How Technology Can Reduce Healthcare Costs

The healthcare industry is known for its high costs, which often create a large burden for individuals trying to get care, as well as the organizations providing it. However, new and innovative healthcare technologies have significantly changed the healthcare landscape. From telemedicine to wearable devices, technology is paving the way for more accessible and affordable solutions.

HealthTech Hardware Strategy Guide

The benefits of technology in healthcare

Technology has ushered in countless advancements in the healthcare industry. From AI-powered platforms helping providers operate more efficiently to connected devices increasing the accuracy of care to telehealth making care accessible from anywhere, technology is dramatically improving the quality and types of care available to patients.

The result is hard to deny: better care and outcomes, increased access to information, improved communication, and, of course, cost savings. 

Improved efficiency through automation 

The healthcare system is constantly overburdened. Longer patient lifespans, chronic diseases, and staffing shortages have created many obstacles for healthcare providers. Technology can provide a more straightforward way forward by automating outdated processes. For example, many administrative tasks can be shifted from manual and tedious to intelligent and seamless to improve efficiency and ultimately reduce provider costs.

• Appointment scheduling: AI-powered scheduling systems or apps can automate appointment booking and reminders. This reduces manual tasks for administrative staff and ensures efficient resource allocation. Providers can avoid using third-party schedulers, and the costly consequences of poor scheduling like staff overtime or temp hires to handle overflow.

• Insurance claims: Automation can accelerate the insurance claims process by eliminating manual data entry, sorting, and verification. Claims can be submitted within minutes and processed much more quickly, reducing the time it takes to settle a claim. This decreases the need for manual labor, helping providers save time and money, which can be redirected to other areas of the business.
• Medical records: Automation significantly improves the accuracy of medical records by reducing human error. With automated systems, providers can eliminate manual data entry and easily detect inconsistencies. Patient data from multiple sources can also be integrated into a single, comprehensive patient record, reducing the time and effort required to access and update patient records.

By implementing AI-powered systems to automate administrative tasks, healthcare providers can improve efficiency, reduce costs, and free up resources. The industry can also improve accuracy and patient outcomes by reducing manual labor and human error. As technology advances, we expect to see even more opportunities for automation in healthcare and further reduce costs. 

Remote visits with telemedicine

Telemedicine is the practice of providing healthcare services remotely using telecommunications technology. Healthcare providers can connect with patients who can’t attend in-person appointments via video conferencing, phone calls, text messaging, and email. 

Telemedicine allows patients to receive medical care from the comfort of their own homes, reducing the cost of care for both patients and providers. Patients no longer need to travel to in-person appointments, whether to their local doctor's office or a far-away specialist, allowing them to save on travel related expenses. Providers can use telehealth to see patients more efficiently without the need for a lot of office space or equipment, reducing their overhead costs. Telemedicine can also be used as a cost-effective follow-up method, reducing the need for additional expensive visits.

Remote patient monitoring and wearables

Remote patient monitoring (RPM) allows healthcare providers to monitor and collect patient data outside of traditional healthcare settings. Sensors in connected devices or wearables track patients’ conditions in real time and send the data back to providers, giving them a continual, real-time view of the patient's health.

Remote patient monitoring devices and wearables enable new methods of patient care that not only make care more accessible but also more affordable.

• Reduced Hospital and Emergency Room Visits:  Using RPM, providers can monitor patient conditions from anywhere and make proactive changes to treatment plans as needed, reducing hospital and emergency room visits. This is especially impactful for patients with chronic conditions requiring long-term care and adhering to post-op treatment plans.
• Improve medication adherence: Medical professionals can use real-time data on patients’ activity and vital signs from wearables to monitor for proper medication intake. They can quickly intervene if a medication is missed or taken out of the cycle. Patients not adhering to their prescriptions can create unnecessary costs from wasted prescriptions or additional hospital visits.
• Improved care coordination: RPM helps increase alignment and communication between patient and provider. With real-time data on their health, patients can better manage their conditions and make more informed decisions about their own care. Meanwhile, providers can detect potential problems earlier and use telecommunication methods to quickly communicate needed adjustments to patients. 

By enabling real-time monitoring of patient conditions and facilitating better communication between patients and providers, RPM can help reduce the need for hospital and emergency room visits, improve medication adherence, and enhance care coordination. As RPM technology continues to evolve, we will see even more innovative uses of this technology to help improve the overall quality of care for patients.

Decentralized clinical studies improve research results 

Decentralized clinical research (DCR) aims to reduce the reliance on traditional in-person visits between participants and practitioners during clinical studies. By leveraging technology such as telemedicine and remote monitoring devices, practitioners can collect data from study participants remotely instead of on-site. This brings numerous cost-saving benefits for both practitioners and participants, including:

• Reduced travel costs: Participants can participate n the study from their homes, eliminating the costs associated with in-person studies such as travel or child care.
• Increased efficiency: Remote monitoring and data collection can be conducted more quickly and efficiently than in-person visits. Digital collection processes mean less administrative overhead, creating cost savings for study practitioners and sponsors.
• Faster study results: Automating data processing and analysis significantly accelerates the completion speed for clinical trials. By reducing human errors, practitioners can avoid participant follow-ups which add time and costs to studies.

By leveraging technology, participants can participate in the study from the comfort of their homes, while practitioners can collect data quickly and easily. This leads to increased efficiency, reduced costs, and faster study results. With these benefits, it's clear that DCR is a promising solution for improving the efficiency of clinical research.

Devices are the future of healthcare technology, and Esper is the future of device management

Technology is a powerful tool in driving seamless, cost-effective healthcare. It can reduce manual processes, help prevent unnecessary errors, and increase access to better services, ultimately making care more affordable for everyone. Healthtech devices, like IoMT (Internet of Medical Things) devices, tablets used in clinical settings, or innovations in robotics that are applied to healthcare are key components to the future of healthcare technology.

Whether you deliver routine or life-saving care, the devices you rely on to serve patients must work efficiently and effectively. That’s why Esper built a device infrastructure that automates standard device operations to help you reduce management complexity and costs.

Manage Healthcare Devices

_{Image source: Panchenko Vladamir/Shutterstock.com}