Rethinking Healthcare Delivery: What Healthcare Systems in Europe and the U.S. Can Learn From One Another
The standard of services provided across the global healthcare scenario is leaping to the next level. The healthcare industry is now dominated by the ever-increasing demand for higher healthcare quality. Furthermore, recent events such as escalating healthcare costs, rising number of insured population, and awareness of medical errors have brought the need for healthcare quality into the spotlight. Providers are gradually coming to terms with the fact that quality improvement is an inevitable element of their deliverables. However, one of the biggest pain points in quality improvement efforts is knowing where to get started. Successfully sustaining quality improvement in healthcare is a tall order to fill, but here’s are some guidelines for companies in this sector to effectively achieve this:
Tips to improve healthcare quality
Analyze data and outcomes
In order to make efforts towards healthcare quality improvement, providers need to first identify the existing opportunities for improvement. The next step is to establish baseline outcomes. Healthcare companies must undertake an in-depth analysis of electronic health records, outcomes studies, and other data source that will help them effectively identify key areas that are in need of improvement.
Once the areas of improvement are identified, the next step in improving healthcare quality is to set concrete and measurable goals in the identified areas. These goals must be precise and quantitative in nature. Any goal which is not quantitative makes it difficult to measure the outcome. Furthermore, the goals set must be safe, effective, timely, and patient-centered.
The efficiency of team members is the cornerstone to achieve organizational goals. Healthcare quality improvement can only be gained by having a committed and goal-oriented workforce. An effective team comprises of members from different backgrounds, with varied skills, and experience levels. A balanced team is one of the primary and essential elements of achieving healthcare quality. The team must comprise of a senior leader who can, provide valuable oversights, advise and advocate for the team; a clinical expert who has the technical background required to make informed clinical decisions; and a project manager who can help keep track of and accomplish day-to-day tasks.
Inputs from human factors
Human factors refer to the body of knowledge about human abilities, human limitations, and other relevant characteristics. Human factor engineering involves applying information from human factors while designing tools, tasks, machines, systems, and environments for safe and comfortable human use. Some of the key human factor principles include standardizing procedures, avoiding reliance on memory, and using protocols and checklists.
Create executable plan
In order to establish the goals of healthcare quality improvement, it is essential for healthcare providers to have a well-defined and achievable plan. This includes specific measures, protocols for attaining those measurements, and specific definitions for improvement which will be taken from your goal setting and data analysis work. It is also important to have an organized system for tracking data and achievements.
Communicate goals and achievements
Healthcare quality improvement can only be attained if the team and the organization at large know where they stand in terms of achieving the pre-established goals. The achievements, irrespective of big or small, as well as the setbacks must be communicated to the team from time to time. This will help them re-align their efforts to achieve the desired results.
Know how our market intelligence solutions can help healthcare companies achieve their quality improvement goals
In today’s dynamic marketplace, businesses are mainly concerned about gaining more accurate and comprehensive understanding of the risk factors. In the manufacturing space, identifying the underlying factors in terms of financial and transportation aspects become a major risk for industries, which allows companies to take necessary precautions. To efficiently streamline these risks and deliver a one-size-fits-all solution, leading grooming products manufacturers are utilizing industry risk assessment as a part of their strategy. In the grooming products manufacturing space, leading businesses are relying on risk assessment strategies to understand the potential risks and determine factors for the expansion of the business. A well-executed risk management plan can help grooming products manufacturer make the right informed decisions, protect their assets, and efficiently manage their risks as they operate, grow, and enhance their business opportunities. Also, with the aid of an effective industry risk assessment solution, businesses can profile the competitors and their product offerings and improve the time-to-market for the products offered.
To evaluate risks and take preventive measures, grooming products manufacturers space are approaching renowned solution providers like Infiniti. With expertise in offering a plethora of services, Infiniti’s risk assessment solution helps businesses take effective suggestions to look out for less risky options and enhance their overall ROI.
The Business Challenge
A leading grooming products manufacturing client, specializing in manufacturing a distinguished set of products, wanted to develop a technique to identify the potential risks in the industry and benchmark competitors’ offerings. Moreover, the client wanted to evaluate the relative risk in the industry and effectively manage their risks while they operate, grow, and improve their businesses. Also, with the rising demand for grooming products among the consumers, the primary concern for the client was to identify the risks with serious consequences and apply risk mitigation strategies in an organized manner.
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With the intention to enhance market effectiveness, Infiniti’s risk assessment experts carried out both qualitative and quantitative research with leading stakeholders in the grooming products manufacturing space. Also, with the rising concern for curtailing risks in the industry, the risk assessment experts at Infiniti also compiled information from prominent secondary sources such as paid industry databases, company presentations, and industry forums.
The Solution and The Business Impact
The risk assessment solution offered by Infiniti helped the client identify factors impeding market growth and implement an effective risk management strategy. To develop a comprehensive understanding of the factors influencing the industry, the grooming products manufacturer made checklists of the potential risks and further devised effective measures to reduce bottlenecks and improve their overall business efficiency. Also, with the help of our industry risk assessment engagement, the client was able to monitor their market attractiveness and devise an effective risk management plan.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the healthcare industry
Today, healthcare is much more than getting a doctor’s consultation and treatment; it has transformed into an industry which gives high importance to patient care and patient relationship management. Here are five trends in healthcare facilities and patient care that will influence the future of the healthcare industry:
Healthcare providers are digging deep into complex real estate portfolios by using sophisticated insights and analytical tools to identify low-cost options for expanding healthcare facilities. Hospitals are planning to invest less in prime locations and rather concentrate more on investing that money into providing better healthcare facilities and patient care.
Room for Change in Real Estate
Companies are planning to mould their healthcare facilities in such a way that the hospital spaces are become more flexible. They are buying or building facilities that can be re-modeled and reused as per the existing demand. E.g., A free-standing emergency room can be converted into an outpatient clinic depending on the demand to avoid compromising on patient care.
Flexible Facilities for Patients
Players in the healthcare sector have started to realize that identifying and catering to patient requirements not only delights them but also proves to be more cost-effective in the long run. Healthcare companies have started to reduce the number of inpatients beds and are looking at new ways to reach out to their customers at their convenience. Healthcare facilities such as outpatient services located close to the patient’s residence and off-campus medical office buildings are highly popular in modern patient care.
Demographics and Data Analytics
There is an extravagant amount of data available with the healthcare industry; this data can be used to analyze market conditions, competitor’s facilities, pricing regulations, patient needs, etc. that would help healthcare companies to optimize their healthcare facilities and provide best in class patient care.
Enhancing Facilities to Reduce Risk
Often, when the quality is compromised, it can lead to a reputation issue for a company. Healthcare companies have started to realize the importance of maintaining quality standards for reducing the cost of their healthcare services to ensure that the risk to patients is reduced, and a good brand reputation is built.
One of the major concerns in the healthcare industry today is providing timely care and treatment for the patients. Often, healthcare staffing proves to be inadequate to meet the patient care standards, especially during the peak hours. In today’s scenario of growing need for world-class healthcare services, are you a staffing manager/administrator or any stakeholder in the healthcare industry? Worry no more as we give you four powerful tips to improve your healthcare staffing:
Budgeting Patient Care
Optimum healthcare staffing ensures that the staff-to-patient ratio is at a level where the patients are given adequate care and the best treatment. But what happens if the staff cannot make it for the shift? The roster can be adjusted, but does this mean that the substitute staff will pick up slack without compromising on patient care? Not necessarily. Financial administrators in the healthcare industry must try to strike a balance between financial management and staffing against patient needs. This can be done by partnering with healthcare staffing companies, which helps the healthcare industry players to implement cost controlled staffing plans, instilling trust and confidence for the protection of patient care ratio.
Clear and effective communication is highly essential in maintaining good patient care standards; wonder why? Timely communication of events ensure accurate reporting of vital patient information, bed capacity updates, staffing requirements, supply levels, etc. Apart from this, communication to staff members regarding the measures to be undertaken for nursing practice, patient and staff safety, positive patient outcomes, etc. will prove beneficial in improving patient care in the healthcare industry.
By analyzing the needs in healthcare staffing and evaluating the current and projected workloads, companies in the healthcare industry can be better prepared to ensure accurate distribution of staff and resources. This helps prevent any critical issue that may occur due to the work overload on staff. The parties involved in healthcare staffing can also distribute the workload equally by planning well in advance about how much work is to be done by whom.
Planning for the Future
The companies in the healthcare industry may be well aware of their peak seasons and time periods where staff demands are very high. Therefore, it is important for healthcare companies to be equipped well in advance in their healthcare staffing. Also, planning in advance helps healthcare companies to meet unforeseen contingencies and emergency staffing requirements with ease, without having to compromise on the quality of healthcare.
In the current healthcare landscape, growing health literacy is motivating the patients to seek medical information to make accurate and informed healthcare decisions. Also, with the growing concern for innovations in healthcare, it makes good sense for the healthcare organizations to remain abreast of the changes in the technological space. To realign their operations and make prompt delivery of timely healthcare services to the patients, healthcare providers in the medical imaging space are facing the need for a customer intelligence solution. In the medical imaging space, customer intelligence helps companies gain real-time information on customers’ preferences and tap opportunities to create short-term financial impact. With the aid of customer intelligence, renowned medical imaging companies can address concerns of the customers and make effective and intelligent business decisions.
To gather relevant insights into the customer buying patterns, organizations in the medical imaging space are approaching companies like Infiniti. With expertise in offering a variety of services, Infiniti’s customer intelligence solution assists the patients to get timely and accurate insights on their diagnostic and treatment patterns and effectively respond to the treatments. Also, companies in the healthcare industry can acquire new customers and retain the existing customers.
The Business Challenge
A renowned medical imaging devices manufacturer with a considerable number of manufacturing units spread across the globe was facing predicaments profiling the potential customers in the Latin American region. The client wanted to gain relevant insights into the customer buying patterns and tailor products and services based on customers’ usage patterns. With the aid of customer intelligence, the medical imaging client wanted to shift from the conventional product-focused business model to a more customer-centric enterprise.
To better understand the customer’s motivation and buying preferences, Infiniti’s customer intelligence experts carried out an extensive qualitative and quantitative research with leading stakeholders in the medical imaging space. Also, to understand specific geographies and analyze the customer’s spending habits, the customer intelligence experts at Infiniti compiled information across a wide array of proprietary sources such as paid industry databases, company presentations, industry forums, and media platforms.
Benefits of the Customer Intelligence Solution:
- Proactively identified risks and opportunities with the customer base
- Assessed the health of customer relationship in the short and the long run
- Profiled the potential customers and determined the customers who are at the risk of defection
- Understood the product preference in terms of the key attributes
- Gained recommendations on the next best actions to acquire, grow and retain customers
Benefits of Our Integrated Approach
The customer intelligence solution helped the medical imaging client understand the buying behavior of customers and generate better ROI from their marketing campaigns. Moreover, the engagement offered by Infiniti also helped the client create an accurate and effective marketing program for the medical imaging firm and tailor the resources based on preferences. With the help of this engagement, the medical imaging client was further able to analyze the customers’ data and devise effective strategies to reduce customer churn and launch products in the Latin American market.
A must-read case study for strategy experts and decision makers looking to target potential customers in the healthcare industry.
Today, the healthcare sector is witnessing the constant introduction of diagnostic technologies to gain timely and accurate information on health and effectively address complications at an early stage. Also, with the rising instances of accidents, patients are augmenting the demand for sustainable technologies such as magnetic resonance imaging equipment. To go on par with the utmost concern for healthcare, renowned equipment manufacturers in the magnetic resonance imaging space are facing the need for market analysis strategy as a part of their business strategy. With the help of a market analysis solution, companies can gain adequate insights into the market space and formulate a strategy to offer their products across niche market segments. Moreover, an effective market analysis engagement also helps businesses tap into the strengths, weaknesses, opportunities, and threats in the market and adequate allocate resources to drive the market needs.
To analyze the market trends and offer diversified products and services, leading magnetic resonance imaging equipment manufacturers are approaching companies like Infiniti. With years of expertise in offering a plethora of services, Infiniti’s market analysis engagement helped businesses profile the competitors and identify effective ways to target their customer base. Moreover, market analysis solution also allows businesses to stay abreast of the latest innovations in the medical equipment space and analyze the profitability.
The Business Challenge
A renowned magnetic resonance imaging manufacturer with a considerable number of manufacturing units spread across the globe was facing certain predicaments understanding the market scenario in terms of the suppliers, the barriers to entry, and the competitors. The client also wanted to seek ways to identify the distribution channels to effectively reach out to the customers. With the help of Infiniti’s market analysis solution, the magnetic resonance imaging manufacturer wanted to devise a go-to-market approach.
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To address the magnetic resonance imaging manufacturer’s specific business challenges, Infiniti’s market analysis experts carried out an extensive research methodology comprising qualitative and quantitative assessments. To further forecast the market performance, the client compiled information from a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums in the magnetic resonance imaging equipment space.
Benefits of the Market Analysis Solution:
- Understood the market size and identified potential market trends
- Determined product prices and forecasted sales volume
- Identified the current and potential customers and formulated effective ways to communicate with them
- Identified potential problems and minimized risks and bottlenecks
- Effectively positioned the products and made informed business decisions
- Allocated resources and maximized the returns on investment
Benefits of Our Integrated Approach
In a span of eight weeks, the market analysis engagement offered by Infiniti helped the client understand the relative position of the market and analyzed competitors’ products. Also, the engagement assisted the client to effectively position their products and improve marketing activities and brand positioning. Moreover, the leading magnetic resonance imaging equipment manufacturer was able to tap into niche market segments and uncover consumer preferences.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the healthcare industry.
The recent ACA Vs. AHCA debate, reimbursement issues, and the growth of the medical device manufacturing industry have given rise to the emerging healthcare industry trends that are set to revolutionize the global market space. The upward swing in the global healthcare industry makes it essential for the healthcare service providers, payers, and patients to stay abreast of the latest healthcare industry trends. The recent transformation of the healthcare industry is the result of the technological and medical advances, new payment models and structures, and the presence of a dynamic regulatory landscape. What are the emerging healthcare industry trends, you ask? Scroll down.
Healthcare Industry Trends: Rise of Patient Centric Care
With integrated healthcare service delivery models, the industry is moving towards patient centric health care systems. Globally, the heightened consumer awareness level as a result of the growing internet penetration and access to information has paved the way for emerging patient centric health care models and systems. The patients are also demanding quality services at affordable prices and have accepted greater accountability for their health-related issues. As a result, this trend has democratized and decentralized the global healthcare sector across the world with new products and delivery systems.
Healthcare Industry Trends: Adoption of Advanced Analytics
In their quest to optimize their human resources, the players in the healthcare sector are adopting advanced analytics and technological solutions to minimize costs and enhance quality. By leveraging advanced analytics, the healthcare service providers can gain actionable insights into the patient’s journey and medical flows, which allow for better patient care. As a result, the health systems achieve greater value and improved outcome of the clinical health services with the help of advanced analytics, strategic analysis, and predictive analytics.
Healthcare Industry Trends: Public-Private Sector Partnerships
The change in the customer demographic has led to a collaboration between the public and private healthcare sector, which, in turn, is transforming the healthcare finance and service delivery landscape. Organizations in the healthcare industry are developing new market entry strategies and collaborating with other industries such as telecom and retail to reshape the global market space. The rising middle-class population and technological advancements across the globe have fueled the demand for more healthcare services and products.
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In the year 2010, the Patient Protection and Affordable Care Act (ACA) was brought into effect by the president Obama administration, 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
Healthcare organizations are planning future strategies towards adopting full digitization of their enterprise. Digitization across the healthcare industry has helped health service providers to create a robust and critical infrastructure by focusing on the patient’s needs. Healthcare’s digital future looks promising as the patients are more comfortable in using digital services for complex and sensitive issues such as health care and medicine. It is a clear indication for providers and payers to embrace healthcare’s digital future by adopting the third wave of digitization.
Non-healthcare organizations have successfully adopted digitization in its entirety by offering digital products and processes through contemporary channels and increasing its efficiency and effectiveness by leveraging advanced analytics. Digitization in the healthcare industry has transformed the way the providers and patients function and interact; thereby, making medical care services accessible to everyone by ensuring wide availability.
Digitization in Healthcare – How and What?
Digitization enabled by Health Information Technology (HIT) has revolutionized the individual’s perception of health care, changed the way end-users approach and interact with the subject of health and medical services. Adoption of IT and technology in the healthcare industry has transformed the relationship between a patient and a provider, empowering people to participate in personal and family health management actively. From the perspective of the healthcare service providers, to create value, it is crucial to understand the patient needs and the myths surrounding them, and comprehending the market landscape. Healthcare organizations can leverage market intelligence solutions such as customer analytics and big data analytics to identify patient needs. Furthermore, healthcare organizations must identify their customer segments and position the services strategically to meet the estimated patient need and demands. The key to successfully adopting digitization in healthcare is to gain actionable insights and thereby, adding new services to retain patient attention and drive value.
Adopting Digitization in Healthcare – Going Slow
Healthcare organizations are slowly adopting digitization as the healthcare executives often cite the sensitive nature of medical care as an excuse for the relatively low consumption of digital healthcare services. While in reality, the patients are willing to avail digital service if it matches their needs and ensures high quality. The other reason cited for the slow rate of adoption is the fact that most health system providers often feel the need to be innovative regarding design and features. However, patients don’t expect innovative features. Instead, they seek efficient processes, improved accessibility, and human interaction. Additionally, when adopting digitization in their systems, healthcare organizations can start small, be responsive, offer assistance with routine medical tasks and provide easy navigation instead of building a comprehensive and complicated platform.