Technology in Healthcare Real Estate
A 2017 study revealed that fewer people take ambulances in cities where they can choose UberX. The study explained that the number of people taking ambulances dropped by 7% in 800 cities when Uber became available in those locations. Patients had access to a cost-effective transportation platform that still allowed them to receive care quickly. This is just one example of how technology is affecting healthcare and impacting the landscape of medical real estate.
Technological advancement is not a new concept in the medical field. Better equipment, software, data storage programs, etc. are life-saving resources that improve patient care. A current design trend even encourages medical facilities to incorporate flexible spaces that allow for future tech. And now, new technology resources are beginning to open different avenues of patient care. As a result, healthcare real estate as we know it could be evolving.
Cloud Computing and Electronic Medical Records (EMR) Technology
“The cloud” has become a household phrase over the last two decades. Data can be stored and recalled outside of the device that originally housed it. The cloud and electronic medical records (EMR) have offered an easier method for medical practices to maintain patient information. Now, health systems can easily share patient updates from one facility to the next without the hassle of a physical paper trail.
Bisnow suggests that the use of EMR will reduce the need for large administrative spaces in medical offices. Unlike paper files, EMR allows medical staff easier access to patient information. It is a more efficient method of record-keeping, and it is also a space-saver. The unnecessary office space, formerly used for paper files, could provide more space to serve patients.
Procedure Technology and Speed of Patient Care
Advancements in technology have significantly improved patient procedures. Surgical robots, artificial intelligence, and small surgical glasses are all becoming a part of patient treatment. Some technology will even allow physicians to perform surgeries remotely, serving patients in areas that don’t have access to specialized medical care.
Technology is providing more precise medical methods, speeding up procedures, and helping to prevent postoperative complications. Shorter patient treatment and recovery times infer that facilities may not need the amount of space that they have used in the past. Instead, health systems could focus their efforts on multiple small facilities or more specialized facilities across a broader area. Micro-hospitals, “medtail” facilities, and outpatient clinics are a few examples of this kind of healthcare real estate trend.
The Internet of Medical Things (IoMT)
The Internet of Things has been a topic of interest around the globe for a few years now. Fundamentally, IoT allows multiple internet-based devices to connect to each other and collect data. Now, the Internet of Medical Things (IoMT) is taking its own spin on the concept. IoMT connects several medical devices to each other. From adding location tracking to wheelchairs to allowing a wearable device to report data, IoMT is taking healthcare to the next level.
IoMT is an important development, specifically for the aging baby boomer generation. Longer life spans and an influx of senior patients will drive demand for healthcare facilities. With the introduction of IoMT, patients can track vitals, handle at-home routine testing, and improve the process of receiving care. Technology like this will help accommodate the increased patient base, while healthcare real estate continues in its current growth projection.
Technology is impacting the lives of patients, the workflow of medical practices, and the uses for medical properties. Time will tell just how much it influences and alters the state of CRE. But for now, the immediate future of healthcare real estate is certainly shifting in the direction of technological advancement.
If you are interested in learning more about investing in commercial real estate, or if you have questions about buying, selling, or leasing a commercial property, please contact an HBRE advisor. Our team of experienced CRE professionals have the skills and insight to assist with all property transactions. To reach out to us directly, email [email protected] or call 615-564-4133.
