The global healthcare IT market size is projected to reach USD 498.2 billion by 2027, growing at a CAGR of 15.8% from 2020 to 2027.

The global electronic health record market size is expected to reach USD 42.0 billion by 2027, growing at a CAGR of 6.9% from 2020 to 2027.

In the previous 12 months, 37.0% of all persons aged 18 and older utilized telemedicine. Women (42.0%) used telemedicine more frequently than males (31.7%).

Adults aged 65 and over made up 43.3% of those who utilized telemedicine, up from 29.4% of those in the 18 to 29 age group.

60% of healthcare providers in the US have implemented a patient portal to improve patient engagement.

Benefits of a Strong Digital Foundation in Healthcare Business Transactions

A strong digital foundation can provide several benefits to healthcare business transactions, including:

Improved operational efficiency: Digital tools such as electronic health records (EHRs) and practice management software can streamline administrative tasks and reduce paperwork, allowing healthcare providers to focus on patient care.

• Reducing the amount of time and effort required for manual data entry and administrative tasks.

• Improving communication between healthcare providers and patients by automating appointment scheduling and reminders.

• Reducing errors and inconsistencies in patient data can improve diagnosis and treatment.

Enhanced patient engagement: Digital tools such as patient portals and telemedicine can improve patient engagement by enabling patients to access their health information and communicate with healthcare providers remotely.

• Improving patient satisfaction by making it easier for patients to access their medical records and communicate with their healthcare providers.

• Allowing patients to remotely schedule appointments, view test results, and refill prescriptions.

• Facilitating remote consultations and virtual visits, which can reduce the need for in-person visits and improve access to care.

Increased data accuracy and security: Digital tools can improve the accuracy of patient data and reduce the risk of data breaches, ensuring that sensitive patient information is protected.

• Reducing the risk of errors and inconsistencies in inpatient data, which can improve the accuracy of diagnosis and treatment.

• Providing secure storage and transmission of patient data, can reduce the risk of data breaches and protect patient privacy.

• Allowing healthcare providers to easily track and monitor access to patient data, ensuring that only authorized individuals have access to sensitive information.

Cost savings: Digital tools can reduce the cost of healthcare by reducing administrative costs, minimizing errors, and enabling remote care delivery.

• Reducing the amount of time and effort required for manual data entry and administrative tasks, which can reduce labor costs.

• Minimizing errors and inconsistencies in patient data can reduce the cost of unnecessary tests and treatments.

• Enabling remote care delivery, which can reduce the cost of in-person visits and improve access to care, particularly in rural or underserved areas.

Best Practices for Establishing a Strong Digital Foundation

Healthcare Business Transactions To establish a strong digital foundation in healthcare business transactions, healthcare providers should consider the following best practices:

• Assess the organization’s current infrastructure of digital patient experience and identify areas for improvement.

• Develop a healthcare SEO strategy plan for digital transformation that aligns with the organization’s goals and objectives.

• Invest in digital tools that are user-friendly, scalable, and interoperable with other systems.

• Ensure that digital tools comply with regulatory requirements and industry standards for data privacy and security.

• Provide training and support to staff to ensure that they can effectively use digital tools to improve patient care.

Conclusion

Establishing a strong digital foundation is essential for healthcare providers looking to succeed in today’s rapidly evolving healthcare landscape. By leveraging digital tools to improve operational efficiency, enhance patient engagement, increase data accuracy and security, and reduce costs, healthcare providers can improve the quality of care they deliver while remaining competitive in the market. By following best practices for digital transformation, healthcare providers can ensure that they can leverage technology effectively to drive business success.

BraveLabs can help healthcare businesses establish a strong digital foundation through their expertise in healthcare website development, digital transformation, and marketing, enabling successful transactions and growth.