Healthcare technology refers to any IT tools or software designed to boost hospital and administrative productivity, give new insights into medicines and treatments, or improve the overall quality of care provided. Today’s healthcare industry is a $2 trillion behemoth at a crossroads. Currently being weighed down by crushing costs and red tape, the industry is looking for ways to improve in nearly every imaginable area. That’s where healthtech comes in. Tech-infused tools are being integrated into every step of our healthcare experience to counteract two key trouble spots: quality and efficiency.

The way we purchase healthcare is becoming more accessible to a wider group of people through the insurance technology industry, sometimes called "insurtech." Patient waiting times are declining and hospitals are more efficiently staffed thanks to artificial intelligence and predictive analytics. Even surgical procedures and recovery times are being reduced thanks to ultra-precise robots that assist in surgeries and make some procedures less evasive.

Expanding access to healthcare and improving hospital operations is fantastic, but how exactly are innovators accomplishing this feat? Healthcare technology companies have provided a much-needed jolt of efficiency by tailoring experiences to the individual. These companies realize there's no one-size-fits-all approach to proper care, so customization is key. By personalizing everything from insurance payments to diets and sleep patterns, healthtech companies are amplifying human health and reducing much of the unnecessary strain on the industry.

Healthtech has the potential to trim the fat from our traditional healthcare scene. Skyrocketing costs, unbearable wait times, inefficiencies in drug development and limited access to insurance and healthcare providers are all being improved (or at least addressed) through tech-infused care.