Healthcare companies that are changing the medical industry
According to the news site, Reuters, healthcare spending is expected to increase by 5.3% in 2018. Overall, the U.S health sector is worth over $3 trillion dollars. Healthcare companies are responsible for testing, creating, marketing, and distributing drugs to patients. Traditional healthcare companies face challenges in terms of using new technology to improve the health outcomes of patients. Electronic health records (EHRs) is an example of an innovative technology that a number of hospitals struggle with because of issues such as security.
Innovative technology is required to improve the care that’s provided to patients and to develop the workflow for health professionals. The healthcare companies that are changing the medical industry are doing so by primarily using pioneering technology. In fact, the healthcare IT industry is projected to reach $228 billion by 2020. It’s clear that companies are taking technology-enabled healthcare seriously. As well as better outcomes for patients, there’s also the potential to make huge profits in the healthcare sector. The U.S spends 17.9% of its gross domestic product (GDP) on healthcare. The healthcare industry is also one of the largest employers in the U.S.
From start-ups to established brands, companies are changing the medical industry by creating solutions with technology, like artificial intelligence (AI). These solutions are disrupting the medical industry to provide healthcare professionals with the ability to diagnose conditions using real-time statistics and secure access to patients’ data.
Biggest Pharmaceutical Companies in the U.S
There are a number of established healthcare companies in the U.S. Among them are pharmaceutical companies that have a large stake in the medical services market. Some of the biggest pharmaceutical companies in the U.S include:
- Johnson & Johnson – This pharmaceutical giant is more popularly known for baby products and bandages. However, Johnson & Johnson owns more than 250 businesses under the brand and produces a variety of prescription drugs and medical devices. The company’s worldwide sales grew by 6.3% to $76.5 billion in 2017.
- McKesson – This company provides services in the digital technology sector with solutions, such as EHR production and maintenance and payment plans. McKesson reported $198.5 billion in revenue for 2017, which represented an increase of 4% from the previous year.
- Pfizer – The company is a research-based pharmaceutical corporation that’s involved in discovering and developing healthcare products, which include vaccines. The company’s revenue was $52.5 billion in 2017.
- Merck & Co. – This Company was originally founded in Germany in the late 1600s. It’s now one of the biggest pharmaceutical companies in the world. Merck & Co. invents medicines and vaccines for different diseases. The 2017 revenue for Merck & Co. was reported at $40.12 billion.
Traditional Healthcare Meets Tech & Retail Giants
The traditional healthcare and pharmaceutical companies are now facing competition from technology and retail corporations. The retail giant, Amazon, has teamed up with Berkshire Hathaway and JPMorgan Chase to create a new healthcare company. The aim of this new venture is to provide more affordable healthcare. This new company plans to change the medical industry by using technological solutions to provide families with high-quality healthcare at a reasonable cost. In the first instance, the three companies will focus on providing better and cheaper healthcare to its combined 1.2 million employees. The company currently sells medical equipment and supplies to hospitals and clinics. There are plans to expand on this aspect of the business. Amazon has partnered with Merck & Co. to use its voice technology to run a challenge for developers. The challenge encourages developers to create a way for diabetics to manage their condition using the Alexa app. Additionally, hospitals are considering the best ways to utilize the Alexa app to help surgeons comply with safety checklists.
Google is also aiming to disrupt the medical industry by investing in companies like Calico. This company uses cutting edge technology and research to improve an individual’s health span. Google has also provided investment to Verily Life Sciences. The role of Verily Life Sciences is to merge data sciences, technology, and healthcare to provide more useful health data. Verily Life Sciences is working on a pioneering smart lens program which provides benefits, such as monitoring glucose levels. Although Google isn’t a healthcare company, it aims to change the medical industry by using AI to detect diseases and to develop a new healthcare data infrastructure.
Healthcare startups, as well as established companies, are both developing solutions that will change the medical industry. The following start-ups are providing solutions to improve patients’ lives by disrupting how the medical industry currently works.
- Modern Fertility – Two women from Silicon Valley founded Modern Fertility, which is a fertility test that can be sent in the mail. Recipients of the test, send their sample back to Modern Fertility to be analyzed by a doctor for hormones. A personalized report about fertility indicators, like ovarian reserve, is provided via a private dashboard so that the customer can access the report anytime and anywhere. This company is making changes to the medical industry by introducing customized technology to the fertility sector.
- Orthly – This start-up based in Philadelphia aims to change the orthodontics section of the medical industry. The app scans teeth and reduces the number of visits patients have to make to the orthodontist. This results in savings of thousands of dollars. Patients are able to get a 3D image of what their teeth will look like using Orthly’s app. They are also able to manage aspects of their orthodontist’s treatment online by being able to sign documents and order their aligners.
- Joany – This company’s objective is to make signing up for healthcare fast and easy. It aims to take out the complications and confusion of choosing between different healthcare plans. The platform database utilizes an algorithm to analyze a customer’s lifestyle, medical history, and other personal information to provide personalized recommendations for the most suitable healthcare plans. Joany also provides a concierge function that helps customers to make sense of medical bills and spot potential errors. This start-up uses big data to make a change to an aspect of the medical industry that’s traditionally fraught with difficulty in terms of choosing the best healthcare plan.
Healthcare technology companies changing the medical industry
As technology becomes increasingly necessary to improve patient outcomes, medical services companies use innovative methods to change different aspects of the medical industry with the following innovations:
- Wearable devices
- Big data solutions
- Artificial intelligence
- Diagnostic services
- Patient-focused healthcare companies
- iRhythm Technologies provides digital healthcare solutions that want to change how irregularities in heartbeats are diagnosed. The company combines cloud-based analytics, biosensing technology, and machine learning to monitor a patient’s heart. iRhythm Technology’s product, which is named Zio, provides doctors with a comprehensive report based on 14 days of uninterrupted monitoring.
- Fitbit is one of the pioneers of wearable devices to increase health outcomes. Its wearable fitness trackers help to monitor customer’s sleep, weight, and exercise. The wearable technology is combined with an app to track progress. Fitbit is changing the medical industry through its focus on using technology to promote a healthy lifestyle, which in turn will mean the reduction of some diseases.
- Cardiac Insight gets rid of the need for multiple steps in diagnosing irregular heart rhythms. Traditionally, this type of testing was costly and took a significant amount of time. Cardiac Insights use software, wearable technology and advanced technology to streamline the detection and diagnosis of cardiac irregularities.
- Arcadia Healthcare Solutions provides the capabilities for large and complex healthcare organizations to utilize their data in an effective way. Data is analyzed to provide a range of services including risk adjustment, quality improvement, and patient management. Arcadia Healthcare Solutions enables healthcare companies to make sense of their data for greater efficiency and better patient care.
- Practice Fusion claims to be “the number one cloud-based electronic health records platforms for doctors and patients.” The company provides services to medical practices to streamline management leading to better patient care. Features like smart charting, e-prescription, and appointment management helps Practice Fusion to create a seamless connection between data, patients, and health professionals.
- iMedX offers revenue cycle management solutions to the medical industry. The solutions include medical coding, transcription, and workflow management. iMedx uses big data solutions to streamline hospital and physician groups’ revenue cycle by creating clinical documentation.
- AiCure utilizes AI to ensure that subjects are complying with the terms of clinical trials. It provides clinical trial companies with information about where participants are taking the medication as required. AiCure’s aim is to eliminate the expense and failure that’s associated with clinical trial participants’ failure to comply with the terms of the trials.
- CrossChx provides AI solutions specifically to the healthcare industry. The company uses AI to streamline repetitive and high-volume tasks by using tools that the medical services company already has in place. Olive, which is CrossChx’s AI tool, carries out tasks, like prescription prior authorizations, medical bill processing and reporting and analytics.
- Pieces Technologies aims to improve patient outcomes in different areas, such as hospital treatment and ongoing community services. The company utilizes technology, including AI, to understand patient data to provide valuable information to medical service companies.
- MeMed helps doctors to prescribe the right antibiotic treatment by differentiating between viral and antibacterial infections. Data from the patient’s immune response to different types of infections provide MeMed with the information required to advise doctors on the best course of action.
- Pocared Diagnostics has created a tool that produces results in connection with viruses, bacteria, and other microscopic organisms. The tool is based on using fluorescence, data analysis, and AI. This combination ensures that the results aren’t contaminated by substances that are normally used when the microscopic organisms are evaluated chemically.
Some healthcare companies are using innovation to change how people access health services. An example of this is CVS Pharmacy Minute Clinics. These walk-in clinics are staffed by nurses and physician assistants. The healthcare professionals at the CVS Pharmacy Minute Clinics are trained to diagnose and treat minor illnesses, such as eye infections and strep throat. They are also able to write prescriptions and administer certain vaccinations, like tetanus-pertussis and flu. The CVS Pharmacy Minute Clinics are changing the medical industry because they are open seven days a week and allow customers to walk in and receive treatment. This type of medical care aims to make receiving healthcare an easy process, similar to shopping. In fact, the clinics are located in CVS pharmacies and in some Target stores. This model of healthcare is proving popular, as it’s reported that CVS Pharmacy Minute Clinics have cared for over 20 million patients and has a high satisfaction rating.
Invest in Healthcare Technology
From improved technologies to increased standards in patient care, the healthcare industry transformation has enhanced the entire experience for both patients and medical professionals. The impact of technology in healthcare is overall positive, with the benefits far outweighing the disadvantages.
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