How Custom Software Development is Transforming the Future of the Healthcare Industry?

Quick Summary: Custom software development is changing the healthcare industry and shaping the future. With tailored applications like electronic health records, telemedicine platforms, and data analytics systems, developers enable enhanced access to care, personalized medicine, improved efficiency, and seamless data management. This write-up will explore how custom software development shapes healthcare and why you should invest in health tech now.

In recent years, the healthcare sector has undergone significant changes. The COVID-19 pandemic has highlighted the need to revolutionize healthcare systems worldwide. With the rise of healthcare software, healthcare providers have become increasingly aware of the importance of technology in the industry. The software development in this sector has made it possible to automate various operations, such as medical billing, appointment scheduling, inventory management, and EHR maintenance. This automation has been a lifesaver for businesses, especially in situations where healthcare providers are overburdened.

Automation in healthcare is not a new concept, but the pandemic has accelerated its adoption. With the world moving towards a more digital age, the healthcare industry needs to embrace technology to keep up with the times. The use of automation in the healthcare sector can go a long way in reducing the workload on healthcare providers with the best healthcare software development services streamlining the processes, reducing errors, and saving time.

The healthcare industry is constantly exploring technology solutions to streamline work operations and improve business outcomes. This has made it a frontier for technology adoption to achieve scalable success. According to a report by Mordor Intelligence, the Healthcare IT Market is estimated to be worth USD 358.5 billion by 2024. It is expected to grow at a CAGR of 15.24% during 2024-2029 and reach USD 728.63 billion by 2029.

With the implementation of emerging trends and software development solutions in the healthcare industry, no one can deny the rise of custom software comprising a cocktail of technologies.

Stats Related to the Future of Tech in the Healthcare Industry

To substantiate the statements made earlier, we would like to share some statistics and data. These numbers will not only demonstrate the true nature of the healthcare industry, but also illustrate the significant impact that technology has had in reshaping this sector.

• As per Statista, the revenue of IoT-based technology solutions in the healthcare industry is expected to rise from $24 billion in 2016 to $135 billion in 2025.
• The report from Accenture says AI and ML can help meet almost 20% of all medical demands, eliminating the need for patients to visit the hospital in person.
• Accenture stated AI applications can minimize healthcare costs by USD 150 billion annually by 2026.
• Software development trends project that artificial intelligence augmentation will generate an impressive $2.9 trillion.
• As per the Business Wire report, the fitness app global market is expected to surpass $23.98 billion by 2026 with a CAGR of 23.8%.

The main objective of custom software implementation is to help the healthcare industry enhance the patient experience, build a valuable relationship between patient and doctor, and deliver hassle-free services.

In today's era, user satisfaction is crucial for success, especially in healthcare organizations that aim to provide seamless patient-centric services. For this reason, many healthcare organizations are opting for custom healthcare software development to create personalized software.

The State of Custom Healthcare Software Development

Information technology has changed every paradigm of business. So, it’s natural that the healthcare industry is also on the path of embracing healthcare software solutions.

Hospitals and healthcare organizations often turn to custom software development for medical software or mobile applications after experiencing deadly pandemics or virus outbreaks to improve their facilities and reach.

The entire custom medical software development is passing through the tunnel of technology, enabling us to transform the way we used to work – from a paper-based system into a digitized form. Thereby providing healthcare organizations with the benefit of portability, improved patient safety, and increased efficiency with electronic medical records.

Custom Healthcare IT Solutions: A Classification Breakdown

Here are some of the custom software development classifications that are transforming the healthcare sector.

Healthcare Practice Management Software (HPMS)

Many healthcare organizations use it to maintain their clinical workflow and optimize day-to-day tasks. Additionally, it assists in keeping track of all medical records, scheduling appointments, and handling financial/accounting tasks.

Electronic Medical Record Software (EMR)

It is used to manage patients' data in healthcare organizations. This custom medical software makes it easier for them to collect data, such as laboratory data, prescriptions, medical history, and demographic reports, in electronic records. The exciting part is that, by 2032, the market size of telemedicine will be valued at USD 240 billion, according to reports by Global Market Insights.

Prescription Software

It allows patients to send medical prescriptions straight to pharmacies and drug retailers. As a key component of the pharmacy management system, it’s not just convenient for patients; it also fosters stronger relationships within the healthcare sector.

Online Urgent Care Service

With the help of this specific software, patients can receive emergency care without going to the hospital.

Hospital Management System

These technologies aid in the optimization of hospital management. The activities of billing, allocating insurance, managing patient information, and administrative work are improved by utilizing hospital management solutions.

Healthcare CRM

The primary goal of Healthcare CRM is to maintain good relationships with clients through a variety of means, including better care, contact management, and accurate performance reports.

4 Reasons to Invest in HealthTech for Your Organization

When investing in custom healthcare software development, you should be clear about your objectives, competitor research, product design process, and end-user market. Because whatever strategies you create may lead to the success or failure of the product.

Therefore, connecting with industry experts or the best custom healthcare software development company is essential to creating successful healthcare software and fulfilling your customers' goals.

Enhanced Data Security

The healthcare industry generates vast amounts of sensitive data through various platforms and channels every day. As a result, it is essential to ensure that this data is secure and protected from unauthorized access.

To achieve this, every cloud provider, email service provider, search engine, chatbot, website, and application is working towards becoming HIPAA compliant, which guarantees the highest level of data security for healthcare organizations. By complying with HIPAA regulations, these providers can assure their customers that their sensitive data is being protected and handled with the utmost care.

Excellent Patient Care

Say goodbye to long hospital queues and hello to excellent patient care! With AI-driven healthcare software, patients can receive the best treatment and consultation with just one click. This is all thanks to virtual healthcare consultations which have revolutionized the way patients receive medical care - even during emergencies.

Increased Efficiency

Custom software can greatly enhance your organization’s efficiency and productivity. The advanced automation in software development and service delivery will result in faster workflow, freeing up your team's time from adapting to regular healthcare operations. This means that your organization can focus more on achieving its core objectives and goals with ease.

Greater ROI

An online presence in the form of a website can help healthcare organizations attract more patients, leading to a higher return on investment (ROI). This has become even more important during the COVID-19 pandemic, where technology has played a crucial role in providing convenient patient care from the safety of their homes. Custom software development is a great way to leverage technology in healthcare to increase ROI, as it allows for customization and innovation in the industry. Therefore, healthcare organizations that invest in it win at both providing superior remedial treatment and generating a more significant return on investment due to the new standard of technology and customization.

How Custom Software Development is Shaping the Healthcare Sector

According to PwC's 27th Annual Global CEO Survey, 54% of CEOs in the healthcare industry plan to make at least one acquisition in the next three years. This is causing a shift in the healthcare software market. Moreover, one of the KPMG reports reveals that technology is playing a significant role in these acquisitions, with many companies focusing on acquiring digital capabilities like cloud-based platforms and digital care.

Technology has always had a significant impact on the healthcare industry, and therefore we have enlisted some critical areas influenced by the implementation of custom software development solutions.

Advanced Diagnosis

Technology is transforming the healthcare industry by delivering improved diagnostics to patients in addition to effective operations management. In the current market, there are modern software solutions available that help in identifying critical illnesses at an early stage. Additionally, AI-powered technologies are making the medication process faster than traditional methods. For instance, IBM Watson is a well-known name for advanced data analysis and providing actionable insights.

Increased Growth Chances

In the digital era of healthcare, telehealth, and a paperless environment, traditional medical record maintenance systems have already been replaced with cutting-edge technologies and enterprise software development.

The Electronic Medical Record (EMR) may keep numerous patients’ data on the hosted cloud with better security. Any healthcare organization will eventually see an increase in ROI due to lower operating costs. Therefore, custom medical software changes the game by enabling rapid business growth.

An Integrated System

You can partner with a custom healthcare software development company that can help you integrate multiple workflows used regularly. Multiple complex processes like finance, OPD, and human resource can be synchronized in one place using custom software development. This will reduce the work stress for every healthcare provider, allowing them to invest more time in patient care.

Health Apps for Mobile Devices

Mobile apps have simplified life, whether booking a hotel or ordering food and groceries while staying in the comfort of your blanket.

As a result, the healthcare industry is also taking advantage of healthcare IT support to create efficient applications for all devices. You will find plenty of mobile apps that can monitor your heart rate, BMI, sleep time, stress level, and whatnot!

While considering mobile applications, the ease of video call analysis can overcome geographical distances and open windows for easy access to the healthcare system.

Healthcare organizations have undoubtedly benefited from technological advancements as well. They are no longer required to purchase machinery and complete specific documentation like before.

Healthcare Standards Improvisation

By incorporating cutting-edge technology, automation, and advanced systems, custom software transforms the traditional healthcare system. Every small process, from patient appointment management to data storage, is redesigned. Custom healthcare software streamlines outdated processes to a greater extent to stay updated with the current healthcare requirements.

Accessible for Multiple Platforms

A custom healthcare software development company develops healthcare software for multiple platforms, like mobile, desktop, tablets, and smartwatches, to reach a wider audience.

If every member of the healthcare organization panel uses one particular software, the data synchronization and management process becomes more accessible. The primary users of mobile apps are doctors and patients. And they can access the real-time data from multiple platforms without any issues.

How Radixweb Can Help You Build Healthcare Solutions

The healthcare industry is heavily regulated, which poses a challenge for startups looking to establish themselves in the market. However, the high demand for big data analytics and AI-driven technologies creates opportunities for startups to compete with established players. In summary, the need for custom healthcare software development is undeniable.

Radixweb, a healthcare software development company provides customized software development solutions for healthcare organizations, empowering them to leverage the latest technology and reach a wider market more quickly. Our services are top-notch, with intuitive methods and reusable code blocks called technology extensions that assist healthcare organizations in staying competitive. Contact our experts today to help shape the future of healthcare.