Consumer services

How Consumer Empowerment Will Drive the Future of Healthtech

In this segment of Motley Fool Live, recorded on February contributor Rachel Warren is joined by Deloitte Managing Director Heather Gates to talk about emerging trends in health technology and how they are transforming the industry.

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Heather Gates: Consumers are increasingly taking ownership of their health care. You have also seen this great emergence in wellness. Whole new healthcare and wellness categories are emerging, creating bigger markets and truly putting consumers in control of what they want to see and experience.

A few key areas. You have the macroeconomic environment that I talked about, which is that interest rates have traditionally gone up a bit right now, but they’ve been low, and access to capital has been pretty easy in the historical order of things. All of this allows new solutions to flourish and new innovations to come to market that will continue to elevate health technologies in the global marketplace.

Typically, only the acceleration of technologies supporting the need for better access and delivery of health care that we have discussed. I think specifically, artificial intelligence and maybe robotic process automation will come together in a few areas that really support what we call the health-educated consumer.

Using AI to make truly informed decisions based on big data analytics around patient outcomes. We can study that when you give someone a certain treatment at a certain time, how did that influence an outcome? Before having access to all this data, these types of analyzes were not possible.

Running platforms against electronic records, which again could suggest different potential therapies for individuals. AI is really, really important and I think consumers want and demand more of it. The big problem in all of this is that because we want more, we think we’ve already paid because we’re paying our insurance premiums. But have these insurance premiums really paid for all these new discoveries, innovations, etc.? ? So that’s the interesting catch.

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