Technology as a Risk Mitigation Tool
The healthcare startup market has blown up with new tech companies entering the field. Hospitals are investing millions in upgrading their technology. And our clients are seeing their family offices adopt the latest technologies for their clients. Technology has also entered the scene as powerful tools in mitigating healthcare risks. And while they seem like bright, shiny objects, their true power lies in making traditional medical practices smarter. They help physicians provide better access to care, improved access and accuracy of medical records, patient empowerment, and more precise diagnostics.
Apps: These empower us with access to a wide range of resources, from symptom tracking to medication reminders to better communication with healthcare professionals, empowering us to take control of our health and well-being. They enable early detection of potential health concerns by allowing users to monitor vital signs and receive personalized health recommendations.
Wearables: Smartwatches and fitness trackers offer continuous monitoring of physiological parameters, providing real-time data on heart rate, sleep patterns, and activity levels. By detecting deviations from normal patterns, they can alert users and healthcare providers to potential issues. Although mobile apps and wearables work well for some, a National Institutes of Health study found the evidence that apps can improve health outcomes is weak.
Digital Health Records: Streamlining communication among providers electronic health records ensures seamless continuity of care and reduces medical errors. This is a good thing. What is concerning, based on a National Academy of Medicine study, is that on average, nurses and doctors spend 50 percent of their workday treating the screen, not the patient, often leading to burnout.
Telehealth: The pandemic accelerated the adoption of telehealth for many. And though it is not a replacement for in-person physician visits, it reduces barriers to care so you can receive timely medical advice and interventions. New advances in remote patient monitoring will allow you to monitor your blood pressure and glucose levels and share them with your doctor if you choose to do so.
Despite risks like false information and data privacy issues, healthcare technology's benefits are undeniable. With proper safeguards, these innovations can revolutionize healthcare delivery, improve outcomes, and enhance overall care quality.
Wellworth helps individuals and families make smarter healthcare choices to mitigate risk. With nearly 100 years of combined patient care experience, our multidisciplinary team provides top-tier guidance and support, covering physical and behavioral health, addiction treatment, and health insurance.
We offer consultative and advisory services in 50-hour retainers for family offices and 12-hour retainers for individuals and families. To learn more, contact us at insights@wellworthadvisors.com or (646) 883-9717.