- 20 November 2020 02:36
Benefits of Cloud Computing for Healthcare
Healthcare Cloud Computing offers flexibility to control data scalability, mass storage in hospitals and clinics of clinical statistics, and faster access to digital health records. In addition, rising demand inpatient accounts for cloud services to reduce capital expenditure related to the traditional form of accounting would further spur revenue. Deploying cloud computing in healthcare ecosystems offers various advantages, including cost savings, enhanced flexibility, and system scalability to the organizations. These advantages are expected to increase the adoption of Cloud Computing in the Healthcare sector and, in turn, increase the Healthcare Cloud Computing Market size.
According to Precedence Research, the global healthcare cloud computing market was valued at USD 22.43 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 17.8% during period 2020 to 2027.
Here are the top 6 benefits of cloud computing for healthcare.
With healthcare organizations moving towards value-based care payment methods, the collaboration between doctors, departments, and even institutions are essential. Medical providers can transfer data between each other through a cloud computing server, boosting cooperation for better treatment.
5. Artificial Intelligence and Machine Learning
If there’s one field where AI can be intimidating, it’s in healthcare. But with tight schedules of medical professionals -- and now more than ever, as the world continues to fight a global pandemic -- and with the complexity and rise of data, AI and machine learning capabilities can be a crucial solution to support clinical decisions and, consequently, a faster time-to-treatment.
As more and more cloud platforms integrate AI and ML into their services, cloud computing can support the transition of artificial intelligence into mainstream healthcare operations and help users manage massive amounts of data.
4. Data Storage
Healthcare providers have to deal with electronic medical records, patient portals, mobile apps, and big data analytics. That's a lot of data to manage and analyze, and not all in-house equipment can store it.
Cloud computing allows healthcare institutions to store all that data while avoiding extra costs of maintaining physical servers.
Unlike conventional self-hosted models, cloud computing gives healthcare providers the flexibility to increase or decrease their data storage depending on the patients' flow.
This way, healthcare institutions can adapt their technology to peak seasons—for example, the flu season, where the volume of patients increases—without wasting time and money with the latest hardware purchases or software updates.
Here's a challenge that companies across all industries are familiar with: tight budgets, which forces them to invest in “keeping the lights on” activities over innovation.
Since cloud computing runs under a subscription model, healthcare providers can save up money from purchasing expensive systems and equipment. Plus, by adopting a cloud server, healthcare institutions can also reduce costs by using the cloud provider’s resources.
One of the most common concerns when talking about the cloud is how secure is it to have all your apps and patient data in a third-party server? Especially when organizations need to comply with regulatory frameworks like Europe's General Data Protection Regulation (GDPR) for the protection of personal data, or the US's Health Insurance Portability and Accountability Act (HIPAA) for secure data portability, or the HITRUST Alliance's CSF, an industry-mediated certifiable standard for safeguarding sensitive information.
But if done well, cloud servers help increase the security of healthcare providers. In the case of on-premises solutions, if the equipment fails, medical institutions may lose all their data and applications. A potential breach that healthcare institutions can't afford to risk.
Cloud computing not only allows its users to access the information remotely, as it includes automation of backups and disaster recovery options but in the case of a breach, healthcare providers don't lose any data and can minimize the downtime for their staff.
Most cloud providers nowadays offer security, risk management, and monitoring services to protect their users from unauthorized access and breaches. It's all about analyzing the cloud service and what it provides.
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Prominent players functioning in the healthcare cloud computing sector are as follows:
- Cisco Systems Inc
- Allscripts Healthcare Solution Inc
- Microsoft Corp
- Iron Mountain Inc
- Qualcomm Inc
- GNAX Health
- Dell Inc
- EMC Corp
- IBM Cor
- VMware Inc
- Oracle Corp
Segments Covered in the Report
By Cloud Deployment
- Clinical Information System
- Telehealth Solutions
- Computerized Physician Order Entry
- Population Health Management (PHM) Solutions
- Electronic Medical Records
- Pharmacy Information System
- Radiology Information System
- Non-clinical Information System
- Revenue Cycle Management (RCM)
- Billing & Accounts Management Solutions
- Claims Management
- Platform as a service (Paas)
- Infrastructure as a service (Iaas)
- Software as a service (Saas)
- Healthcare providers
- Healthcare payers
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America