IoT is Disrupting Healthcare and Insurance

November 27, 2017 - 3 minutes read

IoT healthcare insurance

We’ve been doing a deep-dive into the Internet of Things (IoT) recently. That’s because IoT’s rate of expansion can’t be understated. Artificial Intelligence and IoT developers are currently creating a renaissance in manufacturing. Movie companies are eyeing IoT to enhance entertainment. 2018 will be the year IoT becomes more specialized for catering to specific needs of various industries. And healthcare and health insurance are near the top of the list of areas that IoT is poised to disrupt on a profound level soon.

Multitudes of IoT Applications in Medicine

IoT devices improve efficiency, provide new ways to use traditional tools, and create a more connected hospital and clinic. Patients are seen in record time, doctors automatically send new prescriptions with minimal preparation, and pharmacists can connect to the patient’s insurance company easily.

The concept of IoT being a custom software or program specifically built for healthcare is priceless for entire city hospital systems. If you’re a MedTech developer based in a large city, like New York or Los Angeles, you probably know there is a huge demand for custom-coded projects for clinics, hospitals, and insurance companies.

A Common Problem

Mobile IoT apps are in high demand to connect patients and doctors to the hospital’s system. However, one big hiccup for healthcare and insurance providers trying to leverage this technology is the cybersecurity risk. Because IoT is beginning to offer fully customized solutions, the best thing to do is hire cybersecurity experts to take care of firewalls and other precautions.

“Maybe I can skip the cybersecurity professional for now,” you think. Don’t sit on your laurels about securing your IoT software and connected devices. Last year, the fifth most targeted industry by hackers was healthcare. This fact becomes more alarming when you consider that IoT is notorious for being a hacking target as well.

Just One of Many Industry Specializations

Even with this enormous risk of data breach, IDC predicted global spend on IoT technology will reach almost $1.5 trillion by 2021. IoT will enable doctors to track patient health whether or not they’re at the hospital anymore. Smart glasses are putting Augmented Reality in the ER and helping train new doctors.

Besides health, other types of insurance companies are offering discounts for people who wear monitoring devices. The data is fed to the insurance companies for creating and improving IoT applications.  Car insurance companies are also offering lower premiums if you use pre-approved vehicle telematics devices which enhance navigation, safety, and communication in the car.

By the end of 2018, we’ll start to see IoT becoming ubiquitous across a multitude of industries. While each industry may differ drastically, the common theme that we’ll see with IoT is that it will tackle specific issues that have eluded industry experts for years. As IoT gets tailored for particular scenarios, it’ll begin to solve tougher problems that had no solutions before.

 

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