Tag: healthcare tech

Data Analytics in Health Insurance for Better Risk Management

2024 Trends: Data Analytics in Health Insurance for Better Risk Management

January 8, 2024

The health insurance industry has witnessed a rapid evolution in terms of digitisation, which has also swiftly transformed several other sectors worldwide. One of the biggest contemporary trends in health insurance (and poised to last for the foreseeable future) is the harnessing of data analytics to ensure superlative risk management among other benefits. Pharmacy managers, insurance companies, healthcare providers, and other industry stakeholders are already leveraging analytics to tackle issues of fast-growing healthcare costs. Insurance companies are already using them to identify high-risk patients and operate accordingly. Why Data Analytics is Indispensable From an operational standpoint, data analytics is indispensable for health insurance companies. They keep generating huge data volumes internally through sales and engagement but also get sizable chunks from varied external sources. When this data spreads out through multiple systems, it becomes an uphill task for insurers to effectively use and track the same. This is why analytics-based solutions that can fuse and consolidate data from multiple touch points and sources have gained relevance in recent times. A centralised data gathering system with consistent analytics and actionable insights is thus one of the key trends in health insurance currently. How Data Analytics Enables Better Risk Management Data analytics is undoubtedly contributing towards enabling insurers to manage their risks better. Here are some aspects that should be highlighted in this regard. These benefits have gained even more traction in recent years if one considers how insurers lose a whopping $40 billion per annum on account of fraudulent claims as per Gartner reports. Many insurance companies also estimate 10-20% of claims to be fraudulent while identifying less than 20% of the same. Suspicious and fraudulent behaviour and patterns can be identified with data analytics, with insurers creating diverse models to enable swift detection based on historical data and activities. For instance, analytics has reportedly helped the Czech Republic’s Allianz Insurance to save a whopping US$4.5 million annually by lowering fraudulent claims paid by it. This is just one of the instances that testify to the need for insurance companies to rapidly adopt data analytics into their operational frameworks. Analytics can be used to conduct risk evaluation in real-time which will help organisations respond swiftly in volatile scenarios. For example, in the case of auto insurance, an accurate assessment of risks posed by specific drivers will help insurers create more competitive premiums. Cars connected to the internet will help them gather large volumes of data accordingly. Insurance firms can now predict the chances of drivers being involved in accidents by analysing driving habits and behavioural data. Some other advantages of data analytics include easier customer lifetime value (CLV) prediction and prospective claim forecasting. FAQs How can data analytics contribute to more precise risk assessment in the health insurance industry? Data analytics can enable more accurate risk assessments in the health insurance sector. It can help identify fraudulent behavioural patterns and flag the same for review before the actual payout. What impact do 2024 trends in health insurance data analytics have on customer experiences and personalised offerings? 2024 trends in health insurance data analytics will have a positive impact on customer experiences. Insurers will be able to personalise their offerings for customers based on their behavioural data and also offer custom premiums with incentives for recommended and healthier actions.

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Protecting Patient Data in the Digital Age

Protecting Patient Data in the Digital Age

November 22, 2023

Patient data protection is the need of the hour for the healthcare industry, particularly when it comes to a more digital way of doing things. In fact, data privacy in healthcare is even more important, considering the growing costs of cyber-attacks in the sector. As per IBM’s Cost of a Data Breach 2022 report, $10.1 million is the average cost of a data breach in healthcare. This indicates 10% growth as compared to 2021 and a whopping 42% increase in comparison to 2020. The financial effect of data breaches covers costs related to responding to incidents, legal charges, remediation, and regulatory fines, if applicable.  At the same time, the sheer cost of a data breach goes well beyond regular financial implications for healthcare players. Digital age patient data protection is a must and if information is compromised, then it leads to lower confidence in the system and loss of business as patients go to other competitors. The long-term impact of data breaches can be immensely negative for healthcare players. In the current landscape, where protecting medical data goes hand in hand with digital innovation, there is a pressing need to ensure best practices at all operational levels.  Steps for Patient Data Protection  When it comes to ensuring healthcare data security, healthcare players should first evaluate the possible risks and then take measures to safeguard valuable data accordingly. The healthcare industry has become a major target for cyber-criminals owing to the sensitive nature of the data that it holds. Outdated systems and multiple entry points further scale up the risk levels in this case. A major attack point is through web applications with a view towards compromising patient data. These are applications and tools that healthcare professionals depend on these days. Cyber-criminals are always on the lookout for gaining unauthorised entry into patient data platforms.  Hackers have also come up with novel methods such as BOLA (broken object-level authorisation). This equates to the manipulation of the rules of the system along with ensuring unauthorised access to restricted information. They can thus go through confidential data and even erase the private records of patients. There is also the Internet of Medical Things (IoMT), which is a network of multiple devices transmitting data in real time for better patient care. While it offers innumerable advantages, the vast amount of sensitive information available makes it an easy target for cyber-criminals as well. Here are some steps that the industry can consider for protecting medical data.  Some Other Patient Data Protection Strategies  As can be seen, regular risk assessments should be conducted while implementing a defensive strategy that has multiple layers. Healthcare institutions should also be informed about emerging cyber-security threats and other vulnerabilities along with engaging experts to augment internal resources along with providing extensive management and tracking. Through the adoption of best practices in this space, healthcare players can minimise the risks of data breaches to a large extent.  FAQs What are the most pressing security challenges in protecting patient data in today’s digital healthcare landscape? Some of the biggest security challenges in safeguarding patient data include continual vulnerabilities related to unauthorised access, hacking threats, system compromises, multiple entry points, and the lack of proper awareness and education among employees.  How can healthcare organisations ensure compliance with data protection regulations while managing and storing patient information? Healthcare organisations can ensure adherence to data protection regulations while storing and managing patient information. They can do this by complying with requisite information handling and data privacy guidelines issued by the authorities in their respective regions, while also having proper data security protocols and audits in place.  What cyber-security measures and best practices should be adopted to safeguard patient data from cyber threats? Some of the best cyber-security measures and best practices for protecting patient data include vendor security measures, encryption, data minimisation, regular tracking and audits, access control, de-identification, and more.  What role do emerging technologies like blockchain and encryption play in enhancing the security of patient data in the digital age? Emerging technologies like encryption help make medical data unreadable to unauthorised individuals. At the same time, blockchain also enhances data security through smart contracts and inherent principles of cryptography, consensus, and decentralisation. It offers greater control over sensitive data and is near-impossible to tamper with. 

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Healthcare & Life Sciences Sector Drives Rapid Growth in the 3D Mapping and Modeling Market

Healthcare & Life Sciences Sector Drives Rapid Growth in the 3D Mapping and Modeling Market

October 3, 2023

The 3D mapping and modelling market has taken off in rapid fashion, particularly when it comes to healthcare & life sciences. There are several trends that have been observed in the 3D modelling and mapping segment, including machine learning and artificial intelligence integration for better accuracy of modelling and automation alike. Real-time collaboration is also coming to the forefront along with the integration of virtual reality (VR) and augmented reality (AR). This enables more immersive experiences while there is a higher demand for advanced solutions and simulations in healthcare for better decision-making.  Spatial mapping and geographic information systems (GIS) are also used for varied use cases in the industry. Segmentation in the industry is majorly focused on 3D modelling, 3D rendering, motion graphics, and visual effects (VFX). Along with healthcare & life sciences, other application-based segmentation includes construction and architecture, media and entertainment, manufacturing, academia and education, and more. Let us take a closer look at the key growth trends in the 3D mapping and modelling market.  Major Growth Findings  Here are some key aspects related to 3D mapping and modelling market growth trends that should be noted.  Here are some other aspects that are worth noting in this regard.  Some Other Insights With regard to 3D mapping and modelling, leading companies in the space include Airbus, Adobe, Apple, Civil Maps, Autodesk, Bentley Systems, Dynamic Map Platform, Dassault Systemes, Archilogic, Ansys, CyberCity3D, Google, Golden Software, Hivemapper, Mapbox, Intermap Technologies, Saab, Pointivo, Onionlab, PTC, and many others.  Some additional insights include the following:  As can be seen, the healthcare & life sciences market should witness skyrocketing growth over the next decade, majorly driven by 3D mapping and modelling along with the integration of technologies like AR, VR, and GIS along with spatial mapping.  FAQs Spatial data analysis can boost understanding of various medical conditions and biological systems. It helps in better detection of disease clusters and the underlying variables that may lead to certain medical conditions across these clusters. An early example is the study of the cholera outbreak in London in 1854 by John Snow. This indicated how cholera cases could be traced back to water usage from a particular pump in the city. Spatial data analysis helps in designing preventive healthcare measures while planning interventions at the same time.  There are several advantages of combining VR and AR in medical applications with 3D mapping and modelling. AR-based 3D simulation will help patients get a better understanding of their medical/health conditions. This will also help in interacting with various objects on a real-time basis, with mapping between real-world objects and the virtual world. The superposition of 3D models onto head-mounted displays is possible, along with immersive experiences and information exchange in addition to better decision-making.  3. What are some real-world examples of successful implementations of 3D mapping and modelling in healthcare and life sciences research? There are numerous real-world examples of 3D mapping and modelling being successfully implemented in the healthcare and life sciences research category. 3D projections of the human body may be used for disseminating medical knowledge. It has already been done by the likes of Oulu University, enabling students to interact with human body visualization, learning better about muscle and bone structures and other parts of the body. 3D modelling is already being deployed for surgeries, enabling surgeons to plan their surgeries more effectively in comparison to paper planning or conventional 2D. It is improving surgery success rates, patient outcomes, and saving time along with lowering the rates of readmission.

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The role of telehealth in the modern healthcare landscape

The Role Of Telehealth In The Modern Healthcare Landscape

April 17, 2023

Telehealth is contributing immensely towards reshaping the entire contemporary healthcare landscape, as we know it. Telehealth meaning is the provision of remote healthcare via telecommunications and other technologies. It can be called a form of virtual care or digital healthcare.  The term gained traction throughout the 1980s and ever since, the sector has expanded considerably, including many new technologies and devices for the transmission of medical data on a real-time basis worldwide. This has enabled the entire healthcare industry to provide services to those under-served or un-served. It is also being deployed now by both private and public providers of healthcare services, with goals including efficient emergency care, treating mental illness, enhancing long-term outcomes for patients, and more. The indispensable functions of telehealth in the healthcare sector  Telehealth is steadily becoming indispensable for the modern healthcare industry, especially with regard to expanding the scope and accessibility of healthcare for more people. Here are some of its vital functions-  Better Multi-Area Expertise- Telehealth enables superior expertise in almost all departments. The usage of medical devices for tracking patient health remotely has naturally ensured higher convenience for providers and patients alike. Telemedicine is thus supplementing in-person or regular visitors to doctors, enabling the creation of more intensive plans for treatments. It may also ensure extra care that would be unavailable otherwise.  Telehealth solutions have ushered in expertise across multiple areas. For instance, a community or group without access to a cardiac care specialist may remotely get the same in case of any requirement. It will not fully do away with visits to the doctor but rather work in tandem with the same for treatment cycles. Healthcare providers and doctors will be able to better monitor and track patients within these cycles while keeping them on track with their treatments. Practitioners will also get access to invaluable data for supporting treatments.  Helping Underserved Patients- Telemedicine consultations have revolutionized access to healthcare for underserved patients. The biggest advantage of telehealth is its capability of ensuring instant access to healthcare, which would have been impossible otherwise. Many communities are under-served or un-served altogether.  Telehealth creates the interface between patients and healthcare providers, ensuring that suitable advice is given along with ensuring health tracking and more specializations that patients would not otherwise obtain. Communities grappling with emergencies or natural disasters can also use telehealth for additional access to critical care solutions. It has already transformed emergency care in recent years.  Ensuring Affordable Solutions for Patients- Telehealth is not just affordable, but it makes things more convenient for patients. Many health insurers are now offering reimbursements for telehealth in tandem with Medicare solutions. Patients are now seeing it as a more affordable way to get healthcare access. Wearables are also contributing towards better health tracking, data gathering, and also evaluating chronic ailments, thereby reducing future costs of patients.  Revolutionizing Mental Healthcare Access- Mental healthcare is one of the biggest segments benefiting from easy access to telemedicine, with easy tracking, access to practitioners and experts, quick consultations, community access, prescriptions, therapy sessions, and more.  How Telehealth will look in the Future Telehealth will evolve greatly in the near future as per expectations. Here are some of the key points worth noting in this regard.  Telemedicine will eventually turn into a standardized solution throughout multiple care-based settings. With patients getting more used to the higher access ensured by telemedicine consultations, it will naturally witness steady growth in the future. More than 1 billion telemedicine visits were reportedly in the works by the end of 2020 alone.  Patients will naturally appreciate personalized experiences, while endeavouring to choose their healthcare providers, platforms, providers/doctors, and hospitals, on the basis of telemedicine access and consultations. Patient wait times will slide hugely and patients will choose those health systems offering virtual care or digital healthcare access.  Healthcare players integrating telehealth will witness significant growth in patient retention and loyalty, along with scaling up their growth in revenues and business alike. More patients now seek telemedicine-based solutions.  Telemedicine could be a future beacon for preventive care. It will enable easy access to follow-up consultations, tracking, specialists, quicker diagnosis, and treatment guidance. Hence, there will be lesser readmissions in the hospital system along with inpatient stays and other issues. The costs will come down and preventive care will be the emphasis for most patients.  Hospital wait times will come down considerably, while there will be round-the-clock access to medical specialists. Hospitals will have speciality centres with networks of physicians and customers can get instant access to the same through telehealth platforms. These facilities will also ensure accessibility towards more focused care solutions for patients. It will go a long way towards greatly enhancing focused care and overall patient experiences along with lowering hiring costs for full-time staff members.  As can be seen, remote healthcare or telehealth is here to stay. And for good reason.  FAQs What is the meaning of telehealth, and how do they work? Telehealth means remote, virtual, or digital healthcare, including tracking, consultations, medical advice, treatment solutions, and diagnosis. This works through dedicated online or mobile platforms.  What are some potential challenges and limitations of telehealth? Challenges include proper internet connectivity, technological hesitation amongst a section of the under-served population globally, and so on.  How can telehealth be used to improve access to healthcare in underserved communities? Telehealth can be a godsend for better healthcare access in underserved communities. People can easily find specializations that they desire in emergencies and also for regular consultations and follow-up care. They can also avoid visits and long-distance travel to hospitals by consulting physicians/practitioners via digital or virtual platforms and getting all necessary medical care and advice.  What impact is telehealth having on the overall cost of healthcare? Telehealth has greatly lowered the overall cost of obtaining healthcare, considering that people no longer need to wait in line at hospitals and go for more expensive procedures or spend money on admissions. Preventive care and tracking are now readily possible via telehealth and this has lowered overall

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Addressing drug shortages with advanced analytics

Addressing drug shortages with advanced analytics

April 3, 2023

Drug shortages have become a part and parcel of modern healthcare systems due to several reasons. While there is a sizeable economic impact of drug shortages for manufacturers and pharmacies alike, there are widespread community and social disadvantages as well. Pharmacies or clinics running out of medicine stocks are representatives of a scenario that is often witnessed worldwide and with frightening consequences.  For example, Europe is already seeing shortages of commonly-used medicines. A survey by the Pharmaceutical Group of the European Union (EU) had 100% of 29 member nations reporting shortages of medicines amongst community pharmacists. 76% also stated how shortages had worsened than the earlier year (the survey was implemented between 14th November and 31st December 2022). The UK is also witnessing HRT shortages according to reports, while hospitals in the U.S. are also reporting issues with procurement for liquid ibuprofen, while ADHD diagnoses have gone up in the U.S. as well, leading to shortages of vital drugs for the same. Mexico is witnessing chronic shortages and unfulfilled prescriptions and supply fluctuations and disruptions have been seen widely throughout Asia too.  What are the reasons for medicine shortages?  Wondering about the reason for drug shortages? There are quite a few that can be noted in this context:  Higher seasonal illness outbreaks in the aftermath of COVID-19, leading to skyrocketing average annual demand for medicines that is higher than normal in several categories.  The inability of pharmaceutical companies to meet such unprecedented demand, with excess capacity restricted for cost control.  Global supply chain impact along with higher energy costs and inflation have impacted global drug manufacturers who have to contend with pricing measures.  Stockpiling by customers due to sudden drug shortages.  Over-prescribing by the system.  Reports estimate that the National Health Service in the UK loses a whopping 300 million pounds annually owing to partially-used or unused medication which cannot be reused or recycled.  Lack of systems for forecasting and identifying supply shortages, while ensuring proper inventory management.  Drug Shortage Solutions That May Work  There are a few drug shortage solutions that may be effective for combating and reducing shortages.  Data and analytics are enabling better access towards medicines worldwide while enabling superior supply and demand management for individual patients and pharmacies alike.  Real-time pharmacy, hospital, and clinical data will enable a proper understanding of the demand for specific drugs/medical products.  Leveraging electronic and public health records for enabling healthcare stakeholders to report demand figures for drugs, without revealing confidential patient data.  Opportunities for better inventory and supply chain management with AI (artificial intelligence) and machine learning (ML).  Generic entities may leverage smarter technologies for lowering manufacturing costs by up to 20% while enhancing production. Smarter and connected factories with proper insights and data analysis can enable higher savings and reliable deliveries.  Companies may look at higher procurement of local active ingredients while depending on go-to nations for the same. Boosting supply and production levels, along with harnessing real-time data analytics will enable tackling this scenario.  Supervised machine learning and analytics models can help in forecasting/predicting shortages for most drugs used throughout various categories, price points, and age groups.  Modelling can enable healthcare stakeholders to understand more about the issues behind drug shortages while analytics can also help predict demand for specific drugs based on historical data and current trends.  Pharmacies and other players may not have access to data on the supply side, although they have demand-side information. They will be able to gain more visibility into the supply chains of manufacturers with an integrated information-sharing system.  Data analytics-driven insights for optimizing orders and eventually lowering the effect of drug shortages on pharmaceutical and healthcare operations.  Systems for tracking and reporting drug shortages, including aspects like the frequency, drugs involved, period, causes, duration, managing strategies, impacts, and future shortages too.  Real-time identification and tracking of patients receiving shorter supplies of drugs by hospitals, clinics, and pharmacies. Immediate patient identification regulations for capturing present drug utilization across multiple categories.  Real-time identification and addressing situations along with finding out drugs in shorter supply. Predictive abilities enable higher time for researching material for alternative agents or making suitable arrangements for drug acquisition from other sites or facilities.  Once supply levels normalize for a drug, pharmacists and healthcare stakeholders may discontinue their surveillance regulations without waiting for technical assistance. Real-time data-filtering and reporting abilities are leveraged for viewing drug usage trends and prescription patterns throughout healthcare systems. These insights may enable higher standardization of drug management across institutions, while also facilitating better training of clinicians for lowering care variations.  Advanced data analytics will help address drug shortages and enable better inventory management simultaneously. However, suitable implementation, technological integration, and awareness are necessary for the same.  FAQs How can advanced analytics be used to address drug shortages? Advanced analytics can be deployed for tackling drug shortages through real-time tracking and surveillance of prescription trends and drug demand, forecasting shortages, and enabling better drug supply management.  What are the benefits of using advanced analytics to address drug shortages? Advanced analytics goes a long way towards helping tackle drug shortages, enabling forecasting future demand and shortages, identifying patterns for better management, and also enabling better global medicine access.  What are the challenges of using advanced analytics to address drug shortages? Challenges include technological integration, legacy systems integration, awareness regarding best practices, quality data generation, and more.  What are the best practices for implementing advanced analytics for drug shortage management? Best practices include unified and integrated public databases, suitable data modelling systems, suitable protocols for data security and privacy, and swift reporting mechanisms for demand and shortages.

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Patient Engagement Through Health Apps

Enhancing Patient Engagement Through Mobile Health Apps

March 3, 2023

Patient engagement is a strong buzzword today, particularly at a time when the entire healthcare industry is taking the digital route.  The conventional system is fast evolving into a more efficient and highly effective one with better patient engagement in healthcare being a focal point.  In this context, mobile health apps now make a compelling case for themselves with a view towards bolstering patient engagement, enabling better care quality, easier management of medical records and data exchange, and taking care of several other tasks in the bargain.  There are several kinds of apps that can be leveraged in this context, including urgent or emergency care apps with alerts, general hospital apps for information and engagement, referral apps, outpatient apps, and tracking apps to name a few.  How Mobile Health Apps Are Boosting Patient Experience   Mobile health apps are ushering in major changes for the entire mainstream healthcare ecosystem, enabling several aspects including the following: EMR/EHR Integration This is one of the key things to note if a healthcare provider is wondering how to engage patients in their healthcare journey. This helps patients manage, store, and control their health records, while also enabling hospitals with population health management. Healthcare interoperability also goes up considerably throughout hospitals as a result.  Notifications, Feedback, And Updates This is another patient engagement-related feature. SMS notifications keep patients updated about ongoing treatments and appointments while giving them a robust feedback mechanism at the same time. Profiles Of Doctors Another one of the unique patient engagement solutions is to have transparent information on the profiles of doctors, their credentials, their expertise, and soon. Healthcare providers can also leverage analytics for matching patients with specific doctors.  In-App Consultations Patient engagement also goes up considerably with mobile health apps facilitating in-app consultations with doctors and healthcare providers. This can be either through video or text.  It can be integrated with the ability to instantly access patient history and dispatch prescriptions that patients can use thereafter. This can also solve the remote healthcare problem in under-served areas throughout the country.  At the same time, it also helps patients who wish to get timely advice without sitting in lines at outpatient centres. Tele-health is one of the biggest emerging trends in the global healthcare space and this is where mobile health apps hold the key towards its successful implementation.  Appointment Scheduling Scheduling appointments with doctors can be a simple affair through suitable apps, completely eliminating the need for calls and anxiety. Patients can choose their doctors and book dates and times when they are available.  Medicines And Test Bookings Patient engagement can also be boosted with app-based access to medicines and other essentials, based on prescriptions issued by doctors. At the same time, they can also avail of features like booking tests across a variety of categories, either at healthcare centers or their homes, depending on what is feasible.  Why Mobile Health Apps Are The Future Of Better Patient Engagement  There are several advantages to using mobile health apps for stellar patient engagement. These include the following: Higher transparency in terms of doctor information, availability, costs, and patient information.  Easier management/access as far as patient details are concerned, with physicians being able to access data swiftly. Boosts interoperability across hospitals and enables better treatments.  Quicker physician/doctor consultation, higher quality of care with more personalization, and easy tracking of progress.  Greater control of patients over their healthcare treatments.  Saves the time and energy of patients, while freeing up resources at hospitals.  FAQs How can mobile health apps enhance patient engagement? Mobile health apps can enhance patient engagement with easier data management and access, appointment bookings, telehealth consultations, and higher control over healthcare treatments.  What features should a mobile health app have to be effective? Mobile health apps should have features for data integration, appointment bookings, consultations, prescriptions, payments, test bookings, notifications, and other helpful resources.  Are there any privacy concerns with using mobile health apps? Privacy concerns exist in terms of the proper management of confidential patient information in a secure manner by healthcare providers. The Cybersecurity and governance protocols have to be strong in this regard.  How can healthcare providers encourage patients to use mobile health apps? Healthcare providers can encourage more patients to use mobile health apps by advertising their offerings and promoting the key benefits of saving time, money, and energy. 

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Healthcare Tech Trends 2023

Healthcare Tech Trends To Watch In 2023

January 4, 2023

There are multiple interesting healthcare tech trends 2023 that could completely transform the space as the industry buzz goes. It is clear, going by the latest trends in healthcare industry that more innovation is afoot in the sector and this will dominate headlines all throughout the year. 

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