization of Care at Scale

In the pursuit of value-based care, integrated patient collaboration across various stakeholders is more crucial than ever. Maximizing revenue potential through increased risk in value-based contracts necessitates meaningful collaboration.

Enter AI, facilitating enhanced standardization of care at scale. As small yet impactful shifts in care delivery are observed, we can anticipate a surge in AI investments in the coming year.

Insight: Integrated patient collaboration and standardized care, driven by AI, are pivotal for the success of value-based care models in 2024.

4. Technology Will Make Healthcare a More Desirable Profession

The perennial staffing challenge in healthcare demands innovative solutions. It’s not merely about attracting more people; it’s about creating a work environment that leverages technology, especially AI, to make healthcare a desirable profession. The focus is shifting from the sheer numbers of needed healthcare workers to crafting a positive work environment that minimizes administrative burdens through technological integration.

Insight: Solving the staffing challenge requires creating a technology-driven, positive work environment, making healthcare an attractive profession in the process.

5. Technology Will Streamline Information Flow

In the era of care collaboration, the challenge is harnessing the deluge of information. AI emerges as the beacon to turn extensive electronic data into actionable intelligence. By streamlining information flow and providing relevant insights at the point of care, AI becomes the linchpin in effective care coordination.

Insight: The effective use of AI in care coordination is pivotal in navigating information overload, improving quality, and reducing costs.

Embracing the Transformation

The healthcare industry stands at the precipice of transformation. Financial strategies align with technological advancements, creating a renewed focus on patient-centric care models. Embracing these innovations is not just a leap into efficiency; it’s a commitment to transformative healthcare. As we journey through 2024 and beyond, let’s collectively contribute to a future where healthcare isn’t just a service but a leader in innovation that ensures better care and outcomes for all.

December 20, 2023