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Building an Effective Remote Patient Monitoring Strategy

With the rising demand for healthcare services especially due to the growing incidence of chronic diseases among the aging population, there is unprecedented stress on primary care. Furthermore, the low nurse to patient ratio in hospitals as well as clinical setup are increasing strain on emergency care centers and assisted living centers. To tackle similar challenges, healthcare systems are considering to radically transform service delivery through remote patient monitoring services.

Remote patient monitoring (RPM), a technology that allows patients to be monitored outside traditional clinical settings, was relatively slow to be adopted by healthcare providers. A variety of technological and financial factors hindered the early adoption of remote patient monitoring systems. However, over the years, the remote patient monitoring market saw an increase in the number of patients being monitored remotely and the trend is expected to continue over the next decade as well. Whether your healthcare organization was an early adopter of RPM technology or you are just getting into the game, there remains a number of basic factors that must be considered to ensure your RPM efforts are financially and clinically successful. Based on our expertise in helping several remote patient monitoring service providers tackle key challenges, below are some key points to consider.

While implementing advanced healthcare technologies in your organization, it’s easy to overlook some key gaps in implementation. RFP to consult an expert from Infiniti Research and learn how we can help you with a flawless technology implementation strategy to suit your business needs.

remote patient monitoring

Remote patient monitoring in today’s healthcare scenario

Today, with pay-for-performance becoming mainstream, remote patient monitoring has now become imperative for providers of all kinds. However, this wasn’t the case a decade or two ago. But with the multitude of benefits that RPM brings with it including aiding better clinical outcomes, controlling healthcare costs, reducing admissions and readmissions, and improving overall access to healthcare are some of the main reasons why healthcare providers are increasingly making RPM devices available to their patients. In some cases, remote patient monitoring is used as a condition of long-term treatment, especially for those with chronic diseases.

Execution is more important than the technology

Remote patient monitoring services undoubtedly provide a host of benefits for healthcare providers and patients with chronic illness. But it is essential for healthcare providers to not get carried away by these lucrative advantages. Firstly, it must be ensured the organization is equipped with the necessary infrastructure, personnel, and work processes that are required to provide scalable RPM implementation that can exceed performance expectations. Prematurely rolling out remote patient monitoring strategies and initiatives can result in failure due to faltered back-end execution. This could in turn also hamper the organization’s reputation.

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Conduct early due diligence

Leveraging the ample amount of available data and input on remote patient monitoring tools is more feasible than using pilot projects. As modern patients expect turnkey solutions from healthcare providers, organizations cannot expect patients to wait until they resolve the gaps in these pilot projects. A greater degree of patient and staff satisfaction can be ensured by rigorously conducting due diligence at the early stages, and ensuring that the remote patient monitoring system can be rolled out successfully.

Consider RPM as a cost containment strategy

A healthcare organization’s remote patient monitoring strategy should not ideally be dictated by an RPM vendor or be based on the deals on RPM technology. In order to be able to clearly visualize the merits and demerits of remote patient monitoring technologies, providers could consider the benefits of working with a healthcare consulting firm that is well-versed in this and can help in strategic allocation and implementation of the technology.

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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 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

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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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?

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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.

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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.

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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.

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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.

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