Tag: Advances in healthcare

healthcare innovation

Why Healthcare Organizations are Holding Back Innovation: Three Barriers to Healthcare Innovation

Healthcare, not only in the United States but also in most developed countries of the world is ailing and in desperate need for help. Although the industry has made some advancements in case of healthcare innovation over the past few years, the packaging and delivery of treatment are often inefficient, ineffective, and not customer-friendly. Currently, key challenges in the healthcare industry range from medical errors to the soaring healthcare costs. The US government has been spending billions of dollars annually to identify healthcare innovations that can overcome these hurdles. Despite this, several of these efforts sometimes fail, leading to heavy losses for investors.

In this blog, healthcare industry experts at Infiniti Research discuss three key barriers to healthcare innovation.

Emerging healthcare industry trends and transformations will bring about significant challenges in the US healthcare industry. Request a FREE brochure to learn more about our services and on how we can help you tackle new healthcare industry challenges.

Unaligned budgeting units

Hospitals are generally organized by clinical departments, care centers, and other ancillary departments each with their own budgets. As a result, it becomes difficult to align those budgets and department goals in such a manner that one innovation works for all budgets. These decentralized budgets often lead to limited investment in healthcare innovation projects which could ultimately benefit the patient throughout the entire care cycle. Experts at Infiniti suggests that a single, unified budget dedicated just to healthcare innovation could help address the problem of hospitals not taking advantage of innovative solutions.

Rigid annual operating budgets

The annual budget model that hospitals usually operate under makes it difficult to invest in recent technologies and other healthcare innovation. Furthermore, investing in healthcare innovation will likely reduce their available funds for the rest of the fiscal year. Unless the payback period from the new healthcare innovation investment is realized in the current year, hospitals tend to reject the proposal to buy new technology. To overcome this, players in the healthcare industry can consider moving toward a budget process wherein the healthcare organization allows each department to keep a certain portion of the savings it created from the ROI of the new technology for future year budgets.

Winning empowered consumers is critical at a time when patients are demanding more in response to rising costs. Not sure how to achieve this? Request a free proposal to know how our tailor-made solutions can help you.

Separating operating- and capital-budget timelines and process

In many healthcare systems, technology hardware and perpetual software licenses are paid for with capital budgets. Whereas, annual subscription models commonly used by software as a service (SaaS) solutions are purchased with the operating budgets. So, the source of funding (capital or operating budget) rather than the functionality and performance of alternative solutions determines the purchases made. In order to overcome such healthcare innovation barriers, organizations should purchase new technology not based on whether it fits into capital or operating budgets, but by weighing the performance and ROI of each solution that they are considering.

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future of healthcare

How Mobility will Transform the Future of Healthcare System in the US

The way in which the US population seek and receive care is so dynamic that it often becomes hard to keep track and also predict the future of healthcare system in America.  Healthcare providers are taking on financial risk for patients, identifying ways to improve healthcare access and outcomes, and prioritizing consumer experience in order to cope with the changing patient needs. Despite several challenges coming their way, providers are increasingly looking at ways to adopt mobility into healthcare solutions.

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What is healthcare mobility?

The rapid adoption of mobile devices and other advanced technology by healthcare providers to improve patient care is known as healthcare mobility. As a greater number of patients are increasingly looking for convenient ways to gain healthcare access, mobile devices are gradually becoming a significant part of healthcare IT infrastructure. The use of mobile devices in healthcare will not only reduce the time it takes to save a patient’s life by retrieving data and communicating with team members faster, but it will also give clinicians the tools they require at their fingertips whether they are operating in a primary care, ICU, or emergency unit. Some of the key benefits that mobility can provide in the future of healthcare include:

  • Demand for trauma care will fall as partially and fully autonomous vehicles become mainstream.
  • Increased access to healthcare as providers can develop better mobility networks. As a result, patients will get new options to reach existing providers.
  • More efficient supply networks with fundamental changes in the medical supply chain, thereby enabling nimble transportation networks and disrupting existing models.

This blog from Infiniti Research explores how the various changes that will unfold in the future of healthcare will benefit providers and highlights how providers and other stakeholders in the healthcare industry can position themselves in an ecosystem that is underpinned by autonomous and shared mobility.

The role of mobility in enhancing the future of healthcare

Future of healthcareReduced demand for trauma care

According to reports, in 2012 alone, the number of patients in the US visiting the emergency room due to motor vehicle accidents were over 2 million. This has resulted in millions of dollars’ worth of lifetime medical costs. As roadways in the US are being increasingly filled with autonomous vehicles, accident rates and the associated financial, social, and health burdens are expected to fall. With fewer road accidents, demand for trauma care will likely decline. In the United States, this will likely amplify the future of healthcare to shift focus on advancing overall population health and preventative care.

The future of healthcare is here, and unless you are ready to rethink and reimagine traditional healthcare services, survival in the industry would prove to be challenging. Request a free brochure to know how our solutions can help your healthcare organization.

Improved access to care

One of the persistent challenges for health systems is patient-no show. With the rising number of missed appointment rates in many large clinics, there is a consequent financial burden and lost efficiency for providers. Access to transportation is often a critical barrier to receiving care, especially for chronic conditions that require regular appointments. With mobility, healthcare systems or emergent players could create mobile care units that optimize health professional rounds, dispatching physicians, and nurses to remote care sites or patient homes. Furthermore, the concept of driverless vehicle enables the usage of other emergent technologies such as additive manufacturing, augmented reality, and virtual reality to create highly capable autonomous mobile care units that can carry out tasks that once took place in hospitals, such as 3D printing a custom cast for a broken bone on the spot, running tests on vitals, or holding consultations with specialists.

Optimize clinical supply chain and procurement

Mobility transformation will play a significant role in making the future of healthcare better for not only the patients but also the providers. Medical supply chains can be dangerously fragile. With increased access to cheaper, faster, and more flexible distribution channels, healthcare systems would be able to deliver clinical supplies more efficiently and at a lower cost across their provider network. Distribution networks powered by advanced technology could promise a better future of healthcare with increased speed and predictability with which goods move from suppliers to patients or providers. Companies throughout the medical supply chain should think about how mobility in the future of healthcare could impact their business models, including the potential unintended consequences.

Get more info on the opportunities and challenges facing the future of healthcare

healthcare consumerism

Healthcare Consumerism: The New Imperative for Providers

With the advent of healthcare consumerism – a movement to make the delivery of healthcare services more efficient and cost-effective, the U.S. is about to embark upon a new era where consumers are more knowledgeable of the medical services and play an active role in purchasing and consuming the services that they receive.

What is healthcare consumerism?

The concept of consumerism in healthcare is recent, with references to patients as “consumers” dating back to the early 20th century. Healthcare consumerism transforms an employer’s health benefit plan by giving plan participants the primary decision-making power. The ultimate goal of healthcare consumerism is to enable patients to actively be a part of their healthcare decisions.

However, many plans fail to understand or ask consumers about how they consume healthcare services. As a result, patients tend to pay little attention to cost since they only have a limited role in the healthcare decision. Furthermore, usually patients prefer to stay away from managing their own health information; instead, they are eager to be cared for by an efficient healthcare system that respects their preferences. In order to develop more meticulous healthcare users, healthcare providers must provide information, financial incentives, and decision-making tools to allow consumers to make educated healthcare purchasing decisions.

Winning empowered consumers is critical at a time when patients are demanding more in response to rising costs. Not sure how to achieve this? Request a free proposal to know how our tailor-made solutions can help you.

Objectives of healthcare consumerism

According to healthcare industry experts at Infiniti Research, healthcare consumerism is designed to:

  • Promote closer communications and cooperation between healthcare professionals and patients
  • Encourage patient buy-in and compliance with treatment recommendations
  • Increase knowledge and awareness of lifestyle and wellness practices among patients
  • Focus increasingly on preventative medicine by encouraging healthy activities and habits

Healthcare consumerism: boon or bane?

The era of consumerism in healthcare has arrived. Direct-to-consumer advertising of pharmaceuticals, health newsletters from leading hospitals and medical schools, and, most importantly, the near-ubiquity of the Internet have made it easy for consumers to obtain information about their medical conditions and possible treatments. This presents healthcare providers and patients with both challenges and opportunities.

Some studies suggest that healthcare consumerism can negatively affect the quality of patient-doctor communications. A clash of opinion could arise when the patient’s preconceptions do not match with the doctor’s assessment. Perhaps less information gets effectively exchanged. Even when more information is in fact exchanged, the patient may discount what he or she hears from the doctor. Furthermore, consumerism may raise the possibility of disagreement between patients and clinicians, increase mutual frustration, and result in inefficient use of patient-clinician visit time.

But this is only a part of the story. studies have demonstrated that healthcare consumerism is important to patients, although results vary based on patient demographics and on the complexity of the healthcare decision. Most patients have a much greater personal investment in their own well-being and treatments than the providers in the healthcare industry do and are willing to devote more time to understanding and determining diagnosis and treatment.

The U.S. healthcare industry is en route major transformations and providers must identify ways to revamp their offerings and fill their services gaps in order to survive the dynamic changes. Wondering where to begin? Request a free brochure to know more about our solutions for the healthcare industry.

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Download this free resource from Infiniti Research to gain comprehensive insights on:

  • The opportunities of healthcare consumerism for providers
  • The key challenges of healthcare consumerism
  • Why addressing healthcare consumerism should be the top priority for healthcare professionals in 2019
  • The future of healthcare consumerism

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Healthcare delivery models

How the Evolving Healthcare Delivery Models are Changing the Care Delivery System

Delivering high-quality, accessible, and affordable care are some of the key challenges faced by healthcare systems globally. Healthcare delivery systems must be equipped to address these challenges via the evolving healthcare delivery models. This blog explores some of the new healthcare delivery models and how they are designed to meet the unique needs of complex patients, ensure consistent adoption of best clinical practices, gives greater emphasis on delivering care in the most efficient way, and the changing focus to outcomes rather than inputs.

The global healthcare industry is undergoing a period of transformation. Stay on par with the top players in the market by choosing innovative healthcare delivery models. Request a free proposal to know how our experts can help you achieve this.

New healthcare delivery models

healthcare delivery modelsOut-of-hospital delivery models

Proactive and intensive care for complex conditions

There has been a rapid rise in the number of people diagnosed with long term and complex conditions in the last decade. These conditions are driven by increasingly unhealthy lifestyles and ageing populations. Healthcare delivery systems must identify more proactive ways to manage these patients in the community as well as in their homes. For instance, there are healthcare delivery models in the US that provides holistic care for older patients with multiple long-term conditions through a one-stop-shop. Here, the patients have access to a range of specialists and expanded primary care. Such establishments have not only improved patient outcomes for older and poorer patients, but also reduced hospitalization rates, readmissions, and provided better care and outcomes.

Access to urgent medical care

One of the key challenges faced by every health care system is to avoid unnecessary admissions into their emergency departments. Our healthcare industry analysis in the UK and several other European countries suggest that easy access to high-quality primary care has a real impact on patients. For example, there was a reduction in emergency attendance in Central London with the introduction of general practitioner services seven days a week.

Local access to care for children

Several providers are adopting healthcare delivery models that involve redesigning local services for children to provide high-quality care supported by a network of specialists made available when children and their families most need it. A typical pediatric services model includes one inpatient unit per one million people. It is supported by a network of pediatric assessments units with a 14/7 access to high-quality primary children’s care services. These services include same-day telephone consultations for children with a primary care professional, a telephone hotline for these professionals to seek advice from a consultant pediatrician, and also outreach clinics to treat children with complex health needs and thereby avoid hospital referrals.

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Hospital healthcare delivery models

Specialist centers of excellence

Healthcare delivery models in the form of specialist centers for stroke, cardiac arrest, cancer, and major trauma services are seen to phenomenally successful in the UK. The scale is also achieved through a chain or franchising across multiple sites. These specialist centers have shown immense progress in terms of ensuring adequate care and high-quality treatment to patients.

Community-based hospitals

The success of healthcare delivery models in the form of smaller hospitals requires creative thinking on the workforce along with a recognition that not every hospital has a full range of acute services. These establishments cater to the specific healthcare services such as emergency services or surgery, ensure shorter wait time and faster availability of treatment for patients.

Common characteristics of successful healthcare delivery models

Healthcare delivery models

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Healthcare market research

Why is Healthcare Market Research the ‘New Normal’ For Providers?

In the US healthcare sector, there is relentless focus being given to understanding patients and determining ways to improve patient care. For an extremely complex and sensitive industry like healthcare, market research is vital to identify the actual needs in advance and undertake evidence-based decision-making rather than being reactive to a perceived need. Healthcare market research is all about analyzing and interpreting data to obtain information that can be used to predict future events, actions, or patient behavior. Furthermore, the escalating cost, intense competition, a larger number of choices, and growing dissatisfaction among patients are some of the key factors making healthcare market research vital for survival.

Request a free brochure to gain more insights into our healthcare market research services and understand how we can help your organization engage in data-based decision-making.

Benefits of healthcare market research

If you are still not convinced why your organization must invest in healthcare market research, here are some key factors to consider:

Fill service delivery gaps

Healthcare solutions are overly complex and sophisticated in nature. Using healthcare market research services, providers can assess and identify gaps in their service delivery model and thereby generate stronger patient relationships and outcomes. For instance, with the help of healthcare market research, providers can assess if the staff is struggling to manage data capturing processes and identify ways to solve this issue to ensure that the engagement remains strong in the future.

Finding it difficult to identify service delivery gaps in your organization? Request a free proposal to know how we can help!

Gain product and service development insights

With the rising competition in the healthcare sector, customer acquisition and retention cannot rest on the organization’s past success alone. It is essential to be constantly updated on the changing customer needs and identify new market innovations. Healthcare market research helps organizations in the healthcare sector to remain innovative and updated on the most practical and profitable ways to enhance their product/service offerings. This is highly useful in not only increasing the customer retention rate but also in increasing new customer acquisition.

Stay ahead of market competition

Earlier, only a few major organizations supported by numerous smaller and niche providers dominated the healthcare market. This is not the case today. Owing to the rise in disruptive technology and the influx of venture capital from investors who are keen on high-risk, high-reward models, the healthcare market is now experiencing higher convergence and competition. Although for consumers of healthcare solutions this is a positive development as it leads to more choice and better prices, for businesses in the healthcare sector it means that they are at risk of finding themselves competing with a larger number of players for the same market share. Healthcare market research is a smart, strategic and proven hedge against this risk as it helps healthcare providers stand out in the market through a clear, and actionable understanding of who they need to reach, why and how.

What are some of the key best practices for successful healthcare market research? Download this free resource to find out:

 

Healthcare Market Research Blog COVER

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IR26

The US Healthcare Industry Analysis 2019

The US healthcare industry is increasingly moving from volume-based to a value-based model wherein the key focus will be on improving patient health and ensuring that they are given good care. A value-based model in the healthcare industry would mean lesser revenues/profits for the providers. However, our healthcare industry analysis reveals that treating patients like members of the healthcare system will eventually increase the brand loyalty, help improve goodwill and brand reputation, and thereby enhance the overall health of the nation.

Why is strategic healthcare industry analysis important for providers? Read this blog to find out.

Benefits of Strategic Analysis in the Healthcare Industry

An effective healthcare industry analysis helps providers to stay updated with the latest trends and challenges coming their way. Request a free brochure to know how healthcare organizations can leverage Infiniti’s solutions to stay abreast of the dynamic market.

Top healthcare industry trends 2019

As the healthcare industry makes the shift towards a value-based system, here are some of the key US healthcare industry trends to watch out for:

Healthcare Industry analysisWant to know more? Download free resource from Infiniti Research to gain comprehensive insights into the top trends for 2019 based on our latest healthcare industry analysis.

The future of healthcare industry

The aging population, rising rate of chronic diseases, and exponential advances in innovative, but costly, digital technologies continue to increase health care demand and expenditures. Based on our healthcare industry analysis, here’s our take on key events that would redefine the future of healthcare:

Creating financial sustainability

The performance of the US healthcare ecosystem is greatly being impacted by the increased use of advanced technologies, the rising popularity of personalized medicine, and the demand for expanded care delivery sites. Furthermore, a closer look into the results of recent healthcare market research studies shows that healthcare spending is expected to rise over 5% annually from 2017-2022. Companies in the healthcare sector are now stressing rigorous financial management, efficient operational performance, outcomes-based care, and development of innovative solutions. As a result, there could be improved care provision, reduced costs, declining margins, and aligned cost structure and care models. We can also expect to see developing public-private partnerships and companies in the sector learning from industries outside of healthcare.

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Our healthcare industry analysis suggests that three out of five healthcare providers face difficulty in maintaining financial sustainability. Request a free proposal to find out how we can help you overcome this challenge.

New care delivery models

As discussed earlier, as the healthcare sector in the US is moving from volume to value based delivery models. This will require building an outcomes-based financial model and data infrastructure that will facilitate and maximize value-based care reimbursement pathways. Factors including patient preferences, clinical innovations, and changes in government program payment policies are pressurizing healthcare organizations to shift to alternative points of care. Stakeholders across the healthcare ecosystem must collaborate around new approaches to funding and delivering sustainable healthcare. Investments in advanced technological capabilities such as telehealth could expand services while also helping organizations bend the cost curve.

Regulatory compliance and cybersecurity

Data is the new healthcare currency. So, it is vital for providers to protect healthcare data. The rising market complexities and increase in the number of data breach cases have amplified the need for stringent regulatory and risk management-related government policies. Apart from this, it is critical for healthcare providers to strengthen their focus on compliance and ethics. Focus must also be provided to driving awareness throughout the enterprise.

Cybersecurity is an ongoing issue in the healthcare sector. Read Infiniti’s blog to discover five great ways to improve cybersecurity in healthcare.

5 Great Ways to Improve Cybersecurity in Healthcare

Infiniti’s healthcare industry analysis solutions

The growing healthcare market offers several new opportunities and risks for companies in this sector as well as for those that operate in the broader healthcare value chain. Today, the healthcare industry is at a tipping point, due to which leading market players are now partnering with best-in-class healthcare industry analysis providers such as ours. We provide comprehensive healthcare industry analysis and explore new avenues and markets for growth.

 At Infiniti Research, we help healthcare players to address market challenges by delivering in-depth healthcare industry analysis that highlights the key factors that drive undercurrents of change in healthcare. Our expertise in the field of market research enables us to offer tailored and incisive market intelligence solutions that empower healthcare leaders to gauge how prepared and well positioned they are for the future.

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