How Health Care Technology Can Reduce Spending and Improve Health System Efficiency

Amid rising health care costs, a growing number of businesses and providers in the health care system are looking to technology companies for solutions to increase efficiency and potentially reduce costs. Whether by simple digital innovations, such as remote monitoring or wearable devices, or more advanced and complex platforms that allow better management of health care processes, technology has the potential to change the system significantly by lowering costs, reducing spending, and improving overall standards of care. It is with this goal in mind that many leading health care technology service companies, such as Cerner Corporation (CERN), Salesforce.com, Inc. (CRM), ORHub, Inc. (ORHB) (ORHub Profile), Teladoc, Inc. (TDOC), and Veeva Systems, Inc. (VEEV), are working to provide state-of-the-art services built around a new, more efficient, value-based care model.

It is estimated that annual health care costs in the United States amount to more than $3 trillion a year, or roughly 17 percent of the GDP. According to Harvard Business Review data from late 2015, waste in health care spending is at about $1 trillion, much of which could be prevented by…

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