Health care's digital transformation Health care's digital transformation http://www.federatedinvestors.com/static/images/fed-logo-amp.png April 9 2019

Health care's digital transformation

Technology continues to refine and reshape the way Americans get care.
Published February 28 2019
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Total U.S. health care spending is projected to rise from $3.5 trillion in 2017 to $5.7 trillion in 2026-nearly 20% of the total gross domestic product. An urgent need to tame escalating costs for patients and providers combined with a tech revolution are driving these five health-care trends. First, online engagement. Mobile phones and tablets enable patients to book appointments, manage prescriptions, message with doctors and review test results. Second, wearable technology. Devices increasingly are being used to track diet and exercise, monitor heart rate, blood pressure and glucose levels twenty-four hours per day, seven days per week. Third, big data. Translates vast stores of patient and medical information into targeted diagnoses, drug discoveries and preventative measures and helps predict and monitor epidemics. Fourth, internet of things. Implantable devices monitor specific conditions and allow for precise delivery of medication while robotics automate routine task and increase efficiency. Finally, digitized health records. Centralize patient health records support consistent treatment plans across providers, reduce repetitive services and provide more efficient billing. Information sources for this graphic include: U.S. Department of Health and Human Services Centers for Medicare and Medicaid, 2018 and Federated Investors, 2019.