Industry Insights: Custom Market Research Solutions for Market Expansion into the US HbA1c Market
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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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.
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.
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.
How to build Consumer engagement in healthcare
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.
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.
“Disputes over the US healthcare reform and the future of the Affordable Care Act dominated headlines in 2018, but that could take a backseat this year, as challenges such as digital therapeutics and tax reforms have started coming to the forefront,” says a healthcare market research expert from Infiniti Research.
The US healthcare industry is witnessing a phase of tremendous disruption, triggered by the advent of digital therapeutics, rising need for upskilled health workers, and emerging trade pressures. This pace of change has not only brought about new opportunities for companies in the US healthcare industry but has also compelled companies to restructure their businesses to efficiently tackle the rising challenges. Consequently, many healthcare companies, especially companies who are new to the US healthcare industry are now partnering with market research firms like Infiniti Research to explore new avenues and markets for growth.
The client is a healthcare company based out of Canada. The client was looking to expand their business operations to the United States. As the US healthcare industry is highly saturated, the client wanted to gain detailed insights into the market before making huge investments.
They also wanted to understand how the advent of digital therapeutics is reshaping the landscape for new medicines, product reimbursement, and regulatory oversight. Moreover, the client wanted to evaluate capital requirements for increasing their workforce’s efficiency and productivity and ensure they get the most out of new and impending investments into technologies such as AI and robotic process automation (RPA).
Furthermore, the client wanted to identify the tax reforms and restructure their business strategies to accommodate new rules and healthcare policies in the US healthcare industry. To do so, the client approached the healthcare market research experts at Infiniti Research.
Top challenges faced by the US healthcare company were:
Advent of digital therapeutics – As companies in the US healthcare industry are highly investing in digital therapeutics and connected devices, the client wanted to understand how these digital health technologies will reshape the landscape for new healthcare companies.
Tax reforms – Tax reforms posed a serious threat to companies in the US healthcare industry. Therefore, the client wanted to understand the evolving healthcare policies and restructure their business to accommodate new rules and regulations. They also wanted to restructure their supply chains to accommodate a new territorial tax system.
Need for skilled workers – With artificial intelligence and robotic process automation becoming mainstream in the US healthcare industry, the lack of skilled workers to support the new processes can turn out to be costly for the company. Therefore, by conducting a thorough US healthcare industry analysis, the client wanted to evaluate the budget they would need to recruit skilled workers or train them.
With over 15 years of experience in serving various healthcare companies across the globe, the experts at Infiniti Research helped the client to devise an efficient market expansion plan to enter the US healthcare industry.
- By leveraging Infiniti’s expertise in offering market entry advisory solutions, the experts helped the client to review macro and micro-economic environment, identify potential barriers to market entry, and identify the best route to enter the US healthcare industry.
- By conducting a detailed market opportunity analysis engagement, the experts at Infiniti Research helped the client to assess markets’ readiness for new offerings including digital health technologies. With our help, the client was able to understand how digital health technologies will transform the US healthcare industry landscape in the years to come and identify competitors who were leveraging similar technologies.
- By leveraging our expertise in offering market scanning solution, the market research experts at Infiniti Research helped the client to understand the evolving healthcare policies and tax reforms and track regional developments.
- The experts also helped the client to evaluate the capital requirements for entering the US healthcare industry and also analyze the capital investment for recruiting skilled workers to support business operations.
Based on our insights, the client gained detailed insights on the market demographics and competitive scenario. They also developed a detailed understanding of the attractiveness of market opportunities for their product and service offerings. The healthcare company was also able to devise a market expansion plan to establish a foothold in the US healthcare industry. Also, they were able to better understand the current and future market potential, capital investment, and market opportunities in the US healthcare industry. Furthermore, within two years of entering the US healthcare industry, the client was able to achieve profitable growth and establish themselves as one of the top 20 companies in the US healthcare industry.
US Healthcare Industry: Major Challenges
Quality and safety are paramount for the survival of healthcare companies. With the gradual shift to patient-centric healthcare and the rising market competition, ensuring healthcare quality has now become more important than ever before for providers. While new medical technologies and scientific advancement will boost quality improvement in healthcare, experts at Infiniti Research believe that innovation in activities such as patient experience and risk management will act as primary drivers in the future of healthcare.
Healthcare quality trends 2019
Healthcare quality trend #1: Leveraging healthcare data
Data is now the foundation of meaningful healthcare quality improvement initiatives. Providers have realized that the data collected and used plays a significant role in quality assurance in healthcare. As a result, increased importance is being given by top healthcare companies to collect meaningful patient data and turning them into actionable insights to improve healthcare quality.
Healthcare quality trend #2: Augmented reality training
Augmented reality is becoming increasingly popular across various industries, but its role is particularly powerful in the healthcare sector. Augmented reality has powerful use cases in medical training. It can help healthcare professionals to see diagnosis and procedures right in front of them, enabling them to learn new skills and expand their knowledge. This helps to overcome the gaps in the training given to medical professionals and thereby improve the quality and safety in healthcare.
Healthcare quality trend #3: personalization of patient experience
With the availability of abundance healthcare and patient data comes the ability for healthcare providers to personalize care delivery and patient experience. Healthcare providers will soon be able to create a complete personalized care plan for each patient. Clinics will be able to use data to see what a patient prefers such as if they like being seen in person or remotely, their health history, and any potential health issues rather than treating every patient in the same manner.
Healthcare quality trend #4: Technology will drive efficiency
Healthcare organizations are in the increasing need for an integrated system to protect and defend across the care continuum. Providers prefer smarter integration of disconnected data systems over complex patchwork solutions that seek to gather and analyze information scattered across multiple sources and entities. Furthermore, automating routine tasks such as paperwork becomes easier for healthcare providers using technology.
LONDON: Infiniti Research, a leading market intelligence solutions provider, has announced the release of their new storyboard series on the US healthcare industry. The article provides curated content on the US healthcare market and also highlights key healthcare industry trends, challenges, and digital disruptions.
The US healthcare industry is a dynamic industry with significant opportunities for business growth. But, with rising uncertainties, cost concerns, and complexities, it becomes imperative for healthcare service providers to constantly watch the market and incorporate effective strategies to achieve business growth. By leveraging strategic business solutions, healthcare companies can stay updated with the latest trends and tackle challenges coming their way. Today, as the US healthcare industry is at a tipping point, leading healthcare giants are partnering with companies like Infiniti Research to explore new avenues and achieve business growth. Below we’ve curated some of our latest articles on the US healthcare industry and have also highlighted how we helped some of our healthcare clients achieve business success.
#1: US healthcare outlook for 2019
With healthcare companies moving from volume-based to value-based model, care delivery and patient centricity are becoming mainstream in the US healthcare industry. Also, in the US healthcare industry, relentless focus in being given to offering quality services and ensuring patient-care. With this, companies that have not yet adapted to value-based models are finding it quite difficult to engage in better decision making. Various other digital and technological transformations are also being witnessed in the industry. To gain more insights into the US healthcare industry and key trends, read the complete article here.
#2: Infiniti’s competitive benchmarking analysis for a US healthcare industry client
With the entry of new players and rising competition in the US healthcare industry, competitive benchmarking analysis has become necessary, especially when it comes to strategy and planning. One of our clients, a well-known healthcare company wanted to leverage competitive benchmarking analysis to analyze their competitors’ key strategies and outweigh peers. By following a comprehensive approach to competitive benchmarking, our experts helped the client to drill down their performance gaps and identify areas of improvement. To know the other benefits of leveraging our solution, read the complete story here.
#3: Why is market research a must for the healthcare industry?
Market research helps companies in the healthcare industry to stay abreast of market changes by identifying profitable opportunities and performance gaps. Furthermore, by leveraging market research solutions, healthcare companies can gain a better understanding of the healthcare policies and regulations in other countries while making market expansions. To learn more about why market research is important for healthcare companies, read the complete article here.
#4: How to improve patient care in the US healthcare industry?
Delivering quality care has become a common norm in the US healthcare industry. Quality care involves delivering convenient care, quality service, and improved patient experience. Moreover, as major healthcare companies in the US healthcare industry have started embracing patient-care strategies, it becomes imperative for other healthcare companies to focus on improving the customer experience. Learn 5 ways to improve patient care in the healthcare industry. To gain more insights, read the complete article.
#5: Infiniti’s marketing strategy helped a US healthcare industry client to improve ROI
The US healthcare industry is constantly evolving. Also, companies in the healthcare industry are facing stiff competition. With this, if healthcare companies need to reach and engage more patients, it becomes vital for them to ensure their brand visibility. Also, constantly refining marketing strategies can help. One of our healthcare clients was also facing similar predicaments. They approached us to leverage our marketing strategy solution. The solutions helped them develop robust marketing campaigns that resonated with their target audiences. This helped the company gain a leading spot in the US healthcare market and improve ROI. To know more, read the complete success story.
#6: Quick steps to improving staffing in the healthcare industry
Although ensuring patient satisfaction and care are the main agendas for healthcare firms, achieving this will become difficult without having sufficient workforce. Employees play a major role in the overall growth of a healthcare company. Also, with US healthcare industry facing widespread talent gaps and shortages, it makes it even more difficult for healthcare organizations to retain their top talent. To help you out, we’ve curated 4 powerful tips to improve healthcare staffing. By integrating these tips into your recruiting strategy, you can lower workforce turnover rates. To gain more insights, read the article here.
#7: Technology trends in the healthcare industry
The healthcare industry remains largely unpredictable. The technology trends and transformations have uplifted the traditional care delivery models. According to recent studies, the next decade will be focussed on preventive care. And here the new technology trends come into play. Wearable tracking devices, cloud-based electronic health records, and telehealth are some of the technology trends to be expected in the US healthcare industry for the coming years. To know more about these trends and on how they will impact the US healthcare industry, read the complete article here.
#8: Top US healthcare industry challenges for 2019
The US healthcare industry is poised to experience major disruptions in the future. Although fast-paced technological innovations and developments open up new opportunities for healthcare companies, it even brings about major threats. For healthcare companies to sustain their market share, it becomes important to analyze challenges associated with the sector and tackle them effectively. To know some of the key challenges facing the US healthcare industry, read the complete article here.
LONDON: Infiniti Research, a leading market research services provider, has recently announced the release of their FREE downloadable series of resources based on the global healthcare market. These FREE supplements provide comprehensive insights into key healthcare industry trends, healthcare market research, and digital disruptions in the healthcare market.
With digital transformation, financial sustainability, care delivery, patient centricity, and regulatory compliance at the top of the agenda, the future looks sharp for companies in the healthcare sector. This growing healthcare market offers several new opportunities but also poses some critical risks for companies in this sector. Moreover, the healthcare market is at a tipping point which demands the need to constantly watch the market and implement effective strategies to build revenues in real time. Infiniti has helped companies in the healthcare sector including medical devices, pharma, diagnostics, and home healthcare providers to gain actionable insights into patient care, mitigate risks, and improve payment accuracy. We’ve collated some FREE downloadable resources which will give you more insights into the global healthcare market.
#1: Why is ‘healthcare market research’ the new norm for providers? As tech giants make healthcare market entrances, traditional healthcare companies face increasing pressure to remain competitive. Healthcare providers need to prioritize on keeping pace with innovation and constantly update their systems to avoid being left behind. Therefore, healthcare companies are partnering with market research companies to gain comprehensive insights into technologies and marketing strategies adopted by their rivals. Market research helps healthcare firms to remain innovative and updated on the most profitable ways to enhance their product/service offerings. This FREE supplement from Infiniti Research highlights some of the best practices for healthcare providers to improve healthcare market research and create better patient outcomes.
#2: What are the latest healthcare industry trends? The health care industry is evolving more rapidly than ever before. Policy changes, industry innovation, and the evolution of information are ushering providers in a new era of healthcare. Today, in this era of technology, the use of business intelligence in healthcare has become a prime necessity not only for the better utilization of patient data but also for offering the best healthcare services.
Another crucial element involved in effective healthcare management is to keep up with the changing healthcare industry trends. This can not only help healthcare industry companies to be in line with the advancement in the field of medicine, but also improve their operational and service efficiency to provide better treatment and patient care. This FREE resource provides more insights into the top 5 healthcare industry trends to expect in future.
#3: What are the best healthcare market research strategies? With personalized healthcare plans becoming common, market research has become important for healthcare providers to become successful in today’s evolving environment. The more healthcare providers know about their target audiences, higher are their chances to create platforms and communication avenues for their products and services. Effective market research helps organizations in the healthcare market to suitably adapt to the evolving market. This FREE supplement from Infiniti Research will give you more insights on why market research is important for healthcare providers and some of the best healthcare market research strategies.
#4: What are the digital disruptions in the healthcare sector? Digitalization has opened new opportunities and challenges for companies in the healthcare sector. In this digital era, companies that fail to introduce digital innovation in the healthcare sector would fail in their attempt to enhance patient care and experience. So, it has become crucial for healthcare providers to examine new pathways for innovation. To help you out, we’ve collated a few technology trends that would disrupt the healthcare sector in the near future.
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Globally, healthcare is one of the most flourishing sectors. However, this does not mean that this sector is free of challenges. In the recent years, healthcare industry companies have been exposed to several predicaments including economic recession, increases in uninsured care and growing competition for outpatient services. Despite this, healthcare industry experts believe that there is ample scope of improvement in various healthcare industry segments. Hospitals wishing to increase their profitability and healthcare management can focus on two key areas — reducing costs and increasing reimbursement. Another important element involved in effective healthcare management is to keep up with the changing healthcare industry trends. This can not only help healthcare industry companies to be in line with the advancement in the field of medicine, but also improve their operational and service efficiency to provide better treatment and patient care. Furthermore, customer experience is now gradually becoming a key area of focus for many healthcare companies and clinics. This is aided by new approaches and technology that have the power to transform healthcare.
Healthcare industry trends
Augmented reality in healthcare training
Augmented reality has been turning heads in the past couple of years and is all set to become one of the most revolutionary healthcare industry trends. In healthcare, this powerful tool finds the strongest application in medical training. This technology can help healthcare providers can see diagnoses and procedures right in front of them to learn new skills and expand their knowledge. Augmented reality can also help overcome the problem of shortage of trained professionals by training providers all at once. With such healthcare industry trends in place doctors would not have to spend more time reading studies to refine their skills, rather the information they need can simply appear in front of them as they seamlessly treat patients with the help of AR technologies.
The healthcare industry is witnessing a radical shift in its operational mode due to technological advancements and evolution of various partnerships and relationship models. The growth of the medical device market is fueled by the aging population along with rising disposable income, which is compelling people to opt for better healthcare standards. Additionally, technological advancements are forcing players in the medical device market to emphasize on innovation. Today, hospitals are filled with medical devices that are used to perform minimally invasive surgeries, as they have a better outcome and faster healing rate than traditional measures. Companies such as Johnson & Johnson, GE Healthcare, Medtronic, Baxter, and Siemens are dominating this market and are making billions of dollars in revenue for themselves by harboring constant innovations. So, what does the year 2018 hold for the medical device market?
Unique Device Identification (UDI)
The FDA has given a deadline that requires all medical device manufacturers to identify medical devices through their distribution and use adequately. In a bid to meet the FDA guidelines, manufacturers have placed a label to include unique device identifier in both human and machine-readable form. The identifier can provide detailed information on the medical device, including batch number, serial number, expiration date, manufacturing date, product version, and a distinct identification code for a human cell, tissue, or cellular and tissue-based product. Also, barcode, ERP, EDI, EHR, and RFID technologies are increasingly used to facilitate UDI.
In previous years, 3D printing capabilities weren’t that advanced to be used widely in the medical device market. This year, the scenario looks entirely different, as wider applications of 3D printing and advancements in technology has transformed the ways medical devices are manufactured. Today, we have a 3D printer that can print implants and prostheses as per the need of the individuals. It also allows for samples to be printed much faster to hasten the process of regulatory approvals.
In 2016, the FDA released the Digital Health Innovation Plan to make headway in the pursuit of digital health. The FDA plans to streamline regulation for mobile technologies with an aim to empower consumers, connect healthcare providers, and address public health crises. Technology giants like Apple and Google have been quick to put their foot on this revolution. Apple is still trying to overtake the fragmented medical applications market with platforms such as ResearchKit and CareKit. The most notable innovation comes in the form of an app to diagnose Parkinson’s disease. Similarly, Google is also aiming to transform the healthcare sector with DeepMind AI solutions.
Focus on security issues
The FDA’s push to pursue the world of digitally-connected medical devices will benefit physicians, medical personnel, and caretakers by providing unparalleled access to a patient and provide better care. Although such steps help the patients and healthcare providers significantly, it poses new security issues in the medical device market. Not only patient-related data but each and every activity of theirs can be monitored from wearable devices. As a result, medical device manufacturers are looking at their security infrastructure and tackling such issues as more and more data is being moved to the cloud.
Shift towards value-based reimbursement model
Historically, players in the medical device market weren’t worried about the effects of health insurance reimbursement paradigms. However, recently, that focus is rapidly shifting, as more and more OEM’s are redesigning their product lines to achieve better medical outcomes. The value-based reimbursement model is looking more likely to replace the fee-for-service model completely. This implies that the doctors will receive their payments based on the outcome of the treatment for patients. But how will it affect the product design of medical devices? The manufacturers have learned that by designing new devices that offer superior therapeutic results, they can influence the hospitals to make purchases to increase their value-based payments.
To know more about trends in the medical device market, medical device manufacturers, healthcare industry, and medical insurance: