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How IoMT Benefits Healthcare Organizations for Improving Patient Care – ReadWrite

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Global IoT in Healthcare Market


Before the emergence of the Internet of Things (IoT), doctors had limited options for interacting with patients. Physical visits, text, and telephonic communication were the only means by which patients could explain their problems to doctors. There was no system for continuous monitoring of the patient’s condition and made real-time recommendations.

IoMT Benefits Healthcare Organizations for Improving Patient Care

IoT has completely changed this scenario while enabling healthcare institutions to expand their reach and improve patient care services. This is one of the major reasons IoT has gained the maximum traction among healthcare service providers compared to other emerging technologies like AI, ML, and data analytics.

Aruba Networks, an HP Enterprise subsidiary, has revealed in its report that the healthcare industry is the third most advanced sector in implementing IoT. It is fair to mention that IoT can effectively address healthcare challenges while assisting healthcare service providers in delivering high-quality services. Let’s understand the importance of IoMT (Internet of Medical Things).

Understanding the Importance of Internet of Medical Things (IoMT)

IoMT is no longer a buzzword in the healthcare sector. As we are talking about expanding telehealth or telemedicine concepts, more integrated approaches will be required from the IoT domain. Internet of Healthcare Things (IoHT) or Internet of Medical Things (IoMT) can meet these requirements during the transition period in the healthcare sector from 2017 to 2022.

Advanced IoT healthcare applications contribute to implementing more integrated and mature eHealth as well as telehealth concepts. Machine-to-machine interaction with real-time data streaming between devices in different healthcare facilities is possible by implementing the IoMT concept in your healthcare organization.

Be it home-use medical equipment like blood pressure measurement band or high-end implant medical equipment; all the devices can be connected to each other for fetching and transmitting the patient’s vital data in real-time through sensors. As a result, it can save billions of dollars and a lot of effort. But, most importantly, it can save the lives of patients in an emergency.

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Goldman Sachs has given an estimate that IoMT will save $300 billion annually in healthcare costs worldwide. Also, WHO has estimated that there will be a shortage of 18 million health workers (globalvillagespacedotcom), by the end of 2030. Implementation of IoMT can neutralize the negative impact of this shortage by bridging the gap between physicians and patients.

In this pandemic age, IoMT has assisted the overstretched healthcare sector. It has made it possible for physicians to monitor the patient’s condition without going near, thereby remaining protected against contamination. Apart from this, it can save the patient’s life by sending the health data instantly to the doctor.

Let’s dig deep into the key reasons why healthcare organizations should jump on the IoMT bandwagon now. Wide-scale deployment of IoMT-powered devices can benefit the healthcare sector in many ways. Here are some of the noteworthy benefits.

Key Benefits of IoMT for Healthcare Sector

Telehealth or remote care is not a new concept in the healthcare sector, but its importance has significantly increased over the period. Today, it is possible to provide healthcare facilities to patients at their homes. This is highly beneficial for healthcare organizations as they can easily provide remote patient care and reduce instances of hospital-induced infections.

IoMT promotes remote care by monitoring the patient’s conditions all the time, enrolling or facilitating them for scheduling planned check-ups, and controlling their medication schedules. Smart IoT devices can also observe the patient’s behaviors and send real-time alerts to medical facilities in case of a pattern change.

Patients can wear connected devices that enable doctors to monitor their vitals from the hospital. In addition, 24/7 tracking of health conditions can assist healthcare service providers in anticipating any unfavorable conditions and take a proactive approach to minimize such conditions.

Mobile health or mHealth is an emerging concept that involves proactive care of patients’ health using healthcare mobile apps. With the IoMT rollout, mobile apps can effectively capture and store all vital information. As a result, it can make the physician’s work a lot easier because they can make accurate decisions on time.

Customized mobile health apps also enable physicians to give drug prescriptions based on accurate prognoses. Patients can also check their medications and keep track of them. A mobile app can also remind patients to take their medication and facilitate them to press the confirmation button after taking it.

The mHealth concept ensures better and effective communication between patients and doctors to significantly improve patient care services. In addition, the IoMT concept can empower mHealth and enable mobile app development companies to come up with innovative app solutions.

  • Taking Surgeries to New Level

Robotics and artificial intelligence can be seamlessly integrated with the IoMT concept. This combination can help surgeons worldwide. Robots offer enhanced vision and improved precision that help surgeons go beyond the limits of traditional surgical procedures and get the optimum outcome in laparoscopies and surgeries with minimal invasion.

IoMT can facilitate better communication between patients and doctors or surgeons. This effective communication can help surgeons streamline activities in the OR (Operation Room). For example, staff can identify patients through personal medical information, and IoMT sensors can be deployed to fetch and analyze data after surgery.

Also, IoMT devices can give guidelines to the patients regarding post-surgery care. These devices can be connected to videos for snatching high-resolution images that help surgeons check even the most minute detail necessary for better care before and after surgery.

The most important objective of IoT and IoMT devices is to track various activities. For example, in a healthcare organization, it is necessary to track the activities of the workforce to increase efficiency and decrease operational costs. These days, multi-specialty hospitals have multiple campuses and subdivisions, and each of them has tens of hundreds of staff members.

IoMT devices built especially for such hospitals can help management to keep track of staff members’ activities and, to an extent, their movements. While monitoring day-to-day activities, IoMT devices can efficiently automate management-related processes and assist you in addressing workforce management or administration issues.

A few hospitals have started deploying connected video cameras and wireless ID cards to prevent unauthorized access and ensure the patient’s safety from various infections. Healthcare organizations also tend to ensure that their staff meets specific targets daily. Here, BLE (Bluetooth Low Energy) technology is useful. It also remains helpful in tracking the location of devices, medication, and other necessary stuff within the healthcare organization.

IoT promotes the smart city and smart industry concepts, whereas IoMT promotes smart hospital concepts. For example, the referral program is a bit cumbersome for patients as it involves much paperwork. Also, there are high chances of data loss and data transmission failure because some files have confidential information and some files are too big to send. Also, due to paperwork, most of the files remain in hard copy that brings storage-related challenges.

Altogether, the referral program puts strain on overworked healthcare professionals as they have to spend their valuable time preparing the necessary paperwork. Now, IoMT can automate this entire process where centralized databases replace paper registers and big files. As a result, it is easy and quick to share information, insights, and resources for hospitals in a digital form.

In a way, IoMT can save valuable time and effort for healthcare professionals through automation, digitization, and a single management system. Moreover, such smart hospitals can easily improve patient care services as healthcare service providers can pay due attention.

Concluding Remarks

The proliferation of IoMT products has opened up the doors of opportunities in the healthcare sector. Patients, physicians, healthcare organizations, and health insurance companies can leverage the benefits of IoMT devices alike.

In the future, we will witness the immense growth of IoMT devices in healthcare services worldwide to enhance patient care and expand the telehealth concept’s reach.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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