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March 4-March 17, 2015 — COLORADO REAL ESTATE JOURNAL — Page 13B
I n today’s world,
technological
advancements are
happening at an astonishing
rate, impacting nearly all aspects
of our lives and revolutionizing
our perceptions of the world
and how we communicate with
one another. The impact on
societal expectations is profound,
as the new norm for simple,
instantaneous solutions to
life’s basic challenges become
increasingly ubiquitous.
Technological advancements
are the catalyst for fundamental
changes in industries such as
transportation, communication,
entertainment and retail. For
example, Blockbuster once
played a dominant and highly
visible role in suburban retail.
Yet today, the new norm for
video entertainment is instant
access, anywhere, anytime, on
a range of devices. Although
many Blockbuster stores have
been repurposed, some remain
vacant – a grim reminder
of technology’s unrelenting
progress and spurn of those
ill-equipped or ill-prepared to
remain ahead of the curve.
Health care is no different.
The health care industry is
undergoing a technological
revolution, significantly impacting
the way health care facilities are
designed, used and valued. Ten
years ago, my 14-year-old son was
diagnosed with Type I diabetes.
At the time, we were introduced
to a world of continual blood-
sugar monitoring through finger
pricks, as well as insulin shots
multiple times per day. Today,
my son has a technologically
advanced insulin pump that
looks like an iPhone, delivering
just the right amount of insulin
required for his food intake.
Soon he will have the option of
having a blood-sugar monitor
that continuously communicates
wirelessly with the pump,
like an artificial pancreas – a
development not too far into the
future.
Technology is adapting to
monitor and communicate
vital health information. Heart
rate, blood oxygen level, blood
pressure, brain activity and
muscle efficiency are just a few
examples of vitals that can now
be tracked using technology that
did not exist even a decade ago.
While remote access to monitor,
track and communicate critical
health care information provides
doctors with advanced methods
of diagnosing conditions and
administering medications, it
simultaneously changes the
doctor-patient relationship and
the frequency of visits required
for many patients.
What does all this mean for
health care facilities? I am not
suggesting that all hospitals and
health care facilities will go the
way of Blockbuster, soon being
rendered functionally obsolete.
However, there definitely will
be winners and losers in the
health care real estate world
as technology continues to
transform health care at an
extraordinary pace.
The demand for acute care
services that hospitals are
uniquely qualified to provide will
not diminish in the near future.
So although some hospitals
may fail due to population or
demographic shifts, the need
for well-located hospital facilities
should remain well into the
foreseeable future.
The future for traditional
medical office buildings is less
clear, especially for those that are
not located on a hospital campus.
It is quite conceivable that many
of the “square/rectangle box”
buildings designed for current or
past health care delivery will be
replaced with properties that are
specifically located for maximum
patient convenience and
accessibility. The trend toward
comfortable, patient-friendly
environments modeled after the
hospitality industry will continue,
along with central check-in and
multispecialty access in a single
location.
Other significant areas of
impact are rural communities
where people often travel great
distances for access to health care
providers, particularly specialists.
Technological advancements
will enable physicians to
serve patients remotely via
telemedicine by which doctors
diagnose, monitor and
communicate with patients in
real time using video. Advanced
technology also will have major
implications for expansion
of home health care services,
particularly for the elderly and
disabled.
Technology plays an enormous
role in patient experience.
Scheduling, check-in and
medical record transfer can be
done from a smartphone or iPad.
The ability to access and share
personal medical information
using electronic medical records
will be the new norm for patients
demanding communication
and collaboration among their
chosen team of health care
providers.
No less significant is the
progression toward an outcome-
based payment model versus
the current fee-for-services
standard and, as costs become
more transparent, patients
sharing a higher level of financial
responsibility for their health
care services will demand more
for their money. Health care
systems and practices offering
the quality and conveniences
underlying consumer loyalty will
fare better in this exceptionally
competitive landscape, and
technological capability will be
a major contributor in winning
market share.
It seems logical and perhaps
inevitable that advances in
technology will result in less
unmediated doctor-patient time,
particularly for nonacute care.
However, health care facilities
that offer the accessibility,
environment, services,
technological advancements and
the conveniences in demand by
consumers will be well prepared
to remain ahead of the curve
in our dynamic health care
environment.
Daniel R. Burke,
CCIM
Vice president, CBRE | Brokerage
Services – Health Care Real Estate
HFF DENVER | 1125 17th Street, Suite 2540 | Denver, CO 80202 | (303) 515-8000
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(303) 515-8010
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Investment Sales
(303) 515-8018
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