TECHNOLOGY FOR CHANGE

Three Technologies That Will Kill Medical Costs

Dave Greenfield | Date: 06-22-10 | Comments

Utilizing advanced technologies in the medical industry has the potential to cut costs and provide constant and more accurate care than traditional methods. Here's a close look at three exciting new options.

It's undeniable that health care costs across the globe are on the increase, but technology like smart pills, wireless heart monitors and robot surgeons may be changing the equation.

The progress symbolized by these concepts helps to shift the picture considerably. After all, around-the-clock tracking for a patient can typically cost $1,400 or more. If a doctor instead uses a sensor embedded in a pill to perform the same tracking function, the costs will drop dramatically. Proteus Biomedical suggests that the inclusion of smart pills costs just pennies more per prescription.

(Source: medGadget)

The goal of a smart pill is to offer activity information, such as sleep patterns, to help track heart rate and other essential bodily functions. The information can reach a doctor via a text message instantly, offering actual monitoring without the high cost of a full-time nursing staff.

Other technology, such as the wireless heart monitor, can achieve similar results. Because so many patients had to have removed what were once bulky, awkward devices, Corventis came up with a much smaller machine. The new monitor is the size of a Band-Aid, and it's completely waterproof. Disposable, it relies on Bluetooth technology, allowing a team to continually monitor a patient and notify the doctor of any problems.

Robot surgeons are also entering the picture. While surgeons have used robotic technology for decades to help work in small spaces, newer, cheaper options are coming forward. Robotic options mean minimally invasive surgery with machine precision at the cost of just $20,000 for some units.

The real benefit with technology like this is that, according to the New England Journal of Medicine, more than $100 billion in avoidable hospitalization costs could be completely eliminated. With this fast-growing sector, costly hospital stays could be a thing of the past much sooner than anyone imagined.