Here’s How MR Smart Glasses are Improving Healthcare Economics

How MR Smart Glasses are Improving Healthcare Economics - ThirdEye Blog

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The burden of healthcare expenditures has long been a concern everywhere. It impacts not only the patients but also the service providers and policymakers. A recent surge in fuel and medical supplies prices further worsened the situation.

Additionally, the Great Resignation or the Great Reshuffle (an era where professionals resigned from their jobs during the COVID-19 pandemic) has also spared the hospitals. Today, they face a significant staff shortage. These challenges have impacted weaker hospitals, which are more likely to fail.  

Amidst these challenges, Mixed Reality (MR) smart glasses are poised to revolutionize healthcare economics. These glasses reduce operation costs and enhance efficiency. Further, they ease remote consultations to improve medical training.

ThridEye is one such organization that is pioneering in the field of mixed reality. Recently, we have developed RealEye. It is a game-changing software that can improve the healthcare economy. This blog explores its features and highlights how it can reshape healthcare.

Understanding Cost Challenges in Healthcare

  • Escalating Labor Costs

Hospitals struggle with the high cost of paying labor expenses. It makes up a substantial portion of their operational costs. As the healthcare workforce grows rapidly, so do salaries and wages. Further, the massive resignation and retirement of experienced professionals worsen the situation.

 

ThirdEye smart glasses can alleviate labor cost pressures. It enhances the efficiency and effectiveness of healthcare professionals. These wearable devices provide real-time information and guidance. For example, nurses wearing smart glasses can access patient records. It optimizes workflows and reduces labor overhead expenses.

  • Integration of New Technology

Introducing new technology has often led to inefficiencies in healthcare workflows. Rapid implementations and inadequate integration have resulted in workarounds that could improve productivity. However, hospitals need help to achieve the expected investment savings.

MR/AI smart glasses integrate into healthcare workflows seamlessly. It provides a hands-free interface for accessing patient data and medical records, which reduces the time spent on administrative tasks. Moreover, these glasses can be customized to integrate with existing hospital systems, which ensures a smoother transition to advanced technology while preserving productivity.

  • Risk and Reimbursement Complexities

Fee-for-service models often dominate the complex reimbursement structure in healthcare. It creates massive financial challenges for hospitals. Medicare reimbursements frequently fall short of actual costs. This situation makes it even more challenging for hospitals to manage their money and become financially stable.

By streamlining documentation, smart glasses can empower healthcare providers. It also maximizes their reimbursements. Through MR/AI-enhanced coding assistance, physicians can ensure accurate and complete records. It also mitigates the risk of denied claims. Additionally, smart glasses enable real-time access to patient data, which facilitates evidence-based decision-making and reduces the likelihood of costly errors.

  • Inefficient Patient Workflow

Poorly managed patient flow within hospitals leads to overutilization of emergency rooms. It not only delays surgeries but also extends the length of stay. Inefficient patient workflows also increase costs and impact the care quality.

MR/AI smart glasses can provide instant access to patient information and treatment plans. This information can drastically improve coordination between healthcare professionals. It also reduces delays in surgeries and improves patient outcomes. Smart glasses also enhance communication between departments for a seamless patient journey.

  • Labor Shortages and Talent Retention

The post-COVID era is also known as the Great Resignation Era. People have resigned from their jobs during this time, citing various reasons. In the U.S., around 47 million Americans quit their jobs in 2021. The majority of them were from the healthcare sector. This shortage of skilled labor, particularly nurses, poses a significant challenge for hospitals. Recruiting and retaining talent in a competitive market is essential and costly. Labor shortages can result in the need for expensive contract labor.

However, hospitals can overcome this challenge with the help of X-Series MR glasses. They can use these glasses to upgrade the existing professionals' skills, boosting their confidence and making them more efficient. These glasses reduce the reliance on expensive temporary staff, significantly controlling labor costs. Thus, it empowers healthcare professionals to provide exceptional care while managing costs effectively.

How RealEye Can Improve Healthcare Economics

●      Remote Expert Guidance

RealEye enables healthcare professionals to receive real-time guidance from remote experts. This feature can lead to more accurate diagnoses and treatment plans. It reduces the need for unnecessary in-person consultations and referrals. As a result, hospitals can optimize staff utilization. Thereby reducing the costs associated with physical consultations.

●      Digital Task Workflow

The software allows the creation of digital task workflows. It can be used for machinery and equipment maintenance. A.I. can do predictive analysis and generate tasks based on existing work instructions. So, hospitals can address equipment issues, preventing costly breakdowns and downtime. This predictive maintenance approach further minimizes repair and replacement costs.

●      M.R. Remote Assistance

RealEye facilitates remote assistance between healthcare professionals around the world. This capability not only streamlines the training processes. But it also reduces the need for on-site trainers. Thus, it ensures a faster and more reliable knowledge transfer. As a result, hospitals can significantly save on training expenses. They can also minimize errors due to inexperienced staff.

●      M.R. Annotations

MR annotation is a groundbreaking technology. It enables the expert professional to provide real-time guidance to the staff. This way, they can assist them even when not physically available in the hospital. It can be very effective in giving first aid in emergency cases. So, this feature can enhance surgical procedures. It also reduces the risk of complications and the need for follow-up surgeries.

●      Transcription

RealEye's transcription feature can automatically document patient interactions and treatment plans. This improves accuracy and reduces administrative expenditure. Hospitals can eliminate staff related to manual note-taking and data entry. RealEye digitizes paper and machine assets into digital format. It not only makes inventory and asset management more efficient. But also curtails the workload and thereby reduces the staff requirement.

Conclusion

Hospitals facing challenges demand innovative solutions. Mixed Reality (M.R.) smart glasses emerged as a transformative tool as it contributes to substantial cost savings for hospitals. Additionally, RealEye's integration capabilities further optimize hospital operations, which makes it a valuable tool for enhancing healthcare economics.

So, get ready to revolutionize healthcare economics and embrace the future.