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October 13, 2020

Healthcare Radical Reinvention

MBA in Healthcare

Healthcare is a heavily regulated industry. The countless regulations are some of the reasons why the healthcare sectors of the world have been slow to innovate. However, the COVID-19 pandemic has significantly changed the slow pace of the healthcare sector and the focus of healthcare education is MBA courses like MBA in Healthcare Management.

Today, healthcare is undergoing radical reinvention in an effort to meet the evolving needs of patients. At the centre of this transformation is an entire continuum of care, as opposed to traditional non-acute sites. 

Thus MBA courses and education on healthcare aim to promote long-term care and minimize hospital readmissions in a society that’s practising social distancing. 

Changing Expectations of Patients

The recent and rapid innovations in healthcare delivery can be traced to the changing expectation among patients and consumers. You can partly attribute this change in patient expectation to the introduction of technology that promoted consumer experience and convenience in other industries like transportation, banking, and entertainment. 

Thus, leaders in the healthcare industry have to take these changes in patient expectations into consideration when designing new care delivery methods. Likewise, educational institutions must also take these expectations into account when training healthcare professionals and designing healthcare training curriculum. 

Ultimately, all stakeholders in the healthcare industry need to operate with the full awareness of the radical transformations occurring in the industry. 

4 Areas of Healthcare Undergoing Radical Reinvention

The pressures and challenges faced by healthcare professionals around the world have tremendously altered the future of the industry. Mostly, it has accelerated developments and catalyzed the reinventions of some healthcare solutions.

 Here four aspects of healthcare undergoing innovative transformations. 

Remote Healthcare Management

While many industries like education have been quick to adopt remote solutions to management and operational methods. Though ‘remote’ is relatively more affordable and convenient, longstanding regulations in many parts of the world have prevented medical practitioners and others in the industry from adopting remote technologies – until recently. 

Today, healthcare providers can reach larger audiences quickly and conveniently with improved solutions to previously fatal conditions. By so doing, many patients now have a different view and understanding of “going to see the doctor.”

Likewise, doctors don’t necessarily need to be present in the traditional consultation rooms of hospitals to help their patients. Thus, high profile MBA courses like MBA in Healthcare Management prepare professionals to deal with the diverse nature of today’s healthcare field. 

Data Management

Recent initiatives around the world to digitize patient records will have a tremendous effect on how healthcare workers access and assess data. As of 2016, the health sector recorded about 900% increase in health data. Today, the push toward a more connected data ecosystem for healthcare providers is swiftly becoming a reality. 

With this, there’s the promise of a better understanding of background information of patients, easier and faster healthcare delivery, and improved diagnosis. One innovation to actively lend a hand to this kind of data ecosystem is the improved data-sharing system and more connected devices through the Internet of Things (IoT). 

Direct-to-patient Care

In a recent study by West Health-Gallup, about one out of every four patients avoided looking for medical care as a result of high costs. Consequently, new models of care deliver like the direct-to-consumer approach are gaining popularity among patients. These models help solve issues like lack of access and patient aversion to professional healthcare workers. 

It’s no surprise that many patients now prefer self-manage and a certain level of personalization in their healthcare treatments. New inventions in digital experiences of self-managed and wellness services target this patient demographic in an attempt to meet their needs through offerings like self-administered testing and democratisation of healthcare knowledge. 

Organisational Admistration

In a recent study conducted by Connected Medicine, reports indicated that 62% of healthcare facilities admitted being slow to drive innovation. On the other hand, only 48 hospitals involved in the study felt they had the mechanisms in place to promote innovation. 

With the ever-increasing need for data-sharing, modernized solutions, remote and self-management, providers had to reinvent many aspects of their administration to meet the changing demands. The use of emerging technologies like Artificial Intelligence (AI) and machine learning has become a necessity. Hence, high-end MBA courses like some MBA in Healthcare Management degree teach learners these topics. 

Conclusion

The healthcare industry like many others will have to change it’s approach to patient satisfaction and retention if it is to remain relevant in the grand scheme of things. Ultimately this means seeking the right training for workers and adopting a consumer-centric approach.

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