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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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Crohn’s disease

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.

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Medical transcription service

Building an Effective Remote Patient Monitoring Strategy

With the rising demand for healthcare services especially due to the growing incidence of chronic diseases among the aging population, there is unprecedented stress on primary care. Furthermore, the low nurse to patient ratio in hospitals as well as clinical setup are increasing strain on emergency care centers and assisted living centers. To tackle similar challenges, healthcare systems are considering to radically transform service delivery through remote patient monitoring services.

Remote patient monitoring (RPM), a technology that allows patients to be monitored outside traditional clinical settings, was relatively slow to be adopted by healthcare providers. A variety of technological and financial factors hindered the early adoption of remote patient monitoring systems. However, over the years, the remote patient monitoring market saw an increase in the number of patients being monitored remotely and the trend is expected to continue over the next decade as well. Whether your healthcare organization was an early adopter of RPM technology or you are just getting into the game, there remains a number of basic factors that must be considered to ensure your RPM efforts are financially and clinically successful. Based on our expertise in helping several remote patient monitoring service providers tackle key challenges, below are some key points to consider.

While implementing advanced healthcare technologies in your organization, it’s easy to overlook some key gaps in implementation. RFP to consult an expert from Infiniti Research and learn how we can help you with a flawless technology implementation strategy to suit your business needs.

remote patient monitoring

Remote patient monitoring in today’s healthcare scenario

Today, with pay-for-performance becoming mainstream, remote patient monitoring has now become imperative for providers of all kinds. However, this wasn’t the case a decade or two ago. But with the multitude of benefits that RPM brings with it including aiding better clinical outcomes, controlling healthcare costs, reducing admissions and readmissions, and improving overall access to healthcare are some of the main reasons why healthcare providers are increasingly making RPM devices available to their patients. In some cases, remote patient monitoring is used as a condition of long-term treatment, especially for those with chronic diseases.

Execution is more important than the technology

Remote patient monitoring services undoubtedly provide a host of benefits for healthcare providers and patients with chronic illness. But it is essential for healthcare providers to not get carried away by these lucrative advantages. Firstly, it must be ensured the organization is equipped with the necessary infrastructure, personnel, and work processes that are required to provide scalable RPM implementation that can exceed performance expectations. Prematurely rolling out remote patient monitoring strategies and initiatives can result in failure due to faltered back-end execution. This could in turn also hamper the organization’s reputation.

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Conduct early due diligence

Leveraging the ample amount of available data and input on remote patient monitoring tools is more feasible than using pilot projects. As modern patients expect turnkey solutions from healthcare providers, organizations cannot expect patients to wait until they resolve the gaps in these pilot projects. A greater degree of patient and staff satisfaction can be ensured by rigorously conducting due diligence at the early stages, and ensuring that the remote patient monitoring system can be rolled out successfully.

Consider RPM as a cost containment strategy

A healthcare organization’s remote patient monitoring strategy should not ideally be dictated by an RPM vendor or be based on the deals on RPM technology. In order to be able to clearly visualize the merits and demerits of remote patient monitoring technologies, providers could consider the benefits of working with a healthcare consulting firm that is well-versed in this and can help in strategic allocation and implementation of the technology.

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Healthcare industry

Confronting Change Fatigue in the Healthcare Industry

The external environment is constantly changing, what are its implications on your organization? The healthcare industry is one such sector where organizations have been under constant stress after almost a decade of restructuring, transformations, and turnarounds. Furthermore, healthcare companies have been overwhelmed by a plethora of quality initiatives and goals for physicians including the increasing need to reduce infections to preventing readmissions, medication errors, falls and pressure ulcers. As a result, the healthcare industry is understandably showing signs of change fatigue.

When senior managers talk to employees on a regular basis about how a transformation is going, the whole company is more likely to maintain a sense of direction. This has declined dramatically in the healthcare industry over the past few years. Companies that lack a clear sense of direction run the risk of change fatigue and could result in their transformation efforts to burn out before it can take off. In this article, healthcare industry experts at Infiniti suggest some key strategies to prevent change fatigue in quality initiatives at healthcare organizations.

Don’t wait for a wake-up call to create strategies to adapt to the changing market demands. Request a free proposal to know how we can help your business stay prepared with the right strategies well in advance of market transformations.

healthcare industryImplement a quality culture

One of the ways in which companies in the healthcare industry can prevent change fatigue in their organizations is by implementing quality initiatives as part of a broader organizational culture of quality and safety. Building an organizational culture that is largely based on high reliability and delivering consistently in a high-risk environment.

Constant communication about progress

Experts at Infiniti Research suggest that another way to prevent physician and staff burnout is to constantly communicate with them regarding progress towards their goals and also recognize key achievements. Keeping front-line workers updated on progress is critical for engaging them in quality improvement efforts.

Get in touch with our experts to know how we have helped top companies in the healthcare industry to sustain healthcare transformations.

Assign accountability

Making different individuals accountable for specific tasks and goals keeps people engaged in quality efforts. This also helps prevent fatigue. Goals can also be set for individual departments in healthcare companies to demonstrate how each team member contributes to the achievement of the team’s overall goals.

Re-train staff

As the organizational demands and the external environment are rapidly changing, it becomes highly necessary to re-train employees in the organization to keep them engaged and equip them to carry out new tasks to meet demands. Furthermore, investing in training and retraining ensures everyone has the skills and tools to improve and helps keep quality improvement at the forefront.

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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.

Digital healthcare

Digital Healthcare in Canada: What Needs to be Done to Enable Smooth Transition

Although Canadians are keen about implementing digital healthcare, their healthcare system lags behind. To drive improved healthcare outcomes, the Canadian government must focus on adopting healthcare innovations, customer-driven models, and a new regulatory framework that facilitates change and embraces digital healthcare.

What is digital healthcare services?

Digital healthcare services is a simple concept. It encompasses using technology to improve health and wellness of patients. Today, the term digital healthcare includes electronic health (health-related information, resources, and services provided electronically) as well as developing areas such as advanced computing science ( big data that can provide valuable insights into population health) and artificial intelligence (AI), wherein computer systems perform tasks that would normally require human capacities, such as decision-making. With new healthcare solutions constantly changing the way we live, it is fair to say that the future of healthcare is digital.

Adoption and use of digital healthcare technologies have the potential to make healthcare delivery more accessible, convenient, and cost-effective. Request a free proposal to know how your organization can enable a smooth transition to digital healthcare services.

Canada ranks among the lowest when compared to other OECD countries that have universal healthcare systems. Healthcare consumers becoming increasingly empowered by the volume and ease of access to healthcare information, even so, the current model for healthcare delivery remains unchanged fundamentally. A number of challenges will have to be addressed at the national, provincial, and territorial level in Canada to create an environment wherein the current model can incorporate digital healthcare tools. While the journey towards a fully patient and family-centric approach to healthcare will be long, there are some measures that governments could initiate in order to accelerate the process and implement digital healthcare more effectively.

Digital healthcareAdjust fees paid to physicians

The Canadian government must ensure that fair and adequate compensation is given to physicians for virtual consultations. Some provinces such as British Columbia and Alberta have implemented pilots of revised fee structures, albeit a pan-Canadian strategy is yet to be implemented for revised compensation. In such situations, if the physician billing structure has been modified in a particular province to allow virtual consultations, interprovincial licensing and regulations might restrict physicians from being able to employ these changes across provincial borders.

Partner with us to know how you can identify opportunities to make your healthcare system more patient-centric and improve accessibility. Get in touch with us to know more about how our solutions can help your healthcare organization.

Common strategy for adoption of healthcare innovation

A common nation-wide strategy must be adopted by the Canadian government to better implement innovations such as digital healthcare. By establishing incubators and accelerators, the government is currently encouraging and supporting an entrepreneurial culture in the business sector. By incorporating this as a part of a nationally designed vision for the future of healthcare, new solutions for healthcare can be encouraged. Healthcare strategy should largely revolve around the patient, their family, and the caregiver rather than on systems and institutions. A comprehensive analysis of the customer experience of healthcare companies will provide valuable insights into the opportunities of realizing efficiency through the application of digital healthcare solutions.

Policy framework for digital healthcare solutions

The federal and provincial governments in Canada should collaboratively design a policy framework for the effective adoption of secure digital healthcare solutions. Innovative healthcare technologies will ensure secure data oversight through cloud solutions and blockchain, consequently paving the way for shared policies and standards. Through this, providers will be able to take full advantage of the significant data generated by single-payer health care system. Moreover, this will also ensure that all Canadians can use their individual health data in partnership with their health professionals to identify personalized healthcare solutions.

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strategic planning

Uncovering the Potential of Strategic Planning in Healthcare

The U.S. healthcare system is extremely complex and often difficult to comprehend. Healthcare consumers face difficulty in understanding the factors that cause limited access or uncoordinated care, conflicting interests amongst healthcare providers, and even high charges that leave financially broke. Healthcare organizations itself are often affected by rapid changes taking place in their external environment. Amidst the dynamic nature of the industry, it is vital for healthcare providers to undertake a strategic planning process to streamline their operations.

What is strategic planning in healthcare?

The answer to what is strategic planning in healthcare is simple. Strategic planning involves creating objectives and setting goals relating to where a healthcare company would like to go in the future, and then constructing a plan to achieve these objectives. Healthcare strategic plan must consider the factors that could change the organization’s operations significantly. This includes potential government policy changes, technological advancements, and economic trends. Although some providers tend to overlook the importance of strategic planning in healthcare, agile organizations in the healthcare industry use it to their advantage to succeed in both long and short term.

The work of strategic planning doesn’t stop at the strategic plan, but it’s a start. Request a free proposal to know how our experts can help healthcare organizations in effective strategic planning.

Benefits of strategic planning in healthcare

strategic planningStrategic planning in healthcare has numerous benefits primarily because healthcare organizations operate at many levels ranging from patient care to financing. As such it is crucial for healthcare systems to plan well in advance for the future. Unlike traditional planning techniques, a strategic plan takes into account every sector of the organization, considering foreseeable changes for all departments. Some of the key areas that a healthcare strategic plan can significantly improve include:

Helps become proactive

Strategic planning helps providers to become proactive rather than reactive. Through strategic planning, healthcare companies can anticipate unfavorable events much before they occur and allows the organization to take necessary precautions before they actually happen.

If you're considering adopting strategic planning at your organization or are looking for ways to align your operations, then Infiniti may have just the solution you've been looking for. Get in touch with us for more insights.

Increases operational efficiency

Having a strategic planning process in place acts as a roadmap for healthcare companies to align the operational activities to achieve predetermined goals. It guides management discussions and decision making in determining resource and budget requirements in order to accomplish the key objectives, thereby increasing operational efficiency.

Enhances market share and profitability

Organizations can gain valuable insights with strategic planning on market trends, consumer segments, as well as product and service offerings in healthcare which can have an impact on their success. An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes will facilitate in increasing profitability and market share.

Makes the business more durable

Due to the highly dynamic nature of the healthcare industry, organizations that lack a durable foundation, focus and foresight will have trouble riding the next wave. Strategic planning in healthcare ensures that organizations are well focused on what they want to achieve and how to achieve it.

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Healthcare business intelligence

Roadblocks to Building a flawless Healthcare Business Intelligence strategy

The healthcare sector is moving into an era of hyper-personalization. The escalating growth in the industry is driven by factors including growing populations, the evolution of developing countries, increase in labor costs, and progress in the medical field. Although the quality of care and patient satisfaction largely depends on the relationship between patients and physicians, it is also bound inevitably by technology and advanced capabilities such as healthcare business intelligence. Organizations can leverage healthcare business intelligence to unearth hidden patterns and clues for balancing costs, improving patient care, complying with the accepted standards and norms, and defining strategies for further growth. According to experts at Infiniti Research, one of the major flaws in attempts to enhance business operations in healthcare is the lack of an effective healthcare business intelligence strategy. Let’s explore and understand the key obstacles that are holding back providers from implementing a successful healthcare business intelligence strategy and understand how to overcome them.

Unable to successfully build a healthcare business intelligence strategy? Request a free proposal from our industry experts for valuable insights to enhance your healthcare business intelligence.

Healthcare business intelligence

Access to data

Large healthcare organizations usually have a greater number of EHR systems that are in use simultaneously. While some of these systems are built in-house, others may be hosted through EHR vendors. As every EHR has its own backend database, pulling information from all of them could prove to be a tedious and time consuming process. During such events, healthcare providers can turn to either an EHR conversion company to bring disparate data together and then leave it to the provider’s healthcare business intelligence team or leave the whole process of collecting information to a healthcare business intelligence company. Either way, the process will be handled by savvy businesses that are well-versed with EHR systems on the market, as well as their unique attributes.

High data sensitivity

Healthcare companies not only deal with financial and personal information of their patients’ but also record sensitive patient and clinical data regulated by the strict HIPAA rules. They require extra security while handling. When it comes to effectively managing data, healthcare providers must think through the strategy of managing access to confidential information, distributing roles, and ensure data security across all sources and data warehouses.

While the volume and value of healthcare data are breaking new ground, many payers and providers are struggling to keep up with the capabilities needed to support and deliver the basics. Get in touch with us to learn how you can up your game with a better healthcare business intelligence strategy.

Data quality
Healthcare data is often derived from different sources such as HER, ADT, and ERP. Also, this data is used by different departments in the healthcare organization including radiology, cardiology, pharmacy, and several others. The formats in which data is processed can also vary from videos and pictures to text or other multimedia. When all collected data finally gets processed, healthcare provides find a lot of data in their analytical system hasn’t been stored as structured, codified values. Instead, the healthcare business intelligence team faces tons of unstructured text information. Mapping these values and structuring them across systems to extract valuable insights is a resource-exhausting and time-intensive process.

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healthcare innovation

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

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

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

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

Unaligned budgeting units

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

Rigid annual operating budgets

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

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

Separating operating- and capital-budget timelines and process

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

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