Harnessing the Power of Connectivity: Revolutionizing Healthcare with IT

Executive Summary

The application of information technology in healthcare is ushering in an era of connected patients and precision medicine. This transformation is powered by advances in artificial intelligence, data analytics, and cloud technology. These developments hold the promise of increasing the speed and accuracy of diagnosis, enhancing treatment evaluation, and broadening the scope of disease research.
However, for this to become a reality, many elements need to fall in place. This guide provides a strategic overview of the opportunities, risks, and the path to the successful implementation of these advanced technologies in healthcare.

Market Analysis

The healthcare IT market is evolving rapidly and is predicted to surpass $50 billion by 2020. The market for medical diagnostic analytics alone is projected to exceed $1 billion in the same year. This growth is enabled by the proliferation of low-cost tools for data transmission, storage, security, computation, and visualization.

Strategic Opportunities

Healthcare providers have an opportunity to leverage these advances to analyze large volumes of disparate data, improving diagnosis and therapy. Pathologists and clinical laboratories are well-placed to take advantage of these technologies in the near-term.

Competitive Landscape

Major players, including IBM and GE, are making significant strides in this space. IBM’s acquisition of Merge Healthcare and Truven Health Analytics, as well as GE’s launch of HealthCloud, represent substantial steps towards a more connected healthcare IT ecosystem.

Implementation Strategy

The adoption of precision medicine informatics will extend to other areas of healthcare delivery in the next five to ten years, utilizing data from image processing, genomics, molecular pathology, signal processing, and electronic medical records.

Financial Projections

Investment in healthcare IT is forecast to yield significant returns. For example, in the United States alone, where more than 10 billion tests are performed annually, the adoption of advanced data collection and analytics technologies will drive substantial cost savings and efficiency gains.

Risk Management

In spite of the many promising prospects, challenges lie ahead. The successful implementation of advanced analytics for diagnosis requires a robust technological infrastructure and skilled personnel. Overcoming these challenges will require strategic planning and investment.

Success Metrics

Key indicators of success in the adoption of such technologies include the speed and accuracy of diagnosis, the effectiveness of therapy, and the breadth of disease research that becomes possible.