From telemedicine to artificial intelligence, the COVID-19 pandemic has underlined the relevance of various types of healthcare information technology. As a result, there are a lot of potential for health IT companies. From 2020 to October 2021, Crunchbase forecasts that healthcare technology startups raised a record-breaking $36.6 billion globally. That large sum of money presents a plethora of options for innovation in 2022 and beyond.
Sebastian Seiguer, CEO of the Johns Hopkins-backed health IT business emocha Health, was interviewed by Healthcare IT News to get a sense of what the future might bring. Sebastian discusses how the pandemic has highlighted the need for AI and machine learning technology to improve patient and clinical outcomes, how health IT can help address the challenges facing the US healthcare system and mitigate revenue loss, and the top innovation opportunities for health IT companies.
While sophisticated AI applications in healthcare show great promise, we presently lack the large quantities and granularity of data required to go beyond very simple algorithms and truly enhance outcomes.
AI, at its most basic level, is the process of teaching machines to behave like humans, automating chores like coding claims and organizing appointments. AI is most widely employed in healthcare today to automate processes like contact center routing and appointment booking.
Chatbots powered by AI are a good example: they're glorified decision-tree frameworks in a chat window, with material that's pretty dissimilar to the automated computer-voice decision tree we encounter when phoning huge firms or government organizations.
There are at least two reasons why we don't have the data sets we need to realize AI's potential in healthcare. To begin with, much of our healthcare data is separated into silos across providers' offices, health insurers, laboratories, and other locations. Each location captures data.
My organization is primarily focused with one dynamic in particular: how relevant healthcare technologies may be integrated with human involvement and scaled to improve clinical care and complete the consumer experience through virtual care.
Allowing clinicians to engage with patients via chat, video, photo uploads, and texting was the initial wave of innovation in that field. Those abilities are now expected by patients, and all physicians will be required to deliver them.
The next wave will see the emergence of digital-first clinics that focus on primary care while also providing specialty services including physical therapy, cardiology, maternity, and behavioral health. Patients are communicating with these providers through a combination of traditional and virtual care methods.
RTM is another developing opportunity. RTM codes, which are included in the Medicare Physician Fee Schedule for 2022, cover a wide range of virtual patient care services, including the digital collection and monitoring of data.
COVID-19 shown that both clinicians and patients can embrace new digital modalities. These interaction modes are currently being standardized and commoditized. The deployment, adoption, and integration of digital and virtual care across various populations and use-cases will continue to grow through 2022 and beyond.
Consumers will likely expect their healthcare experiences to look and feel more like other online experiences, but with more privacy and the chance for personal connection, as healthcare delivery becomes more location-agnostic.
Our goal as healthcare executives will be to ensure that we can merge in-person and virtual care without losing healthcare outcomes or patient engagement.
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