By incorporating technology into a managed care practice, there is an opportunity to improve patient outcomes, efficiency, and security. Technology provides a way to streamline collaboration and communication, expand data collection and analysis, and optimize network design to promote company goals. Although beneficial for growth, technology needs support in addressing risks, making cyber insurance an important part of a management strategy.
Top Emerging Technologies in Managed Care
There are several factors improving managed care operations, but technology is bringing significant changes. These are some of the emerging trends in technology to keep an eye on.
Telemedicine brings a streamlined approach to patient care, with healthcare professionals able to provide consultations and guidance virtually. The market is thriving, estimated to grow to $225 billion by 2030.
Internet of Medical Things (IoMT) and Data Science
IoMT is transforming the delivery and management of healthcare. Through wearable devices and remote monitors, patients and professionals have access to real-time, specific information about an individual’s health. Sensors on the body can track important health metrics that medical professionals can access for remote health and wellness monitoring.
AI in Healthcare
All of the data gathered by the emerging technology needs processing, and AI can rapidly and efficiently work through massive amounts of data with extreme accuracy. With its support, healthcare professionals are able to manage patient data, make informed decisions, and improve the quality of care they provide.
Remote Patient Monitoring
Patient care improves with remote patient monitoring (RPM), enabling continuous monitoring of important health data. Remote monitoring can be life-saving for high-risk patients, as real-time data delivery to providers creates more timely healthcare intervention.
RPM increases the operational efficiency of healthcare institutions. Patients can experience shorter hospital stays or fewer appointments with remote monitoring without missing out on medical advice from their providers.
There is a wide range of cybersecurity-related concerns that threaten the healthcare industry. Patient data is integral to the operations of healthcare facilities, providers, and organizations, with organizations storing massive amounts of sensitive data concerning patient care and research.
In managed care, malware, ransomware, hackers, and much more threaten this information. Data theft is a serious concern, and cybersecurity technologies are helping to safeguard this information. In addition to software integrations and advanced firewalls, facilities need to include cyber insurance as a defense against the losses possible from a cyber event.
How Modern Technology Is Reshaping Patient Outcomes & Satisfaction
While modern technology contributes to the efficiency and accuracy of operations, patients also benefit from the implementation of RPM, IoMT, and telehealth practices. Patient care improves, leading to healthier, more satisfied patients. Several of the changes leading to more positive patient outcomes include:
- Enhanced patient engagement
- Greater efficiency in administration and treatment services
- Personalized medical interventions and care options
- Expanded access to quality care through telehealth, particularly in underserved or remote areas
- Increased diagnostic accuracy with the use of AI-driven diagnostic tools and multi-sensor health reporting
- Better management and prevention of chronic illnesses and hospital readmission through IoMT devices and RPM
Digital technology has a positive impact on each part of the healthcare process, from initial diagnostic services to treatments and follow-up care. When patients believe their needs and health are a priority, it builds trust and higher levels of satisfaction.
The Role of Cyber Insurance in Managing Cybersecurity Risks
While managed care organizations can use firewalls, increased awareness, patch management, and regular updates to secure their technology infrastructure, cyber liability insurance is another important layer of risk protection. With unique coverage tailored to address the biggest exposures, cyber liability policies can address the financial expenses with:
- Data breach responses
- Business interruption
- Privacy and network security liabilities
The increasing dependence and integration in managed care on technology creates opportunities for insurance agents to capitalize on this emerging market. Organizations can prepare for the financial fallout of a cyber attack, although many of these organizations need clear information and education on how cyber coverage will help.
The Growth Potential With Cyber Insurance
As emerging technologies continue to shape the landscape of managed care, cybersecurity will continue to be a necessity. As an insurance agent, you are in a unique position to present cyber insurance as a component of a broader risk management solution. A tailored policy can address the financial concerns presented by a lapse in cybersecurity across IoMT devices, telehealth connections, or RPM.
Contact us to find out more about cyber insurance options for those working in managed care. Give your clients peace of mind with their technology choices and strategies.