4 Ways Technology Can Reduce the Healthcare Costs

The harsh truth about healthcare.

Its costs are rising faster than the inflation rate!

At the same time, the standard of healthcare solutions is drowning, especially for those entities that lack robust technologies in their ecosystem.

The situation is entirely messed up.

But, technology holds the enormous potential to bring magic into healthcare.

In this blog, we are going to share how technology helps in reducing healthcare costs without adding any complex obstacles to the lives of the patients, healthcare professionals, and stakeholders.

But why consider this blog?

First thing first, this entire article is not internet-based.

But how?

We have conducted a brainstorming session with 40+ healthcare stakeholders who are using at least 5 to 10 health tech solutions in their care delivery.

The aim is to understand how tech is helping them in reducing healthcare costs while at the same time bringing peace of mind into their ecosystem.

After accomplishing the session, we have come up with the idea of sharing those game-changing technologies on the internet.

Hence, we have written this blog in order to not let patients suffer in silence anymore.

4 Ways technology can reduce the healthcare costs

#1. RPA (Robotic Process Automation)

Time-consuming workflows, repetitive tasks, and inefficient communication methods are responsible for rising healthcare costs.

Healthcare professionals almost spend 70% of their time on this everyday headache.

But, RPA has the ability to address it without compromising the costs.

It is the robust and modern-age technology that helps healthcare entities to automate computer-based repetitive tasks.

As a result, it eliminates the need for resources while at the same time lowering the operational time and errors which directly reduces the overall healthcare costs.

What’s more important here is that it allows medical staff pays attention to other key responsibilities of the ecosystem in order to improve the care outcomes, experience, and overall revenue.

#2. Chatbot

You might have a question like – is a chatbot can reduce healthcare costs?

Undeniably yes!!!

It is a convenient and robust technology solution that not only helps in lowering medical expenses for patients but also assists the entities to reduces their operational and overhead costs.

That’s the reason, the healthcare chatbot market is experiencing enormous growth.

Healthcare Chatbots Market size is valued at USD 194.85 Million in 2021 and is projected to reach USD 943.64 Million by 2030”.

#3. Artificial Intelligence & Machine Learning

There is no doubt that AI & ML is still in the development phase in healthcare.

But still, the entire healthcare industry is experiencing the enormous power of both robust and outcome-driven technology solutions.

AI and ML harness the power of large-scale patients, research, and clinical data.

And data is everything in healthcare.

Here is how it helps in reducing healthcare costs with ease.

  • It speeds up the drug development process.
  • Helps the medical professionals in clinical decision-making in a faster, effective, and efficient way
  • Healthcare entities spend 30% of their time on administrative tasks. But with AI, they can turn on the Autopilot mode just like Tesla.
  • It eliminates the paperwork in every corner of the healthcare ecosystem.
  • AI & ML scale up the clinical trials

On a crucial note, medical errors take 5 lives every minute and cost $40 billion annually!

But with AI & ML, the healthcare industry can lower the chances of errors.

#4. Pharmacy automation

Prescription drugs are the driving factor for the rising healthcare costs across the globe, especially in the USA, Canada, and the UK.

The reason is,

  • Tons of repetitive tasks
  • Large amounts of paperwork
  • Medical errors

As a result, drug development and manufacturing take a long period of time in the pharmaceutical industries.

On the other hand, it increases the operational and resource costs for the pharmacy stores.

But with adequate and powerful technology solutions, they can reduce healthcare costs without any hassle.

Here are some examples of pharmacy automation.

  • RPA to automate the billing and accounting process to lower the errors and speed up the process
  • OCR to extract data from the PDF and Images that saves resources time and costs

This is how technology can reduce healthcare costs with ease and peace of mind.

To sum it up

Healthcare costs are rising.

But with the fusion of knowledge, technology, and passion, healthcare entities can reduce healthcare costs.

However, choosing the right technology and getting the best out of it is still an essential aspect.

So, whether you are a healthcare professional or entrepreneur, health tech has all the answers to your costlier queries.

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