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Employee Engagement in Healthcare

Studying the Value of Employee Engagement in the Healthcare Industry by Discussing FAQs with Experts

Healthcare develops and grows at a phenomenal pace, making it one of the most challenging industries. Maintaining a streamlined value chain, keeping pace with the dynamic market, addressing consumers’ needs, and proactively adopting technology are significant challenges plaguing the healthcare industry. However, recently, employee engagement has become a primary focus for industry players.

Employee Engagement

In an industry as tumultuous as healthcare, professionals often face various physical, mental, and emotional challenges. Being extremely people-centric, the healthcare industry needs to maintain a healthy environment for consumers and employees at all times. This requires employing efficient employee engagement strategies, providing employees with a beneficial and supportive work environment, permitting room for learning, rewarding good performance, and encouraging a healthy dynamic between management and employees.

As the industry continues to propel forward, the backbone – doctors and nurses – require guidance, comfort, and support from the management with employee engagement strategies. To provide further insight into the value of these strategies in the healthcare industry, Infiniti’s healthcare industry experts answer important questions about the importance and benefits.

Having a loyal and efficient workforce can differentiate your business from competitors in the highly competitive healthcare industry. Request a free proposal to learn how Infiniti’s employee engagement solutions can help your organization grow exponentially.

What is Employee Engagement?

Employee engagement is widely understood as the level of emotional attachment, passion, and loyalty of an employee toward their organization and work. Higher engagement has been found to directly correlate with employees’ motivation to achieve beyond the status quo, a tendency to participate in the growth of their organization actively, and an overall improvement in performance, subsequently increasing revenue and propelling the organization forward.

Employee engagement strategies help companies promote and encourage further engagement from their employees, using various approaches. These strategies include maintaining transparency along the value chain and within the organization itself, developing and promoting a work culture and environment that is supportive, active, and engaging. Many businesses host and encourage weekly, monthly, and annual events, including celebrating significant festivals or beginning an in-office trend, such as casual Fridays. Certain organizations prefer officially encouraging or rewarding good performance with monetary compensations, incentives, or public acknowledgment.

Why is it important in Healthcare?

In the healthcare industry, employee engagement is important to public health as well. Burnout in the medical field is extremely common and often the cause of medical negligence, fatal errors in medication and surgery, and in some cases, untimely retirement or severe mental and emotional repercussions. Engaged employees in the healthcare industry are known to provide better patient care, learn and study more, increase productivity, and improve patient safety.

Employee Engagement

Employee engagement strategies help companies target and mitigate the possibilities of professional burnout, provide doctors and nurses with the resources and support required to increase their engagement, and consequently enable improved patient care and overall public health.

Ensuring employees’ health and development is imperative to the growth of the organization. Request more information to gain further insights into the business and professional benefits of employee engagement solutions.

What are some Significant Business Benefits?

As discussed previously, employee engagement strategies help professionals offer better patient care, improve their overall performance, increase loyalty and learning, and help the company grow. However, the business benefits of employee engagement in healthcare are as rewarding as these strategies’ social, professional, and mental benefits. Improved patient care leads to higher patient satisfaction and more loyalty toward the organization or healthcare institution, imperative in a highly competitive environment.

Employee Engagement

Employees’ enhanced performance can help healthcare institutions address all potential external challenges, shortages, and business decisions with clarity, proficiency, and enthusiasm. A supportive workforce propels companies more than a large workforce alone can. Additionally, increased employee engagement leads to more loyalty, reducing employee turnover, shortages, and operating costs substantially.

How to Improve Employee Engagement?

Moving forward, succeeding, and growing are often the primary focus for professionals across fields. In the healthcare industry, this often translates to the need to keep learning, helping patients tackle various health challenges, and becoming a key opinion leader in their specialized field. Employee engagement can help professionals achieve these goals within a singular organization if the healthcare institution promotes and supports high engagement. This is making it increasingly crucial for healthcare industry players to take proactive initiatives to improve employee engagement.

Employee Engagement

Acquiring and retaining employees with high engagement begins with the hiring process. During the hiring process, organizations are encouraged to employ professionals aligned with their vision, mission, and company values. Additionally, providing employees with multiple opportunities to grow and develop within the organization boosts high performance, increases loyalty, and improves job satisfaction. Lastly, regular feedback is an employee engagement strategy that promotes communication and learning, which helps the company grow and function efficiently while providing constructive criticism and public recognition.

Leveraging engagement strategies is an important step toward the advancement of healthcare industry players. Speak with our experts to learn how your organization can propel growth with our employee engagement solutions.

Customer Segmentation + Online Healthcare Service Provider

Analyzing Consumer Needs and Improving ROI for an Online Healthcare Market Client with Customer Segmentation Solution

Online Healthcare Market Overview

The healthcare industry adapted to the rise of digitization rather quickly and efficiently. Over recent years, the rising adoption of mobile devices, the introduction of the Internet of Things (IoT), and the promotion of online services have given rise to the vast field of digital healthcare. Online healthcare services range from providing relevant medical information, online consultations, health education services, and more. As digitization continued to spread, online healthcare market players aim to improve their offerings, differentiate their strategies from competitors, and address their consumers’ unmet needs. Therefore, many industry leaders leverage customer segmentation solutions to gain an in-depth understanding of their consumers.

Infiniti’s customer segmentation solutions have helped many companies categorize consumers, evaluate their needs, identify profitable customer segments, and adapt their strategies and offerings to accommodate for their consumers’ demands. Customer segmentation also enables improved marketing strategies, personalized offerings, better product development, and higher patient engagement rates. In the growing online healthcare services market, it is becoming increasingly crucial for companies to attain and understand their consumers’ opinions and feedback proactively. To scale successfully, market players must prioritize their consumers’ needs, demands, and preferences.

Advancement and progress are imperative in the healthcare industry, and the online healthcare market is an example of the same. To keep growing with the market and ensure high customer satisfaction levels, request a free proposal.

Scope of the Customer Segmentation Engagement

Over six weeks, the online healthcare service provider gained in-depth insights into the evolving digital healthcare sector and understood their consumers’ needs and preferences. Infiniti’s customer segmentation engagement also helped the service provider categorize their customers and develop improved marketing initiatives, pricing strategies, and offerings as per consumer needs. The offering included a market segmentation analysis, a competitive benchmarking analysis, developing targeted marketing initiatives, and customer satisfaction assessment.

Business Challenges

The client, a leading online healthcare service provider, struggled to keep pace with the rising competition and witnessed a steady decline in customer attraction and retention rates. The service provider was losing market share due to their traditional marketing approach, while competitors employed targeted marketing initiatives. To address the high customer attrition rate, the client sought to gain a comprehensive understanding of their consumers’ needs and preferences and analyze their competitors’ marketing strategies. Therefore, the online healthcare market client sought to partner with Infiniti Research and leveraged our customer segmentation analysis expertise. By categorizing their consumers based on factors such as spending behaviors, age, gender, and value for the brand, the client wanted to increase their customer retention rate and gain a strategic edge in the online healthcare market.

Continual customer attraction and retention is crucial to the growth and success of any business. Request more information to learn how Infiniti’s customer segmentation solutions can help your company grow and succeed in the healthcare industry.

Our Integrated Customer Segmentation Approach

Infiniti’s customer segmentation experts developed a comprehensive approach consisting of three phases to help the online healthcare services provider address their challenges. For the first phase, our experts conducted a customer satisfaction and need assessment to evaluate the efficacy of the client’s offerings and assess consumer feedback regarding the client’s services and platforms.

In the second phase, Infiniti’s customer segmentation experts categorized target market segments according to their age, gender, spending behaviors, and value for the brand. Providing the client with crucial insights into the personalized needs of the different customer segments and enabling improved marketing initiatives and product development.

Our experts then conducted a detailed competitive benchmarking analysis to identify and evaluate key competitors’ and industry leaders’ strategies in the engagement’s final phase. The study also provided the client with comprehensive insights into successful marketing approaches and efficient customer attraction strategies.

Business Outcome

Customer Segmentation + Online Healthcare Service Provider

Leveraging Infiniti’s customer segmentation analysis provided the client with unparalleled insights into their consumers’ needs and preferences, helped them identify and adopt better marketing strategies, and enabled data-driven product development. Customer segmentation conducted by the analysts’ team helped the client understand and meet their consumers’ varying demands and unmet needs. With our experts’ recommendations, the client developed an extensive targeted marketing initiative that helped attract customers. Additionally, with the customer satisfaction assessment information, the client made crucial and relevant changes to their platform and offerings to meet customer expectations, which helped increase their customer retention rate substantially.

The competitive benchmarking analysis provided the client with insight into successful marketing strategies employed by industry leaders and helped them develop an unparalleled marketing approach. The online healthcare service provider also focused on personalized product development, based on the data acquired from the customer need assessment. With the customer segmentation solution, the client increased their customer attraction and retention rates, improved their ROI from marketing, exceeded their revenue expectations, and regained a substantial market share in the online healthcare market.

Identifying, analyzing, and understanding consumers’ needs is the first step to the top in the online healthcare market. Speak with our experts and gain comprehensive insights into the value of customer segmentation analysis in your market.

Customer Segmentation + Online Healthcare Service Provider

Revisiting Advancement in the Healthcare Industry: The Biggest Trends of this Decade

The global healthcare industry is potentially the most rapidly evolving, advancing, and changing industry worldwide. Over the past decade, the industry has witnessed significant trends, challenges, and growth drivers. Major incidents of every kind, be it political, social, environmental, or industrial, directly impact this industry and the companies within it in various ways. Regulatory policies, changing consumer demands, increasing environmental awareness and disasters, and industrial advancements are some examples.

Recently, the healthcare industry has been plagued with changes and challenges due to the COVID-19 pandemic. There is a sudden need for innovation, an upsurge in workload, new sets of regulations and policies, increased political pressure, and a series of social challenges across the global healthcare industry. In an industry as fast-paced as this, companies need to keep abreast of major changes and trends that will impact their business. Additionally, healthcare industry players should identify, evaluate, and efficiently strategize for these trends to maintain a strategic edge.

As industry players recover from the pandemic and attempt to guide the world through to the other side, our trends analysis experts have chosen to discuss some of the most significant trends that the healthcare industry has witnessed and experienced the impact of over the past decade.

The healthcare industry has seen significant trends over recent years, and companies need to keep abreast of market dynamics to maintain a strategic edge. Request a free proposal to learn how our trends analysis solutions can help you identify and strategize for market trends.

Four Significant Healthcare Industry Trends in this Decade

healthcare industry + trends analysis

Trend 1: Digitization and New Healthcare Channels

The increased use of digitization and high dependence on convenient technology has led to a drastic shift in customers’ expectations. With the availability of new channels and platforms such as digital tools and mobile applications, healthcare industry players must embrace and capitalize on this trend and improve healthcare. Through mobile applications and other digital devices, consumers can directly access healthcare professionals with ease and convenience, reducing expense, travel, and infection risks in certain cases. Additionally, these tools can also help professionals provide a faster diagnosis, keep track of patients’ data, and deliver healthcare at any point in time. This, in turn, reduces the need for delays in treatment, increasing the severity of health conditions, and substantially reduced hospitalization.

Trend 2: Adoption of Advanced Analytics

As dependence on digitization has increased, so has the value of data and advanced analytics. Healthcare companies can now use data procured from the various digital touchpoints during patient care to develop actionable insights, improve the patient experience, and create an optimal patient care journey. Procuring, analyzing, and understanding the data available to healthcare companies can transform the interactions between professionals and consumers and allows for an overall improved experience for all parties. Payers and providers can also gain access to crucial data regarding healthcare consumers to improve their services and offerings. Leveraging data and advanced analytics is another step towards an optimized and efficient healthcare system.

Unsure of how you can incorporate digitization and technology in your organization and improve your patients’ experiences? Speak with our industry experts and learn how to capitalize on the healthcare industry’s biggest trends.

Trend 3: Electronic Health Records (EHR)

Technology and digital platforms have made the world, and the healthcare industry, a smaller place. Healthcare institutions and professionals adopt cloud-based electronic health records (EHR), which maintains all health records efficiently and conveniently. EHR systems enable healthcare providers to track patients’ records, experiences, conditions, challenges, treatment plans, and administrative information. This reduces the burden of keeping track of paper records for both the provider and the patient and allows professionals to focus on providing care instead of tracking medical and administrative information. Providers also used the cloud-based EHR systems to share data across departments, such as laboratories, diagnostics departments, and out-patient or in-patient departments.

Trend 4: Rise of Patient-Centric Care

An added and crucial advantage of data, analytics, and EHR systems is the ability to provide an improved and patient-centric healthcare experience. Patients can avoid the hassle of hectic documentation, receive fast and efficient treatment, stay updated on treatment plans and prescriptions through digital tools, and interact with healthcare professionals within seconds. Additionally, payers and providers can access and analyze patients’ healthcare records, identify pain points through the patient journey, provide improved care, and ensure medication adherence with digital tools and data. This also enables providers to create a more personalized and comfortable experience for their patients. With access to relevant data, professionals can quickly assess and address focus points and help them feel comfortable and safe.

Trends Analysis in the Healthcare Industry

These trends have had a significant impact on the healthcare industry over the past decade. The evolution of technology and digitization has transformed the industry and improved the healthcare experience for the payer, providers, and patients. As the world struggles with the COVID-19 pandemic, the established digital systems enable faster innovation, improved healthcare for affected patients, and reduced the impact of social distancing and hygiene protocols. Healthcare companies that have diligently embraced and capitalized on these trends over the last few years have a significant strategic advantage over their counterparts who are yet to utilize technology in the best way possible.

Keeping abreast of industry trends can be a crucial differentiator for businesses in all industries, and even more so in the fast-paced healthcare industry. Therefore, top healthcare industry players have started leveraging trends analysis solutions to gain an unparalleled strategic advantage and stay ahead of the curve. Leveraging Infiniti’s trends analysis solutions enables healthcare companies to track and stay updated on current and upcoming trends in the industry. Additionally, our experts provide companies with crucial in-depth and data-driven insights regarding trends and the optimal strategies to prepare for or capitalize on them.

Our trends analysis solutions can transform your approach to significant market trends and help you set your organization apart from competitors. Request more information and learn how our solutions can prepare you for the changes in the industry.

Customer Segmentation + Online Healthcare Service Provider

Overcoming the Impact of COVID-19 and Preparing for a New Future in Healthcare M&A

The healthcare sector is facing tumultuous times in 2020. With the widespread COVID-19 pandemic, major business operations are disrupted, hospitals are overloaded, medical professionals are overworked, and healthcare institutions’ boards attempt to maintain normalcy. Healthcare M&A is one such crucial segment of the healthcare sector that was nearly brought to a screeching halt in the second quarter of 2020.

An increasing number of cases in North American countries and some parts of Europe and APAC have worsened the state of economies and industries. Although the healthcare and pharmaceutical industries have devoted their time and effort to the COVID-19 pandemic, the world is still a long way from a vaccine or normalcy of any kind. Consequently, this poses a challenge for the aforementioned hospitals, medical professionals, and healthcare institutions’ boards.

Currently, healthcare institutions are in the midst of a crisis with no clear ending. While investor support has increased due to the increasing need for healthcare globally, social and political unrest, struggling economies, and volatility in financial markets are testing the healthcare industry. Healthcare M&A may be one of the most effective solutions to this crisis.

In this article, Infiniti’s M&A support team has detailed the impact of the COVID-19 crisis on healthcare M&A, positive factors influencing the recovery of healthcare M&A, and the importance of M&A support.

The COVID-19 crisis has severely impacted healthcare M&A. To learn the business implications of COVID-19 on healthcare M&A, speak to our industry experts.

The Impact of COVID-19 on Healthcare M&A

The COVID-19 pandemic has taken a substantial toll on developing healthcare mergers and ongoing healthcare M&A deals. Infiniti’s experts identified the following three major challenges that healthcare institutions can expect to impact the healthcare M&A process:

Healthcare M&A + M&A Support

Regulatory Delays

Nationwide lockdowns in countries, including the United States, New Zealand, and the United Kingdom, has caused a severe delay in acquiring regulatory clearance. With all operations on hold, government bodies focusing on COVID-19 related issues, and professionals being forced to work from home, all-important regulatory approval processes have been on hold. However, companies can fast track their M&A processes by ensuring other parts of the process have been completed before the situation normalizes.

Changing Valuations

The impact of COVID-19 on healthcare M&A participants in ongoing deals will potentially change both the buyer and the seller’s valuation. This may lead to the collapse of previous deals or the need for re-valuation of both parties. Revision of the purchase price and financial statements accounting for the COVID-19 impact may help fast-track this process. However, this may still impact potential or ongoing healthcare mergers due to the continuing effects of COVID-19 and an unclear deadline on the crisis.

Due Diligence and Third-Party Approval

Healthcare M&A requires rigorous due diligence from both parties involved. Due to the lockdowns, new safety and hygiene protocols, and the need for social distancing, this process has been delayed, if not stopped. Additionally, both parties may request another round of thorough due diligence in the case of ongoing mergers. Further, third party activities such as audits, on-site visits, and inspections will be delayed, slowing down the M&A process for healthcare institutions.

Understanding the challenges of healthcare M&A is the first step towards successful mergers for healthcare companies. To gain a more comprehensive understanding of the challenges and how your organization can tackle them, request more information.

The Path to Recovery

The world is working towards recovery, pharmaceutical, and healthcare sectors worldwide are attempting to develop a vaccine. Simultaneously, governments are taking initiatives and providing support to industries to reduce the COVID-19 crisis’s impact. However, this process is expected to be slow and long-drawn. Therefore, Infiniti’s experts have highlighted the following two minor factors positively impacting healthcare M&A:

  • The hospital segment, innovation-focused biotech stocks, and large pharma companies may see a surge in valuation due to the high dependence on hospitals and the ongoing work to find a vaccine. This may encourage multiple buy-outs and influence extremely attractive valuations.
  • The capital position of private equity firms is expected to provide them with the opportunity to assess and capture resilient assets shortly.

Although there are limited positive factors influencing healthcare M&A currently, increasing demand for healthcare services and relatively minimal disruptions may fuel growth in this space. However, companies must evaluate their M&A partners and enter into healthcare mergers cautiously in these challenging times.

Importance of M&A Support during the Healthcare M&A Process

The recovering healthcare M&A sector has yet to face various challenges posed by the jarring COVID-19 crisis. As companies continue, plan, or complete deals, they must evaluate all potential risks and gain a comprehensive understanding of their partners. Infiniti’s M&A support solutions enable companies to identify, assess, and prepare for all the factors that influence any healthcare M&A.

Infiniti’s M&A support also provides healthcare companies with the following:

  • Assistance with identifying ideal partnerships and potentially beneficial mergers
  • Expert insights into appropriate valuation and important decisions regarding transactions and investments
  • A comprehensive understanding of every stage and process in the healthcare M&A process
  • Data-drive insights that also account for the changing landscape and current competitive scenario of the healthcare industry

Infiniti’s M & A support experts can help companies tackle the challenges caused by the COVID-19 pandemic and identify and evaluate the risks involved in potential deals. This will enable companies to stay a step ahead of competitors, identify and assess ideal opportunities, and keep abreast of all factors influencing the healthcare M&A process.

Leveraging Infiniti’s M&A support solutions can help identify the ideal partnership, maintain business continuity through the COVID-19, and overcome the business implications of this crisis. Request a FREE proposal to learn more about the value of M&A support solutions in the recovering healthcare M&A space.

Patient journey mapping

Patient Journey Mapping Helped a Healthcare Company to Understand Patient Behavior and Increase Business Outcome

Changing economic and demographic characteristics are affecting the healthcare needs of patients worldwide. For healthcare companies, patient satisfaction is likely to become an increasingly important source of competitive advantage. The key to patient engagement and satisfaction is identifying gaps in offerings and delivering exceptional customer service. As such, healthcare companies worldwide are focusing on understanding how patients interact with a hospital or health system throughout their care journey. This is where patient journey mapping comes into play. By leveraging patient journey mapping solution, healthcare companies can identify gaps that may hinder their relationship-building during preclinical phases, create personalized experiences for each patient, and unlock opportunities to improve pre and post-clinical patient engagement.

Recent statistics show that healthcare providers that emphasize the customer experience achieve greater revenue than providers that do not prioritize the customer experience. Our patient journey mapping engagement can help you to enhance the customer experience. Request a FREE proposal here.

Business Challenge

The client is a healthcare company based out of the United Arab Emirates.

A healthcare company encountered a stagnant growth for two consecutive years. Also, they were losing ground to competitors. To stay competitive and retain valuable patients, they wanted to better understand patient experiences during every stage of interaction with the health system, match their business objectives with ever-changing market forces, and build long-term patient relations. Besides, to efficiently engage today’s value-driven customers, the client wanted to identify areas for improvement by mapping the entire patient journey and focus on creating excellent experiences for their patients. To do so, they chose to collaborate with Infiniti Research to leverage their expertise in offering patient journey mapping.

Other key objectives of the client were:

  • Understanding patient behavior throughout every stage of their care journey
  • Understanding patients’ needs, demands, and preferences
  • Understanding the gaps and opportunities to improve patient communication
  • Improving patient engagement through timely and targeted outreach efforts
  • Keeping up with shifting market forces to ensure high rates of patient acquisition and retention
  • Creating personalized experiences for each patient by deeply understanding their needs and preferences
  • Improving pre-clinical customer engagement
  • Uncovering latent market opportunities
  • Examining how you stack up against competitors throughout the customer journey

By leveraging patient journey mapping, leading healthcare companies are crafting a strategic and personalized approach to keep their patients engaged during the whole journey. Don’t get left behind. Contact us to leverage patient journey mapping solution.

Our Integrated Approach

The experts at Infiniti Research followed a detailed approach to patient journey mapping.

We began with comprehensive patient journey mapping for different diagnostic services. We also had in-depth interviews with internal team members to identify bottlenecks. Besides, open-ended interviews with patients and their relatives were conducted to identify patients’ pain points.

The next phase of the patient journey mapping engagement involved following data collection methods such as one-on-one patient and one-on-one staff interviews to help the client understand their patients’ thoughts, feelings, and actions when they interact with the health system.

The next phase involved gathering internal patient satisfaction survey data to understand patient behavior throughout every stage of their care journey. This phase of the engagement also involved using the patient experience survey data to identify patients’ pain points.

The final phase of the engagement involved making a list of the high-volume services that have a significant impact on the client’s bottom line. Besides, deep-dive secondary research by seasoned analysts was conducted to gather available information and insights. Also, validation of market data and study results with market experts and independent consultants were conducted.

Business Outcome

With Infiniti’s patient journey mapping solution, the client was able to improve health outcomes, patient experience and engagement. Also, patient journey mapping helped the client to reduce the likeliness of missed appointments and readmissions.

With Infiniti’s patient journey mapping engagement, the client was able to create personalized experiences for each patient by deeply understanding their needs and keep up with shifting market forces to ensure high rates of patient acquisition and retention. Also, the client was able to better understand patient experiences throughout each stage of interaction with the health system and identify gaps and opportunities for improvement in patient communications. In addition to this, the client was also able to explore opportunities to improve pre- and post-clinical patient engagement through timely, targeted outreach efforts and boosts retention rates by reinforcing long-term patient relationships.

In a short period of 90 days, the results of patient journey mapping have been extremely encouraging for the client, both in terms of employee engagement and patient experience. Subsequently, the healthcare industry client was able to realize savings of over 1.8 million AED.

Want to know more about our patient journey mapping engagement? Request more info and our experts will get in touch with you with detailed insights.

Pharma Logistics + Market Research

Staying Prepared to Combat the Pandemic: Lessons for the US Healthcare Industry from Italy’s Response Flaws

The WHO (World Health Organization) ranks Italy among the top 10 countries with high quality of healthcare and related services in the world. Although the Italian healthcare system is far from perfect, this rating by the WHO is largely based on equality of healthcare access and other healthcare outcomes such as life expectancy and healthy life years of the population. Despite displaying qualities of a higher level of care and healthcare services, Italy is currently the new epicenter for COVID-19.  Despite now having some of the toughest measures in the world to contain the spread of the pandemic, Italian authorities were slow to react and fumbled many of those steps in the early stages of the contagion as they sought to preserve basic civil liberties as well as the economy, raising the fatality of the coronavirus outbreak in the country. The number of reported coronavirus positive cases in the US has skyrocketed over the past few weeks, and the death toll from COVID-19 in the US is not far behind from that of Italy. The rising number of cases has already overwhelmed the US healthcare industry. In this article, healthcare industry experts at Infiniti Research outline some key takeaways for the US healthcare industry from Italy’s flawed response to the outbreak and how healthcare companies in the US can prevent themselves from a similar fate.

US healthcare industry COVID-19

Ensuring protection of healthcare staff  

The US has surpassed the initial phase where the spread of the COVID-19 can be contained completely. As such, what companies in the US healthcare industry need now is to be equipped with the staff and resources to cater to the rising number of cases in the country. In Italy, over 2500 healthcare workers have become victims of the novel coronavirus outbreak. They account for approximately 20% of Italy’s healthcare staff who are out of action due to active infection and are subject to isolation or even death due to the virus.

The US healthcare industry cannot afford a similar situation at the current state, as such, they must ensure the safety of healthcare staff at all costs. Appropriate PPE should be provided to the staff based on the area in which they work Furthermore, supplies should be plentiful and necessary training must be imparted to the staff on guidelines to treat coronavirus patients. Apart from this, it is vital to offer timely and efficient testing of staff in order to ensure safety.

Rationing resources fairly

The surging COVID-19 cases can drive companies in the US healthcare industry into an agonizing emergency scenario and will require caregiver to take several crucial decisions. Rationing the available resources fairly to meet the demand of the rising number of cases would be one of the most crucial decisions to be made. The resources include ICU, ventilators, medicines, and staff to care for the patients.  One of the first steps in managing available resources is screening outpatients who are unlikely to need critical care and urging them to self-quarantine at home. Providers in the US healthcare industry must also strive to look at the cases and try to evaluate as quickly and efficiently as possible the likelihood that they can improve a patient’s condition faster.

Set patient treatment guidelines

Providers in the US healthcare industry Hospitals could adopt a lottery or first-come-first-served system for triaging patients. However, this could mean that someone less sick is treated before an infected patient who needs critical care, thereby potentially failing to achieve the goal of saving the most lives. Hospitals could choose to treat worse-off patients first, but if those people are unlikely to survive, doctors might be better off focusing on people who are less infected. However, the chances of survival of these guidelines in an extreme crisis situation remain to be seen. Professionals in the US healthcare industry are of the opinion that as the US currently lacks an exact historical comparison for how the coronavirus pandemic could play out, these guidelines offer general principles for steering hospital decision-making. Having predetermined guidelines prove helpful not just for determining which patients to treat but also on how long to treat them.

Undertake extensive testing

Timely and rapid testing for healthcare workers as well as the general public with symptoms, and those who are asymptomatic is the need of the hour to help the US healthcare industry to prepare better for what lies ahead. Apart from the clinical benefits to COVID-19 testing such as creating an action plan for treating low- and high-risk patients, the primary purpose of testing during a pandemic is advancing public health. Testing allows tracking who has COVID-19 and can help limit the community spread of the virus.

Want more insights on how our healthcare market intelligence solutions can help stakeholders in the US healthcare industry to better organize patient treatment plans, allocate medical resources, and be better equipped to fight the pandemic?

Health care innovation

Preparing for Health care Innovation: How Organizations can Capture Success

With the increased need for accountability, health care quality and patient-centered care, organizations in the sector are increasingly chasing innovation. Health care innovation is crucial to solving some critical challenges in patient care as well as operational efficiency. However, a recent survey by healthcare industry experts states that less than 30% of healthcare providers across the globe are mature in their ability to access, integrate, and analyze healthcare data from diverse sources.

Those still resorting to conventional methods of healthcare are in the threat of being left behind amidst transformations in the healthcare sector. Most of them see health care innovation as highly challenging to implement and often are unsure as to where they should begin. This article describes some key processes that can help organizations demystify the process of health care innovation and ensure a smooth transition.

Transforming health care delivery into a system that is more value-based and patient-centric will require a commitment to change, whether it’s a radical innovation, incremental innovation. Request a free proposal for insights on how your organization can prepare for health care innovation in the long run.

Invention and innovation are not the same

Many organizations often make the mistake of defining innovation as the use of novel technologies, processes or even business models. However, any new technology, at least in the early stages, can only be regarded as an invention. Although inventions are vital, only when these inventions rise to the widespread adoption to transform behavior and functioning of users or organizations can they be termed as innovations. If an invention is not successful in scaling progress at different levels in the organization, it does not become an innovation.

Innovations do not always require radical change

The size of innovation can vary from organization to organization. They can be either radical or even incremental. Health care innovation can be in the form of adopting a new approach to an existing service such as a material improvement on minimally invasive techniques or it can even mean offering a new service that redefines organizations’ existing processes. Continuous incremental healthcare innovation can help organizations learn whether the changes are favorable to their organization or not and adjust their course accordingly.

Radical innovation requires choreography

Several organizations dread radical health care innovation as they believe that this could turn the entire operations of their organization upside down and could cause inconvenience to some degree. This attitude can sometimes have catastrophic outcomes for healthcare companies. Choreographing radical innovation requires healthcare companies to be honest with themselves about their change management prowess. It also necessitates them to take steps to improve it if necessary. They must put into play a mechanism to assess and incorporate all the complementary strategies necessary to execute the

Learn more about our custom portfolio of services for healthcare organizations

Market Opportunity + Telemedicine Market

Unique challenges plaguing Europe’s digital healthcare efforts

As the concept of digital healthcare goes global, healthcare stakeholders across geographies are evaluating new tools, while innovators are navigating pathways to implement advanced technologies into healthcare. Over the past decade, the European healthcare system has progressed leaps and bounds. However, the sector is bound by some major challenges including aging population, greater prevalence of chronic diseases, shortage of healthcare workers, and financial discrepancies of care. In order to put a strong fight against the increasing healthcare challenges, the European healthcare sector is now embracing digital innovations and new technologies now more than ever before. But what are the major roadblocks to successful implement digital healthcare technologies in Europe?

Addressing barriers to the full use of digital healthcare solutions in Europe requires a comprehensive action plan. Request a free proposal from our experts for more insights on how our solutions can help MedTech companies identify and tackle critical roadblocks with agility.

Digital healthcare challenges in Europe

Meeting regulatory requirements

The regulatory issues with digital health technologies are highly complicated. The EU is planning to roll out Medical Device Regulation in May and this is also said include regulations relating to digital health technologies. This could mean that out of several medical device that are surveyed, only a few may be compliant with the regulations by the time they go into effect. New medical device regulations that would come into effect this year would require strict and stronger clinical evidence for clinical technologies.

Highly fragmented market

The EU is creating increased regulations around MedTech. However, there are several hurdles to implementation on a country to country basis. MedTech startups in Europe build at a regional level before expanding. This is common trend in the US as well. However, the challenge here is that the systems are designed and developed for a local setting in the initial phase but launching the same system in another country could prove to be a tedious task the regulations and requirements across countries may vary. Setting up digital healthcare technology in a new EU country poses not just regulatory barriers but also logistical ones, such as infrastructure.

Finding funding for digital healthcare

Funding is another major challenge that digital healthcare innovators need to navigate in Europe. Seed-stage financing and early rounds should not be a challenge for digital healthcare startups in Europe because public funds can be sourced from countries like Germany and Portugal that make early-stage investments. There are also several venture capitalists across Europe that can also help with funding. Several US-based investors have been known to provide backing to Europe-grown startups. However, since Europe is a highly fragmented market, finding success across different countries in Europe may be challenging, making it difficult for digital health companies to find investors.

Want more insights on our solutions and how we can help businesses plan for digital healthcare challenges in Europe?

consumer engagement

Exploring New Horizons of Consumer Engagement in Healthcare: Key Touchpoints to Work On

As key stakeholders in the healthcare industry are working towards improving patient care and reducing the cost of care, experts at Infiniti Research identify three key touchpoints of consumer engagement in the patient journey to focus on to achieve this.

Consumer engagement in the healthcare industry continues to grow with the advancements in technology. From identifying and accessing new channels of care to monitoring and sharing healthcare data, consumers are now actively engaged with their healthcare and treatment decisions. Healthcare industry experts believe that consumer engagement in healthcare could be instrumental in achieving better patient outcomes and reducing costs. Patients who are well-informed and well involved in their treatment process are more likely to have better health outcomes and also incur lower costs comparatively.

According to experts at Infiniti Research, there are typically three key touchpoints in the consumer engagement with healthcare providers wherein their active interaction peaks: while the consumer searches for care, when they gain access new channels of healthcare such as digital tools and at-home testing, and while sharing personal health information with the providers. As life sciences and healthcare organizations continue to evolve, their strategies must also transform to accommodate the changing healthcare consumer expectations. In this article, we offer strategies for healthcare providers to enhance their key consumer engagement touchpoints.

Consumer engagement in healthcare can hold profound potential benefits for healthcare. Want more insights on strategies to capitalize on them better? Request a free proposal from our industry experts.

Enhancing consumer touchpoints in healthcare

Searching for healthcare and providers

One of the key points of consumer engagement in healthcare involves finding the right healthcare providers to cover their treatment needs. Some of the important factors that affect these decisions include physician’s availability in their health plan’s network, reputation, convenient hours, and the costs. Technology for scheduling and accessing lab tests online is another critical consideration especially for the younger generation of healthcare consumers. This indicates that healthcare consumers are laying increased focus on the quality ratings, convenience, cost, and accessibility of services.

Using new healthcare channels

Healthcare consumers are increasingly becoming open to new channels of treatment through digital tools and apps. Investing in digital tools and at-home diagnostic tests have the potential to enhance health outcomes through faster diagnosis, round-the-clock access to health coaching, and the ability to recognize mood and lifestyle changes that could affect adherence to a treatment plan. Thereby, the quality of patient care can be ensured with reduced hospitalization and treatment costs.

Tracking and sharing personal healthcare data

Relying on technology to track health and monitor fitness has become a prominent trend over the past decade. The data generated through wearable devices that capture health and fitness data can help significantly improve population health, advance clinical research, and enhance the performance of the device. Consumers are also becoming more willing to share this data with their personal doctors to improve their care. Sharing this data can help both providers and consumers be more proactive in their health management. However, today data often resides in multiple medical records across different providers. This makes the complete picture of a patient’s health unavailable to doctors, researchers, and the consumers themselves. Consequently, it becomes difficult for people to get the targeted care they need at the most critical times. Several companies have introduced applications to help consumers manage their data and collate medical records. But this may require interoperability between the various organizations that currently store consumers’ health data.

Learn more about our solutions that can help healthcare providers stay updated with the latest market trends, new healthcare industry challenges, and strategize for creating better care-giving facilities in the long run.  

Electronic health records

Finding the Future of Electronic Health Records in the US

Electronic health recordsThe proliferation of diagnostics and screening tests in the United States has generated massive amounts of patient data. To effectively store and manage these mounting volumes of data, the US health systems have invested over $20 billion in electronic health records (EHR systems) over the past decade. Based on the data from our healthcare market intelligence, over 85% of healthcare providers and physicians in the United States had access to EHR systems by the end of 2017. Although electronic medical records are poised to revolutionize patient care by putting patient information at the doctor’s fingertips, not all physicians are content with its implementation. Physicians often find themselves caught up in data entry with limited time for patient interactions. Moreover, electronic health records are currently far from being the panacea of patient safety and operational efficiency that they were expected to be. However, as electronic health records system matures, we can expect the future of electronic health records to live up to their potential in the long run.

Several challenges must be overcome to make electronic health records more integrated, including endless customization, vendor market share protection, health system market share protection, and technological factors. Are you an EHR vendor facing a similar dilemma? RFP to know how our solutions can help.

Future of electronic health records : Key roadblocks to overcome

Electronic health recordsSiloed systems

Prior to the implementation of electronic health records in the US, healthcare providers and patients were unable to effectively follow patient in time and space. Furthermore, such siloed systems added on to the hospital expenditure and wastage of physician time, restricting the provision for a better quality of care. EHR systems have the potential to mobilize hospital’s resources and enhance the overall patient outcome. But a major challenge of EHR systems is that various vendors had separately developed systems with different data formatting, making it difficult to share patient records between hospitals, physicians and external testing labs. This also makes it challenging to use data collected by patient monitoring devices. The Fast Healthcare Interoperability Resources (FHIR) draft standard is trying to develop a standard for storing and transmitting data across healthcare organizations. And this is now being widely accepted by vendors of electronic health records systems. The recent regulations proposed by the IS government health insurance plan might soon make FHIR mandatory for electronic health records.

Reducing physician’s data entry work

Natural language processing is a great way to reduce the time spent on data entry work for physicians and facilitates them to allot more time to patients. However, this comes with its own set of challenges. Firstly, the clarity of the output will largely depend on the physician’s way with words. This could hamper the reliability of the report. Secondly, with such technology, patient privacy is at stake. Although countries like the US and UK have strong medical data privacy regulations, especially in the case of data transmission, we still come across data breach instances. Such breaches can lead to healthcare fraud especially in the case of medical insurance.

Choosing the right EHR system that fits the needs of your organization can be challenging. Get in touch with an expert from Infiniti Research and learn how we help clients better understand organizational requirements and identify solutions that fulfill organizational needs effectively.

Managing data entry errors

One of the key advantages of electronic health records was believed to be its ability to reduce errors, misplacement, and oversights in healthcare records. Also, in many cases, the illegibility of physicians’ handwriting was found to be the cause of several errors. Although the introduction of electronic medical records has reduced instances of medical errors considerably, the chances of errors cannot be completely ruled out. Digitalization could also pave for new opportunities for medical error. Drug safety authorities have confirmed that human-computer interactions were responsible for over 50% of problems in laboratory testing. This could drastically hamper patient care by causing inconvenience, errors or delays in diagnosis. Although electronic health records systems are designed to alert clinicians in case of mistakes, often these alerts are shrugged off as a ‘computer error’ and this in some cases could prove to be fatal for patients. In order to reduce the risk of alert fatigue causing similar mistakes in the future, it is advisable to switch off the most frequently ignored alerts.

Learn more about Infiniti’s solutions for healthcare companies

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