Internet of things could seriously unsettle the healthcare industry sooner rather than later, says a new study from Accenture Consulting.
Nearly three in four (73%) healthcare execs surveyed said the Internet of Health Things (IoHT) could shake up the healthcare industry in the next three years and nearly 50% stated that their leaders don’t have a complete understanding of what IoHT means to their organization, despite its potential to provide significant value for the industry.
The problem lies in current hospital budgets not allocating enough resources for spending on new technologies and the inability of healthcare execs to maximize the effectiveness of existing IoT in their buildings.
“The Internet of Health Things is already delivering tangible cost savings, but continuous investment is essential,” the report stated. “To succeed in the digital economy, healthcare providers and payers must take full advantage of IoHT now to grow their businesses in the long-term. Connected devices using the Internet of Health Things are beginning to transform healthcare delivery.”
To combat confusions in the IoHT market, the report from Accenture named four focuses that aim to be the biggest benefits that improve patient satisfaction and reduce administrative cost savings:
- Remote patient monitoring: 88% of providers and 81% of payers that have applied IoT services reported at least moderate improvement in consumer attraction/retention.
- Wellness and prevention programs: 42% of providers and 45% of payers that have applied IoT services reported achieving extensive medical cost savings from their wellness and prevention IoT programs.
- Operations: 33% of payers and 31% of providers that have applied IoT services reported realizing extensive administrative cost savings from their operations IoT programs.
- Wearables: 91% of providers and 95% of payers say wearable technologies are a part of their wellness and prevention IoT programs.
To take a look at the report in full, click here.