The healthcare industry is undergoing a profound transformation. Costs are skyrocketing, consumer demand for more accessible care is growing rapidly, and healthcare companies are unable to keep up.
Health organizations are increasingly turning to tech companies to facilitate this transformation in care delivery and lower health expenditures. The potential for tech-led digital health initiatives to help healthcare providers and insurers deliver safer, more efficient, and cost-effective care is significant. For healthcare organizations of all types, the collection, analyses, and application of patient data can minimize avoidable service use, improve health outcomes, and promote patient independence, which can assuage swelling costs.
For their part, the “Big Four” tech companies — Google-parent Alphabet, Amazon, Apple, and Microsoft — see an opportunity to tap into the lucrative health market. These same players are accelerating their efforts to reshape healthcare by developing and collaborating on new tools for consumers, medical professionals, and insurers.
In this report, Business Insider Intelligence explores the key strengths and offerings the Big Four will bring to the healthcare industry, as well as their approaches into the market. We’ll then explore how these services and solutions are creating opportunities for health systems and insurers. Finally, the report will outline the barriers that are inhibiting the adoption and usage of the Big Four tech companies’ offerings and how these barriers can be circumvented.
Here are some of the key takeaways from the report:
Tech companies’ expertise in data management and analysis, along with their significant compute power, can help support healthcare payers, health systems, and consumers by providing a broader overview of how health is accessed and delivered.
Each of the Big Four tech companies — vying for a piece of the lucrative healthcare market — is leaning on their specific field of expertise to develop tools and solutions for consumers, providers, and payers.
Alphabet is focused on leveraging its dominance in data storage and analytics to become the leader in population health.
Amazon is leaning on its experience as a distribution platform for medical supplies, and developing its AI-assistant Alexa as an in-home health concierge.
Apple is actively turning its consumer products into patient health hubs.
Microsoft is focusing on cloud storage and analytics to tap into precision medicine.
Health organizations can further tap into the opportunity presented by tech’s entry into healthcare by collaborating with tech giants to realize cost savings and bolster their top lines. But understanding how each tech giant is approaching healthcare is crucial.
In full, the report:
Pinpoints the key themes and industry-wide shifts that are driving the transformation of healthcare in the US.
Defines the main healthcare businesses and strategies of the Big Four tech companies.
Highlights the biggest potential impacts of each of the Big Four’s healthcare strategies for health systems and insurers.
Discusses the potential barriers that will challenge the adoption of the Big Four tech companies’ initiatives and how these hurdles can be overcome.
Companies included in this report: Alphabet, Amazon, Apple, Microsoft, Facebook, FitBit, MyFitnessPal, Verily Life Sciences, Calico, DeepMind, Merck, Berkshire Hathaway, JPMorgan Chase, Retail Pharmaceuticals, PillPack, Aetna, UnitedHealthcare, John Hancock.
Via Business Insider