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their conditions and make informed decisions about their treatment . For these reasons there is an urgent need to ensure that interoperable products , services and systems are rapidly deployed and adopted to deliver benefits to patients , health systems , science and innovation .
The financial services precedent
In addressing these challenges , there is much that healthcare could learn from the experience of the finance sector . Implemented in 2018 , the UK ' s Open Banking model serves as a powerful example of how enhanced data accessibility and interoperability can transform an industry . This initiative revolutionised the financial sector , granting consumers unprecedented control over their financial data and igniting a dynamic FinTech market . It demonstrates the transformative impact of enabling seamless data sharing and integration .
The interoperability and data sharing mandated by Open Banking have spurred innovation in the financial sector . FinTech startups and established financial institutions alike have developed new
Jon Payne , Director of Sales Engineering and Education at InterSystems
apps and services , from personal financial management tools to more efficient payment services , all leveraging access to banking data . Moreover , this has allowed individuals to securely share their financial data with third-party providers ( TPPs ), as well as empowering them to make more informed decisions , access better financial products and manage their finances more effectively .
Learning from FinTech : Empowering users to control their data
The financial sector ' s journey offers valuable lessons for healthcare , particularly in empowering end-users . FinTech has thrived by enabling consumers to control their financial data , leading to more personalised services and products . Similarly , in healthcare , giving patients control over their health data could revolutionise the way they interact with healthcare services . This empowerment can lead to better-informed decisions and a more proactive approach to health and wellness . As a result , patients would then have the opportunity to access a wider range of digital health tools and platforms , including personalised health apps , telemedicine services and integrated care management systems , all tailored to their specific health needs and preferences .
The FinTech sector ' s success lies in its ability to innovate and stay ahead of the curve , leveraging new technologies to enhance user experience and efficiency . Healthcare can adopt similar strategies , utilising advanced technologies like advanced analytics , machine learning , and the Internet of Medical Things ( IoMT ) to provide more accurate diagnoses and personalised treatment plans . These technological advancements can enable more effective data management , predictive analytics for health outcomes , and a more interactive and responsive healthcare experience for patients .
The imperative of interoperability in healthcare
By learning from FinTech , healthcare can also improve its user interfaces , making them more intuitive and user-friendly , thus enhancing patient engagement and satisfaction . Adopting a standardised health data model in healthcare , akin to the Financial API standards in banking , could bridge the current informational divides .
This adoption would facilitate the development of third-party applications ,
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