The address pressing challenges below, we have invested in a technology and a business model that meets the needs and challenges of the healthcare industry.
Here are compelling reasons why digitalization will be a necessity and a demand for the healthcare industry, not just in the Philippines but in Southeast Asia.
Higher Expectations on Customer Service
The following items are also encompassing other industries such as corporations, both in the near and long-term future perspectives.
- The demand for faster and better customer services are growing exponentially through technology.
In today’s world, clients have the literal power in their hands to use smartphones to perform brand-related activities. Here are some practical examples:
- Faster business processes through digitalization
- Faster information through automation
- “Off-site” transaction through web-based transactions
- ‘Googling’ your business to know more about you
- Faster customer inquiries and services through AI and chatbots
- Personalized offerings through Augmented Intelligence and Machine Learning
- Real-time and flexible financial transactions such as billing, payments (credit card / PayPal)
Businesses that won’t invest in developing their digital infrastructure are at risk of losing business through cost over-boarding and lower-quality service.
The Philippines will experience this demand because of exposure to technology, foreign countries (OFW) and income rise.
A reputable UK-based (PWC) made a study that by the year 2050, 80% of the world’s elderly will rise in the emerging markets, mostly in South Asia and particularly in the Philippines.
The Philippine’s Population Commission released that as of 2017, there are over 8 million Filipino senior citizens and is projected to increase year on year.
By 2050, emerging countries, including the Philippines will account for more than 80% of the world’s elderly. Many emerging markets in the Asia-Pacific region are yet to reach their “peak” population.
The study predicted that the percentage of elderly people (65 and above) in the Philippines will most likely grow to 4.9 percent by 2020; 5.6 percent by 2025 and 6.3 percent by 2030.
Incomes are Rising
By 2030, Asia-Pacific will be the sweet spot for the growing global middle class. Together with this progress is a growing demand in the emerging markets for better healthcare experience and services. The expenditure for healthcare is increasing exponentially as incomes are rising, lifestyles are changing and people are living longer.
Meanwhile, Forbes reported that the Philippines’ per-capita GDP has reached an all-time high last 2017 (Forbes: http://bit.ly/ForbesStudy_HYBrain). Also, a recent McKinsey Global Institute (MGI) study places the Philippines among the few emerging market economies that are well-prepared to achieve sustained growth over the next decade provided that corruption, revolution and inflation won’t take a toll on the country’s emerging economy. McKinsey also points out that East and SouthEast Asia is the best-performing and the biggest economic region among the developing countries. (McKinsey: http://bit.ly/McKinseyStudy_HYBRain)
Ageing population and rise of income in emerging markets imply greater opportunities for one of Hybrain’s core products which is MEDtrix. It’s time for the healthcare industry, not only in the Philippines, but among the emerging markets to take the leap to the new digitally-enabled healthcare era.
Whether they like it or not, businesses have to make their operations more sustainable. Government compliance, sales operations, warehouse and inventory, human resources and other departments will pose greater demand for technology to lower labor costs and increase output. Over the long term, technology, if executed properly, produces cost-savings and more efficient operations.
Pain Points with Traditional Healthcare Technology
There was a time that health care was done manually- which in the long run poses security risks, data privacy invasion and medium corruption and degradation such as with paper and ink. Crucial data such as patient information and privacy, diagnosis, systems integration and accounting are necessary information that needs to be addressed by the emerging market’s healthcare system. The speed of the information system is also a major factor for the client experience. Addressing these concerns is and will be an ongoing agenda, and these points hold the future of information technology in healthcare.
During the starting years of HYBrain, we have worked and talked with healthcare organizations and it was notable that the majority of hospital and healthcare management expressed dissatisfaction with the hospital software industry. Out of the pain points came about our journey towards the healthcare development systems.
Market’s greater awareness with data privacy
This is a top happening in the market today. The Philippine Market reinforces the provisions of the Data Privacy Act of 2012 with regards to the providers they are dealing with. The GDPR of the EU also brought greater awareness to the global community in response to the security challenges that come with digitization. This, however, should be seen as both a challenge and an opportunity. The continuous integration of compliance, partnerships, and regards to Data Privacy would further increase the marketability of Hybrain’s brand.
Hospitals’ Pressing Need for Business IT Consultancy
Hospitals are not experts in all aspects. Just like any business, they need consultants who will guide them in making important decisions. That’s why our offering is bundled with business and IT consultancy. We don’t just come in as a software provider but a business and an IT consultant. We sit down with the management, talk with the heads, witness and assess the flow, and craft a plan for the solution.
The Emergence of Augmented Intelligence
Customers have an increasing expectation as to to the speed of a brand’s response to their needs. Because of the need for instant answers and interactive content, AI will be a major factor for future demand. The advent of Alexa, Google Assistant, Siri and other likenesses of virtual assistants create a market with the expectation that tech brands can integrate autonomous computer interactions for more efficient services. Whether they like it or not, businesses need to integrate technology with their operations to survive – this is where Hybrain can come into the picture.
Legislation and Government Regulations
Compliance to government-regulating bodies such as the NTC, NPC, BIR, PhilHealth, DOH and other legislative factors are expected to drive the market into compliance. Brands who work on the integration with the law will have better marketability.
Copyright laws, disruption and democratization of access to technology pose challenges but also opportunities for the techno-community.
The address pressing challenges, we have invested in a technology and a business model that meets the needs and challenges of the healthcare industry.