Tag: digital healthcare services

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 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.

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.

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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.

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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:

 

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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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The Medical Device Industry is Revamping Itself: Here’s Why!

The medical device industry is embarking on a new phase of change. In this blog, our industry experts discuss some of the key factors influencing transition in this sector.

The expectations of stakeholders in the medical device industry are changing over time. Patients expect superior service and care models, physicians require data from multiple sources to be brought together in one place, and payors seek lighter financial burdens and better real-world outcomes. Such mounting pressure is urging companies in the medical device industry to revamp their offerings and stand out in today’s increasingly crowded market.

The rapid technological growth rate in the medical device industry is undoubtedly the backbone of this sector. But not long ago, the industry was wrestling several challenges and struggling to implement and adopt advanced technologies. Some of the impediments leading up to this included the paucity of talent, incomprehensible technical complexities, constantly changing regulations, and limited leadership mind-share. In fact, just a decade ago, the integration of new and advanced technologies in the medical device industry was far behind when compared to other industries such as Telecom, Retail, and Automotive. The reality still remains that companies in the medical device industry still lag in tapping into customer and business model-led opportunities and adopting advanced technologies such as IoT, big data, artificial intelligence, augmented reality, and robotics. With only a handful of key players in this sector building sizeable businesses by leveraging the available opportunities and the upsurging competition from non-traditional players such as start-ups, players in the medical device industry are in the dire need to revamp their strategies.

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Change in customer expectations

Earlier, the delivery of digital healthcare had limited reach, was of low quality, and highly expensive. However, modern healthcare consumers are tech-savvy and expect the digital intervention to transform their healthcare experience. This shift in consumer behavior has elevated the focus on patient-centric health care and has become a major driver for the adoption of advanced technologies among OEMs. Players in the medical device industry are focusing on personalized healthcare solutions and devices to gain a bigger slice of the market.Get More Info

Shift in business models

The modern day medical device industry is going through a tectonic shift in business models. The increased connectivity between devices, physicians, and consumers are inflating the demand for high quality, personalized, and patient-centric care. Today, the volume-based fee-for-service models in the medical device industry are shifting to new incentive models that focus on value-based metrics. Though traditionally the OEMs have been able to compete with conventional business models without much differentiation, a long-term strategy would necessitate OEMs to create innovative and sustainable business models that will result in efficient healthcare delivery, reduced costs, and improved medical outcomes.

There is a colossal amount of patient and healthcare data being generated each day. This spawns fundamental questions about patient privacy and safety. Albeit the incrementally, regulatory authorities are still evaluating out the implications of new technologies on patient security and care. In reality, apart from becoming heavy on the pockets for healthcare companies, data breaches also give rise to serious concerns regarding patient safety. Therefore, the need to strike a balance between advancements and protecting patient security and safety is, therefore, paramount.


Know more about Infiniti’s market intelligence solutions for the medical device industry and how our solutions can help businesses in proactive decision-making.

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Top Patient Monitoring Trends – Aim for Better Patient Care

Patient monitoring systems are essential to provide quality care to the patients. Monitoring can be done by measuring different health parameters including vital signs, heart rate, blood glucose, and neurological indicators. A top-notch patient monitoring system helps healthcare facilities to reach the highest levels of clinical excellence. The goal of any healthcare system is not only limited to providing the highest level of patient care but also to limit the incidences of readmission. New patient monitoring devices can change the medical care landscape and streamline Request Free Proposalcosts by reducing such hospital readmission rates. So what are the trends in patient monitoring that are changing the landscape of the healthcare industry?

Top Trends in Patient Monitoring

Real-time and remote patient monitoring

Telemedicine is becoming more of a reality these days. The ability to remotely diagnose patients and provide a treatment plan drastically reduces the healthcare costs. It’s a win-win situation as the care is delivered to them as per their convenience. It also enables healthcare professionals to serve remote and less populated areas without having to be physically present in the location. Imagine a situation where cardiovascular patients blood pressure and heart rate are regularly measured, and the data is fed back to cardiologists. It can help the cardiologists to track all the vital metrics and make important suggestions to improve patient care.

Aging population vulnerable to chronic disease

The world population is aging, and people are living longer than ever before. Consequently, they require better healthcare attention than the general population. This tends to put a lot of strain on the healthcare system. It is estimated that by 2050, the population of people over the age of 65 is expected to reach nearly 1.5 billion.

Shift to value-based, outcome-based, and patient-centric care

Industry analysts frequently point out that the healthcare industry is moving towards value-based care. It is shifting the financial incentive to a healthcare model where healthcare facilities and providers are compensated based on how their patients fare. It means the healthcare industry has to figure out a way to only perform necessary amounts of tests, visits, or procedures. Patient monitoring solutions can give healthcare professionals real-time data on patients’ well-being and progress, which assists them in providing quality care.

The emergence of big data

Big data is shaking the healthcare industry. It is helping the industry progress in all fronts including precision medicine, predictive analytics, fraud detection, and clinical trials. It has affected all healthcare areas from oncology, neurology, genomics, to cardiology. Patient-specific data gathered from patient monitoring tools such as wearables, home monitors, and smartphones is boosting the patient experience and improving health outcomes. Big data allows healthcare professionals to analyze sizeable medical data sets across a vast population to explore research and treatment opportunities.

Role of IoT

The role of IoT has been deeply discussed in the manufacturing industry and home automation. However, it is also playing a big part in the medical industry. IoT will allow patients and providers to work together for deeper engagement, open communication, and chronic disease management. The Internet of Things will enable devices to connect to the internet and provide patient health information to the doctor who can assist with the treatment. It can also monitor patient behavior and notify doctors if patients missed their prescription.

 

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