We have survived COVID but does this mean this is the end of our suffering? Of course, not! Several diseases are evolving and harming humanity, which compels healthcare organizations and practitioners to enhance their overall quality of medical work. And here the term Healthcare SaaS plays an extremely significant role. The following post focuses on what is Healthcare SaaS and how this concept can be beneficial, effective and efficient in the long run.
Slowly and steadily the concept of healthcare SaaS seems to be gaining quite some momentum all over the globe. All thanks to the rise in electronic health records (EHR), revenue cycle management (RCM), telemedicine, patient engagement and so more. Not just that I am sure you will agree with me that disruptive technologies such as Artificial Intelligence, the Internet of Things, and Machine learning, cloud computing, wearable devices have resulted in the severe reduction of dangerous diseases and ensured more enhanced and efficient treatments for the patients within real-time.
Before we jump on to what is healthcare SaaS, first we need to understand what exactly is a SaaS. Well, it’s Software-as-a-Service in simple words is a well-known method of delivering software in regards to service with the help of the internet. Gone are the days when we were compelled to install as well as maintain software which might take a few hours and loads and loads of storage. The entire drill has been eliminated as softwares can be used as a service with the help of the internet now. You can call it a subscription-based model as well. You see Web-based software, on-demand software, and hosted software, these are all different types of software-as-a-service available. Coming back to what is healthcare SaaS.
Healthcare SaaS
Healthcare SaaS mainly refers to cloud-based applications which are specially designed to aid the healthcare industry. Wondering how? Well, such organizations can successfully streamline as well as manage healthcare practitioners such as doctors, nurses, and ward boys, in conducting numerous tasks such as managing the patients, creating precise documentation, revenue cycle management, and more. On and all, healthcare SaaS solutions tend to act as a very amazing alternative to the previous software installations. You see they are way more scalable and flexible and have the potential to enhance efficiency, improvise the lives of the patients and reduce costs.
Fortunately, the healthcare industry is no longer restraining itself in adopting technological innovations over a few years and as we can see patients are found being comfortable with all these new devices and softwares. Moreover, the staff seems to have a smooth workflow like never before. So is that it, is this why one must start opting for healthcare SaaS? No, definitely not! Running a healthcare institution can be pretty costly as well as troublesome work. In fact, earlier several healthcare organizations used to face lots and lots of backlash due to security issues which resulted in severe loss of patients’ confidential information and several other losses. After the rise of Healthcare SaaS, the CAGR rate has increased to 18.9%. Also by the year 2026, the industry is expected to be generating $61 billion.
Further, let us go through some of the most crucial benefits offered by Healthcare SaaS and how they act as the perfect missing part for all kinds of healthcare organizations.
Benefits of SaaS for Healthcare Organizations or How is Healthcare SaaS beneficial?
Well, there are a plethora of pointers or aspects that make healthcare Saas a go-to service for several organizations such as managing billing, patient records, analytics, and moreover enabling effective collaboration. This is definitely not it, there are a wide spectrum of benefits offered here. So without any delay, let us figure out what are they.
#1 Reduced Costs
One of the best benefits offered by opting for healthcare SaaS softwares is that the overall cost gets reduced significantly. Initially, you might not even agree with me but trust me on this when I say, the initial cost might be high but if you take a look at the big picture, everything turns out to be cost-effective like never before. You see, reliable healthcare SaaS companies have this tendency of spending loads and loads of money on maintenance, hardware setup and offering frequent updates which definitely lowers the cost or initial investment. So by adopting healthcare SaaS, it’s time to bid adieu to upfront payments and welcome amazing services at more reasonable prices.
As mentioned earlier, when you opt for SaaS, you no longer require to get into the headache of installing expensive hardware and softwares. And this is what makes healthcare SaaS one of the most significant investments.
#2 Enhanced efficiency and productivity
The next crucial benefit offered by Healthcare SaaS is they work absolutely wonders when it comes to increased efficiency and high-end productivity. You see now with the incorporation of such services, healthcare professionals can not just seamlessly access the software and data from anywhere or at any point in time but also results in enhancing the efficiency and productivity of the organization as a whole. Moreover, doctors and nurses can seamlessly access relevant information such as previous patients’ records, medical history, or any other critical information even if they aren’t physically present there.
Apart from being patient-centric, healthcare SaaS can automate different administrative tasks such as appointment scheduling, and billing as well as reminding patients for their regular checkups, tablets and whatnot! This basically saves lots and lots of time and money reducing the scope of errors and mistakes.
#3 Security
Now this is quite a big one! You see, with security breaches happening every now and then, it has become pretty crucial for every organization, profitable-non-profitable to opt for softwares that are highly secured. Speaking of healthcare organizations, here you will find a plethora of confidential data and information, if lost can lead to severe issues or attacks, risking the lives of your valued patients. Now cloud-based platforms in general comprise of different built-in security protocols which definitely have the potential to safeguard all the sensitive information. Wondering how? Well, it’s done with the help of encryption, authentication, and compliance with industry-security regulations and agencies like HIPAA and the FDA.
HIPAA is the Health Insurance Portability and Accountability Act which strictly certifies only if the healthcare organization is capable of managing high-end security. It’s a federal law which has to be followed by organizations or else they are doomed with hefty fines and way worse.
Another one is the Food and drug administration which focuses on the safety of the usage of medical products right before they are being launched in the market. Opting for healthcare SaaS means you are on the verge of opting for the highest safety standards featuring all regulatory standards to receive approval. Also, all the backups and disaster recovery can be well-taken care of. So in case if any breach occurs, the data is safe and seamlessly protected within no time.
#4 Enhanced patient Outcomes
Another benefit here of incorporating Healthcare SaaS is that it offers enhanced patient outcomes. Wondering how?
- Electronic Health Records (EHR) Software – EHR for short, this softwares enables healthcare organizations to manage patients’ medical records featuring diagnoses, treatments and medications. Moreover, patients can be rest assured as they will have accurate information all the time. Moreover, healthcare SaaS softwares tends to facilitate real-time updates. So every professional, be it a doctor or specialist or nurse involved in a patient’s case, has a better understanding of what’s happening which leads to seamless communication and collaboration. As a result, better care can be provided.
- Telemedicine Software – Another kind of Healthcare SaaS software that leads to enhancing patient treatment is telemedicine software. Here it is possible to diagnose or consult remotely while sitting at home. So gone are the times when for small matters or matters with minimal concerns, you had to visit the hospital. With the help of telemedicine softwares, getting instant assistance is possible. Fortunately, we cannot deny the fact that even healthcare organizations tend to remain agile and responsive to ever-changing conditions due to digital technology.
- Analytics – Lastly, here data is not just collected but highly analyzed to identify proper patterns and trends. Here large amounts of data are analyzed and on its basis, several informed decisions are made. Even patients are given access to medical records for maintaining seamless transparency.
#5 Flexibility and Scalability
There was a time when before choosing software, companies or organizations would worry about whether they would be seamlessly flexible or scalable or not. You see nowadays when you opt for cloud-based applications, flexibility and scalability is quite given. Moreover, it is possible for them to access as well as deploy medical applications pretty quickly and easily. So not just the end users but the entire organization can scale up pretty quickly.
Top Healthcare SaaS Trends
#1 Artificial Intelligence
Artificial Intelligence is all set to dominate the world and the healthcare sector is no exception. When these SaaS platforms are well-integrated with artificial intelligence, several procedures are being highly automated. AI + natural language processing (NLP) and machine learning (ML) can parse tons of data and detect relevant patterns to predict specific sets of actions. Now for those who don’t know, Healthcare SaaS businesses can benefit from AI automation in multiple ways. Let’s begin with security breaches, lots and lots of security breaches can be stopped by detecting potential threats. Also, here you find the self-recovery aspect which successfully assists in recovering the critical amount of data.
Moreover, natural language processing assists pretty well in detecting voice control and human speech patterns resulting in enhanced as well as personalized experiences.
#2 Vertical SaaS
Another exciting trend to take into account is Vertical SaaS. Now you must be wondering if there is anything like horizontal SaaS. Well, yes! It is said that companies are able to adapt seamlessly irrespective of the sector or the industry. Whereas vertical SaaS is all about the healthcare industry. And when you adopt such a trend, focusing on specific concerns becomes easy. And not just that, you can ensure customizable resolutions like never before.
Investing in Healthcare BI software, modern logistics analytics, and retail analytics software can be quite fruitful especially when you are looking for reliable vertical softwares.
#3 Pay-Per-Use
The next intimidating healthcare Saas trend to take into account is Pay-Per-use. As the name implies, this one is a subscription-based model where consumers are charged on a monthly basis or annual basis, depending on their preferences. This is such a model from which both customers and vendors would earn profits.
In today’s times, pay-per-use has become quite in vogue. In fact, I have come across numerous healthcare organizations vouching for the same. In fact, this type of healthcare SaaS trend is preferred for those who are dealing with cash-flow problems.
Conclusion
And this is it for now! This is what healthcare SaaS is all about. I hope you did find the write-up worth your time and worthy enough to share. If yes, please do! Technological advancements do have penetrated any and every industry these days, so making the most of it seems to be the only way out here! Just make sure you choose a healthcare SaaS solution featuring automated subscription-based billing, data analytics capabilities, a multi tenancy model, high availability, security, and so more.