SXSW Interactive Festival Provides a Glimpse of the Future of Hospital Technology
The SXSW Interactive festival has developed the reputation of highlighting the rock stars of tech and innovation. This year was the first year of the SX Health and MedTech Expo, and the Impact Pediatric Health Pitch Competition, hosted by Mark Cuban and four of the world’s leading children’s hospitals.
The event gave us a glimpse of what to expect in the future of healthcare.
Trend #1: Individualized patient care through patient-specific monitoring and intelligent alarms
By utilizing data analytics in real-time to monitor the relative risk to an individual patient for different conditions & diseases (also referred to as predictive analytics), this trend will eventually translate into intelligent notifications that alert care teams to deterioration in their patients before critical events happen.
Who we saw at SXSW
Our company will impact this trend by first helping hospitals address reducing alarm fatigue with the help of analytics to meet the Joint Commissions NPSG for 2016. In the coming year, MIC will be providing physicians with real-time metrics of an individual patient’s health – MIC enables patient-specific monitoring. Patient-specific monitoring means monitors that are developed for a specific population of patients that may include disease, age, condition or other demographic information. For example, one patient-specific monitor under development can continuously calculate the relative risk of deterioration in single ventricle physiology kids (such as predicting the likely-hood of arrest).
To transition from a reactive state of care to a proactive state of care, where instead of treating a patient in regards to populations averages, we treat the individual in real-time based on their relative risk of a condition.
Trend #2: Improvement in healthcare communications across care teams & between patients and care providers
Healthcare in hospitals has become ever more complex, with new medical devices and distributed care teams. To reduce costs, reduce risk of error, improve workflow (such as handoffs, consults between physicians, and coordinated response to deterioration events) and improve efficiency of care teams – there will need to be solutions that focus on enhancing care team communications.
In addition we are seeing a lot of activity in tools for patients to communicate with care teams, help manage disease, and improve compliance of care plans.
Who we saw at SXSW:
To seamlessly share up-to-date information about a patient and their condition to the entire care team and across providers. This will reduce medical errors, duplicative services, and improve the ability to coordinate and track care.
Trend #3: Disruptive consumer sensor technologies will become FDA approved and validated
Many startups and companies have access to off-the-shelf hardware and sensors that lower the barrier to building solutions to monitor every aspect of our lives. As these products and technologies evolve, become more sophisticated, and get FDA approved, it will open up new disruptive opportunities to both gather data and track patients’ health.
Who we saw at SXSW:
To bring disruptive innovation in patient monitoring technology, and thereby redefine how health is tracked and measured. Where a patient monitor traditionally cost upwards of $10,000+, self-quantifying technology will lower the costs and barriers to innovation in this space.