U.S. healthcare industry wastes an estimated $1 trillion each year by way of spending on excessive administrative costs and frauds. Healthcare has lagged behind in gaining considerable advantage from technological advancements. Through digital transformation and targeted use of technology, the healthcare industry can reduce waste, extend value to patients and improve patient-provider communication.
Its necessary to ensure that new initiatives can scale and retain their relevance past initial two to three years of operation.
Ciox, is taking initiatives in the industry with technologies to resolve the data access issue. There are around 250,000 hospitals that use some or the other form of electronic medical records (EMRs).
10 largest EMRs possess 60-80% of the market share, while the remaining 20-40% of EMRs get divided among smaller EMR vendors. Some hospitals use one EMR but, some use more than one. So, a dozen standards has to be dealt with. Most EMRs provide downloads of patient records as printouts, while it varies if others offer a summary or details.
Retrieving, digitizing and delivering medical records becomes a complex, lengthy and manual process. So, Ciox is using a wide array of technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI) and blockchain to help the healthcare industry battle the wastage issue.