Tag: Advances in healthcare

Digital healthcare

Digital Healthcare in Canada: What Needs to be Done to Enable Smooth Transition

Although Canadians are keen about implementing digital healthcare, their healthcare system lags behind. To drive improved healthcare outcomes, the Canadian government must focus on adopting healthcare innovations, customer-driven models, and a new regulatory framework that facilitates change and embraces digital healthcare.

What is digital healthcare services?

Digital healthcare services is a simple concept. It encompasses using technology to improve health and wellness of patients. Today, the term digital healthcare includes electronic health (health-related information, resources, and services provided electronically) as well as developing areas such as advanced computing science ( big data that can provide valuable insights into population health) and artificial intelligence (AI), wherein computer systems perform tasks that would normally require human capacities, such as decision-making. With new healthcare solutions constantly changing the way we live, it is fair to say that the future of healthcare is digital.

Adoption and use of digital healthcare technologies have the potential to make healthcare delivery more accessible, convenient, and cost-effective. Request a free proposal to know how your organization can enable a smooth transition to digital healthcare services.

Canada ranks among the lowest when compared to other OECD countries that have universal healthcare systems. Healthcare consumers becoming increasingly empowered by the volume and ease of access to healthcare information, even so, the current model for healthcare delivery remains unchanged fundamentally. A number of challenges will have to be addressed at the national, provincial, and territorial level in Canada to create an environment wherein the current model can incorporate digital healthcare tools. While the journey towards a fully patient and family-centric approach to healthcare will be long, there are some measures that governments could initiate in order to accelerate the process and implement digital healthcare more effectively.

Digital healthcareAdjust fees paid to physicians

The Canadian government must ensure that fair and adequate compensation is given to physicians for virtual consultations. Some provinces such as British Columbia and Alberta have implemented pilots of revised fee structures, albeit a pan-Canadian strategy is yet to be implemented for revised compensation. In such situations, if the physician billing structure has been modified in a particular province to allow virtual consultations, interprovincial licensing and regulations might restrict physicians from being able to employ these changes across provincial borders.

Partner with us to know how you can identify opportunities to make your healthcare system more patient-centric and improve accessibility. Get in touch with us to know more about how our solutions can help your healthcare organization.

Common strategy for adoption of healthcare innovation

A common nation-wide strategy must be adopted by the Canadian government to better implement innovations such as digital healthcare. By establishing incubators and accelerators, the government is currently encouraging and supporting an entrepreneurial culture in the business sector. By incorporating this as a part of a nationally designed vision for the future of healthcare, new solutions for healthcare can be encouraged. Healthcare strategy should largely revolve around the patient, their family, and the caregiver rather than on systems and institutions. A comprehensive analysis of the customer experience of healthcare companies will provide valuable insights into the opportunities of realizing efficiency through the application of digital healthcare solutions.

Policy framework for digital healthcare solutions

The federal and provincial governments in Canada should collaboratively design a policy framework for the effective adoption of secure digital healthcare solutions. Innovative healthcare technologies will ensure secure data oversight through cloud solutions and blockchain, consequently paving the way for shared policies and standards. Through this, providers will be able to take full advantage of the significant data generated by single-payer health care system. Moreover, this will also ensure that all Canadians can use their individual health data in partnership with their health professionals to identify personalized healthcare solutions.

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strategic planning

Uncovering the Potential of Strategic Planning in Healthcare

The U.S. healthcare system is extremely complex and often difficult to comprehend. Healthcare consumers face difficulty in understanding the factors that cause limited access or uncoordinated care, conflicting interests amongst healthcare providers, and even high charges that leave financially broke. Healthcare organizations itself are often affected by rapid changes taking place in their external environment. Amidst the dynamic nature of the industry, it is vital for healthcare providers to undertake a strategic planning process to streamline their operations.

What is strategic planning in healthcare?

The answer to what is strategic planning in healthcare is simple. Strategic planning involves creating objectives and setting goals relating to where a healthcare company would like to go in the future, and then constructing a plan to achieve these objectives. Healthcare strategic plan must consider the factors that could change the organization’s operations significantly. This includes potential government policy changes, technological advancements, and economic trends. Although some providers tend to overlook the importance of strategic planning in healthcare, agile organizations in the healthcare industry use it to their advantage to succeed in both long and short term.

The work of strategic planning doesn’t stop at the strategic plan, but it’s a start. Request a free proposal to know how our experts can help healthcare organizations in effective strategic planning.

Benefits of strategic planning in healthcare

strategic planningStrategic planning in healthcare has numerous benefits primarily because healthcare organizations operate at many levels ranging from patient care to financing. As such it is crucial for healthcare systems to plan well in advance for the future. Unlike traditional planning techniques, a strategic plan takes into account every sector of the organization, considering foreseeable changes for all departments. Some of the key areas that a healthcare strategic plan can significantly improve include:

Helps become proactive

Strategic planning helps providers to become proactive rather than reactive. Through strategic planning, healthcare companies can anticipate unfavorable events much before they occur and allows the organization to take necessary precautions before they actually happen.

If you're considering adopting strategic planning at your organization or are looking for ways to align your operations, then Infiniti may have just the solution you've been looking for. Get in touch with us for more insights.

Increases operational efficiency

Having a strategic planning process in place acts as a roadmap for healthcare companies to align the operational activities to achieve predetermined goals. It guides management discussions and decision making in determining resource and budget requirements in order to accomplish the key objectives, thereby increasing operational efficiency.

Enhances market share and profitability

Organizations can gain valuable insights with strategic planning on market trends, consumer segments, as well as product and service offerings in healthcare which can have an impact on their success. An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes will facilitate in increasing profitability and market share.

Makes the business more durable

Due to the highly dynamic nature of the healthcare industry, organizations that lack a durable foundation, focus and foresight will have trouble riding the next wave. Strategic planning in healthcare ensures that organizations are well focused on what they want to achieve and how to achieve it.

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Healthcare business intelligence

Roadblocks to Building a flawless Healthcare Business Intelligence strategy

The healthcare sector is moving into an era of hyper-personalization. The escalating growth in the industry is driven by factors including growing populations, the evolution of developing countries, increase in labor costs, and progress in the medical field. Although the quality of care and patient satisfaction largely depends on the relationship between patients and physicians, it is also bound inevitably by technology and advanced capabilities such as healthcare business intelligence. Organizations can leverage healthcare business intelligence to unearth hidden patterns and clues for balancing costs, improving patient care, complying with the accepted standards and norms, and defining strategies for further growth. According to experts at Infiniti Research, one of the major flaws in attempts to enhance business operations in healthcare is the lack of an effective healthcare business intelligence strategy. Let’s explore and understand the key obstacles that are holding back providers from implementing a successful healthcare business intelligence strategy and understand how to overcome them.

Unable to successfully build a healthcare business intelligence strategy? Request a free proposal from our industry experts for valuable insights to enhance your healthcare business intelligence.

Healthcare business intelligence

Access to data

Large healthcare organizations usually have a greater number of EHR systems that are in use simultaneously. While some of these systems are built in-house, others may be hosted through EHR vendors. As every EHR has its own backend database, pulling information from all of them could prove to be a tedious and time consuming process. During such events, healthcare providers can turn to either an EHR conversion company to bring disparate data together and then leave it to the provider’s healthcare business intelligence team or leave the whole process of collecting information to a healthcare business intelligence company. Either way, the process will be handled by savvy businesses that are well-versed with EHR systems on the market, as well as their unique attributes.

High data sensitivity

Healthcare companies not only deal with financial and personal information of their patients’ but also record sensitive patient and clinical data regulated by the strict HIPAA rules. They require extra security while handling. When it comes to effectively managing data, healthcare providers must think through the strategy of managing access to confidential information, distributing roles, and ensure data security across all sources and data warehouses.

While the volume and value of healthcare data are breaking new ground, many payers and providers are struggling to keep up with the capabilities needed to support and deliver the basics. Get in touch with us to learn how you can up your game with a better healthcare business intelligence strategy.

Data quality
Healthcare data is often derived from different sources such as HER, ADT, and ERP. Also, this data is used by different departments in the healthcare organization including radiology, cardiology, pharmacy, and several others. The formats in which data is processed can also vary from videos and pictures to text or other multimedia. When all collected data finally gets processed, healthcare provides find a lot of data in their analytical system hasn’t been stored as structured, codified values. Instead, the healthcare business intelligence team faces tons of unstructured text information. Mapping these values and structuring them across systems to extract valuable insights is a resource-exhausting and time-intensive process.

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Quality improvement in healthcare

Quality Improvement in Healthcare Using Business Intelligence

With the rising competition, the healthcare sector is transforming into a developed and complex marketplace. With the changing healthcare landscape across the globe, quality improvement in healthcare is garnering increased focus. Not only for the patients, but even for the forward-thinking healthcare companies, quality in healthcare has now become paramount. Although a lot of funding is going into training staff and procuring drugs and equipment in an effort to improve quality across healthcare facilities, we still find that many known clinical interventions are not reaching patients at the time they need it. This is one of the prime reasons why more and more healthcare companies are warming up to advanced techniques such as business intelligence in order to support performance improvement in healthcare services and ensure access to quality healthcare for patients. Healthcare providers can get the insight needed to reduce costs, increase revenue, and improve patient safety while remaining compliant with regulations by integrating business intelligence solutions.

Experts at Infiniti explains why every healthcare organization that emphasizes on quality improvement in healthcare processes must leverage business intelligence.

Business intelligence for quality improvement in healthcare

Accuracy in patients’ treatment history

Business intelligence solutions help merge all claims so that physicians are able to access them via EHR. This ensures that the data gathered is delivered flawlessly. It also enables the physician to see and understand each and every test and treatment that the patient has previously received, both at that facility and elsewhere, as well as any remaining tests that needs to be performed. Eliminating repeat tests helps save money and satisfies the patient who does not have to undergo repeat tests due to missing information. Through this the physician will be able to ensure quality improvement in healthcare treatment provided to the patient.

Personalized medication

With the help of business intelligence solutions, patient data becomes more accessible and analyzing patient data is now easier than ever before. As a result, treatment regimens are not required to follow the one-size-fits-all approach anymore. Rather, physicians provide superior quality in the healthcare treatment based on the patient’s past treatment record and current care requirements and enhance quality improvement in healthcare.

Prevention of certain diseases

Physicians can prevent diseases or at least help in reducing the impact of disease by analyzing genetic markers. By analyzing the data available through business intelligence, physicians can gain better insights into the patterns of determinants that have the ability to increase the patient’s risk of a particular disease. Such measures taken for prevention of disease can establish quality improvement in healthcare organizations.

Enhance healthcare logistics

By leveraging business intelligence tools to analyze patient throughput and enabling better decision-making on the population of the healthcare organization, hospitals can gain a comprehensive idea on the ideal discharge times. Consequently, they can make the best use of bed space without sacrificing patient outcome and promote quality improvement in healthcare. Furthermore, emergency and trauma patient cases can be more accurately prioritized and treated thus improving patient outcomes while minimizing costs by providing the right treatment at the right time.

healthcare investment opportunities

Exploring Healthcare Investment Opportunities in Central and Eastern Europe

healthcare investment opportunity

The healthcare sector in Central and Eastern Europe (CEE) has been transitioning and showing positive signs of growth over the past two decades. This has largely been fueled by the reform of health services becoming a priority on the political agenda. As a result, CEE’s healthcare sector is rapidly emerging as an attractive healthcare investment destination for domestic and international investors alike. So, what are the key factors that are creating attractive healthcare investment opportunities in Central and Eastern Europe? To begin with, rapid demographic changes and rising disposable income across the region is resulting in increased government and individual spending on healthcare facilities. Furthermore, the highly fragmented healthcare market in Central and Eastern Europe provides investors with attractive healthcare investment opportunities such as pursuing a buy-and-build strategy in the region.

In this blog, experts at Infiniti explores the key factors fueling healthcare investment opportunities in Central and Eastern Europe.

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Rising healthcare spend

Experts at Infiniti are of the opinion that at the current rate, CEE countries will soon grow leap and bounds in terms of healthcare investments. The healthcare investment opportunities created in the region through increased spending are attracting more and more investors each year. In Poland for instance, total healthcare spending including government and individual spend has surged by over 20% in the last two years. The healthcare spending in CEE regions are primarily increasing due to the aging population due to low fertility rates, emigration of younger population, and the rising life expectancy. Apart from this, the increasing demand for better and more expensive treatments are fueling demand and more healthcare investment opportunities in Central and Eastern European countries.

Scope of consolidation

The vast potential for consolidation in the region gives better healthcare investment opportunities in CEE. Unlike Western Europe, the ownership of healthcare companies in CEE is highly fragmented, giving plenty of opportunities for consolidation through buy and build strategies. In Western Europe, there are only a few dominant players with regional monopolies in the healthcare market. The rest are mostly dispersed independent family clinics. This means that in Western Europe, even if investors acquire some independent firms, it wouldn’t move the needle in terms of market share. On the other hand, in the case of CEE, buying few independent firms can make investors grow rapidly.

Healthcare companies will be required to develop new and different operating models in order to tap into new opportunities. Get in touch with our experts to know how we can help you stay updated with latest innovations and strategies for success in the European healthcare market.

Attractive healthcare sub-sectors

Some healthcare subsectors tend to attract and provide more healthcare investment opportunities than others. For example, biotechnology is one of the most attractive healthcare subsectors right now. This segment is expected to attract a significant amount of healthcare investment during the next 18 months. Furthermore, biotech companies are particularly attractive acquisition targets for larger pharmaceutical companies as they enable to accelerate the development of innovative products and new drugs. Due to the emergence of cluster across the region, Central and Eastern European regions are a highly fertile hunting ground for healthcare investors.

Final thoughts

Although the need for investment in medical infrastructure meets tight public budgets currently in CEE, healthcare innovations and public-private partnerships can play a vital role in improving the status quo. By adopting advanced healthcare technologies such as cancer screenings, electronic patient registries, improving patient mobility and accessibility to healthcare, and following practices like outcome-based reimbursement, healthcare providers in CEE can create a successful healthcare system and attract more healthcare investments.

 

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healthcare industry

Why Diversification is the Key to New-Age Healthcare Transformation

The healthcare sector is undergoing a constant wave of transformation. From shifts in care settings to heightened expectations for stronger cost management and better consumer experience, traditional healthcare players are experiencing increased pressure on its core business models. A willingness to make bold moves in response to the market transformations can help businesses improve their profitability in the long run. For payers and providers that want to succeed, it is essential to focus on activities beyond their core functions that open up new avenues of revenue and profits. Healthcare industry research by experts at Infiniti shows that healthcare organizations that have invested to diversify into multiple industry sectors are gaining stronger returns when compared to their competitors that have not yet diversified. According to our healthcare industry experts, here are some of the key reasons why diversification is vital for companies to cope up with transformations in the future of healthcare.

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Benefits of diversification in the healthcare industry

Accelerates growth

Generally, companies in the healthcare industry tend to rely on organic changes or incremental improvements to fuel organizational growth. However, due to the revolutions expected to take place in the future of healthcare, companies in the sector can accelerate their growth by diversifying into non-core areas of healthcare. Some players even choose to diversify in order to combat the headwinds in their core business and achieve breakthrough growth.

Attractive to investors

Investors regard healthcare industry growth as a means to gain higher-value revenue streams and therefore regard it positively. Companies can build new businesses through diversification. Furthermore, it becomes easier for payers to enter the care management space and manage population risks more efficiently. For instance, adding digital services can enable providers to better connect with patients and accommodate changes in care delivery. Our research shows that healthcare organizations that have diversified their operations were more successful in delivering excess total returns to shareholders.

Payers and providers can achieve the full potential of care management including a positive ROI if they substantially improve their ability to identify, reach out to, and engage patients. Get in touch with our experts to know how we can help you achieve this.

Protects the core functions

A common misconception among payers and providers is that diversifying will distract the organization from its core functions. However, if managed properly this can be avoided and in turn diversification can help protect core businesses. For example, expanding ambulatory services can create new streams of revenue for a company in the healthcare industry as it accelerates the patient inflow into the company’s acute care services.

Final thoughts

Considering the rising pressure on traditional businesses, healthcare executives should strongly take into account the advantages of strategic diversification in areas where their core can give them an inherent advantage. To succeed, it is imperative to spend real-time and invest resources to develop a strategy and approach that will harness the full potential for this move.

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Recent Posts

Consumer experience in healthcare

Fine-Tuning Consumer Engagement in Healthcare

Owing to digitization and the rising market competition, consumer-brand relationships have evolved.  Top healthcare companies are trying to incorporate these developments in consumer-brand relations into their processes by building better consumer engagement in healthcare. According to Infiniti’s healthcare market research experts, the consumer engagement strategies followed by most healthcare companies today are archaic. Which means that it is high time for healthcare marketers to rethink and redesign their consumer engagement plan. While not every innovation and strategy may resonate with every consumer, there are certainly plenty of wins to be had. Below are some effective strategies to consider for better consumer engagement in healthcare.

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How to build Consumer engagement in healthcare

consumer experience in healthcarePersonalization

In order to ensure better consumer engagement in healthcare, companies in this sector must invest generously into ways to understand their customers better and personalize offers to suit their needs. This does not mean bombarding them with offers, but to present relevant, time-saving options in order to help them make better healthcare choices. Organizations who provide the best empathy and support to reflect their consumer’s emotion will succeed in gaining better consumer engagement in healthcare and rise above their competitors.

Innovation inevitably requires breaking down of existing barriers and substantiate the ROI that consumer experience investments can deliver. Get in touch with our experts to know more.

Optimize web experience

Since almost all top healthcare providers are going digital, it is essential to join the bandwagon to avoid being left behind. Websites are one of the key areas that healthcare organizations must work on. Efforts should be made to not only make the company website look attractive but including features such as online booking of appointments will ensure better and hassle-free customer experience.

Enhance mobile experience

Several food chains and apparel stores are offering top-notch mobile experience to their customers. Take inspiration from these players and focus on delivering mobile experiences on par with these players in order to enhance consumer engagement in healthcare. This will help simplify buying experiences and in the case of healthcare this means office visits, diagnosis and procedures. Healthcare companies can even consider implementing a loyalty program that offers discounts for parking, dining, or the gift shop, for patients and family members who frequently visit their facility.

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Future of healthcare

4 Factors Shaping the Future of Healthcare

The healthcare industry has experienced a myriad of changes ranging from public legislation to technological development over the past couple of years. With the increasing population and the rising need for enhanced healthcare services, we can expect the future of healthcare to be dominated by technological advancements to ensure the efficiency of both patient care and processes in healthcare organizations. In this blog, healthcare industry experts at Infiniti Research unveil factors that play a key role in shaping the future of healthcare.

The global health care industry doesn’t show any signs of slowing down in 2019. RFP to know what the future of healthcare would look like and learn how our experts can help you build strategies to survive the rapid changes in this sector.

Factors shaping the future of healthcare

Future of healthcareCosts

There is an increased demand for healthcare services in the US. Experts predict that consumer spending on healthcare is expected to rise exponentially over the next decade. However, the healthcare costs are also expected to see a rise in the future of healthcare industry. The lack of transparency in pricing in U.S. healthcare organization will add on to this challenge.

Aging population

According to recent reports, a quarter of the US population consists of baby boomers. This generation is estimated to have a greater life expectancy than any of the previous generations. This means that there will be an increasing need for continued medical care for this population in the future of healthcare. Furthermore, the rising population will spur the need for healthcare services. This means that healthcare talent management professionals will continue to battle head-to-head with their peers. Furthermore, the biggest growth areas for employment in the future of healthcare will be home health aides, geriatric nurses, physical therapists, and similar jobs.

If healthcare providers can transform their organizations to foresee future challenges and plan strategies to overcome them, they are one step closer to success in the long run. Get in touch with our healthcare industry experts to know how we help clients to keep a closer watch on their target markets.

Healthcare consumerism

One of the biggest trends in healthcare right now is consumerism, and this trend is expected to play a dominant role even in the future of healthcare. Patients now have gradually started to believe that proactivity on their part is critical to ensuring high quality care and better outcomes.  As a result, patients are now taking active participation in their care experience and are even more empowered to choose their care plans. Furthermore, decreasing levels of direct contact with medical professionals are becoming common, and in the future of healthcare, patients will be able to order refills, schedule appointments, and consult with their primary care physicians with the use of online patient portals.

Drugstore clinics

There is an increase in the prevalence of healthcare clinics across the US, and this growth is expected to continue through the future of healthcare. These establishments provide a wide range of services including treating sprains and shingles, administering pregnancy tests, doing diabetes monitoring, and much more. This will be a direct competitive threat for the healthcare organizations in the near future.

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