Medicine Undergoing Major Changes

almost 4 years ago

It truly is an exciting time to be alive. We are seeing so many changes that are happening right before our eyes. Entire industries are being completely disrupted, a fact many people are still unaware of.

This presents opportunity. It also shows how the common thinking about the future is likely to be far off by the masses.

Over the past few months, I wrote a number of articles detailing how inflation is not going to be the main concern in the future. Instead, we are in a deflationary supercycle that is not going to end anytime soon. While many want to point to the money printing by central banks, there are much bigger forces in play that even the bankers are powerless against.

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When we look at some of the most costly arenas, we see construction, upper level education, and healthcare. All experienced masses run up in prices. This is about to reverse course as technology stats to alter those industries.

In this article, I want to focus upon healthcare. The entire premise of medicine is going to be altered over the next decade.

Here, I will focus upon on simply switch that is already taking place.

Most are aware that COVID-19 is changing how we interact. The healthcare industry is not exempt from this switch. Over the past few months, we saw the rise of tele-medicine explode. More than 40% of doctor visits were handled remotely.

This is a major shift for an industry that operated in a similar manner for decades. We all know, when you get sick, you go to the doctor. The challenge with this is that, for most things wrong with us, blood work is done. It is in this regard that medicine became data driven. Whatever the blood said, that is what was followed.

While we have to be present to get blood work done, the change is in the follow up visits. Before COVID-19, all visits were in person. During the pandemic, people were getting the results remotely. Doctors were suddenly more willing to engage in conversations using technology.

Tele-healthcare is of great interest to medical institutions. Start ups are making headway partnering with these firms by showing how much of a cost savings that are realized. With healthcare costs out of control, reduction is overdue. This is what tele-medicine of providing.

We are also seeing an increase in efficiency. Doctors are overworked due to cutbacks so burnout is all too common. Now, with tele-medicine, doctors are able to get a lot more accomplished in less time. This helps to reduce some of the pressures on them.

What is very interesting is the fact that once people switch the way they do things AND benefits are realized, they do not go back to the old ways. If doctors and healthcare providers are finding telemedicine to be of great benefit, that will be the path they continue to follow. It is no wonder the industry is expected to have a CAGR of 18% through 2025.

As with most things, we are seeing a major shift into the digital realm. Those who believe we will operate in a manner similar to how we did things for the past 30 years are going to find themselves left behind.

One of the greatest benefits, all of this will help to drive costs down.

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