Health Technology
Article | September 12, 2023
Long-term care comprises all the health services that help patients with chronic illnesses or disabilities meet their medical and non-medical needs. It caters to those who cannot care for themselves for extended durations. For care providers, it becomes critical to meet the needs of patients on time while delivering top-notch quality, especially at a time when virtual care is more important than ever.
To remedy this, many of the tasks and processes within long-term care are supported by digital solutions. These long-term care software applications enable care providers to automate aspects of patient scheduling, inventory control, regulation and compliance, data management, care delivery management, and much more. Some of the end users of long-term care software include home healthcare agencies, nursing homes, and residential hospice care facilities.
What is Driving the Growth of Long-Term Care Solutions?
Digitalization has swept the healthcare industry, and medical technology now occupies a significant area of medical care delivery. With the demand for a robust healthcare infrastructure aggravated by a shortage of medical professionals, the need for automation is driving the growth of medtech across all areas of healthcare. In addition, fewer medical specialists and medical cost reduction initiatives combined are powering the long-term care software market’s growth.
Challenges for the Long-Term Care Software Market
Despite the rapid growth in the use of digital solutions to manage administrative and compliance tasks, technological transformations are expensive. The high maintenance costs incurred by care providers are a major hindrance towards a full-fledged adoption. Many care providers are also unwilling to adopt new applications due to the implementation and staff training costs involved in doing so.
What the Future Holds?
With an increase in remote care and the use of technologies like the Internet of Medical Things to deliver diagnostic services and preventive care, medtech is witnessing a revolution. Long-term care is bound to follow suit thanks to areas like remote patient monitoring and wearable technology. While the long-term care market is slated to grow by leaps and bounds, solution makers must find a way to help care providers warm up to the use of technology and de
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Healthtech Security
Article | November 29, 2023
Introduction
Top Upcoming Healthcare Supply Chain Trends to Know About
Immediate Access to Medical Supplies
Emphasis on Visibility and Tracking
Investment in Technologies
Artificial Intelligence
Cloud Computing
Data Analytics
Healthcare Supply Chain Management Solutions: Features and Significance
Why Is Supply Chain Management Software Gaining Prominence in Healthcare?
Closing Thoughts
Introduction
With the ever-evolving and changing nature of the healthcare industry, organizations are discovering new methods to eliminate waste, reduce costs, and prioritize patient concerns.
Despite the fact that the COVID-19 pandemic has shown the vulnerabilities of healthcare supply chains and caused shortages of personal protective equipment (PPE) and other essential medical supplies, it has served as a catalyst for innovation and digital transformation in healthcare supply chain management solutions.
Healthcare and medical organizations have learned the hard way to let go of the traditional ways of thinking, such as a mindset that prioritizes just-in-time supply chains and logistics optimization over everything else.
Tight, fragile supply networks and lousy inventory management have caused severe shortages of pharmaceutical and medical supplies in the past. However, with the emergence of innovative technologies and trends, now is the time to adopt a new mindset that emphasizes supply chain resilience, flexibility, and agility, making supply chains stronger and adaptable. This will enable healthcare spaces to handle unexpected spikes in demand and survive unpredictable disruptions brought on by pandemics, natural disasters, or cyberattacks in the future.
Top Upcoming Healthcare Supply Chain Trends to Know About
In recent years, healthcare providers have been concentrating on supply chain management solutions not only to increase the effectiveness of supply chain networks but also to gain more visibility into the entire supply chain.
With the goal of streamlining the ordering process, enhancing demand planning & inventory management, and informing purchasing contract decisions, healthcare providers have started to understand the potential of advanced healthcare supply chain solutions. Since then, these organizations have recognized the value of an efficient and dependable supply chain as a critical competitive differentiator.
A substantial rise in medical and healthcare spending is being witnessed across the globe due to the rapidly increasing number of various diseases and conditions, such as chronic ailments, infectious diseases, and genetic disorders. According to a study, the national health expenditure in the U.S. reached US$ 4.1 trillion in 2020, including the spending of US$ 829 billion on Medicare and US$ 671 billion on medical aid.
Hence, healthcare organizations, manufacturers of medical devices, and other entities participating in the medical supply chain are investing in innovative supply chain and logistic solutions to provide optimal and timely treatments to patients.
Innovation is not only crucial for lowering operating expenses and simplifying business processes, but it is also necessary for providing superior care to patients and enhancing clinical outcomes. Let's see some of the top healthcare supply chain trends that are revolutionizing the healthcare sector.
Immediate Access to Medical Supplies
Medical equipment and component shortages are not new challenges for the healthcare industry. Hospitals and other medical establishments have faced continual disruptions in the supply chain over the last decade, starting from personal protective equipment and medical device shortages to improper management of medical inventory. This was especially witnessed in the past two years, during the COVID-19 pandemic.
Healthcare producers previously adopted a strategy to either pay higher premiums for medical equipment or stockpile them on their balance sheets. However, the issue with this strategy was that during the acute and unprecedented shortage, fewer devices and parts were left to acquire and keep in inventory, which has compelled hospitals to adopt a more cautious supply chain strategy.
Medical establishments need a more diverse pool of suppliers and cannot only rely on just-in-time inventory ordering. Hence, a swift rise in inclination toward adopting sophisticated supply chain solutions is being witnessed across the industry to monitor certain suppliers' run rates. This enables modern healthcare organizations to create more resilient and robust hospital supply chains and provide immediate access to medical inventory.
Emphasis on Visibility and Tracking
One of the most prevalent healthcare supply chain trends witnessed across the industry is the growing focus on visibility and tracking. Obtaining medical supplies, equipment, drugs and others safely, timely, and accurately from the factory floor to patients is the responsibility of the healthcare supply chain. As the industry shifts to value-based care models, the healthcare supply chain is experiencing enormous pressure to increase visibility, decline costs, and improve outcomes.
With the advent of online shopping and the introduction of novel medical e-commerce platforms, manufacturers and suppliers of healthcare products are focusing on real-time tracking during transit and logistics operations. As a result, they are increasingly adopting advanced healthcare supply chain management software to enhance visibility, stream operations, and decrease delivery time.
Investment in Technologies
The efficient management of the healthcare supply chain is paramount for proper patient care and inventory control. The implementation of digital healthcare technology is an essential step toward the achievement of a higher level of efficiency in supply chain management.
Digital healthcare logistics and supply chain solutions have the potential to generate long-term value for healthcare providers, which is one of the main aspects driving the transformation away from the conventional healthcare supply chain. It is improving patients' access to care while making it more efficient, cost-effective, and secure. In addition to this, the integration of advanced technologies is assisting hospitals and healthcare providers in reducing operational costs and identifying appropriate growth opportunities. The following are the technologies healthcare organizations are investing in to strengthen their supply chain management
Artificial Intelligence
The healthcare supply chain trend that is paving the way in the industry is artificial intelligence (AI). It is the future of the healthcare supply chain. The integration of the technology assists in improving logistics efficiencies via quicker data processing, continuous process improvement, and accurate demand-supply forecasting.
By connecting historical data with external patterns that affect production, AI presents a chance to greatly increase the speed and precision of healthcare logistics and supply chain activities. In addition, it enables medical equipment manufacturers and suppliers to constantly record crucial operational data and preserve institutional expertise for future use.
Cloud Computing
Cloud computing technologies have played a significant role in transforming the healthcare supply chain management that is used today. It reduces expenses, shortens logistics operations, and increases data security by centralizing data and providing access to that data to numerous associated entities.
With technological advancements, cloud computing is anticipated to gain huge popularity in creating a resilient supply chain with a well-knitted network of healthcare providers, manufacturers, and suppliers. And also provides next-generation features, such as transport route optimization and automatic inventory management.
Data Analytics
Data analytics provides a broader range of in-depth information that can be used to make operational processes more effective, inventory management more strategic, and decisions more accurate. It also assists in transforming the healthcare supply chain by providing access to cutting-edge methods like data mining, predictive forecasting, and predictive analytics to foresee future events with precision, assisting healthcare providers in forecasting further demand and supply interruptions.
In addition to the increasing need for declining costs and transit time, drug manufacturers and healthcare aid suppliers are investing in advanced data analytics to assist them in visualizing the whole supply chain, including its pain points, inefficiencies, and strengths.
Healthcare Supply Chain Management Solutions: Features and Significance
The healthcare industry as a whole is thriving, and this growth is reflected in the more sophisticated and digital nature of healthcare supply chain management software. The solution helps medical facilities see the big picture by coordinating and integrating procedures that manage and control the flow of money, data, and items as a product or service, all the way from the point of production to healthcare spaces, allowing for more efficient care.
The primary goals of these supply chain solutions, such as healthcare logistics software, are to improve visibility and efficiency throughout the distribution network. In recent years, these goals have expanded to include the strategic objective of improving supply chain agility and resilience— to cope with times of uncertainty, shortages, and volatility in demand and supply conditions.
Getting supply chain management right in healthcare means that participating players will be able to effectively identify and resolve bottlenecks, possible interruptions, and other issues that arise anywhere along the end-to-end supply chain. As one of the features, these supply chain solutions have the potential to improve patient care and safety while reducing waste and wasteful expenses. Let's see a few more features of healthcare supply chain management software
Procurement Management
Logistics Management
Inventory Management
Order Management
Warehouse Management
Supplier Relationship Management
Why Is Supply Chain Management Software Gaining Prominence in Healthcare?
Due to increasing instances of medication and healthcare aid shortages, a strong need for modernizing the healthcare supply chain is being experienced by numerous hospitals, drug manufacturers, and suppliers. In addition, the growing use of medical e-commerce is further increasing the complexities in the inventory and logistics operations, making it difficult for the players mentioned above to provide timely delivery, reduce wastage, and ultimately save patients.
To counter these challenges, medical establishments are emphasizing adopting more advanced and resilient supply chain management solutions, which assist them in streamlining and automating routine manual processes such as logistics operations, planning, forecasting, and others. The following are more reasons to encourage healthcare establishments to adopt resilient supply chain management software
Logistics and Shipping Optimization
Reduce Cost Effects
Enhance Quality Control
Increase Flexibility
Better Collaboration with Suppliers
Reduce Inventory and Overhead Costs
Increase Output
Enhance Transparency
Decrease Delivery Time
Closing Thoughts
In today’s constantly evolving healthcare sector, medication manufacturers and hospitals are looking to adopt innovative solutions, such as healthcare logistics software, to eliminate waste, reduce costs, and improve patient care.
The growing integration of AI, predictive analysis, blockchain, and other technologies is playing a major role in modernizing the healthcare supply chain and streamlining operations by automating and improving decision-making abilities. As the healthcare supply chain trends discussed above keep on creating new roads in the industry, supply chain management solutions, such as healthcare logistics software, are anticipated to become a necessity in the future.
Thus, ahead-of-the-curve healthcare providers are seizing this instance as an opportunity to invest in cutting-edge technologies and shift towards using digital solutions to make their supply chains more robust and improve the flexibility of their logistics operations.
FAQ
What is Healthcare Supply Chain Management Software?
Ans: A healthcare supply chain management software assists medication manufacturers and hospitals in sourcing, tracking, quality control, and logistics by automating operations, enabling them to manage costs, time, and inventory by planning and forecasting trends.
What Are the Types of Supply Chain Management Software Used in Healthcare?
Ans: The most common types of supply chain management software used across the healthcare sector are
Logistics
Sourcing and Procurement
Inventory Management
Warehouse
Order Processing
Shipping
What Are the Key Performance Indicators of Supply Chain Management Software in the Healthcare Industry?
Ans: Key performance indicators of supply chain management software in healthcare are
Reduction in Cost
Enhancement in Customer Service
Time to Customer
Forecasting Accuracy
Flow of Logistics Process
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Health Technology, Digital Healthcare
Article | August 16, 2023
Everybody deals with stress and anxiety, however the key is to know what to do when you’re stressed out. It is not always easy to keep your feelings from getting the best of you.
With this in mind, here are seven tips that a person can use to help manage their daily stresses and anxieties before they get out of control.
1. Get all of the facts of the situation: Gathering the facts of a certain event can prevent us from relying on exaggerated and fearful assumptions. By focusing on the facts, a person can rely on what is reality and what is not. Most importantly, do not focus on your fearful thoughts when you’re stressed out.
2. Take a break: Sometimes, we get stressed out when everything happens all at once. When this happens, a person should take a deep breath and try to find something to do for a few minutes to get their mind off of the problem. A person could take a walk, listen to some music, read the newspaper, or do an activity that will give them a fresh perspective on things.
3. Carry a small notebook of positive statements with you: Another technique that is very helpful in managing fear is to have a small notebook of positive statements that makes you feel good. Whenever you come across an affirmation that relaxes you, write it down in a small notebook that you can carry around with you in your pocket. Whenever you feel depressed, open up your small notebook and read those statements.
4. You can’t predict the future: While the consequences of a particular fear may seem real, there are usually other factors that cannot be anticipated and can affect the results of any situation. We may be ninety-nine percent correct in predicting the future, but all it takes is for that one percent to make a world of difference.
5. Challenge your negative thinking with positive statements and realistic thinking: When encountering thoughts that make you fearful or depressed, challenge those thoughts by asking yourself questions that will maintain objectivity and common sense. Focus on the reality of your situation and not on your thoughts. Your fearful thoughts can make things worse so try to focus on something positive when you get anxious.
6. Divide your activities into separate steps: When facing a current or upcoming task that overwhelms you with a lot of anxiety, divide the task into a series of smaller steps and then complete each of the smaller tasks one step at a time. Completing these smaller activities will make the stress more manageable and increases your chances of success.
7. Take advantage of the help that is available around you: There are many individuals who have been expertly trained in the field of psychology to help you find ways to manage fear and anxiety. Seek out someone whom you trust to provide sound advice and guidance. This same professional can also help you create an action plan for dealing with your fears and anxieties in the future.
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Health Technology
Article | June 22, 2022
Technology in the 21st century is the fuel that drives innovation and ease in almost every industry today. The healthcare sector isn’t far behind. In fact, the medical industry has taken the concept of the Internet of Things and took it to a new level altogether to reimagine the use of medical technology.
Imagine multiple devices like phones, cameras, GPS sensors, and computers interacting with each other through a seamless transfer of data. Now consider wearable medical devices. The exchange of critical medical information through a web of real-time data networks activates near instantaneous responses from doctors, nurses, and medical services. The aim is to anticipate the need for medical attention long before it is needed and remedy the concerns before they reach a critical stage.
That is exactly how the future of the Internet of Medical Things (IoMT) is shaping out to be.
How IoMT is Redefining Everyday Health?
IoMT is a next-generation solution that embeds cutting-edge monitoring and analysis of individual healthcare journeys through medical devices. The smart watch is the most recognizable wearable medical device that is used by millions of people daily to keep tabs on their vitals.
For instance, the Apple Watch series 6 maps blood oxygen levels, sleep patterns, ECG levels, and also reminds the user to wash their hands after returning home.
The market for healthcare IoT products is vast and is constantly expanding. The Tango Belt is a leading example of smart wearable technology that is revolutionizing elderly and disability care. The belt is designed to sense falls and deploy airbags to soften the impact. In addition, it alerts caregivers in the event of a fall. The belt also uses data analytics by collecting mobility data that is then synced to a smartphone app for displaying metrics.
Technologies that Empower IoMT
With the diverse tasks that medical devices must perform, applications exist across a wide spectrum, from artificial intelligence to 5G networks to the cloud.
Consider a pacemaker, for instance. Modern pacemakers are embedded with a multitude of technologies that communicate with each other to send critical patient data to physicians. A pacemaker is a bioelectronic implant that is placed in the chest to control the heartbeat. But a smart pacemaker goes a step further. It is equipped with wireless bluetooth technology that communicates with the patient’s wearable medical device. The smart device or phone will then transfer this data to physicians for check-ups and even alert doctors in the case of anomalies.
To Round It Off
IoMT will subsequently power all medical devices and usher in a future where technology forms the backbone of healthcare service delivery. Although wearable medical technology has been around for decades, the development of a streamlined communication channel between them has redefined their use. Smart medical devices are no longer just an aid but a source of vital individual medical data as well as a way to anticipate care and medical attention.
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