Many companies utilize the Internet to develop software that automatically processes data and sells that software as a service (SaaS). The healthcare SaaS market is predicted to surpass $50 billion by 2028.
What is a healthcare SaaS?
Healthcare SaaS is practice management software maintained by an IT healthcare company rather than a clinic itself. The SaaS vendors handle the upkeep of the healthcare software for a monthly subscription fee or on a pay-to-use basis. Medical professionals and patients can then use the software remotely from any device.
Traditionally, healthcare organizations handled patient monitoring and patient care independently. Health professionals manually collected patient data and created medical records. However, this document management is obsolete, and clinics need digital health solutions to ensure patient satisfaction.
Benefits of healthcare SaaS solutions
The benefits healthcare SaaS solutions can bring are numerous:
Healthcare SaaS companies specialize in data analytics, patient engagement, and data security. A healthcare organization can develop its software. However, a healthcare business owner may struggle to be compliant with regulations and provide an engaging service. A healthcare SaaS company handles compliance management and provides captivating service.
Reduced healthcare costs
Providing healthcare services is costly. Hospitals invest large amounts into healthcare facilities and their upkeep if they wish to develop their software for patient care. SaaS companies instead provide their pre-existing software for a comparatively small subscription and maintain their software themselves.
Revenue cycle management is an essential part of patient care. SaaS companies can incorporate billing solutions and claims management in their digital health platform. That leaves more time for healthcare professionals to focus on the treatment of patients - improving patient outcomes.
Healthcare SaaS companies provide digital services. Through an online patient portal, doctors and customers can access SaaS solutions from anywhere in the world.
Yet, there are some drawbacks to using SaaS:
Healthcare SaaS solutions need maintenance, planned or otherwise. If a medical group is entirely dependent on that service - delays for the SaaS provider are delays for the medical professionals.
Health teams will need to enter into contracts with SaaS vendors. Changing health plans or medical practices may be challenging, depending on the particular contract.
The maintenance issues are not concerning. SaaS companies can provide backup to their services. Clinics may also have backup systems to deal with such delays.
When it comes to negotiating - some limitations are unavoidable. However, an increasingly popular alternative is the pay-per-use plan, where customers only pay a small fee each time they use the service. That is especially beneficial for short medical operations or healthcare startups, which may not yet have a clear structure.
Most importantly, when negotiating with a SaaS vendor, picking the right service will eliminate the need to renegotiate the terms of a contract. To that end, the article will present an insight into SaaS companies.
What companies are considered SaaS companies?
The business model of a SaaS healthcare company is to maintain and collect data on medical practices and create software that provides healthcare solutions to clinics. That software is then stored in a server and healthcare organizations then pay to access it (via subscription or pay-to-use).
Examples of SaaS solutions are:
SaaS companies can collect the data they receive and keep it in electronic medical records. Experts then analyze the data to estimate the population's health, identify management mistakes, etc. The life sciences industry can use machine learning to identify new ways of population health management.
SaaS software can automatically provide online scheduling, asset tracking, or track critical data to notify emergency departments in case of fluctuations.
Clinical decision support
Through artificial intelligence, SaaS software can recommend appropriate patient care. AI can handle referral management and refer patients to the most qualified practitioner available.
Electronic health records(EHR)
The software keeps track of the previous medical records of a patient. Healthcare experts can then easily find which treatment has been most effective in the past. This can be very beneficial for chronic disease management.
With that in mind, access to so much critical information necessitates strong security. The healthcare SaaS market needs to be compliant with regulations and safeguard patient data.
The need for a trusted IT partner
While numerous companies offer SaaS solutions, healthcare software is held to rigorous regulations, like Health Insurance Portability and Accountability Act (HIPAA).
Thus, healthcare providers should select from a pool of specialized companies with secure and efficient software. Among the top healthcare SaaS providers, BGO Software has established itself as a leader in the market.