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e commerce companies

4 Trends Affecting Home Health Care Companies in 2018

2018 has been an interesting year for companies in the home health care industry. As we move towards the final stretch of this year, Infiniti Research takes a look at some of the biggest trends that are shaping the future of the home health care industry. As a world-renown firm, specializing in offering strategic market intelligence solutions, we are committed to “keeping our eyes and ears open” regarding new trends and challenges facing the industry. For many, 2018 has been a tumultuous year, with numerous regulations going into effect and others being delayed.

Below, we highlight some of the key home health care trends that will help companies adjust their business strategies.Get more info

Smarter home health care

With people getting more accustomed to using voice assistants such as Google Home and Amazon Echo, many home health care companies have started leveraging such technologies to their advantage. Clients can now report health metrics without any assistance and gain useful insights. This technology is all set to take over the home health care industry, especially after the implementation of the 21st Century Cures Act, which aims to make telehealth more accessible to the general populace.

EVV becoming mandatory

Electronic visit Verification, or EVV, is becoming mandatory for personal services that are funded by Medicaid. Failure to meet the deadline, which is Jan 1, 2019, will result in a significant loss of their Federal Medical Assistance Percentage (FMAP) funding. States may either choose an open-system or closed-system approach, and agencies must abide by those choices. This makes it all the more important for home health care companies to voice their preferences and engage with the states regarding EVV.Get more info

Offering hybrid solutions

Throughout 2018, home health care companies have been focusing on business expansion by offering private duty and personal care services. To be specific, home care helps prevent hospitalization by addressing the needs of the patients at the comfort of their homes. Most hospitals have started providing private duty care apart from home care services to reduce readmission rates this year. However, offering hybrid solutions comes with its own set of risks since factors such as rising wage costs can have a negative impact on the business.

New regulations

Complying with regulations, such as the CMS’ Conditions of Participation, will continue to be an issue for companies in the home health care industry. The revised conditions emphasize on the quality of care being offered to the clients by home health care companies and the impact that it has had on the outcome. It also focuses on the promotion and protection of patient rights. The new regulations also aim at improving the care planning process and lays down the foundation for data-driven quality improvements.

Infiniti Research is a leading provider of market intelligence solutions. For over 15 years, we have helped numerous Fortune 500 companies to improve business processes through data-driven insights. Our solutions for the home health care industry can help you analyze the market space and devise actionable business strategies to stay ahead of other home health care companies.

medical device companies

5 Challenges Faced by Medical Device Companies in 2018

Over the past couple of years, FDA-regulated industries such as the medical devices industry have witnessed a myriad of changes. The advent of value-based reimbursement models and accountable care has resulted in a seismic shift in the way top medical device companies operate. In the wake of this new era, focusing on data and the value of medical devices will notAsk An Analyst be enough to boost ROI. This has forced medical device companies to look for new avenues to boost revenues and profitability.  

Today, buyers expect companies to offer solutions that bundle device, data, and analytics for improved decision making. And with the shift towards value-based care, medical device companies must offer solutions that can deliver actionable insights for use in existing electronic medical record systems.

Top Challenges Facing Medical Device Companies

Our analysis of the global market landscape shows that the medical device companies are facing challenges in terms of:

  1. Adapting to the shift towards value-based models
  2. Maintaining profit margins with products that elude commoditization

Meeting such challenges can be made simple if medical companies leverage an interoperability platform to devise solutions with excellent data integration and aggregation capabilities. Apart from the challenges mentioned above, here are some of the other challenges faced by top medical device companies.

Increasing standards and overheads

Recently, there has been a drastic increase in the number of medical devices that are being manufactured and sent for approvals to the FDA. Studies indicate that the time taken for processing has increased by more than 55% in a span of five years. This poses a major challenge for medical device companies who are looking to outperform their competitors by launching more innovative products in the market.

Complexity of new medical devices

To stay on top of the competition, top medical device companies have started manufacturing products that are more complex and integrated when compared to their predecessors. This increase in the complexity results in a rise in the cost of field service and repair processes. Another point to note here is the fact that due to the increasing complexity of devices, the cost of training field service specialists and engineers has doubled.

Meeting customers’ expectations

Today, people all around the globe have access to the Internet and smartphones. Customers, therefore, have numerous choices and demand more from medical device manufacturers, especially in terms of implementing more aggressive SLAs. The end-users of medical devices are also demanding more from their reduced capital and are now asking for better incentives.

Shift towards home-based care

With the growing popularity of home health care services and POC tests, medical device companies have had to migrate towards the production of home-based health kits. This threatens to reduce the spend on capital programs for developing new lab equipment.

Reimbursement reductions and rising competition

The implementation of new schemes to reduce reimbursements for medical assays by insurers is reducing manufacturers’ ability to fund capital for their new devices. In addition, high competition from emerging companies, such as start-ups, will reduce the profit margins of top medical companies and erode customer loyalty.

To know more about the major challenges faced by medical device manufacturers, contact us.

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