Benchmarking in healthcare Archives - Business Intelligence

Tag: Benchmarking in healthcare

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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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.

Looking for an ideal healthcare investment strategy? Request a free proposal and learn how our solutions can help you identify an effective strategy and areas of investment that can help you maximize ROI

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.

Supercharge the ROI of your care management initiatives. Request a free proposal to know how.

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.

Learn more about Infiniti’s solutions for companies in the healthcare industry

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.

Want to learn more about creating engaging healthcare consumer experiences?

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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Future of healthcare

How Medical Device Manufacturers Can Improve Product Quality

The medical device industry continues to innovate aggressively and record stronger growth with each passing year. The key growth enablers for medical device manufacturers include the underlying demographics and the innovation and expansion in clinical applications of medical devices. Against this backdrop, it has become more important than ever before for medical device manufacturers to ensure improved quality in the design, manufacture, and distribution of devices. Furthermore, the rising regulatory compliance requirements imposed by FDA is further putting pressure of companies in the medical device market to prevent themselves from the risks of non-compliance.

Why quality compliance is paramount for medical device manufacturers

As a single error caused by a medical device can have severe consequences not only for the patient but also for stakeholders of the medical device company. One major quality related issue can significantly reduce the share price of medical device manufacturers. As most medical device manufacturers are aware of this risk, they give increased emphasis on quality.

medical device manufacturers

Improving quality can bring costs down significantly for medical device manufacturers. Request a free proposal to know how Infiniti’s experts in the medical device industry can help you identify and curtail both direct and indirect cost that you may incur.

How to ensure medical device quality

Some recent high-profile device failures have led to major product recalls that are costly and impact significantly patient care. To avoid such mishaps medical device manufacturers can undertake some of the following strategies to ensure and maintain medical device quality:

Quality assurance through regulations

Since there is increasing focus being given to value-based patient care, regulatory bodies have tightened the compliance requirements to increase transparency and ensure medical device quality and efficacy. There is also intensified compliance requirements for post-market surveillance, device submissions, quality systems, cyber security directives. With such stricter norms and greater emphasis being given to patient safety, medical device manufacturers must establish processes to achieve compliance through device identification, clinical data collation, and labeling improvements. Using a unique device identification (UDI) system backed by a centralized database will promote the traceability of each device and in turn maintain quality standards.

Maintaining quality is not the only challenge faced by medical device manufacturers. Get in touch with our experts to gain an overview of how our solutions can help you identify challenges that are most likely to affect your organization and strategize an action plan to overcome them.

Creating culture of quality in the organization

Quality begins with every employee in a medical device company and includes every process and procedure ranging from development to delivery. This involves implementing robust quality standard processes across the business. By Improving quality across operations and establishing a comprehensive control mechanism, encompassing people, process, product, and assets, medical device manufacturers can cultivate a culture of quality.

Embracing quality management best practices

The need to curtail losses due to device failure and to comply with government mandates, medical device manufacturers must give more focus on quality management. The help of innovative technologies can be used to develop high-quality products. This includes additive manufacturing for producing customized implants, lasers to facilitate precision manufacturing, micro molding of silicone to manufacture accurate minimally-invasive surgical devices, and low-friction fluoropolymer coatings to efficiently lubricate the guide wire that is used in cardio-vascular surgeries. Furthermore, a risk-based approach would be more effective in ensuring design and manufacturing accuracy for life-critical machines. For instance, in blood line tubing, higher control over cooling water temperatures after extrusion is required compared to PVC tubing to reduced low microscopic defects.

Gain more insights on our solutions for medical device manufacturers

healthcare marketing strategy

Essentials for Creating an Unbeatable Healthcare Marketing Strategy

Every organization needs to have a marketing strategy to stay competitive in the marketplace. When it comes to healthcare, irrespective of whether you are a healthcare provider, health tech developer, or a medical device manufacturer, you need to have a strong healthcare marketing strategy in place in order to survive amidst the emerging trends and massive consolidations in the sector. To stay competitive and gain new business, it is vital to have an effective brand strategy and marketing innovation. In this blog, we’ve discussed some of the must-haves for a winning healthcare marketing strategy.

The best strategies are those that are customized to meet the demands of your organization. Request a free proposal for a tailor-made healthcare marketing strategy to suit your organizational needs.

Essentials for a strong healthcare marketing strategy

healthcare marketing strategyFocus on customer experience

Today, customer experience is one of the most critical factors of success for any business. Your healthcare marketing strategy should revolve around how your products/services will meet the customer needs and ensure better customer experience. An effective healthcare marketing plan must include creating a mobile-friendly website, undertake accessibility best practices for those with disabilities where needed (such as your website or product), enhance usability for your website, service, or product design.

Easier accessibility

Another essential factor to enhance your healthcare marketing plan is to become more accessible to the customers. Undertake efforts to minimize the time taken for patients to reach a hospital facility in order to undergo treatment. This can be done by adopting more advanced technologies in healthcare such as live chat platforms, extended support hours, and telehealth services.

Be where the audience is

For your healthcare marketing strategy to be successful, it is vital to identify where your audience is most active and establish your presence there. Some key questions to be answered here include – what are the social networks that the target audience is clustered around? Is there an opportunity to develop a mobile app? What is your ranking on various search engines? An ideal healthcare marketing strategy should be able to place you where your target audience expects to find you.

While building a healthcare marketing strategy, chances are that you overlook critical factors that may play a key role in influencing your target audience. Request a free brochure to know how our solutions for the healthcare industry can help overcome this.

Build inter-personal relationships

Healthcare is a sensitive subject, so the closer you get to your customers and the better relationships you build with them, the chances of your success becomes higher. Advanced capabilities such as big data and analytics can facilitate in formulating a good healthcare marketing strategy and build better customer relationships. Furthermore, it also helps to understand if there are any common patient or customer demographics that can be incorporated into your marketing message.

Increase security

Security is one of the key issues looming in the healthcare industry right now. All your efforts put into building a good healthcare marketing strategy can go down the drain if your customers do not trust you with their data. From electronic health records to customer login details, security best practices must be followed, and all the regulatory requirements should be adhered to.

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