HOW CLINICAL INFORMATICS IS RESHAPING THE GLOBAL HEALTHCARE INDUSTRY
Technology and data are gradually transforming the healthcare industry – and the importance of clinical informatics is growing with each passing day. The emergence of electronic health records (EHRs), online patient portals, mobile medical devices, and other tools that store and share information with care providers has ensured better interoperability and increased digitization. This has resulted in efficient management of patients’ data, and improved treatment procedures, by helping physicians make informed decisions. Clinical informatics also leads to more efficient processes, enhanced patient care, and helps lower costs by identifying new best practices for patient care.
Clinical informatics has come a long way since its inception in the 1950s with the growing influence of technology. As a discipline, clinical informatics has expanded considerably with the inclusion of handheld devices, consumer devices, web-based portals, and a wide range of data collection and reporting systems that are reshaping the healthcare industry. Each stakeholder of the healthcare industry has a vested, but slightly different interest in informatics, but their needs are converging. Patients also are becoming more interested in sharing their data to benefit themselves, as well as others.
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How clinical informatics is aiding health insurers
Clinical informatics has become an integral part of the health insurance industry as more insurers are working closely with healthcare providers to find cost-effective ways to enhance the quality and safety of patient care. Insurance companies are increasingly relying on clinical informatics for analyzing medical data to spot emerging trends, improve health literacy, reduce hospital readmissions and visits to the emergency room, and to help individuals prevent and manage chronic and costly medical conditions. Insurance companies are also leveraging the huge volumes of health data generated from policyholders’ billing claims, health assessments, wellness programs, lab readings, medications, family history, and more, to better understand the health needs of their members, including identifying gaps in care plans to optimize patient care.
Impact of clinical informatics on pharmaceutical companies
Pharmaceutical companies are also leveraging clinical data to better understand medication-related compliance, the real-world effectiveness of their drugs, and their scope for implementation in clinical trials. Informatics can help them determine scenarios that can lead to non-compliance, for targeted products, and prove that their drugs are the most cost-effective. Pharmaceutical/life science companies will increasingly use clinical informatics to get more targeted products to the market faster.
How the market for clinical informatics is shaping up
Clinical informatics is visibly reshaping healthcare services for the better by combining information technology with informatics. Research on Global Markets, in their recent market research report, provided a positive outlook on the global clinical informatics market. The findings indicate that the market is set to expand at a compound annual growth rate (CAGR) of 18.26% during the 2018–2023 period, driven mainly by the increased adoption of clinical informatics solutions across hospitals. Hospitals account for the largest share (38%) of the market in terms of application, and is expected to increase further during the forecasted period.