Abstract
The internet of medical things (IoMT) is a rapidly evolving technology that is set to revolutionize patient care, diagnosis, and monitoring. However, its success relies on the strategic design of user-centric business models. This research explores the relationship between technological innovation and business model design in IoMT, focusing on user perspectives and expectations. Findings reveal that trust-building mechanisms and subscription services are pivotal factors in IoMT adoption, demonstrating the importance of integrating successful digital technology business models to close the gap between technical progress and user expectations.
TopIntroduction
The Internet of Medical Things (IoMT) is a prime example of how the healthcare business is constantly evolving to include new digital technologies in patient care (Mishra & Singh, 2023). The potential for the IoMT to provide game-changing breakthroughs that alter patient identification, treatment, and tracking has the potential to radically alter healthcare systems throughout the globe. The Internet of Medical Things (IoMT) cannot be realized via technological innovation alone; user-centric commercial models must also be developed (Razdan & Sharma, 2022). Looking forward to healthcare's potential, this chapter explores the complex interplay between IoMT, technological advancement, and the development of commercial models. Understanding and building user-centric IoMT business models is the focus of our study because of the vital necessity to combine innovative technology with realistic business strategies (Dwivedi et al., 2022). Research on IoMT business strategies has yielded new insights that might improve healthcare for everybody. Patient engagement and happiness may rise if healthcare practitioners invest in themselves to learn about user-centric components like trust-building strategies. To encourage innovation while safeguarding patient safety and data, it is essential to identify the fundamental elements impacting adoption. The potential effects of IoMT on the healthcare experiences of advocacy organizations and patients may be better understood. This study aimed to provide healthcare organizations and institutions with information on the strategic use of IoMT technology. With the use of IoMT technology, patients may be involved in their treatment plans according to their preferences. Improvements to staff training modules, patient-interest-tailored subscription services, and more trusting interactions are all potential new developments in this field. This data has the potential to shed light on the effectiveness of IoMT therapy and pave the way for potential new financing opportunities. Understanding customer preferences and satisfaction levels could be beneficial for insurance firms as the digital healthcare system develops. Researchers in the fascinating and dynamic area of healthcare information technology and business models may use this kind of data to better understand the relationship between the two. If comparable studies are conducted in the future, they may expand upon this one's results. These findings could inform the design and development decisions made by engineers and developers constructing IoMT systems. You need to be aware of user-centric components to make sure the technology meets end-user needs and expectations. Everyone involved in healthcare, from policymakers to practitioners to patients, stands to benefit from the study's conclusions. In order to improve patient outcomes and healthcare delivery efficiency, these institutions may collaborate to make sure that IoMT is readily integrated into healthcare systems. To do this, we will carefully consider customer feedback and ensure that our business models are in sync.
Key Terms in this Chapter
Technology in Healthcare: The term “healthcare technology” refers to the field that studies and improves methods of healthcare delivery, including diagnosis, treatment, and patient outcomes, via the use of scientific knowledge, engineering, and information technology. It encompasses a vast array of advancements, from digital health platforms to medical gadgets.
IoMT: The “Internet of Medical Things” (IoMT) is a system that enables the interconnection of various healthcare IT components, including medical equipment, databases, and mobile applications, to facilitate the gathering, archiving, and presentation of patient records. The Internet of Medical Things (IoMT) aims to enhance healthcare delivery, patient outcomes, and medical procedures via the integration of intelligent, connected equipment.
Organisational Frameworks: A company's business model may shed light on how it creates, distributes, and captures value. Included in the strategy are revenue generating, customer engagement, and operational upkeep.