Using five years of CFC healthcare data, we’ve looked at some of the factors driving growth, sector trends and future predictions.
Digital and hybrid healthcare enquiries are set to surpass traditional
Over the last few years, we have seen the birth of a hybrid healthcare practice, which gives patients flexibility and optionality by providing both in-person and virtual services when it comes to accessing healthcare.
We expect the hybrid practice to continue this upward trajectory as more traditional healthcare practitioners adopt digital methods, like virtual consultations and the use of artificial intelligence (AI) to triage patients.
We have seen a phenomenal increase in hybrid healthcare practices year-on-year, now nearly 10 times over what it was in 2018.
The pandemic: A catalyst, but not the sole driver for growth
Prior to the pandemic the use of AI, augmented reality (AR) and virtual reality (VR) have supported the delivery of healthcare. Healthcare apps have been a part of daily lives since early 2000s. And telehealth and video conferencing solutions have long been adopted by hospitals and doctor’s surgeries.
This accelerated uptake has been replicated in countries throughout the world, increasing the level of demand.
It is clear the pandemic is not responsible for today’s prevalence of digital healthcare solutions, but there is little doubt it has driven adoption rates.
The AI sector has had a 32% increase in policy and enquiry count over the last year
Healthcare companies are creating unique digital processes and systems for patient care. With the adoption of AI technology support scan readings, medical diagnosis and simulating surgical outcomes, a new breed of exposure is on the rise. As healthcare and technology collide, companies compete to release the latest and greatest medical equipment and software making way for a surge in intellectual property (IP) infringement cases.
CFC have found that AI-related IP claims are set to outpace traditional medical negligence claims, making up nearly a fifth of their digital healthcare claims.
CFC's cyber-healthcare claims quadrupled from 2020 - 2021
The severity of cyberattacks on healthcare providers are often far more catastrophic than a typical business. Cyberattacks corrupting healthcare systems and causing downtime can impact patient medical files, dosage control and cause bodily injury or death.
Whether it’s holding patient data to ransom, shutting down healthcare software programs or phishing scams to employees, healthcare companies are no longer immune to cyberattacks, especially as these digital systems become integral to the delivery of universal healthcare.
70% of our claims have come from areas which would not be covered under a traditional medical malpractice policy from 2018 – 2021.
Digital healthcare trend predictions
- Digital healthcare tools will become more mainstream, and a hybrid model (healthcare practices using digital and traditional methods) will be the future
- The fast developments and adoption of AI, VR and AR, especially in areas like surgery, have already seen ground-breaking results, but the risk and exposures are often left uncovered
- The liability lines between practitioners and AI tools will become increasingly blurred
- Medical teams will have AI and AR led ‘practice runs’ before a surgery
- Digital healthcare companies will become an even larger target for hackers. Patient bodily injuries are more likely to occur due to ransomware attacks and technology errors
As the healthcare and technology industries continue to intersect and evolve, so too will the exposure digital healthcare providers face. The need for a comprehensive policy that provides cover for the modern-day healthcare company is now more important than ever.
Read more about the future of healthcare or email healthcare@cfc.com with any questions.
