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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.

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A Weekly Round-Up of Popular Articles on the Healthcare Market

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.

Request a FREE brochure to know more about our portfolio of solutions for the healthcare industry.

#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.

Healthcare market

#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.

Healthcare market

If you are still not convinced why your organization must invest in healthcare market research, request a FREE proposal to understand how we can help your organization engage in data-based decision-making.

#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.

Healthcare market

#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.

Healthcare market

Get in touch with us for unparalleled healthcare market research solutions.

Market Research Services Helped a Healthcare Company Strengthen Their Position in the Market – An Infiniti Research Success Story

Business Challenge 

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 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.

The client, a healthcare company, who was new to the market consulted Infiniti Research to acquire an early and sustainable competitive advantage. With Infiniti’s market research services, the client wanted to gather healthcare industry information, validate internal research, gather competitor information, gain a view of the healthcare market, and use data to make informed decisions.

Are you looking to strengthen your company’s presence in the market? Our market research services help companies stay on top of recent market developments. Request a FREE brochure to know more about our market research services.

Solutions Offered and Value Delivered 

The experts at Infiniti Research conducted a thorough healthcare market analysis. Infiniti’s market research services helped the client gather information about the healthcare industry, current market trends, target customer segments, and their key competitors.

By gaining a better perspective of the market, the client was able to strengthen their position in the market. Market research services also helped the client identify potential threats in the market. Also, by examining competitors’ strengths and weaknesses, they were able to take advantage and better establish their presence in the healthcare market. Moreover, market research services provided the client with adequate market data that helped them to:

  • Better focus on patients’ needs and demands
  • Provide revenue projections
  • Stay ahead of their competitors
  • Spot emerging healthcare market trends
  • Facilitate strategic planning
  • Minimize investment risks
  • Gain insights into technologies and marketing initiatives adopted by their competitors

With the help of Infiniti’s market research services, the client was able to make an informed business decision. This helped the healthcare company better establish their presence in the market and strengthen their credibility and reputation. In a span of 8 months, the client was able to gain a top spot in the healthcare market and outperform their key competitors.

Are you new to the market? Inadequate market analysis can hinder your business growth. Request a FREE proposal to know how our market research services can help you minimize risks and explore new opportunities.

Importance of Market Research Services

Accurate and specific information on the market, competitors, and customers is the key to developing a strategic marketing plan. A market research report gathers information on the market, key competitors, and target customers. This data helps businesses make better decisions for success. With market research services, a company can:

  • Better understand their customers
  • Gain adequate knowledge about key competitors and their marketing strategies
  • Enhance business growth

Interested to learn more about our market research services?

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What is the Affordable Care Act and its Impact on Americans

In the year 2010, the Patient Protection and Affordable Care Act (ACA) was brought into effect by the president Obama administration,Get more info re-vamping the operations of health care in the US. The ACA or Obamacare, as it is popularly known, hopes to improve health care in the US by providing affordable healthcare industry insurance coverage to all. The ACA has had a far reaching impact on the Americans choice of healthcare industry insurance and has garnered attention from across the world with the launch of the healthcare industry insurance marketplace. The United States is one of the few among the developed nations to offer universal health care through the Affordable Care Act to its citizens.

What is the Affordable Care Act ?

This act puts in place a comprehensive set of reforms that aim to improve and expand the Americans’ access to affordable health coverage. The market for health care in the US provides consumer protection, through the Affordable Care Act, to prevent restrictive and abusive trade practices by healthcare industry insurance companies. The Affordable Care Act aims to achieve the following objectives and goals in the US affordable health care market

  • Improve the quality of health care services and ensure patient safety
  • Ensure coverage protection to insured individuals and extends affordable coverage towards the uninsured
  • Reduce the health care costs and promote high quality, effective, and value added care
  • Encourages the adoption of health information technology in the health care industry

Affordable Care Act and Its Impact on health care in the US

The Affordable Care Act is one of the most controversial legislation pieces from the Obama administration that aims to improve health care in the US. Although there are a few valid criticism points around the Affordable Care Act, it has the following impact on Americans and health care in the US, in general.

  • The Affordable Care Act provides extended coverage for individuals under their parent’s insurance until the age of 26; thereby, ensuring time and resources to young Americans to be financially secure and build a healthy lifestyle
  • It offers more benefits for women under the new coverage options they cannot be refused coverage based on a pre-existing medical condition such as pregnancy or cancer
  • With the aim to provide affordable health care to all American citizens depending on their interest, medical needs, and financial ability, the Affordable Care Act offers four tiers of coverage for healthcare industry insurance plans namely bronze, silver, gold, and platinum
  • The Affordable Care Act guarantees a range of health benefits and services right from emergency services, prescription and drugs, maternity and newborn care, laboratory services, and hospitalization among several others
  • The healthcare industry insurance companies will be held responsible and accountable across their range of service offerings under the Affordable Care Act; thereby, ensuring reliable and helpful service to the insured

To know more about health care market in the US

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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