What is the Future of Nursing Home Businesses?

The Coronavirus has changed the way we do things, albeit temporarily. Soon enough, things will settle down and life will pretty much go back to the way it used to be – at least for other industries. The senior care industry, however, may never return to the old normal. With that being said, what is the future of nursing home business going to be like?

The COVID-19 pandemic has dealt significant blows to the senior care industry. According to an ABC News analysis of the latest public health data, nursing homes in America have persisted as one of the pandemic's deadliest environments. As of May 31, 2020, there were a total of 95,515 confirmed and 58,288 suspected cases of COVID-19 in 88% of 15,400 Medicare and Medicaid eligible nursing homes. Of this number, 31,782 succumbed to COVID related complications.

Today, many nursing homes across the US remain on lockdown. The devastation, advocates and experts say, underscore longstanding problems with a system that, even in normal times, struggles with neglect, poor infection control, and understaffing. Now, the pandemic has fuelled calls for more drastic solutions, some have called for abolishing nursing homes altogether.

Advocates question the need for nursing homes, especially since many believe seniors aren't receiving proper care in these facilities. Their effort to deinstitutionalize nursing homes – which has had some success – pushes for in-community and home care options for disabled adults who need long-term care.

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Along with new challenges from the COVID-19 pandemic, the senior care industry is changing in major ways.

But the pandemic isn't the only problem facing the senior care industry. There are also some daunting economic and policy challenges that arise due to the growing baby boomer population. Again, many facilities were struggling with thin profit margins before the pandemic. Others were struggling to offer quality care or to stay afloat, and so on.

Of course, with all these things happening in the senior care industry, it only makes sense to wonder what the future holds for the nursing home business. This is especially true if you are considering investing in the industry. In this article, we will dive deeper into what's happening now and what the future looks like to give you an idea of what to expect.

What is a nursing home?

A nursing home is a place where those who don't need to be in a hospital but can't access home care go. Most of these nursing homes have skilled nurses and aides on hand 24 hours a day. They offer custodial care, like helping the elderly get in and out of bed, bathing, dressing, and even feeding. They also provide skilled nursing services like medical monitoring and treatment to improve older people's quality of life.

Estimates indicate that the number of Americans aged 65 and older will almost double from 52 million to 95 million between 2018 and 2060. By this time, the older adults will account for 23% of the population. With more seniors living longer than ever before, there has been a rise in the number of seniors needing nursing home or assisted living care. This explains why investing in senior living facilities is a good idea - but with a catch.

The state of nursing home business today

Nursing homes fulfill a need that is never going to go away – caring for the elderly. For as long as there are seniors, there will be facilities to help cater to their needs. But as we mentioned earlier, the pandemic has exposed the inherent flaws in these homes. Up until now, the country is still struggling to contain the outbreak. So we may not be in the best position to predict the actual backlash and the regulations that will be in place to ensure that these facilities are well prepared to handle any infectious disease outbreak in the future.

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As the senior population is expected to boom in the coming decade, the importance of safe, effective elder care is paramount.

As we mentioned earlier, many nursing homes were struggling with thin profit margins before the pandemic. But now, they have to spend more money on protective equipment and technology to connect residents with loved ones who can no longer visit. They also have to redesign their spaces to optimize infection control, and for some, this may mean losing beds. Add that to the rising demand to increase staff and pay, and it becomes expensive for these facilities to operate efficiently.

The revenues have also gone down because facilities are only enrolling a few residents to reduce the risk of infection. This spreads the already thin profit margins even further, making it hard for some to pay bills without government help. And even with government programs like Medicaid, operators still have a hard time because these payments don't always match up with care costs.

The future of nursing home business

Nursing homes play an essential role today, as they will in the coming days. Many seniors stay in these facilities because of various reasons. Some have an underlying health care problem that needs skilled hands. Others don't have a family member close by to help with daily tasks. But the trend is quickly changing as more families and their elderly loved ones start to opt for in-home care.

According to one report, residents are moving out of senior living homes faster than those moving in. Seniors and their loved ones are responding to at least three trends:

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In-home care is becoming a popular option for many seniors and their families as technology bridges the gap between patient and effective medical care.

This shift to home care will see many people embrace vast health care technologies to monitor and care for their loved ones at home. The Internet of medical things is widespread today. It allows people to do a range of things, including monitoring vital signs, routine tests, exercise, and even sending alerts in case of an issue. A good example is a wearable device that lets senior adults monitor their heart rate, sugar levels, and so on. Such tools allow older adults to send real-time medical alerts, making it easier to receive timely care. Motion sensors are another excellent example of modern care technology that's transforming the senior care world.

Owing to these trends, analysts predict that the nursing home sector will see a massive ownership shakeout, with some even going out of business because of the thinning of profits. There's a bit of conflict, though, as to whether this will lead to a net decline in beds or ownership consolidation – or both.

While the pandemic did not create the challenges facing nursing homes, it did expose them in a “not so good” way. Both federal and state governments made steps to help weather the storm; as the pandemic's depth became more evident, the federal government polished its policies and increased resources for facilities and states. The makers of policies should now review the entire strategy to see what works and what should be included in the long-term systemic change. All of this will greatly affect the future of nursing home business.

With an increasing elderly population and looming state budget cuts, the system is at risk of continued deterioration – including limited oversight, less access to essential services, and worsening of the understaffing situation. The pandemic placed the system on trial and despite all the effort to keep everything afloat, that system failed. Whether the system will stand the test of time or not is all dependent on responsible parties to make bold and lasting changes.

How to Use Modern Technology for Senior Care

More than 40 million people in the US are 65 years and older. Projections show that this number will increase by almost 18 million, between 2020 and 2030, and hit the 89 million mark by 2050. So, basically, 1 in 5 Americans will be 65 years or over by 2030. With this growth comes an unprecedented time to watch modern technology for senior care emerge.

An aging population comes with a rising need for long term care, healthcare, and social services. Older adults have different healthcare needs than youths and children as they may have vast health issues like hypertension, depression, arthritis, diabetes, and heart disease. Estimates reveal that 90% of the elderly have one or more chronic conditions and require specific medical care and treatments. This tends to separate them from the rest of the population.

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As more elders face isolation in the age of COVID-19, modern technology is innovating various aspects of medical care for seniors.

The need for this distinction has never been more evident than in the phase of Coronavirus. In fact, on March 17, 2020, Medicare announced that it would immediately expand coverage for telemedicine nationwide to assist seniors with health issues, stay at home and avoid COVID-19. This was in a bid to limit exposure to the virus, considering how vulnerable the older population is to the virus. Thanks to telemedicine, those suffering from diabetes and other conditions won't have to postpone their regular checks with the doctors. They can consult through calls or communication apps like Skype or Zoom.

Under the announcement, Medicare said that hospitals and a range of clinicians would provide telehealth services. Nursing home residents will also have access to doctors through telehealth. The caregivers were allowed to use their day-to-day technologies – including laptops, smartphones, and tablets – to support seniors and provide these services, but at a lower cost than traditional services.

Telemedicine is not the only scenario where modern technology applies to senior care. As it turns out, senior care is an upcoming market that is abundant with new tech opportunities. 

Families, friends, and caregiving communities are embracing digital innovation for senior care. The seniors themselves are also using technology in their daily endeavors. Reports show that 94% of those aged 50 and above use technology to communicate. Additionally, 80% of those aged 50-64 own and use smartphones.

With that in mind, here are some insights on how to use modern technology in senior care.

Webcams

Many states now mandate that senior living communities allow seniors and their families to install webcams or video monitoring equipment. Relatives can now install cameras to try to spare their loved ones from the harms of abuse, which is somewhat common in nursing homes. A webcam – or nanny cam as they're often referred to – also allows families to monitor the resident miles away and remain on alert in case of any problems occurring. Surveillance ensures timely help should the elderly fall, get agitated, lost, or lose their memory, etc.

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As new technologies emerge, senior care has made giant leaps in quality and ability to serve our growing elderly populations.

It's highly unlikely that an assisted living or a nursing home will have a 24/7 presence in a resident's room. Nurses simply won't be able to be there at all times. This leaves families wondering whether their loved one is safe. Webcams offer families peace of mind and can also exonerate caregivers who are wrongfully accused of theft or abuse.

And although privacy concerns often arise regarding webcams, HIPAA doesn't preclude their use in assisted facilities, provided the patient, his or her family, and the clinicians offer consent. After all, the resident's security and safety are the most crucial consideration. Other than nursing homes, webcams are also effective for hospice care, respite care and home care services, among other senior care options.

Thermostats

For senior adults, maintaining optimum room temperatures is critical for comfort and good health. During hot months, the elderly can be at a higher risk for heat stroke, among other complications. Cold weather is just as bad. 45 minutes of a cold indoor environment can reduce muscle strength of the elderly, according to an Age and Aging report. This makes them more prone to falls and injuries.

Besides, radiant heating can cause irregular hot and cold spots throughout the room. It can also introduce air pollutants and allergens in the space. This can be a problem for seniors, especially those with asthma or respiratory sensitivity.

Programmable thermostats are easy to control and allow for standard heating and cooling. They are ideal for the senior population. It is even better when the thermostats are specifically designed for the elderly, as they will have automation options and include large texts for those with less than perfect eyesight. Some of these thermostats use modern technology for senior care, including voice-controlled interfaces, while others even use artificial intelligence to learn the user's schedule and adjust the temperatures accordingly. The latter can be a great option if the senior has any mobility restrictions.

Internet of medical things (IoMT)

The Internet of Things (IoMT) is a network of medical apps and devices connected to health care data technology systems using a network of connected devices and databases. It cuts down unnecessary hospital visits and health care system burdens by connecting seniors to their doctors and enabling the transfer of medical information over a safe network.

The IoMT includes smart devices like vital monitors and wearables strictly for healthcare use on the body in hospital settings, community, or even with in-home senior care. The in-home segment features remote patient monitoring (RPM), personal emergency response systems (PERS), and telehealth virtual visits.

PERS includes wearable units as well as medical call center services to enhance self-reliance for limited-mobility seniors. It allows the elderly to communicate in a timely fashion and get emergency medical care. RPM, on the other hand, includes sensors and devices used for chronic disease management. It involves long-term care in the senior's home to slow the disease's progression and manage medication.

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Contrary to various stereotypes, many seniors have adapted and genuinely enjoy the use of modern technology.

Mobile applications

Many seniors are using smartphones to keep in touch with their loved ones and connect with the world. Since they are already familiar with their mobile phones, apps can be a great way to render personal care. There are all kinds of senior safety apps in the market – the goal should be to find one that's ideal for the situation. The best senior safety apps do most or all of the following:

Emergency response services (ERS)

Lack of sight, hearing, and mobility make it hard for seniors to navigate alone. Emergency response services like LifeAlert have GPS systems that allow caregivers to locate seniors – and can be a lifesaver when the senior strays or encounters problems. Advancements in the ERS world have also seen the development of unique gadgets, safety belts, and other tools to ensure that the seniors are safe.

These are only a few examples of modern technology for senior care. There are dozens of technologies designed for different reasons. But since seniors do not have the same set of conditions, its best to shop around to identify the right technology for their needs.

Technologies That Will Revolutionize Healthcare

Technology is transforming medicine everywhere, from the patient’s home to the operating room. Patients are now able to access quality and timely care without having to leave their homes. Doctors, too, can diagnose, treat, and monitor patients in a way that was never thought possible thanks to technologies that will revolutionize healthcare. 

According to one survey, doctors are increasingly using Artificial Intelligence (AI) for clinical decision support, population health, and disease management. The study further revealed that in 5 years, the value of VR in healthcare and medicine would grow over 30X, from $8.8 million in 2017 to $285 million in 2022. 

With that in mind, let’s now look at some of the technologies that will revolutionize healthcare in the coming days.

Artificial Intelligence

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Artificial intelligence is already being used by doctors and hospitals around the world for disease diagnosis, detection and prevention.

Artificial intelligence (AI) is getting increasingly sophisticated at replicating what humans do, only faster, cheaper, and more efficiently. The applications for AI in healthcare are vast. One of the biggest potential benefits of AI in healthcare is to help individuals stay healthy, so they don't need a medical caregiver, or at least not as often. AI, along with the Internet of Medical Things (IoMT), encourages healthier behaviors in people and help with proactive management of a healthy lifestyle.

AI is widely used for the early detection of diseases like cancer. AI-powered systems evaluate thousands of pathology images from different cancers for an accurate diagnosis. They then suggest the most suitable anti-cancer drug combination. In imaging diagnostics, AI allows radiologists to identify details (like cancer cells) that wouldn't be visible to the human eye.

Beyond diagnosis, AI allows doctors to better coordinate treatment plans, take a more holistic approach for disease management and assist patients to better manage and adhere to their long-term treatment plans. It improves the ability of medical professionals to better understand the daily patterns and needs of their patients to provide better guidance, feedback and support.

The best opportunities for AI in the coming years are hybrid models, where doctors are supported in diagnosis, risk factor identification and treatment planning, but retain the primary responsibility for patient care. This will lead to speedy adoption by medical professionals.

Augmented Reality and Virtual Reality 

Augmented reality (AR) involves the use of displays, cameras, and sensors to transmit digital data to the real world. It starts with a real-life view of something and then projects 3D images onto the screen. Virtual reality (VR), on the other hand, creates an immersive simulated environment through expensive technology like headsets and motion sensors.

VR has changed the way students get medical training. It allows the creation of realistic simulation systems and safe environments where surgeons can acquire more experience without risking the life of a patient. Besides, the ability to stream operations in real-time allows students to learn, irrespective of their physical location.

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Virtual reality and augmented reality are going to revolutionize the way we train and educate a future generation of doctors and medical scientists.

In addition to learning, augmented reality plays a critical part in the efficient detection, prevention, and treatment of different diseases. With AR, a physician can look through layers of a patient's body – assess their organs, veins, and lesions without penetration. Both AR and VR can offer models for planning surgery and playing out different scenarios to maximize sequence and prepare alternative actions for any situation. Just recently, scientists at Cambridge built a VR 3D model of cancer, offering a new way to look at the disease. This system allows multiple users to examine the tumor, no matter where they are in the world.

The remarkable progress in AR/VR in the last few years is the result of decades of research and development in software, computing, graphics processing, AI, and the internet. In 2020, these technologies are widely embraced for their ability to manage pain and PTSD, motivate a healthy lifestyle, enhance medical training, improve surgery processes, and improve post-surgery recovery.

3D Printing

Different areas within the healthcare industry are benefiting from 3D printing, including dental and orthopedics. This technology is providing new and exciting ways to deliver personalized treatment and create better-performing medical devices.

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3D printing is a valuable tool to help hospitals and doctors prepare for surgery and other medical procedures with accuracy and precision.

Today, 3D printing is widely used to create personalized surgical tools and true-to-form organs, using a patient's medical imaging. Plus, with the affordability of desktop 3D printers and the accessibility of medical CAD/CAM software, more hospitals are implementing 3D printing labs. It's in these labs that doctors create accurate 3D-printed models to help in pre-surgical planning. The anatomical models assist surgeons to assess the treatment decisions better and plan operations more accurately.

3D printing is also influencing how surgical tools are created. Instruments like scalpel handles, hemostats, forceps, and clamps can be made using 3D printers. Customized tools facilitate speedy and less traumatic procedures, improve the surgeon's agility, and drive better surgery outcomes. It also creates dental products faster and cheaply and allows specialized care through customized implants and instruments

Today, 3D printing is facilitating surgical teams both outside (anatomical models) and inside (surgical tools) the theaters. Projections show that medical 3D printing will become the backbone of the industry. In 2020, top labs and hospitals are adopting the technology as part of their practices and research efforts, a validation of its value for medical applications.

Robotics 

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Robotics have been used by hospitals for decades. With emerging technological advances in AI and IoT, robotics faces a bright future in the medical field.

Healthcare robotics technologies are changing the healthcare landscape for the better. They are not only relieving healthcare providers from repetitive tasks, but they are also making medical procedures safer and affordable for patients. Robots currently work alongside surgeons during surgery, but they could also operate by themselves. The sales of surgical robots are expected to double this year to $6.4 billion.

Robotic medical assistants track patients' vital signs and statistics and notify caregivers when they need to step in. This allows nurses to care for multiple patients at one go. The assistants also automatically key data into the patient electronic medical record. Other uses of robotic technologies include disinfecting patient rooms, collecting, transporting, analyzing and storing samples, preparing and dispensing medication in labs and so on. Robots are also used in rehabs, in labs and hospitals for repetitive tasks, in physical therapy and a multitude of other areas of health care.

Although robotic technology is expensive, its use is revolutionizing healthcare in many ways and will continue to do so. Da Vinci Surgical system is the most common surgical robot today – though it was launched about 15 years ago.

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Many advances in technology are revolutionizing the healthcare industry, with new applications virtually every day. With technologies of the future, anything is possible.

Internet of Things (wearable devices)

Our list of healthcare technologies wouldn't be complete without us mentioning the Internet of Things (IoT). IoT is a network of physical devices that use the internet to allow the exchange of data. This technology has opened up a whole new world of possibilities within the medical industry. When connected online, ordinary devices can gather critical data, provide additional insight into trends and symptoms, allow virtual care and give patients more control over their medical treatment and care. This tech is also a great idea for nursing homes and senior living communities.

Real-time monitoring through connected devices can save lives in case of a medical emergency like an asthma attack, diabetes, heart failure, etc. Real-time tracking means a smart medical device being linked to a smartphone app. Connected devices gather invaluable data and use the internet to send the information to a doctor. These devices collect and send health data like blood sugar levels, blood pressure, weight, oxygen levels, and ECGs.

IoT allows medical professionals to gather an enormous amount of data about a patient's condition, which would otherwise take many years to collect manually. This data can be used for different studies that would support research and also improve service deliverability and data privacy.

What is AI Up To in Healthcare & Research?

Major technology companies like Microsoft, IBM, and Google are investing in the development of Artificial Intelligence (AI) for healthcare, research and beyond. There's also a steady rise in the number of medical AI startups firms joining in. This leaves us wondering, what is AI up to in healthcare and research, and why the growing interest in the area?

Artificial Intelligence techniques have sent huge waves across the healthcare industry, even driving conversations of whether AI robots will eventually replace human doctors in the future. Doctors essentially do three things: diagnosis, treatment, and prognosis. All three core duties are being performed by AI systems that employ deep learning, machine learning, time series forecasting, and natural language processing.

AI systems are showing up and ready for prime time. They can now diagnose common pediatric illnesses, identify abnormal chest x-rays, and assess mental health. AI can also detect eye disease early on, perform surgery, carry out different front-office tasks, and analyze lymph node slides in pathology. And although AI in healthcare is still work in progress, a few things are clear:

But in as much as there are anxieties about AI replacing radiologists or robots taking jobs in pharma or surpassing the skills of surgeons, the truth is that AI isn't likely to fully replace the human aspect any time soon. Industry experts love to think of AI as an empowerment tool – one that offers perspective. Although AI can assist with diagnosis, treatment, and basic clinical trials, it's hard to imagine automated brain operation, for instance, where doctors have to adjust their plans once they open up the patient.

AI can help doctors collect and analyze data for their patients, in real-time. This can increase the accuracy of diagnoses and help reduce human errors made in regards to medical decisions.

What is Artificial Intelligence in healthcare?

AI in healthcare involves the use of complex algorithms and software to mimic the intelligent behavior of humans in the analysis, interpretation and comprehension of complex healthcare data. AI systems can execute tasks that need human intelligence to complete, like image analysis, speech pattern recognition and decision making. The algorithms are effective for automating repetitive tasks and they can outperform humans in tasks they are trained to perform.

What is AI up to in healthcare?

AI and diseases like asthma

Consider what Artificial Intelligence is doing in asthma treatment. Asthma affects 1 in 12 children. Doctors use conventional methods – like checking for wheezing – to diagnose asthma. They ask parents or caregivers to remember how often they administer drugs to their children. They ask about the triggers and whether the child is exposed to smokes at home. In some cases, the doctor analyzes the health data to determine the number of refills or emergency room visits (if any) that the child has had. But all this is just retrospective knowledge with no predictive analytics or proactive strategy.

Although clinical signs of asthma are easy to identify, the condition is much more complex at the cellular and molecular level. The enzymes, proteins, genes, and other asthma triggers are highly diverse. AI allows doctors to diagnose asthma before the patient suffers a few bouts of wheezing. It does so by comparing blood test results against the cellular and molecular markers. This time-saving intelligence frees the doctor's time, so they can focus on patient care during appointments.

AI and clinical care

AI technology is helping doctors and other medical providers make important healthcare decisions with a greater level of accuracy.

AI technology can help the diagnosis of diseases and is currently being used for this reason in hospitals around the globe. Using this technology to research publications and evaluate clinical data could guide doctors in making the right clinical decisions regarding treatment. Potential applications of Artificial Intelligence in clinical care are as follows:

Medical imaging: The technology has shown promising results in detecting eye conditions, pneumonia, and skin and breast cancers. According to a post on The Journal of Medical Health, AI can accelerate the diagnostic process and offer targeted effective treatment. It goes on to state that since radiologists depend on images they've seen before, or experiences they've had in their line of work, they might have a hard time interpreting something different that they've never seen or experienced in their practice.

Machine learning allows them to compare unfamiliar images against large global databanks to get insights on disease trajectory, diagnosis, and treatment options. Machine learning can offer more data by combining different data sources like genomic and longitudinal data along with individual electronic health records.

Robotic Surgery: Surgical adjuncts like image guidance and microscopes give surgeons a physical or mechanical advantage and allow for faster and accurate operations with fewer errors and improved outcomes. Surgical robots can control the depth, trajectory, and speed of movements with great precision. They are particularly effective for procedures that need the same, repetitive movements (like tying knots to close wounds) as they can remain completely still without getting tired.

Screening for neurological conditions: researchers have developed an AI system that can detect different acute neurological conditions in CT scans within seconds. Conditions like hemorrhage, stroke, and hydrocephalus can now be identified quickly with deep learning than through human diagnosis.

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Devices, connected with IoT technology can gather all necessary data about a patient. This data can be fed to an AI interface and analyzed in real-time to help healthcare providers make important decisions with greater insight.

Patient and consumer-facing applications

Patients and medical professionals are taking advantage of vast AI-powered technologies to manage health remotely. From Bluetooth-enabled scales to wearable heart monitors, these medical devices take the patients' health measurements and send these data to doctors to facilitate real-time healthcare decisions. Remote patient tracking technologies automatically monitor and report on patients, often with chronic illnesses so doctors can keep tabs on them - even though virtually. This is made possible in conjunction with Internet of Things (IoT) technology.

Artificial intelligence and medical research

By integrating machine learning to clinical workflows, researchers can perform tasks with greater speed and more accuracy, allowing front-line medical professionals to deliver more effective treatments to patients.

Additionally, AI gives researchers the ability to identify complex associations within datasets faster and more precisely than has been previously possible. In a Stanford study, AI offered a dermatologist-level classification of skin cancer with deep neural networks.

According to this post, the ICGC is profiling up to 20,000 cancer patients at the moment. The organization will combine real-time cancer information on the 350,000 new cases annually England, together with comprehensive clinical data and more than 11 million historical cancer records. With the help of AI, ICGC will be able to provide the international community with comprehensive genomic data for many cancer types.

Again, researchers at the University of Manchester and Cambridge developed AI-powered robots called "Eve" to help optimize the highly involving and expensive drug discovery process. In 2018, the robot scientist, Eve, discovered that a compound commonly found on toothpaste and soap could be effective in treating drug-resistant malaria.

Conclusion 

The effects of AI in healthcare has caught the attention of public and private sectors alike, driving more investment in its development. In Silicon Valley, tech giants like Microsoft, Google, and IBM continue to make a significant investment in AI, while more health-focused AI startups continue to join in.

Statistics project that the global AI in healthcare market size will grow at a CAGR of 41.5% from 2019-2025. The survey further revealed that the growing value of big data in healthcare, increasing the need for affordable healthcare, rising adoption of precision medicine, and declining hardware and supply chain costs were some factors fueling AI growth.

IoT Uses for the Healthcare Industry

The healthcare industry has always been at the forefront of emerging trends. Today's healthcare solutions have been elevated to levels that were deemed impossible just a few years ago. A report by WHO revealed that the global life expectancy rose by 5.5 years between 2000 and 2016. And if you remember correctly, Electronic Medical Records (EMR) made a significant impact a decade ago, but today, telemedicine, robots, wearables, and most importantly, the Internet of Things (IoT), are setting some very positive trends.

With the 2020 outbreak of Coronavirus that has closed down borders, forced businesses and schools to close and left many under quarantine or social isolation to flatten the curve, the medical industry is just beginning to fully realize the benefits of IoT. IoT devices can alleviate some big strains on healthcare practitioners by making virtual appointments possible and ensuring high-risk patients don’t leave their homes to get their routine care.

It isn't easy to find an industry with more potential for the Internet of Things than healthcare. IoT technologies that utilize data from sensors provide lots of benefits on all levels, starting from disease prevention and early diagnosis to health monitoring and in-patient treatment.

Internet-connected devices can give healthcare providers patient medical data in real-time. This technology can literally save lives and help doctors provide their patients with best-in-class care.

A recent study published on the MarketWatch projects that the world market for IoT in healthcare will grow from $82.3 billion to $242.1 billion for 2020 and 2025. According to the report, the main factors fueling investment into IoT are; growing cloud-based infrastructure, advanced and precise results, and availability of more affordable smart devices.

The healthcare sector quickly integrated a range of IoT solutions by creating the Internet of Medical Things (IoMT). Devices like pacemakers and heart monitors gather and send patient information through different networks to medical caregivers for analysis, monitoring, and remote configuring.

Internet of Medical Things (IoMT)

IoMT describes all medical devices and applications "or things" that connect to healthcare computer systems through the internet. It is built upon several technologies, including IoT connectivity, sensors, and Artificial Intelligence (AI). Wi-Fi enabled medical devices allow machine-to-machine communication that's the basis of IoMT. These devices then connect to cloud platforms, where the collected data can be analyzed and stored.

The capabilities of IoMT result in fewer mistakes, more accurate diagnoses, all at a lower cost of care. Besides, when paired with smartphone apps, the technology can collect data from patients and process it automatically, identifying precursors of disease that can be treated, and thus preventing it from even progressing into early stages.

IoMT is not only enhancing patient experience but is also helping to cut down costs. Goldman Sachs estimates that this technology will save the healthcare sector $300 billion in yearly expenditures, mainly through improved medication adherence and remote patient monitoring.

Technology should make our lives easier. IoT use in the healthcare field will not only save precious time and money, it can also help save lives.

IoT uses for the healthcare industry

Enhances efficiency

Long duration between visits, inadequate data collection, long waiting times, and many other challenges can prevent even the best hospitals and doctors from offering the highest quality care possible. One of the most widely-applied applications of this technology is the IoT-powered sensors on healthcare devices and hospital wristbands. These sensors gather patient data and convey it through cloud-based applications that communicate it to the doctor, in real-time. Since it minimizes the need to gather and send data manually, it reduces the waiting times for patients and allows caregivers to focus on other critical aspects.

Healthcare facilities can also use IoT-powered medical equipment and devices to track patients' glucose levels, blood pressure, heart rates, and other health data. When this data is tracked and reported in real-time, it helps prevent severe medical conditions entirely or find them at the early stages.

Minimize medical errors

IoT use in the healthcare industry allows for more effective patient monitoring and helps minimize the risk for human error. As it turns out, avoidable human errors result in thousands of deaths annually. 

Traditionally, patient progress was noted on paper and depended on the judgment of a doctor to direct concerns to appropriate staff. But now, doctors can record and save patient data in the cloud. Unlike humans, machines don't make typing errors when recording data. 

So, healthcare workers can use IoT-powered devices like wristbands to verify the identity of the patient. He or she can check for allergies along with other critical information like lab findings, observations, and electronic medication charts to avoid any mix-ups. Artificial intelligence can be used along with IoMT technology to further assist in diagnosis and treatment.

Patient empowerment 

IoT, along with the immense amount of data online, gives patients more control, not just for the data collected from their body, but of the knowledge required to clarify their findings. 

When patients have diagnostic information at their disposal, they can adhere to medical plans personalized to reflect changes in their condition and it allows for some self-management. Those with heart issues, for instance, weigh themselves routinely to monitor fluid retention trends to guide treatment. But now, they can use smart scales, which relay data to a medication chart in their phones, and can adjust the recommended dosage of drugs as per the parameters pre-set by the doctor.

Reduced costs

Applications like smart building controls, surveillance systems, financial and health information analytics can help healthcare facilities to reduce costs by up to 25-30% and help them to get better ROI from their data assets. IoT solves basic operational and infrastructure problems from controlling thermostats to lower energy costs, to improving surveillance on patients, staff and properties with cameras and sensors, and so on.

Additionally, IoT offers healthcare facilities with instant access to their assets through intelligent gateways and sensors. Analytics used in the big data obtained from these assets will address challenges and help facilities to deliver value-added solutions to their patients and clients.

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Healthcare in rural areas

One of the main challenges that people in rural areas face when it comes to getting quality health is access. IoT solves this problem by making communication between patient and doctor easier, when they can’t meet physically.

With IoT devices, doctors can monitor patient data and also address a vast array of health concerns. Although this isn't a replacement for in-person visits, it can suffice, especially in cases where the patient doesn't have time or resources to travel for hours to access a healthcare provider.

Supply chain management 

By saturating the entire supply chain – from outsourcing of raw materials to production to final delivery to the end-user – with data points connecting these devices to robust analytics engines, the Internet of Things uncovers processes that were previously hidden. This makes it easier to identify inefficiency, hitches and redundancies in the supply chain.

IoT use in the healthcare industry enables leaders to make data-driven decisions when making corrections. The sensors also ensure that facilities only receive the correct inventory they ordered from the manufacturer and that they are not counterfeit.

Remote equipment diagnostics

Medical equipment OEMs have been leveraging remote diagnostic technology to track and manage the health of costly medical equipment, including MRI, X-ray, Ct-Scan, radiation therapy and ultrasound equipment. These tools are expensive to maintain, and proactive monitoring and remote diagnostics can significantly enhance downtime costs.