Healthcare Metaverse

The future of healthcare in the metaverse

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If you are curious about the latest news and hype about the “metaverse,” then check out this primer on what healthcare organizations need to know about it, now! Let’s start with the basics. Exactly what is the metaverse? A recent Forbes articledescribed the metaverse as the next phase of what is considered “the internet”. The metaverse is accessed through mainstream digital channels, such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and through increasing connectivity like 5G networks, that create online environments that are immersive, experiential, and interactive. Today, most content and discussion around the metaverse refers to gaming, socializing, entertainment, and commerce; however, the impact on other industries will be substantial.

What does this mean for healthcare providers?

While the metaverse is evolving, the potential opportunity in healthcare builds upon technologies noted above and others such as the Internet of Medical Things, Web 3.0, and quantum computing along with robotics. There are current and significant technology trends that have the ability to transform the healthcare experience, such as allowing patients to meet their provider virtually, the use of digital twins, and cryptocurrency, such as bitcoin.

Being able to interact with others in this environment can take virtual visits to a whole other level. It may be difficult but imagine meeting your patient in a virtual space where you can interact with them in a realistic way about their health and wellness, counseling, and medical treatment and surgical procedures. With the metaverse, you can access their medical, insurance, and payment information in one place. This avatar captures a patient’s unique information and represents them by showing you their diagnoses and conditions.

The metaverse has the potential to make revenue cycle management for healthcare even more efficient because it allows patients to connect with providers and leave preferred payment information all in one place, under one avatar. You may be wondering how your organization can utilize tools like avatars. This process improvement will necessitate innovative business models for practices and large-scale organizations looking to incorporate the metaverse into their current operations.

“The global Metaverse revenue opportunity could approach $800 billion in 2024.”*
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A new business model is on the horizon.

This emerging technology has big potential to transform healthcare and the numbers are there to support it. Consider some staggering reports from MarketWatch2 “The global Augmented Reality and Virtual Reality in Healthcare market size is projected to reach USD 992.4 million by 2026, from USD 795.5 million in 2020, at a CAGR of 23.6%% during 2021-2026.”

This leaves us to wonder, how will this be possible? It will begin with a new business model to incorporate the metaverse and its technology. Traction is dependent on the users of its technology and demand upon healthcare providers. Even with these possibilities, there are significant challenges to overcome, such as HIPAA compliance and privacy and security, and a long road ahead.

“The global augmented reality and virtual reality in healthcare market size is projected to reach USD 992.4 million by 2026, from USD 795.5 million in 2020, at a CAGR of 23.6% during 2021-2026.”**

Partner with Rectangle Health for metaverse guidance.

From traditional payment terminals through the standardization of internet-based payments, Rectangle Health has provided options for healthcare organizations with the latest technology, and rest assured, we will be here through the evolution of metaverse. To us, the metaverse is a place to innovate, a concept with which to discover what we can truly achieve together. If becoming aware of how you can utilize this interactive environment for your own practice environment and engagement efforts, we are here to support you and shape what’s possible. If you’re wondering about the metaverse and what it means to your practice, then let’s talk.

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Let us help you navigate the metaverse.

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Glossary of terms

 

artificial intelligence (AI)

artificial intelligence (AI) is when a machine can imitate human behavior, for such healthcare-related administrative tasks as refilling prescriptions, ordering tests, and drafting chart notes.

augmented reality (AR)

augmented reality (AR) involves using technology to overlay digital information on an image of something being viewed through a device like a smartphone, and it can assist surgeons in an operating room during small procedures or when they need to quickly locate anatomical parts.

blockchain

blockchain is a digital database on a large public network that stores financial – often cryptocurrency-oriented—transactions and that allows healthcare organizations to save operational costs and exchange information in real time.

cryptocurrency

cryptocurrency is an unregulated but cryptography-protected digital currency that relies on a decentralized system to record transactions and manage new disbursements.

digital twins

digital twins are digital replicas of people, tools, processes, and systems that providers can use to anticipate patients’ disease patterns and anticipate the effects of treatment.

healthcare metaverse

healthcare metaverse is a new iteration of the internet that mixes artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and higher levels of connectivity (for example, 5G networks) to create ultra-immersive online environments.

Internet of Medical Things (IoMT)

Internet of Medical Things (IoMT) is the assortment of medical devices and applications that link to IT systems to monitor patients’ vital signs, medical conditions, and sleep and safety.

Metaverse

Metaverse offers 3D spaces for users to interact, grasp new concepts, and work together in new ways.

NFTs (non-fungible tokens)

NFTs (non-fungible tokens) are unique certifications of ownership and authenticity for a digital asset that are recorded in a blockchain.

quantum computing

quantum computing helps providers quickly calculate more accurate and personalized treatment options, in addition to helping them predict patients’ medical conditions.

revenue cycle management

revenue cycle management is the financial procedure your practice utilizes to manage insurance claims processing, payments capture, and revenue creation.

virtual reality (VR)

virtual reality (VR) is the technology that allows users to simulate a situation in which their actions can impact what happens in the environment, for the use of medical training, pain management, surgical preparation, and physical therapy and rehabilitation.

References

1.  Bloomberg Intelligence (December, 2021). Metaverse may be $800 billion market, next tech platform. https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/

2. Marr, B. (2022, February 23). The Amazing Possibilities of Healthcare In The Metaverse. Forbes. Retrieved from https://www.forbes.com/sites/bernardmarr/2022/02/23/the-amazing-possibilities-of-healthcare-in-the-metaverse/?sh=7d55af489e5c

3. (2022, February 17). Augmented Reality and Virtual Reality in Healthcare Market 2022 with Growth Opportunities, Top Countries Data, Future Trends and Business Size and Share with Revenue Forecast to 2026. MarketWatch. Retrieved from https://www.marketwatch.com/press-release/augmented-reality-and-virtual-reality-in-healthcare-market-2022-with-growth-opportunities-top-countries-data-future-trends-and-business-size-and-share-with-revenue-forecast-to-2026-2022-02-17

 

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