Frost & Sullivan 2015 GIL Australia:Telehealth to Take Centre Stage in Australia’s Healthcare System
Tapping into their low-cost development potential, an increasing number of healthcare products will be created in emerging markets and subsequently introduced into developed countries. These changing paradigms of product development and geographic rollouts are to mitigate the growing burden of healthcare costs of these regions.
Systemic inefficiencies are keen driving factors for technology in healthcare. Avoidable in-patient visits and readmissions can be reduced through effective monitoring and long-term management. This requires regular data capture, analysis and interpretation in a manner that the patient can take action based on the results. Telehealth can help improve healthcare access in remote and rural areas where 10.7% of the population struggle with limited healthcare-provider density because infrastructure development is lacking and physicians prefer to work in urban centres.
Advanced medical technology companies are looking for a creative platform that enables them to provide solutions along the continuum of care, adapting to the "owning the disease" approach by migrating from an intervention-focused business model to convergent care. Pharmaceutical companies and medical device manufacturers are seeking means to improve patient interaction and engagement with their products to improve patient adherence, and ultimately, improve outcomes.
The telemedicine market in
Although a fragmented market targeted towards consumers, and with little participation from hesitant healthcare providers,
"
One key goal of the My eHealth Record is to improve patient engagement. This will involve integrating electronic medical records for oneself and those under one's care across multiple care settings into a single platform, enabling patient action and ownership over health data and facilitating seamless and reliable information capture from devices, apps and wearables as well as provide regulations and guidelines that allow safe, secure and meaningful use of patient data, including health data.
To provide a more patient centric approach in healthcare delivery, a high level of patient engagement on the continuum of care is required. Telehealth platforms that enhance patients' involvement in wellness and disease management will eventually take centre-stage in
With increasing emphasis on community care and rehabilitative services, better care coordination, especially to support an aging population, will be a critical need. This will entail moving beyond the EHR to provide a vendor-neutral platform to collect comprehensive patient data on a regular basis – so vendors will have to move beyond the EMR and expand their value proposition to beyond hospital care.
In spite of the aggressive industry push and government mandates to improve interoperability, smooth, comprehensive and efficient information exchange continues to be a challenge globally. Software and devices from different vendors often don't communicate and healthcare providers need to use multiple channels and interfaces as well as spend heavily on IT in order to access complete information. Data exchange between hospitals continues to be chaotic even in a country like the US where an estimated 75% of hospitals exchange data with other health institutions.
This situation will be further exacerbated in the next 5 years as the industry goes through the following transformation:
- New industry stakeholders like academic researchers, pharmaceutical and medical device companies, insurance organisations, care coordinators, pharmacists and patients start playing a more active role in care delivery and thus, need access to health information.
- New sources of health information emerge, such as, mobile apps, wearables, social media platforms, patient portals and connected devices creating an
Internet of Things in healthcare, all of which generate both structured and unstructured data that can be rich in content and value. - New and innovative ways to use health information for advancing research and improving clinical outcomes are discovered that rely on information technology (IT) tools like Big Data, Advanced Visualisation and Analytics that have the power to make sense out of unrelated, diverse data sets.
Khan concluded, "Today, in healthcare individuals are often segmented into broad demographic caterogisations. This one-size-fits-all approach leads to initiatives that have low compliance, and often fail to achieve desired outcomes. By creating a more comprehensive profile of individual patients, healthcare stakeholders are discovering new ways to engage and truly impact healthy results."
Globally
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SOURCE
Gwg Holdings, Inc. Files SEC Form 424B3, Prospectus [Rule 424(B)(3)] (Nov. 13, 2015)
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