Whether you’re aware of it or not, the Internet of Things (IoT) surrounds you. Just take a moment and look around your home. Or in your vehicle. Or at your office. Chances are there is an IoT-connected device in your vicinity. The next industry in queue? Healthcare.
Though healthcare reform has managed to elude Congress for decades, the IoT and its technology is poised to dramatically transform virtually every aspect of medicine. Simply put, the Internet of Medicine (IoM) adoption in healthcare is inevitable for a couple of reasons: 1) it serves the financial interest of key players in healthcare – the insurance industry, big pharmaceuticals, hospitals, and doctors; and 2) it’s suited to meet the demands of today’s increasingly health-conscious and empowered patients.
And like the IoT, the IoM is a natural fit for the recurring revenue model, which helps make expensive equipment, processes, and services more affordable over time. For instance, rather than purchasing an expensive imaging device, smaller hospitals and facilities have opted to “rent” the equipment for a monthly fee and charge per scan. Other hospitals have begun offering a pay-per-image service by storing medical images in the cloud rather than in an expensive on-premise storage system.
Traditionally, patients were at the mercy of healthcare systems that gave little opportunity to manage options. This new dynamic, fueled by IoM, gives patients more control and more choices than ever before to get healthcare that’s more affordable, available, and convenient. IoM-powered technology enables virtual doctors, retail medical clinics, and subscription-based healthcare options.
The IoT will be valuable for healthcare as it can provide real-time access to patient data that doctors, hospitals, and pharmaceutical companies can use (with permission) to improve patient experiences and pave the way for recurring revenue opportunities across the entire health landscape.
Check out the infographic below for a snapshot on IoM and its impact on patients and the entire healthcare industry.
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