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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 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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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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Competitive Intelligence Study helped a Healthcare Equipment Supplier to Effectively Position their Products

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LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a healthcare equipment supplier. The increasing demand for good quality and affordable healthcare are forcing governments across the globe to ramp up their efforts to meet the needs of the aging population. The constant innovation in design and technology are facilitating healthcare equipment providers to increase efficiency in their product offerings while meeting the quality requirements.

“Competitive intelligence solution focuses on collecting data about the environment to make the most informed business decision. Moreover, competitive intelligence solution can be utilized by healthcare equipment companies to study the experiences of the competitor, how their audiences respond and create an effective marketing strategy. “says an expert at Infiniti Research.

 

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The solution offered helped the healthcare equipment client to understand the target market in terms of shifts in competitors’ strategy, product pricing, and its benefits. The solution also helped the healthcare equipment client to identify the potential business risk and opportunities and enable faster business decisions.

Additional Benefits of The Competitive Intelligence Solution

  • Predict competitive activity and develop a business strategy to enhance their process efficiency.
  • Identify the key performance indicators and streamline their marketing efforts to enhance their ROI.
  • To know more, request a free proposal

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Pharmaceutical Industry

Competitive Intelligence Study: How Infiniti Helped a Prominent Healthcare Equipment Supplier Effectively Position their Products

As the demand for quality and affordable healthcare increases, governments across the globe are ramping up their efforts to meet the needs of the aging population. With the constant innovation in design and technology, prominent healthcare equipment providers are planning to increase efficiency in their product offerings while meeting the quality requirements. Moreover, the cost-effectiveness and convenience associated with these products are responsible for the adoption of these services. The prominent areas of development such as robotics and minimally invasive surgery technologies can further contribute to the growth of the healthcare equipment space.

Here are some of the factors that may influence the growth of the industry over the years:

  • Retaining product quality: In healthcare, maintaining product quality becomes a major concern for the organizations. Healthcare equipment manufacturers should warrant top-notch quality in their products to avoid product recalls. Assuring safety and security becomes a challenge for the organizations as frequent product recalls can affect their brand reputation.
  • Cost of product development: As the prices of raw materials keep fluctuating, it becomes necessary for businesses to maintain consistency in their product offerings. Leading organizations should rely on innovations to meet the demands of the target segments. Besides technology, it becomes a mandate for the organizations to meet the compliance requirements while maintaining efficiency in the products.

To address these specific challenges and compare the products with that of the competitors, leading organizations are augmenting the need for a competitive intelligence study. A detailed competitive intelligence solution focuses on collecting data about the environment to make the most informed business decision. Moreover, competitive intelligence solution can be utilized to study the experiences of the competitor, how their audiences respond and create an effective marketing strategy.IR_Brochure

The Business Challenge

  • Client– A renowned healthcare equipment supplier

The client, a renowned healthcare equipment supplier, wanted to anticipate challenges and identify the industry cost curves in the healthcare equipment space. With the help of a competitive intelligence solution, the client also wanted to evaluate the market size and learn about new products that the competitors are offering. Furthermore, the client wanted to understand the supply-demand relationship for the products. The primary objective of the client was to identify the potential competitive gaps and develop a robust marketing strategy to enhance their business performance.

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Our Journey

To evaluate the current environment, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the healthcare equipment space. To gain an edge over the competitors, the experts also compiled information across reliable sources such as paid industry databases, company presentations, and industry forums in the healthcare equipment space.

The Solution Benefits and the Business Impact

The solution offered by Infiniti helped the healthcare equipment supplier understand the target market in terms of shifts in competitors’ strategy, product pricing, and its benefits. The solution helped the client identify the potential business risk and opportunities and enable faster business decisions. The healthcare equipment supplier was able to anticipate competitive activity and develop a business strategy to enhance their process efficiency. Furthermore, the client was further able to identify the key performance indicators and streamline their marketing efforts to enhance their ROI.

The Future

The future of healthcare equipment space will be influenced by ever-changing market dynamics such as innovations in the form of augmented reality to analyze the functioning of human body. Moreover, advances in medical technologies such as implanted devices, medical 3D printing, and real-time diagnostics will further contribute to the growth of the healthcare equipment space over the next five years.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the healthcare industry

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