How Technology Is Disrupting the Healthcare Industry
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
In the past six months since the onset of the pandemic, technology and healthcare have become increasingly intertwined. The COVID-19 pandemic has motivated many doctors and patients to switch from in-person to virtual visits, and technology also been used to collect and track data about the virus' spread.
In the United States, collecting real-time data around COVID-19 and determining who has access to it has been an ongoing challenge. The U.S. health care system is composed of disconnected entities, including doctors' offices, insurance companies, hospital systems, and pharmaceutical companies. These entities all serve different purposes in the system. They all collect data on individual patients, but government regulations limit how much patient information they share with each other.
Patients are making healthcare a personal priority
In past decades, patients used to trust a doctor’s recommendation without much outside research or debate about the best course of action. Today, technological advances have made it possible for patients not only to do their own research, but also to monitor their own health data using wearables like smart watches. This trend will continue and 20 years from now, healthcare will be organized around the consumer instead of individual institutions.
Tech companies see healthcare as an opportunity for growth
The rapid changes occurring in the healthcare system have attracted interest from technology giants such as Google and Apple that are eager to modernize the industry. The Apple Watch already includes a heart monitor, and a recent patent application suggests that Apple is exploring ways to use biometric data to manage chronic diseases. While new digital tools may help consumers manage their health and avoid preventable illnesses, they also raise privacy concerns.