Healthcare Economy
Significant technological and scientific breakthroughs and trends in the healthcare industry have shown tremendous potential in personalized medication and treatment. Healthcare innovations have revealed how cost and accessibility can be improved to address local challenges. Increased consumer literacy, participation and proactiveness indicate the need for change in healthcare delivery.
Age, population, lifestyle, globalization, and prevalence of chronic diseases present multiple challenges to already stretched healthcare delivery in various economies. Fundamental transformations are required to prevent increasing costs, inconsistent quality and inaccessibility to timely healthcare. Healthcare companies must create innovative strategies designed and modeled for affordability.
Affordability is not just about being cost-effective; it is about providing quality healthcare in a timely manner. Irrespective of the funding model, final costs are borne by consumers via higher premiums or taxes. By eliminating wastages, redundancies and excesses, cost-effective treatments are enabled. Technology not only reduces the cost of delivery but also scale with changing demographics. While improving efficiency will increase affordability, the prime focus is prevention.
Prevention is clearly the way forward for the future of healthcare. The preventive model focuses on the overall well-being of patients, unlike the traditional 'cure' model which focused only on paying physicians for treating specific illnesses. Patient-centric care considers patient's values, involves them in clinical decisions, and ensures transparency and self-care. The shift from the 'cure' model to the 'prevention' model will revolutionize the healthcare sector.
Infosys believes Affordability, Prevention and Patient-centricity drives transformation in healthcare and technology, consequently enhancing patient experience and providing effective care.
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Published with permission of Health 2.0