Why Healthcare Companies Are Increasingly Choosing SaaS Models?
SaaS or software as a service arose as a part of the cloud computing revolution that changed the course of global industries. Since the Covid-19 pandemic, SaaS adoption has taken a quantum leap and companies across industries are transitioning from legacy IT systems to SaaS models. It has changed the future of global marketplaces with cloud computing, data collation, trend analysis and study of consumer behaviour. But most of all, it has proved to be a gift to the field of modern medicine and healthcare.
While SaaS is also used for bookkeeping, human resource management, accounting and finance, it is being actively adopted by Med-Tech and Health-Tech companies. According to reports, the global healthcare SaaS market is projected to reach $51.7 billion by 2028.
Amidst the rising global health crises and the aftermath of one of the most destructive pandemics in the history of human civilisation, the importance of maintaining health records and streamlining medical data has grown exponentially.
Improving outpatient care
The global failure to contain the coronavirus in its infancy emphasised the need for overhauling the outpatient care delivery models. Had outpatient care been more efficient from the very get-go, it would have been easier to detect/predict an impending disaster and perhaps prevent its rapid spread. Cloud technology can be a key enabler in alleviating the ever-increasing toll on healthcare systems by providing faster integration and scalability. Additionally, SaaS enables companies to pivot to electronic medical records (EMRs) that enable faster collaboration among multiple stakeholders, sharing critical insights and customising the best care for each patient.
Digitalising & streamlining healthcare data
Most hospitals rely on legacy systems, with each department having its own databases. Additionally, the stack of physical records keeps piling up, leading to an information silo. When faced with mortal pandemics, EMRs, real-time updates and collaboration can play a crucial role in containing the diseases. With the onrush of new contagious diseases such as tomato fever and monkeypox, along with existing problems of Dengue and Malaria, patient data and medical records are an asset now more than ever. Consequently, hospitals and healthcare brands are adopting SaaS models to digitalise and systematize their services to achieve concrete and paperless patient management.
Reducing IT costs
With the overwhelming need to upgrade and adopt technologies, healthcare CIOs often have to justify the ROI of new investments. SaaS enables them to deliver results with lower IT costs since SaaS provides zero-capital models where companies only have to pay for the services consumed and not the entire infrastructure behind the service. Additionally, many SaaS vendors offer per-user cost solutions and free maintenance and upkeep, allowing IT leaders to rationalise and minimise expenses. Compared to the existing legacy IT systems, SaaS models offer a tremendous competitive advantage.
Driving innovation in healthcare
Innovation in healthcare is vitally important for both healthcare companies as well as patients. SaaS models empower healthcare companies to expand product and service offerings, add new technologies, personalise patient experience, streamline research and catalyse breakthroughs. By migrating to SaaS, healthcare companies can create an unlimited ecosystem by integrating AI, analytics and IoT devices from other SaaS vendors. This will enable healthcare providers to effectively store and study patient history and disease trajectories that will provide critical insights, enable sophisticated research, catalyse breakthroughs and expedite the finding of possible cures.
Augmenting data privacy & security
With technology’s rapid advent and adoption in all spheres, healthcare companies have become increasingly vulnerable to data breaches and theft. According to statistics, 90 per cent of healthcare organisations have experienced at least one data breach since 2016. Rising data violations and security threats call for the implementation of SaaS models. Healthcare SaaS companies ensure data privacy and security by constant monitoring and maintenance, efficient cybersecurity standards and contingency planning. Additionally, a cloud-based infrastructure allows better data integrity and confidentiality compared to local servers. Consequently, many healthcare organisations are choosing SaaS models to benefit from these safeguards.
Since the future is digital, medical advancement isn’t- and shouldn’t- be excluded from it. Analysing nationwide and region-specific trends and vulnerabilities and creating actually successful treatments requires SaaS to support the mission and vision of healthcare companies. The end result is finding cures, keeping patients out of the hospitals, lowering patient mortality rates and keeping a healthier, more immune world population.
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