Is The Digital Age Descending on a Previously Reluctant Healthcare Industry?

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Technological advances have allowed us to book a trip around the world in minutes, access bank accounts, transfer funds, check investments and buy stocks with a few clicks.

But there are still several industries that could be considered behind the curve in implementing digital technology. Buying a home in many cases is a physical paperwork jungle as is the healthcare industry, which is still reliant on fax machines, paper scripts and physical file cabinets.

At least in the healthcare industry, change is coming, and several companies are looking to establish themselves as the go-to provider of the new wave of digital healthcare technology. Companies including Accolade Inc. ACCD, Inovalon Holdings Inc. INOV, Health Catalyst Inc. HCAT and Phreesia Inc. PHR are investing millions on emerging digital healthcare solutions that medical groups and their patients are finally embracing. It’s a potentially lucrative sector, with the healthcare cloud computing market alone expected to reach $64.7 billion by 2025.

That increased embrace is being spurred on by a global pandemic that laid bare the problems the health sector has been dealing with for decades. From increased bed occupancy to overworked healthcare workers, outdated systems put healthcare systems in critical care, drastically seeking technological data transformation to rescue it. 

Public and institutional reluctance to adopt data transformation in the heavily regulated healthcare industry is now slowly shifting. The College of Healthcare Information Management Executives (CHIME), an organization created to serve the professional development needs of chief information officers working in the healthcare industry, recently presented survey information showing that change is coming.

In the survey, more than 60% of healthcare IT executives say their organization is taking a hybrid approach to cloud operations — part cloud, part on-premise — with just under 18% saying they are not yet ready to make a move to the cloud. Nearly 10% say they are all in on the public cloud.  Another 11% supported adopting the private cloud approach.

California-based Healthcare Triangle Inc. HCTI, a provider of cloud and data transformation solutions in healthcare and life sciences, says it is jumping on the digital movement by providing expertise in digital transformation, which encompasses the cloud, security and compliance, data lifecycle management, healthcare interoperability and clinical and business performance optimization. 

“With the healthcare cloud computing market growing, from selecting a cloud provider to managing the cloud platform, the healthcare industry is looking to solve key challenges,” Healthcare Triangle Vice President for Client Success, Jason Polli said. “Capturing the expected value from the move to the cloud requires healthcare IT leaders to manage their cloud platforms differently than they would do in a data center, combining best practices in software development and IT operations. They must also staff their transition to the cloud with the right talent."

Increased use of application program interfaces (APIs) can help meet patients’ goals on their data, with doctors gaining access to more information about their medical status while only sharing data necessary for their treatment.

Healthcare Triangle believes that the healthcare industry is just starting to see the real benefits of modern APIs and translation tools bringing health data together in a typical fashion with rapid adoption and integration of advanced cloud tools and analytics. Most importantly, the company is betting on a move toward true interoperability of health data shared seamlessly between organizations, without barriers, whether technological or geographical.

To learn more about Healthcare Triangle Inc, go to www.healthcaretriangle.com.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.