Shahid Akhtar, Editor, ETHealthworld, spoke to Deepa Param SinghalVice President, Oracle Applications for understanding the impact and growth of technology adoption and integration in the healthcare ecosystem.
As we enter the post-pandemic era, what are some healthcare-specific trends that could impact the industry in the coming years?
Over the past few years, the healthcare industry has undergone tremendous change. Ever since the pandemic triggered, the Indian healthcare industry has embarked on a robust growth journey to expand and future proof the health infrastructure. From a policy point of view, the Government of India is investing heavily in the growth and development of the healthcare sector.
We have seen some very significant and entirely new healthcare-specific trends in the post-pandemic phase that are shaping the future of both public and private healthcare organizations. First, we saw the rise of teleconsultation, becoming the preferred choice in an era of social distancing and, in some cases, the only way to interact with healthcare providers. This has created many opportunities within the sector in terms of flexibility and ease of communication. Therefore, this trend is expected to remain. Second, we focused more on patient engagement; People around the world have become more aware of the pandemic. Patients are well informed and knowledgeable about health care programs. Patients are now aware of the importance of better participation, have become more involved and have started increasing their involvement to improve the treatment process. Third, more emphasis has been placed on developing digitized healthcare infrastructure, which includes everything from digitizing health records to creating platforms where patients and doctors can interact across geographies. The Government of India has proposed to introduce integrated electronic health records in a single platform, resulting in a robust digitized network.
Ultimately, at the core of these trends is the adoption and integration of technology into the healthcare ecosystem, allowing for smarter, faster, more reliable and more robust healthcare systems.
What role do advanced technologies like AI play, Cloud computingAnd does automation play into healthcare providers’ processes?
Healthcare is the most important industry in the country, it is wary of challenges. Considering the large operation area, complex infrastructure and large population, the challenges for healthcare institutions are more difficult to face. Integration of emerging technologies incl artificial intelligenceCloud computing, machine learning and data analytics in healthcare systems are making significant contributions to provide the much-needed scalability and flexibility to the sector.
When the pandemic hit us, it was a testing time for all key sectors especially the healthcare industry as they are the healthcare providers at the front end to deal with the health crisis. Many healthcare organizations have realized the importance of advanced technologies and the opportunities this creates in the improvement and evolution of the industry as a whole. Struggling with unpredictable demand, extremely high administrative costs have pushed the industry towards a more complex operating environment that makes it challenging for healthcare providers to deliver seamless and quality patient care services to the public. Healthcare providers gain competitive advantage by integrating technologies such as AI, ML, cloud computing and automation to deliver data-driven, reliable and efficient services. Automation of processes essentially acts as an enabler for the sector, allowing front-line workers to free themselves from time-consuming manual processes and devote more time to patient care.
What are your thoughts on the growth projections of India’s healthcare industry and how do you see the cloud contributing to the growth of this sector?
According to IBEF, the healthcare market in India is expected to reach US$ 372 billion by 2022, driven by rising incomes, improved health awareness, lifestyle diseases and increased access to insurance. Furthermore, the report predicts that the e-health market will reach US$ 10.6 billion by 2025. These are some very strong projections in terms of expansion of market size as well as increased focus on digitization with growth of e-health market. We believe that as the healthcare sector evolves with technological advancements, providing services to the public will become easier and more accessible in the years to come. It is expected that by the next decade, the growth could be exponential with tertiary care reaching tier 1, 2 and 3 cities with better infrastructure and accessibility.
In this paradigm shift, cloud based technologies are set to play an important role in making this transition possible and enabling the sector to grow. With the introduction of e-health, telemedicine and electronic record keeping, the amount of data entering the system is increasing at an exponential rate. Hence, healthcare providers must rethink their approach to leverage the power of dynamic data and emerging technologies to support new operating models. This is where the cloud comes in, helping healthcare organizations collect, analyze and process data within the system, resulting in much more efficient, automated and data-driven processes. In short, the cloud helps in the development of all internal and external operations, such as HR processes, financial and operational management, supply chain management and customer experience.
While SaaS-based applications are becoming a popular demand these days, what changes has Oracle made to increase its flexibility and customization? SaaS portfolio?
SaaS applications have grown in popularity over the past few years due to various factors such as cost-effectiveness, scalability, accessibility and user-friendliness. At the same time, there have been discussions around standardized solutions with lower levels of personalization for businesses operating across industries. At Oracle, we are extremely focused on providing customized solutions based on business needs. To address healthcare challenges in the country, harness cloud capabilities and contribute to the digital transformation of the sector, Oracle has made continuous efforts to deliver new purpose-built solutions for healthcare providers. During our global flagship event this year, Oracle introduced specialized supply chain management, Human Capital Management and enterprise performance management solutions for the healthcare industry.
New industry-focused solutions Supply Chain Management for Healthcare, Human Capital Management for Healthcare and Enterprise Performance Management for Healthcare are part of our existing application portfolio with additional customization for the healthcare sector. Supply chain management for healthcare solutions aim to address the unique requirements of healthcare organizations by optimizing planning, automating processes and increasing visibility throughout the supply chain. Likewise, Human Capital Management for Healthcare enhances the employee experience and helps healthcare organizations develop their staff’s skills, improve efficiency, reduce burnout, and reduce costs. To help healthcare organizations better plan and manage their internal processes, we have an enterprise performance management solution. The solution helps organizations adopt better internal strategies and use innovative technologies to improve insights, optimize planning and forecasting, reduce costs and improve patient care.
What are some embedded technologies that cloud providers are typically incorporating into their new product launches, and how are healthcare providers benefiting from these?
Artificial intelligence, machine learning, data analytics and automation are some of the embedded technologies that are taking center stage. Cloud providers have recognized the potential of these technologies and are integrating them into their solutions over time. Many cloud providers are incorporating advanced technologies in their new product launches to make them more technology driven, smart and innovative to meet the evolving demands of their customers.
Intelligent integration of technologies such as AI/ML and data analytics can help healthcare providers quickly gather patient insights that lead to predictive analytics. Gaining patient insights quickly helps healthcare providers identify key areas of patient care that need improvement. Likewise, by automating internal and external daily processes, healthcare providers can devote more time to patient care and deliver better outcomes.
