5 Provider Technology Trends to Watch

MAR 16
ViVE 2023 is just around the corner, and once again TripleTree will be joining the ecosystem of innovators, leaders, and investors at this annual healthcare technology conference. We are excited to engage with the organizations leading a new wave of innovative provider technologies; solutions that help providers be more agile, capabilities that improve efficiency, and product offerings that tech-enable care delivery at scale. As we reflect on the market momentum in and around provider technology, we are monitoring five trends catalyzing the market’s focus and interest in this sector:

Automation and Machine Learning

Artificial Intelligence (AI) has garnered strong national attention with the initial release of ChatGPT last year. As users ogled over the AI chatbots, dynamic and human-like responses, one could only wonder on the breadth of applications. While not a new topic in healthcare, continued innovation is augmenting the expanding breadth of AI and Natural Language Processing (NLP) tools – tools that help medical professionals provide beneficial services to their patients at scale. An Optum study from 2021 concluded that 85% of healthcare executives have an AI strategy. Traction at the executive level creates a strong demand for AI, delivering significant benefits that help address the long-standing healthcare “Triple Aim” as a by-product of various workflow optimizations. With such a broad set of applications, we anticipate continued growth and evolution across the broader healthcare continuum.

Data Analytics and Interoperability

Healthcare has always been data-rich and the on-going focus on interoperability is key to the creation of actionable data and clinical intelligence. From clinical and claim documentation to patient-generated and wearable data, healthcare organizations sit on ever-growing troves of healthcare data and are looking for opportunities to unlock the potential of this information. Additionally, decision makers want (and need) clean integrated data that is easy to manipulate, analyze, and transform - allowing physicians the opportunity to securely share, exchange, and access health data across multiple systems. With a plethora of use cases for interoperability and analytics, we anticipate continued interest in organizations advancing data analytics and interoperability.

Patient Engagement

Patient engagement has risen to table stakes, as patients expect to engage the healthcare system in a manner more consistent with how they engage with other industries: immediate, personalized, and multi-modal. At the same time, providers seek to create positive and long-standing patient relationships and deliver improved health outcomes, while avoiding poor, transactional, and impersonalized patient engagement that can increase costs and lead to patient non-adherence for medication and medial protocols. As a result, there is a growing universe of digital technologies from remote patient monitoring (RPM), telehealth, price comparison technology, provider portals, to mobile solutions. As we think about the future, TripleTree anticipates continued focus in patient engagement – especially as successful solutions begin to identify the most optimal touchpoints that drive stronger adherence, better care, and improved efficiency.

Security and Compliance

Cyber criminals continue to target vulnerable healthcare institutions with malicious ransomware attacks and the growing list of attacks has heightened the already strong interest in healthcare security and compliance solutions. The complexity and completeness of healthcare data make it compelling to attackers and challenging to protect. As a result, innovative companies are developing new capabilities that address both security and compliance challenges – while mitigating the impact of malicious and fraudulent activity that targets rich patient data. The growing universe of companies and solutions varies widely in practice, from simple tools such as video surveillance and physical access control systems, to complex cybersecurity offerings. As we monitor the market, we’ve observed increased market attention in these areas and we anticipate the continued rapid development and deployment of new provider technologies that address both security and compliance.

The Evolving Role of the Pharmacy

Although ~90% of Americans live within five miles of pharmacy, shifting consumer preferences have fueled the demand for more digital pharmacy experiences. Amazon’s acquisition of Pillpack in 2018 or their more recent RxPass announcement, a new Amazon $5 subscription for unlimited generic prescriptions across 80 common health conditions, are two recent examples of this growing digital focus. What does this mean for traditional brick and mortar pharmacies? In general terms, pharmacies are looking for opportunities to deliver convenient, tech-enabled, clinical care:
  • As seen with the COVID-19 immunization process, the retail pharmacy setting played a critical and front-and-center role in administrating those vaccinations amid a global pandemic
  • Pharmacists are seeking ways to operate at the top of their licenses
  • Recent legislation acts an accelerant for clinical encounters in the retail pharmacy, such as the growing adoption of states allowing pharmacist prescription of hormonal contraceptives.
TripleTree is excited to watch this ongoing evolution of the pharmacy setting, as innovators develop new technologies and tech-enabled solutions that facilitate efficient scale and help pharmacists perform new clinical care options to their patients.

The opportunity across the provider technology landscape is profound and the five trends noted above will continue to focus market attention and investment in innovative technology solutions in the coming years. TripleTree looks forward to connecting with the healthcare technology innovators at ViVE 2023 to share insights and perspective about the evolving provider technology landscape and identify opportunities to collaborate in the future. We hope to see you there – don’t hesitate to contact us if you would like to connect in Nashville.
Brendan Arniel
Clare Barnes
Carmine Cafasso
Dalton Hoekstra
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