The market for healthcare software-as-a-service (SaaS) is about to explode, and it is becoming more and more significant since it has the ability to improve patient experiences and increase administrative efficiency.
According to a recent study by Grand View Research, the healthcare SaaS industry would increase at a CAGR of 19.5% and reach $50 billion by 2028. This ambitious but entirely realistic forecast is believed to be primarily motivated by the healthcare sector’s expanding use of cloud computing.
Given SaaS’s growing popularity across a variety of businesses, this may seem apparent, but its potential in the healthcare sector are particularly exciting.
Clinical (PACS, EHR, telehealth, etc.) and nonclinical (billing, supply chain, patient interaction) information systems are also included in SaaS solutions. The benefits SaaS may offer on the healthcare administration side are what really aid in understanding the vast market potential.
For instance, SaaS, which offers better flexibility, a larger ROI, a sharper competitive edge, and lower software deployment costs, can be incredibly helpful in managing healthcare IT costs. SaaS can offer the required financial edge for the growth of the health enterprises because healthcare providers are constantly under pressure to manage profitability as new business models in the industry emerge.
Industry analysts predict that SaaS will soon be indispensable in healthcare due to its advantages in terms of cost and scalability. Healthcare providers would employ SaaS solutions to boost income and enhance internal procedures. SaaS solutions that comply with HIPAA facilitate application delivery services across international data centres, reducing deployment times.
Let’s look at several important healthcare SaaS trends that will revolutionise the sector:
Machine intelligence
Because of 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 recognise 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 utilising AI in all aspects of their administrative workflows, including the discharge procedure.
The NLP component can help in recognising human speech and voice control patterns. These programmes can help fulfil 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 a 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 utilising the potential of multi-cloud solutions, new SaaS trends can assist healthcare organisations 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 utilising a variety of cloud providers, healthcare organisations can also strengthen their ability to manage, store, analyse, 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.
SaaS vertical
Vertical SaaS is another intriguing concept that will become popularity in 2022. Since horizontal SaaS can be utilised 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 customised 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 specialisation are more economical since they are customised.
Conclusion
When trying to digitally modernise 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.
