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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.

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.

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healthcare innovation

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

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

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

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

Unaligned budgeting units

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

Rigid annual operating budgets

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

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

Separating operating- and capital-budget timelines and process

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

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Healthcare delivery models

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

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

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

New healthcare delivery models

healthcare delivery modelsOut-of-hospital delivery models

Proactive and intensive care for complex conditions

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

Access to urgent medical care

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

Local access to care for children

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

Interested to know more about our solutions for the healthcare industry and how they can help you transform into a world-class organization? Request a free brochure.

Hospital healthcare delivery models

Specialist centers of excellence

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

Community-based hospitals

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

Common characteristics of successful healthcare delivery models

Healthcare delivery models

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biopharma industry

Top Trends Shaping the Asian Biopharma Industry

Some of the earlier events in Asia, such as China’s market access blockade, Japan’s spending controls, and deceleration in Southeast Asia and India have contributed towards a flat enthusiasm for the biopharmaceutical sector in Asia. However, certain recent trends have reignited the interest in biopharma in this region, with key implications for pharma executives.

Asia is popular for its dynamic markets and its rapid growth. Although over the past year the enthusiasm in the region for biopharma has been flat, several recent biopharma trends have turned the tables. This has brought about several market changes that make it essential for companies to reassess their strategy and go-to-market model. In this blog, biopharmaceutical industry experts at Infiniti Research discuss some of the recent biopharmaceutical industry trends in Asia and share perspectives on their implications for executives in biopharmaceutical companies.

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Key biopharma trends in Asia

CDFA reforms in full stride in China

The recent China Food and Drug Administration (CFDA) reforms are more optimistic fundamentals that aim to support industry growth through innovation. Over the past few years, the CDFA has made significant strides in terms of addressing critical gaps in the system. Furthermore, there have been several reforms published on the drug-registration policy. These policies have been designed to improve the registration process and to encourage companies in the biopharmaceutical industry to bring innovation to China. This includes therapies for addressing severe and rare diseases and fast tracking approval for therapies. As a result of these new drug approvals, a record number of approvals and new product launches were seen over the last couple of years. The biopharma industry in China is accelerating against the backdrop of the new CDFA reform.

Price reforms in Japan

The Japanese ministry of health made a proposal in 2017 to overhaul the current drug pricing regulations. This reform will affect both the new drug pricing and in market pricing revisions across all drug categories including off-patent long-listed products, patented prescription drugs, and generics. This includes changes such as narrowing price maintenance premium (PMP) for patented products. The PMP will now be applicable only to selected drugs and full premium will be awarded only to a subset of companies. The scope of the premium will be limited to innovative drugs and the amount of premium will be matched to a company’s contribution to R&D.

Emerging fund pools in Southeast Asia and China

In China, there has been an upward trend in the expansion of reimbursement of innovative drugs. Furthermore, companies in the biopharma industry in China have also started to experiment with new models to improve patients’ access to medicines. China remains an important growth engine for companies. With these biopharma trends and changing outlook in China, the country remains a highly lucrative market and an important growth engine for companies in the biopharma industry.

Stay current on the latest market updates and leverage advanced solutions to achieve your business goals. Request a free proposal for more insights on how our solutions can help your business.

Digital and advanced analytics in healthcare

Although big data and other digital technologies have been constant buzzwords in the biopharma industry in Asia, now we are seeing their gradual uptake by several companies in the sector. Governments in Asian countries like China and Japan have introduced policies to promote the application of such advanced biopharma trends. Furthermore, even physicians and medical reps, especially in Japan, have already shifted away from pharmaceutical sales reps as their primary information source and use digital channel as their primary source. In China, for instance, studies show that doctors spend over two hours of their working day on an average online and have switched from computers to smartphones to support many of their professional activities. Consequently, digitalization is going to be one of the key biopharma trends that are going to revolutionize Asia.

Learn more about Infiniti’s solutions for business.

Global-Meetings-and-Events-Market_CMST31

Category Scan: Telehealth Services Market Innovations and Updates 2019

When it comes to the telehealth services market, our experts predict that the industry has reached a tipping point. Increasing consumer demand, technological advancements, and innovative research activities have reached a stage where the law of accelerating returns states that “technological advances will be exponential rather than linear.” Which basically means that with technology becoming increasingly effective, greater resources will have to be dedicated to furthering its reach and impact.

The article below scans the category for telehealth services in its entirety to help healthcare companies understand and stay abreast of the latest news, innovations, and market developments.

Telehealth Services: Recent Innovations and Market Updates 2019

Emerging innovations in the self-service arena

Technological innovations like artificial intelligence are gradually finding their way into telehealth services. The use of such tech trends in telehealth apps not only guides patients through a series of questions and collects data but are also capable of interpreting these user responses. This means that a tremendous amount of groundwork can be completed before the patient connects with the provider, making clinical interactions more efficient and focused.

Direct to consumer market has matured

Direct to consumer is one of the commercially successful telehealth services segments that has attracted the maximum health technology investment. A couple of telehealth services providers own a significant chunk of the market share in the direct to consumer market.  It encompasses several products and services and enables the highest level of quality and cost-effective healthcare for patients, irrespective of their geographic location. However, healthcare systems struggle to turn this form of technology into a profitable revenue stream as consumers have been slow to adopt this model. It attracts a new set of consumers who might not otherwise use medical services, thereby, driving costs up.

Our portfolio of services for the healthcare industry has helped leading providers to gain a front-line advantage. Request a free brochure to know how we can help transform your telehealth services business!

telehealth services

Telemedicine kiosks to dispense prescription medication

Although the use of self-service kiosks in hospitals and clinics are becoming common, the use of kiosks to provide healthcare assistance outside hospital premises is a fairly new concept in healthcare. A company based out of the US recently launched telemedicine service kiosks that can dispense prescription medications. These kiosks are primarily aimed at patients with non-life threatening conditions like colds, rashes, and fever. The company claims that its HIPAA compliant telemedicine stations can be deployed in airports, hotels, colleges, and large private employers. Their telemedicine station is equipped with thermal imaging capability to detect body temperature and diagnose infections. It also helps in analyzing height, weight, and blood pressure. Each unit also includes a locked dispensary, which contains a number of the most commonly prescribed medications in the most commonly prescribed dosages, which can be prescribed at the end of a telehealth visit. Such innovative telehealth services will be highly useful in providing faster and easier healthcare access to patients.

Provider collaboration offering opportunities for growth

Provider collaboration could play a major role in enhancing communication between physicians, specialists, and nursing staff. Furthermore, it helps physicians to seek the expertise that they don’t possess. A classic example of this is the use of telestroke in the emergency room, a technology that was introduced in 2015 at the University of Minnesota Medical Center. It provides neurologists immediate access to incoming stroke patients through emergency room video conferencing. There are a huge number of companies leveraging such telehealth services.

Wonder how to cope with the rising healthcare costs? Infiniti’s market intelligence solutions for the healthcare industry can help you find the answer.

Building telemedicine capabilities into new spaces

This is one of the most recent and interesting paradigms in the telehealth services market. It involves the idea that patients can be treated through telemedicine in the hospital, at home, in nursing homes, in physician’s offices, and other places. These types of telehealth services aim to promote the idea that rather than forcing patients in need of care to travel, they can be provided with care in the space that is most convenient to them. Equipping nursing homes and hospital rooms with technologies to facilitate this would enable a variety of practitioners to provide bedside care more conveniently. In this case, the transportation of patients can be avoided and practitioners can access more patients without disruption. In addition, the primary care provider, family, and friends located elsewhere could link into the video consultations.  This plays a major role in enhancing the communication between all parties involved in the patient’s care.

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IR26

Top 3 Digital Solutions for Preventive Health Care in 2019

Today, no one can dispute the fact that technology that has enabled all of us to live healthier and longer lives. From surgical robots to smart hospitals, digitization has become inevitable and is revolutionizing patient care in innovative and exciting ways. Healthcare and technology are becoming inextricably linked with new discoveries and innovations becoming the new norm in the industry.  Many health-related services and devices have been developed in recent years with the intention of improving the quality of life of everyone. This has resulted in the implementation of innovative digital solutions for better preventive health care delivery by many international healthcare companies. In this article, we have talked about some of the most useful digital solutions for preventive health care in detail to help you serve your customers with better healthcare services.

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