business intelligence in healthcare Archives - Business Intelligence

Tag: business intelligence in healthcare

Healthcare industry

Confronting Change Fatigue in the Healthcare Industry

The external environment is constantly changing, what are its implications on your organization? The healthcare industry is one such sector where organizations have been under constant stress after almost a decade of restructuring, transformations, and turnarounds. Furthermore, healthcare companies have been overwhelmed by a plethora of quality initiatives and goals for physicians including the increasing need to reduce infections to preventing readmissions, medication errors, falls and pressure ulcers. As a result, the healthcare industry is understandably showing signs of change fatigue.

When senior managers talk to employees on a regular basis about how a transformation is going, the whole company is more likely to maintain a sense of direction. This has declined dramatically in the healthcare industry over the past few years. Companies that lack a clear sense of direction run the risk of change fatigue and could result in their transformation efforts to burn out before it can take off. In this article, healthcare industry experts at Infiniti suggest some key strategies to prevent change fatigue in quality initiatives at healthcare organizations.

Don’t wait for a wake-up call to create strategies to adapt to the changing market demands. Request a free proposal to know how we can help your business stay prepared with the right strategies well in advance of market transformations.

healthcare industryImplement a quality culture

One of the ways in which companies in the healthcare industry can prevent change fatigue in their organizations is by implementing quality initiatives as part of a broader organizational culture of quality and safety. Building an organizational culture that is largely based on high reliability and delivering consistently in a high-risk environment.

Constant communication about progress

Experts at Infiniti Research suggest that another way to prevent physician and staff burnout is to constantly communicate with them regarding progress towards their goals and also recognize key achievements. Keeping front-line workers updated on progress is critical for engaging them in quality improvement efforts.

Get in touch with our experts to know how we have helped top companies in the healthcare industry to sustain healthcare transformations.

Assign accountability

Making different individuals accountable for specific tasks and goals keeps people engaged in quality efforts. This also helps prevent fatigue. Goals can also be set for individual departments in healthcare companies to demonstrate how each team member contributes to the achievement of the team’s overall goals.

Re-train staff

As the organizational demands and the external environment are rapidly changing, it becomes highly necessary to re-train employees in the organization to keep them engaged and equip them to carry out new tasks to meet demands. Furthermore, investing in training and retraining ensures everyone has the skills and tools to improve and helps keep quality improvement at the forefront.

Learn more about Infiniti’s solutions for the healthcare industry.

healthcare market segmentation

Why Healthcare Market Segmentation is Invaluable to Providers

healthcare market segmentation

Market segmentation is used by companies across industries to group their customers into diverse groups based on their similarities and analyzing each group separately to identify key factors affecting their behavior. Healthcare market segmentation is a relatively new concept. It provides insights into the behavior of healthcare consumers in an environment where healthcare is moving rapidly towards patient-centered care which is premised on individuals becoming more active participants in managing their healthcare plans. Awareness of consumer preferences must be taken into consideration by companies in the healthcare industry to encourage and support consumer engagement in healthcare. Based on our expertise in helping several healthcare organizations cater to their consumer needs effectively, let’s explore some of the key benefits of healthcare market segmentation and how it can help providers enhance their services.

Several leading healthcare providers have leveraged Infiniti’s healthcare market segmentation to better engage with patients and deliver tailored services. Request a free proposal to know more about our healthcare market segmentation engagement.

Benefits of healthcare market segmentation

healthcare market segmentationPatient engagement

Although a disease registry could provide data relating to patients suffering from a particular disease, it is not entirely necessary for these patients to be homogenous. Layering information about the behavior and attitudes of patients apart from the clinical information is one of the best ways to communicate and engage with several types of patients and improve the care provided.

Healthcare marketing

Not all consumers respond in the same way to a particular message. Gaining deeper knowledge about patient preferences through healthcare market segmentation can help determine the types of message and marketing communications that a particular group of healthcare consumers are more likely to respond to. As such, healthcare market segmentation can also prevent providers from spending unnecessarily on marketing initiatives that are less likely to strike a chord with their target audience.

By understanding your existing and potential customers in terms of distinct market segments, we can help you gain vital insights for promoting your products and services to each segment more effectively. Get in touch with our healthcare industry experts for more insights on our solutions.

Service distribution strategy

Healthcare market segmentation can help healthcare companies to gain deeper knowledge on the consumer segments that are prevalent in different neighborhoods. Using this information, healthcare organizations can determine the type of providers and services that they could place in various parts of the market.

New product or service development

Different patients may opt for a different model of care or healthcare plans. By resorting to healthcare market segmentation, companies in the healthcare sector can identify how different consumers respond to different healthcare plans and the gaps in the current offerings. This information can also help providers to enhance their existing products/services or even create new ones to meet the demand if required.

Infiniti is well versed in a multitude of qualitative and quantitative solutions to address your healthcare market segmentation needs. Learn more about our services portfolio.

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.

Learn more about Infiniti’s solutions for the healthcare industry

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 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

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.

Healthcare market research

What Automation Means for Healthcare Market Research Providers

Automation and other technological innovation have already made their way into several processes in the healthcare industry. However, automation in healthcare market research is a relatively new concept. There has been several debates and discussions in the past couple of years relating to the pros and cons of applying automation in healthcare market research. Most stakeholders in the sector were of the belief that applying automation into healthcare market research is either out of scope or introduces sampling or methodological variability. Consequently, substantial amounts of routine tasks, data integration, and reporting remain manually done. Given the amount of technology available today, healthcare market research services providers must leverage them to enhance the accuracy of their findings and improve data recording and analyzing processes.

Manual processes in healthcare market research, especially in an era where there is an abundance of data to be collected and filtered, can prove to be extremely tedious for researchers. So, what exactly does automation mean for healthcare market research service providers and what are the key types of automation that they should be watching out for?

Request a free proposal to know how our solutions for the healthcare industry can help you overcome key challenges in patient-care.

Automation in healthcare market research

Healthcare market researchWhen considering automated solutions, providers must take into consideration these key factors:

Sampling

Getting the right audience to fill surveys and collecting this data within a stipulated period of time from multiple respondents can prove to be a highly exhausting task for healthcare market research providers. Moreover, with physicians busier than ever due to rising demand for healthcare services, getting them to provide high-quality answers while on the go is another hurdle. Automation in the form of sophisticated sampling algorithms however now allows researchers to optimize for speed and response quality. Here, the sampling methodology used goes out to smaller subsets of respondents at a time. Such sampling automation means a better survey experience for physicians, resulting in quicker responses and increased rates of participation with higher data quality.

Survey data

One of the prime reasons why traditional healthcare market research takes several weeks to be compiled and reported is the enormous amount of time and effort required to cleanse the data sets. New survey technology applications help solve this issue by validating responses as they come in. This is also known as real-time data quality assurance and it uses software to clean data sets during fielding or as soon as surveys close. Consequently, this provides high-quality, accurate, and real-time survey data. Survey technology providers are increasing their proficiency in data analysis, and market researchers are adopting this approach in large numbers.

How effective are you in understanding patients needs and delivering the expected standards of care? Request a free brochure to learn about our healthcare industry solutions and how we can help you enhance your care delivery model and generate better profitability for your business.

Tracking study

Social media algorithms are highly advanced. Algorithms that automate shares, tags, and tweet is a great analogy for the tracking study. Healthcare market research applications are applying similar timeline algorithms to the tracking study. Automation takes the complex work out of repetitive fielding of tracking surveys, collecting responses, and providing visual comparisons of multiple waves. Machines can now do large quantities of tedious work, so healthcare market research teams can spend their time defining and analyzing KPIs and make smart decisions with the data.

Learn more about Infiniti’s solutions for business

healthcare industry analysis

Asian Healthcare Industry Analysis 2019: The Wows and Woes

According to our healthcare industry analysis for the Asian market, the sector is expected to record positive growth this year. The rising adoption of technology, innovative healthcare access programs, and growing healthcare industry trends like care delivery outside hospital settings are some of the vital factors fueling the growth of this sector. However, players in this industry still have to identify complex and innovative solutions that can tackle key healthcare industry challenges such as access and affordability in Asian countries. Other challenges in the Asian healthcare sector that requires immediate attention includes policy innovation, support for new business models, development of patient-focused technology platforms, and the evolving role of consumers in healthcare.

Based on a comprehensive healthcare industry analysis by experts at Infiniti research, we have listed out some of the top healthcare industry trends and challenges to watch out for in 2019.

Request a free brochure to know more about our services for the healthcare industry and learn how our healthcare industry analysis has helped several global players strategize their moves for different markets.

Asian Healthcare industry analysis 2019: Top trends and challenges

Healthcare industry analysisRising need for private health insurance

This year, Asian countries will see an increase in the adoption of private insurance, including in countries such as Japan and Singapore that has a strong universal coverage system in place. Our healthcare industry analysis shows that the rising cost of healthcare services is driving consumers to invest in better protection against healthcare-driven-poverty. Furthermore, insurance companies are also bringing in new channels of consumer penetration and wellness-focused products that use advanced technologies to manage consumer health better.

Rise of digital platforms in clinical trials

The increasing cost pressures and a decrease in new drug pipelines have prompted pharmaceutical companies to adopt digital solutions to gain greater efficiency in their research operations. Advanced technologies such as big data, artificial intelligence (AI), Internet of Things (IoT) devices, mHealth platforms, wearables, and crowd-sourcing platforms will facilitate new workflows in clinical trials management and their execution across Asian countries.

A comprehensive healthcare industry analysis is critical for players in the sector to understand the key opportunities and challenges in different markets. Request a free proposal for more insights on your target healthcare market.

Value-based reimbursement

The in-depth healthcare industry analysis of the Asian market conducted by experts at Infiniti Research suggests that value-based reimbursements will soon make its debut in Asian countries. The popular global trend of outcome-based payments and reimbursement models are currently missing in Asia. A closer look into the Asian healthcare industry analysis also shows that industry suppliers, including IT vendors, medical technology companies and pharmaceuticals are already partnering with public and private payers to introduce outcomes-based reimbursement models for expensive therapeutic products and services. Japan is expected to be the first country in Asia to introduce an outcomes-based reimbursement model with China potentially following suit in the near future.

Growth of Home health monitoring platforms

The rise in tech-enabled homecare platforms, which was introduced in Asia a few years ago will start generating returns as well as ecosystem level partnerships that will consequently result in better market sustainability. Based on Infiniti’s healthcare industry analysis, experts also suggest that the industry will move to the next level with the increasing adoption of home-based sensors, robotics, and AI-enabled home health monitoring platforms.

Learn more about Infiniti’s solutions for the healthcare industry

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice