The cloud is revolutionizing healthtech and fintech

During the first phase of the pandemic, many companies were forced to drastically rethink their way of working. Rapid digital transformation has become necessary to survive economically, support and help the evolving needs of consumers Keep workers engaged.

Overcoming office and lab work models with cloud computing

Cloud Computing Systems It has allowed enterprises, schools and government organizations to overcome pandemic-induced challenges and accelerate innovation and agility in a meaningful way to market.

Related: The Rapid Growth of FinTech: Revolutionizing the Payments Industry

The cloud-computing industry is expected to grow About $500 billion in 2022 — from $243 billion in 2019. Amazon’s web services alone are growing at 33% per year. It accounted for 75% of the company’s operating income last year.

Instead of reverting to the way things once were, business leaders must continue to disrupt industry stability with emerging technologies. Here’s how the cloud is revolutionizing the health tech and fintech industries.

Cloud-based services are ripe for disruption

Business leaders in healthcare and dental services have historically faced issues with “on-premise” storage – in-house systems that can limit scalability and storage.

Related: What is cloud computing? Here’s everything you need to know.

As diagnostic systems become more sophisticated, on-premise servers and aging infrastructure severely limit providers’ ability to implement new tools and leverage the data they have.

Limitations also create challenges on the patient side. These challenges include difficulty accessing health records, scheduling appointments online, and connecting different healthcare providers for multi-system health needs.

While these issues have existed for years, pandemic-induced healthcare problems are exacerbated, making it more difficult for many patients to get the care they need.

Upgrading EHRs to better cloud systems

Solving these problems means upgrading to a better system that can work faster, save costs, and evolve with the needs of customers and patients. In a recent case studyMIT Sloan investigated how Intermountain Medical Center in Utah modernized its geriatric in-house EHR system to address common challenges.

Intermountain significantly improves patient outcomes by upgrading the technology powering its 22 hospitals and 185 clinics while saving millions in procurement and internal IT costs. The MIT analysis confirms what we know is true: Streamlining patient management with cloud-based systems can reduce attrition rates, recapture lost revenue, and build stronger, lasting relationships with patients.

How does an updated EHR work for the dental industry?

In the dental industry alone, The average practice loses 20% of its patientsOne of the highest attrition rates in healthcare, reported by Tab32. Even a modest 3% reduction in attrition can result in $72,000 in additional production per year. Cloud-based services streamline communication, replace antiquated booking systems and help patients remember appointments. When outdated systems are replaced, it prevents long wait times that are already helping dental providers see tangible improvements in their retention rates.

Money and the cloud

In the financial sector, Banks scale through cloud-based technologies They are doing better at tracking fraudulent activity, expediting loan applications and responding to flurries of customer activity based on market fluctuations. Cloud-based tools allow banks to implement new mobile banking features, detect money laundering patterns and automate analysis of underwriting decisions with AI.

Related: 7 Reasons Why Your Business Should Run on Cloud Accounting Software

unfortunately, Many banks are behind In cloud adoption, relying on internal servers with inherent limitations. Currently, only 12% of North American bank operations are conducted in the cloud. Ninety percent of the US Banks have digital transformation initiatives But did not convert them. While titans like Wells Fargo and Capital One are either currently using cloud technology or in the midst of migrating – Bank of America has built its own cloud. Updated and improved cloud-based technology has saved Bank of America billions of dollars.

Highly regulated systems are slow to adapt

Organizations in highly regulated industries are often slow-moving sectors and have historically been reluctant to move data from on-premise servers and data centers.

The pandemic revealed how effective such measures can be. Migration to cloud-based software allows for better service to components. The advantages of the cloud include reduced costs and higher flexibility to respond to IT problems and unexpected challenges.

Updating and retiring legacy systems also provides the foundation needed to support long-term growth and scalability. Cloud-based solutions are set to fundamentally change how these previously stagnant industries address their long-standing challenges.