Opportunities in Digital Health
With the recent commitments from Australian Government backing the development of digital health combined with a pressing national need for increased productivity, opportunities in digital health have never been more enticing! Below Tom has captured some of the key areas in Digital Health that are being rapidly accelerated across Australia.
AI Integration: The advent of Large Language Models (LLMs) have brought forward much of the long promised benefits of AI. These models are becoming more sophisticated, leading to better predictive analytics, personalised medical plans, and more efficient healthcare operations. Opportunities include developing AI-driven diagnostic tools, personalized treatment plans, admin streamlining and predictive analytics for patient outcomes. Recently, Sandip Kumar and his Team at Gold Coast HHS have deployed Lyrebird Health’s AI Scribe which promises to reduce the admin burden for doctors through the use of ambient listening.
Telemedicine Expansion: The use of telemedicine has grown significantly, and there's potential for further expansion, especially in remote and underserved areas. Innovations in telehealth platforms, virtual consultations, and remote monitoring tools are key areas of opportunity. Much of the challenge here lies in regulatory barriers, clinician resistance and patient uptake. COVID pushed forward the adoption of this technology significantly and provided a glimpse of what benefits a fully integrated tele/video appointment system could deliver. One key issue here is that the MBS does not equivalently reward GPs for Telehealth sessions - this must be addressed. Medica service provision should be remunerated based on benefit delivered not cost of provision. If GPs are able to deliver the same benefit using Telehealth, they should not be punished financially.
Wearable Health Technology: Wearables are advancing with more accurate sensors and longer battery life. Opportunities lie in developing new wearables and system integration of existing wearables that can monitor a wide range of health metrics, integrate with other digital health platforms, and provide actionable insights for users and healthcare providers.
Digital Therapeutics and Health Apps: Digital therapeutics offer evidence-based interventions to manage or treat medical conditions. Providing patients information to support mental health, chronic disease management, and rehabilitation are areas with substantial growth potential. Additionally, with the advent of standards such as Fast Health Interoperability Resources (FHIR) and a national push to develop digital health data availability, there is more opportunity to develop ‘plug-in’ applications that leverage this treasure-trove of clinical data to drive better patient outcomes and move from Health 2.0 (reactive) to Health 3.0 (proactive) healthcare.
Blockchain for Health Data Security: Blockchain technology can enhance the security and interoperability of health data. Opportunities exist in developing systems that ensure patient data privacy, streamline consent processes, and facilitate secure data sharing across healthcare systems. This will become increasingly important as patients rightfully demand greater access and control over their data. Blockchain technology operates on NASH-SHA 2 technology that the Australian Digital Health Agency (ADHA) is currently building into the National Health Information Repository.
Interoperability Solutions: Enhancing interoperability between various health IT systems can improve patient care and streamline workflows. Innovations in this area could focus on developing platforms that integrate electronic health records (EHRs), health information exchanges, and other digital health tools.
Patient Engagement and Empowerment Tools: Tools that improve patient engagement, such as personalized health dashboards, education platforms, and interactive treatment plans, are in demand. These tools can help patients take a more active role in their health management.
Genomic and Precision Medicine: Advances in genomics and precision medicine are creating opportunities for more targeted treatments and interventions. Developing solutions that integrate genomic data with clinical data to tailor treatments is a promising area.
Regulatory and Compliance Tech: As digital health technologies evolve, so do regulations. There’s a need for solutions that help companies navigate regulatory requirements, ensure compliance, and streamline approval processes.
It is an extremely exciting time to be in the Health Technology space. We have many opportunities to develop solutions that allow the health system to operate more efficiently and effectively than ever before.
Healthcare expenditure (as a percentage of GDP and as a percentage of Tax Revenue) is at the highest point it has been in Australian history, we have an aging population that demands more care at a higher quality than ever before. Without the implementation of these above technologies and more, we will place unfair burden on future generations and we will not be able to provide the level of care aging patients have become accustomed to. Additionally, the debt accumulated by States and The Commonwealth will rob future generations of the healthcare system that they are taxed so heavily for.
