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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

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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.

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Crohn’s disease

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.

Online healthcare service

Quality Improvement in Healthcare Using Business Intelligence

With the rising competition, the healthcare sector is transforming into a developed and complex marketplace. With the changing healthcare landscape across the globe, quality improvement in healthcare is garnering increased focus. Not only for the patients, but even for the forward-thinking healthcare companies, quality in healthcare has now become paramount. Although a lot of funding is going into training staff and procuring drugs and equipment in an effort to improve quality across healthcare facilities, we still find that many known clinical interventions are not reaching patients at the time they need it. This is one of the prime reasons why more and more healthcare companies are warming up to advanced techniques such as business intelligence in order to support performance improvement in healthcare services and ensure access to quality healthcare for patients. Healthcare providers can get the insight needed to reduce costs, increase revenue, and improve patient safety while remaining compliant with regulations by integrating business intelligence solutions.

Experts at Infiniti explains why every healthcare organization that emphasizes on quality improvement in healthcare processes must leverage business intelligence.

Business intelligence for quality improvement in healthcare

Accuracy in patients’ treatment history

Business intelligence solutions help merge all claims so that physicians are able to access them via EHR. This ensures that the data gathered is delivered flawlessly. It also enables the physician to see and understand each and every test and treatment that the patient has previously received, both at that facility and elsewhere, as well as any remaining tests that needs to be performed. Eliminating repeat tests helps save money and satisfies the patient who does not have to undergo repeat tests due to missing information. Through this the physician will be able to ensure quality improvement in healthcare treatment provided to the patient.

Personalized medication

With the help of business intelligence solutions, patient data becomes more accessible and analyzing patient data is now easier than ever before. As a result, treatment regimens are not required to follow the one-size-fits-all approach anymore. Rather, physicians provide superior quality in the healthcare treatment based on the patient’s past treatment record and current care requirements and enhance quality improvement in healthcare.

Prevention of certain diseases

Physicians can prevent diseases or at least help in reducing the impact of disease by analyzing genetic markers. By analyzing the data available through business intelligence, physicians can gain better insights into the patterns of determinants that have the ability to increase the patient’s risk of a particular disease. Such measures taken for prevention of disease can establish quality improvement in healthcare organizations.

Enhance healthcare logistics

By leveraging business intelligence tools to analyze patient throughput and enabling better decision-making on the population of the healthcare organization, hospitals can gain a comprehensive idea on the ideal discharge times. Consequently, they can make the best use of bed space without sacrificing patient outcome and promote quality improvement in healthcare. Furthermore, emergency and trauma patient cases can be more accurately prioritized and treated thus improving patient outcomes while minimizing costs by providing the right treatment at the right time.

Consumer experience in healthcare

Fine-Tuning Consumer Engagement in Healthcare

Owing to digitization and the rising market competition, consumer-brand relationships have evolved.  Top healthcare companies are trying to incorporate these developments in consumer-brand relations into their processes by building better consumer engagement in healthcare. According to Infiniti’s healthcare market research experts, the consumer engagement strategies followed by most healthcare companies today are archaic. Which means that it is high time for healthcare marketers to rethink and redesign their consumer engagement plan. While not every innovation and strategy may resonate with every consumer, there are certainly plenty of wins to be had. Below are some effective strategies to consider for better consumer engagement in healthcare.

Want to learn more about creating engaging healthcare consumer experiences?

How to build Consumer engagement in healthcare

consumer experience in healthcarePersonalization

In order to ensure better consumer engagement in healthcare, companies in this sector must invest generously into ways to understand their customers better and personalize offers to suit their needs. This does not mean bombarding them with offers, but to present relevant, time-saving options in order to help them make better healthcare choices. Organizations who provide the best empathy and support to reflect their consumer’s emotion will succeed in gaining better consumer engagement in healthcare and rise above their competitors.

Innovation inevitably requires breaking down of existing barriers and substantiate the ROI that consumer experience investments can deliver. Get in touch with our experts to know more.

Optimize web experience

Since almost all top healthcare providers are going digital, it is essential to join the bandwagon to avoid being left behind. Websites are one of the key areas that healthcare organizations must work on. Efforts should be made to not only make the company website look attractive but including features such as online booking of appointments will ensure better and hassle-free customer experience.

Enhance mobile experience

Several food chains and apparel stores are offering top-notch mobile experience to their customers. Take inspiration from these players and focus on delivering mobile experiences on par with these players in order to enhance consumer engagement in healthcare. This will help simplify buying experiences and in the case of healthcare this means office visits, diagnosis and procedures. Healthcare companies can even consider implementing a loyalty program that offers discounts for parking, dining, or the gift shop, for patients and family members who frequently visit their facility.

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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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Cosmetic packaging

Leading Medical Devices Companies in the World

The medical devices industry is one of the most regulated and profitable sectors in the world. Growth in the emerging markets coupled with rising revenues at hospitals offer numerous growth prospects for medical devices companies. Due to the mounting competition in the industry, several medical devices companies are continually undertaking R&D activities to maintain a competitive edge. Players in the medical devises space are also working tirelessly towards developing innovative healthcare solutions to fight against the world’s most prevalent diseases, injuries, and disability. Listed below are the top medical devices companies that are leading the way for innovation and profitability in the industry:IR_Brochure

Medtronic

Medtronic tops the list of the leading medical devices manufacturers in the world. Founded in the year 1949 and incorporated as Minnesota corporation in 1957, Medtronic serves Physicians, clinics, hospitals, and patients in over 140 countries around the world. The company specializes in patient monitoring market, diabetes management systems, and general surgery devices to name a few.

Johnson & Johnson

Johnson & Johnson is a massive combination healthcare company that deals with consumer, medical, and pharmaceutical divisions. This group is the second largest of the medical devices companies in the world and has been a popular household name across the globe for several decades. They provide products for various medical departments such as cardiovascular, orthopedic, diabetes care, vision care, etc.

Siemens Healthineers

Siemens Healthineers is a popular medical devices company headquartered in Erlangen, Germany. They produce and market a wide range of medical devices such as radiation therapy equipment, respiratory machines, patient monitoring systems, and imaging system. In the year 2016, the company rebranded themselves from  Siemens Healthcare to Siemens Healthineers. Siemens is one of the largest suppliers of medical devices in the list of the leading global medical devises companies.

Danaher Corporation

Headquartered in Washington DC, Danaher is a leading medical technology provider that offers products for dental, life sciences, diagnostics and environmental and applied solutions. The life sciences and diagnostics divisions combined account for about 62% of the company’s sales.

Stryker

During the initial days of its establishment, Stryker was focused on developing orthopedic devices such as cast cutters and mobile hospital beds.Over the years, Stryker has expanded into other sectors such as medical and surgical, neurotechnology, and spine. The company has marked their presence in several parts of the world such as  Switzerland, Singapore, England, Norway, Spain, etc. to name a few. Though Stryker deals in a variety of medical devices, they specialize in intramedullary nail group and hip fixation devices.

GE Healthcare

GE Healthcare is headquartered in Buckinghamshire, United Kingdom and is one of the most popular medical devices companies in the world. The company markets imaging equipment such as magnetic resonance imaging (MRI), positron emission tomography (PET) scanners, X-ray, molecular imaging technologies, nuclear imaging, and computed tomography (CT), etc. The company is one of the pioneering medical devices companies across the globe that specializes in producing clinical equipment and cardiology diagnostic equipment such as patient monitors and ventilators.


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Market Assessment

Treating Challenges in the Healthcare Industry

The Global Healthcare industry faces certain significant healthcare challenges that need to be promptly addressed. Healthcare executives must be able to manage greater risks in increasingly uncertain environments to provide affordable, accessible, and sustainable healthcare for the global population.

Today’s healthcare executives are faced with a growing number of global challenges. Over the next few years, executives will be required to manage increased risks as a result of rapid changes such as healthcare reforms, growing ageing populations across the globe, the end of blockbuster drugs, and increasing demand for healthcare services, professionals, and infrastructure in the developing world. Executives are also expected to face additional healthcare challenges as a result of shifting from a market-based approach to a community-centric approach, without an impact on quality or cost-effectiveness. Listed below are the four most significant healthcare challenges facing executives today.

1. Industry changing Healthcare Reform

Recent healthcare reforms in the US have presented some significant challenges for healthcare executives. The government’s deficit will continue to be an issue for healthcare providers despite the Affordable Care Act, which will incorporate approximately 30 million paying customers into the system. It has been forecast that the 10-year deficit will result in federal debt exceeding US$19 trillion, leading to the imposition of austerity measures. Services and funding for healthcare providers could be on the federal chopping block over the next ten years as Medicare funding may be reduced in an effort to help balance the budget. Hospitals account for 46% of Medicare spending and derive a significant amount of their operating revenue from Medicare funding. Any Medicare budget cuts would present significant financial challenges to hospitals and other healthcare companies.

In light of these challenges, healthcare executives should prepare their companies for a period of fiscal stringency and ration capital and operating funds until healthcare reform is fully rolled out and operational. Hospital CEOs must find ways to reduce costs, align provider and payer incentives, adjust to value-based purchasing, and adapt strategic planning around an uncertain regulatory and legislative environment.

2. Rapidly Increasing Ageing Population

Globally, the number of elderly citizens is growing at a rapid pace, and this is expected to have a tremendous impact on healthcare. In the US, the number of elderly people is expected to increase by 128% by 2050, while the number of people over the age of 85 is expected to increase by 251% in the same period. The US is not the only country facing this issue; ageing population presents problems for healthcare systems in Canada and Europe as well. Europe has been dealing with the impact of an ageing population for some time now. In 2000, 16% of the population in the UK and 16.4% in Germany were over 65 years of age.

The growth of ageing populations around the world presents unique challenges for the health care system. Elderly patients require a different type of healthcare regime with a focus on chronic illness care. Hospitals must manage multiple diseases and disabilities and also improve the quality of long-term care. New ways must be found to integrate medical and long-term care services, and there is also a prevailing need to co-ordinate healthcare and social services. However, this is especially difficult in the US owing to its fragmented financial and social services. Developing a cost-effective integrated healthcare system will be essential for healthcare providers moving forward.

3. End of the Blockbuster Drug era

Beginning in 2010, the Pharmaceutical industry in the US experienced one of the largest waves of drug patent expirations in history. Patents for top earning drugs in the Pharmaceutical industry expired, and continued to expire till 2014. Pharmaceutical companies have been shrinking over the past five years as their top revenue streams dry up.

Sales of a blockbuster drug often drop by up to 90% within a year of the expiration of its patent as competitors are able to offer cheaper generic alternatives. As a result, the industry is witnessing a slowdown in drug innovation and the number of new drugs entering the market. This wave of expiration presents the industry with a future of reduced free capital for R&D as over half of the revenue of major pharmaceutical companies and over one third of the total revenue in the industry is derived from the sale of blockbuster goods.

4. Higher healthcare demand from the Developing World

Rapid economic growth and an emerging middle class have led to a significant increase in the demand for health services in developing nations. However, governments have struggled to meet these needs, in both rural and urban areas. By 2050, 6.4 billion people are expected to live in urban centers compared to 3.4 billion in 2009. Increased urbanization creates additional healthcare challenges for providers as it can often lead to an unhealthy lifestyle. The availability of unhealthy food choices, pervasive use of motorized vehicles, barriers to physical activity, and poor air quality can increase the number of cases of hypertension, heart disease, obesity, diabetes, and asthma. Rising energy costs, decreasing availability of resources, and climate changes also present healthcare providers with significant challenges. For instance, hospitals in Brazil accounted for 10.6% of commercial energy use in 2012. This is likely to become an issue for sustainability as the cost of energy rises. The growing needs of developing nations require significant investments in the services and infrastructure required to support healthcare systems.

These issues present healthcare executives with a variety of global and localized healthcare challenges. Healthcare executives will be required to manage increased levels of risk under uncertain regulatory and financial conditions, and they must be prepared to face these challenges. Healthcare executives across the world must also address the challenges presented by healthcare reforms, the growing ageing population across the globe, shrinking of pharmaceutical giants, and unprecedented growth in developing nations.

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