The tech industry is leading the current societal revolution where new technologies are changing the way consumers find and access services. For a decade, the healthcare industry listened to the rumblings of what grew to be what is today’s “shared economy” trend, a business concept where consumers can easily rent the services they need with no intermediary other than an app.
For healthcare industry leaders though, those rumblings were actually the moment that for years they had been preparing for. The principles of a shared economy—also known as collaborative consumption—have allowed us to finally achieve our goal of a patient-centered medical home (PCMH); this was the missing spark that is now lit and setting the PCMH industry on fire.
According to eMarketer, one of the most cited digital research companies in the world, 2017 is the year when market acceptance of platforms like Airbnb and Uber, has set the stage for consumers to finally be ready to embrace the benefits these applications can provide to their healthcare needs. In fact, the latest estimates point to more than 56 million adult internet users in the U.S. who will buy a sharing economy service at least once this year. Notably, the figure is higher than previously projected due to what eMarketer describes as a “stronger-than-expected uptake of both ride- and home-sharing services.”
Top global thinkers such as Sangeet Paul Choudary and Arun Sundarajan, believe healthcare is a prime example of how this “platform revolution” is beginning to take hold of the market fueling a patient-centric ecosystem where service providers can remove obstacles and facilitate solutions to the patient. The expected growth in the care industry is anticipated to come through platform-mediated solutions that will easily assist patients when they need quick access to health related services, including medical home.
This growth will not only benefit patients, it will also deliver efficiencies and cost-saving solutions to key industry players such as health insurance plan and healthcare providers—from a company that connects patients recently diagnosed with diabetes with others who have been living with diabetes for years, to transportation services specializing in helping patients keep their medical appointments. Forward thinkers have already been adapting to the benefits technology is offering, and the industry is now ready to apply shared economy principles to change the way we provide healthcare services.
One way to do this is by optimizing post-acute care and patient outcomes through machine learning, pattern recognition, and modeling. Leveraging AI and combining the power and insights from millions of patient records and proprietary data analytics is helping create a personalized approach for each individuals care. This approach makes sense for the patient who will see better health outcomes, as well as for hospitals and providers who will improve their bottom health.
The future is already here. Are you ready?