Healthcare software-as-a-service (SaaS) is about to explode, and it is becoming increasingly important due to its ability to improve patient experiences and increase administrative efficiency.
According to a recent Grand View Research study, the healthcare SaaS industry will grow at a CAGR of 19.5% to $50 billion by 2028. This ambitious but entirely realistic forecast is thought to be primarily motivated by the growing use of cloud computing in the healthcare sector.
This may seem obvious given SaaS’s growing popularity across a variety of industries, but its potential in the healthcare sector is particularly exciting.
SaaS solutions also include clinical (PACS, EHR, telehealth, and so on) and nonclinical (billing, supply chain, and patient interaction) information systems. The advantages that SaaS may provide in healthcare administration are what really help in understanding the vast market potential.
SaaS, for example, which provides greater flexibility, a higher ROI, a sharper competitive edge, and lower software deployment costs, can be extremely beneficial in managing healthcare IT costs. Because healthcare providers are constantly under pressure to manage profitability as new business models emerge in the industry, SaaS can provide the necessary financial edge for the growth of health enterprises.
Due to its cost and scalability advantages, industry analysts predict that SaaS will soon be indispensable in healthcare. Healthcare providers would use SaaS solutions to increase revenue and improve internal procedures. HIPAA-compliant SaaS solutions enable application delivery services across international data centers, reducing deployment times.
Let’s look at several important healthcare SaaS trends that will revolutionize the sector:
Due to its brilliant business applications, artificial intelligence (AI) is poised to dominate the industry. By incorporating AI, SaaS applications may grow autonomous and self-learning capabilities. AI-based solutions are commonly used by the healthcare industry.
AI is widely used by prosperous technology companies to automate business processes, boosting productivity and efficiency. Experts estimate that 81% of companies are already working on AI technology. Healthcare delivery is being transformed by AI’s effects on machine learning (ML) and natural language processing (NLP).
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Healthcare SaaS companies may benefit from using AI automation in a number of ways. Security weaknesses are addressed first. The ability to recognize trends makes it easier to identify potential threats. The self-recovery feature, which can help with retrieving crucial data, is the best feature.
The discharge procedure is being streamlined and automated with artificial intelligence. A Central Florida healthcare system called Health First has cut the average duration of stay for each patient by 6 hours by expediting the discharge procedure with AI-driven analytics.
SaaS-based solutions can assist businesses in beginning the process of utilizing AI in all aspects of their administrative workflows, including the discharge procedure.
The NLP component can help in recognizing human speech and voice control patterns. These programs can help fulfill patient wishes and improve personalization.
Machine learning (ML), which companies frequently implement in customer care apps, is another factor. Chatbots may be helpful in some circumstances. VCs have invested more than $800 million in firms that offer some type of chatbot with health capabilities, according to Crunchbase research. The ability to make exact projections quickly and with high levels of overall responsiveness are two further benefits of AI-enabled SaaS.
Different Cloud Systems
Experts predict a 19.6% increase in the number of businesses using cloud-based software. By utilizing the potential of multi-cloud solutions, new SaaS trends can assist healthcare organizations in resolving some of their most challenging issues. SaaS companies can execute their apps in the same physical area as the customer using a multi-cloud strategy. This makes things more affordable for healthcare providers while also lowering the exorbitant expenses of interregional bandwidth.
By utilizing a variety of cloud providers, healthcare organizations can also strengthen their ability to manage, store, analyze, and preserve vital healthcare data. For disaster recovery, there are many cloud service providers available. Multicloud management can be used with subscription-based SaaS services.
Vertical SaaS is another intriguing concept that will become popular in 2022. Since horizontal SaaS can be utilized by any company or sector, it is less specifically tailored to meet the needs and requirements of that area when it comes to providing solutions. In contrast to vertical SaaS, which has a streamlined approach to an industrial operation, it, therefore, takes a broader approach.
Vertical SaaS focuses on a variety of industries, with healthcare being just one example. A vertical strategy might be advantageous for the growth of supplier chains or lighthouse clients. Focusing on particular problems is made easier, and flexible solutions are offered that satisfy corporate needs while incorporating professional knowledge.
Vertical SaaS will gain popularity in the B2B healthcare technology market due to its customized solutions. Retail analytics software, modern logistics analytics, healthcare business intelligence software, and patient engagement solutions are a few examples of vertical SaaS. The benefits of specialization are more economical since they are customized.
When trying to digitally modernize healthcare, two major challenges are rising healthcare IT expenditures and data protection. SaaS software, particularly those used in the healthcare industry, can be extremely important in tackling these issues.
The practicality, effectiveness, and security of gathering and keeping data in the cloud, as well as the many benefits offered by SaaS-based solutions, are becoming more well-known. This has started a change in how technology is used generally in a controlled setting where it can adapt safely and benefit humanity.