Article | March 16, 2020
Artificial Intelligence (AI) is getting increasingly sophisticated day by day in its application, with enhanced efficiency and speed at a lower cost. Every single sector has been reaping benefits from AI in recent times. The Healthcare industry is no exception. Here is decoding the future trajectory of healthcare with AI. The impact of artificial intelligence in the healthcare industry through machine learning (ML) and natural language processing (NLP) is transforming care delivery. Additionally, patients are expected to gain relatively high access to their health-related information than before through various applications such as smart wearable devices and mobile electronic medical records (EMR). The personalized healthcare will authorize patients to take the wheel of their well-being, facilitate high-end healthcare, and promote better patient-provider communication to underprivileged areas. For instance, IBM Watson for Health is helping healthcare organizations to apply cognitive technology to provide a vast amount of power diagnosis and health-related information.
Article | March 16, 2020
The use of technology in hospitals has been increasing for the last decade and at present, it has reached an all-time high. However, it may be surprising to realize that the healthcare supply chain management (SCM) area of hospitals has not fully embraced technology. According to a survey conducted among 100 hospitals recently, nearly half of these hospitals use less sophisticated/outdated tools or manual processes, such as Excel spreadsheets, to manage supply expenses, inventory, and other supply chain activities.
According to the Association for Healthcare Resource & Materials Management (AHRMM), healthcare supply chain management costs will surpass labor costs shortly for the number one position. But there is good news; similar surveys show potential for significant healthcare supply chain management cost savings. For example, an analysis by Navigant consulting estimates that, by standardizing and streamlining the healthcare supply chain management processes, hospitals can save an average of US$11 million per hospital or 17.7% annually.
What is Healthcare Supply Chain Management
Procurement, distribution, and movement of products and services from the receiving deck to the patient encompass the process of healthcare supply chain management.
There are a lot of challenges in healthcare supply chain management processes. The major issues include demand for specific types of product in inventory, hoarding of supplies, out-of-stock issues that may lead to expensive delivery charges, product expirations, unwarranted increase in inventory dollars based on demand, and pilferage, among others. These issues may contribute to out-of-budget supply costs.
Healthcare supply chain management is an extremely complex process. Poor product standardization, inadequate data reporting, a lack of automation throughout the process, and increasing regulatory requirements only add to the difficulties. Thus, an easy way to get rid of all these complexities is to incorporate advanced technologies in the healthcare supply chain management process.
Healthcare Supply Chain Management Technology
Advanced healthcare supply chain management technologies are developed to transform the supply chain process to a more efficient one by automating repetitive manual tasks in hospitals and other healthcare organizations. Minimizing waste, enabling timely data-based decision-making, streamlining inventory, and reducing labour, supply, and operational costs are the major benefits of healthcare supply chain management software.
There are mainly two types of healthcare supply chain management technology solutions, enterprise resource planning systems and niche healthcare inventory and healthcare supply chain management solutions.
Enterprise Resource Planning (ERP) Systems
ERP systems are not the best for healthcare supply chain management specifically because these systems are used in many industries. Also, the concerned vendors often do not have the required healthcare expertise. As this is mainly implemented by larger and non-healthcare related businesses, it may take a longer time to implement. Also, it requires dedicated customization resources. This makes it inflexible for the healthcare industry supply chain management.
Niche Healthcare Inventory and Supply Chain Solutions
This type is known as the best-of-breed healthcare supply chain management solutions. They provide healthcare-directed and flexible solutions as they are affordable and incorporate deeper industry knowledge. These systems can also focus on specific areas such as interventional medicine, surgery, and other healthcare departments.
Why Should Hospitals Invest in Healthcare SCM Technology
Although hospitals and other healthcare organizations have demonstrated excellent performance in fighting COVID-19, the pandemic exposed vulnerabilities in the present healthcare supply chain management process. Supply shortages, especially lack of personal protective equipment (PPE), highlighted how poor healthcare supply chain management affected healthcare providers. The underlying concern behind the supply shortage is that hospitals’ supply chains are not well prepared for the future of healthcare. Organizations are depending upon old models, which are not innovative, agile, or advanced enough to cater to the requirements of the modern data and technology-driven world.
Automating Healthcare supply chain management will be a major differentiator for hospitals at present and in future, impacting all aspects, including brand reputation, consumer trust, and quality of care. Healthcare leaders, such as organization heads and hospital administrators, require a new healthcare supply chain management system to deliver care at a lower cost. To realize this requirement, they have to make bold decisions and speed up the transformation of their healthcare supply chain.
Acceleration of healthcare supply chain management transformation will be grounded in many imperatives, which are related to process, people, and technology. The digital transformation focusing on these areas will fasten the long-term growth and sustainability of healthcare supply chain management.
Digital Transformation to Raise Healthcare Supply Chain to New Levels
The Healthcare industry has given importance, other than information systems and key enterprise technologies, to electronic health record platforms in the last decade. Currently, the healthcare industry is on the brink of a digital revolution. Several technologies, such as robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML), are opening new doors for healthcare organizations to evolve to a level beyond anything previously imagined. It will surely affect healthcare supply chain management.
However, the healthcare supply chain has not yet kept pace with changing technologies. To create a fully developed supply chain, hospitals should find innovative ways to integrate their physical process with digital data. Hospitals should start using tools such as predictive analytics along with digital statistics and information to drive decisions.
Investing in this technology integrated healthcare supply chain management, hospitals, and other healthcare organizations will help achieve optimal benefits. However, it needs an efficient deployment of new technologies, such as the integration of ML and AI, and maintain a functioning healthcare system.
Collaboration Between People and Technology for Better Results
Years of operating in traditional systems has delayed the progress of healthcare supply chain management. As the consequences of running out of stock can be devastating in the healthcare system, leaders and clinical professionals have to look at supply chain differently. The COVID-19 pandemic has elevated and strengthened the necessity of better collaboration. Now leaders need to act timely to solidify these changes, brought out by the pandemic, to stop people reverting to behaviours that were problematic in the past.
Automation will make the future of the workforce and supply chain workflows more efficient. The greatness of the impact on future healthcare supply chain management performance depends upon the greatness of the automation of work. Hospitals should highly focus on technology to perform various repetitive tasks, including delivering patient food trays, gathering supplies and bringing them to caregivers, picking case carts, and transporting supply carts to storage rooms. Staff efficiency is increased, when repetitive tasks and predictable work are automated and performed by robots. This helps staff focus on more complex tasks that drive innovation and value.
Digital transformation occurs only when there is strong leadership and a conducive culture. Hospitals should realize the value of data in decision making and change their view about the supply chain leader. Modern healthcare supply chain management leaders are those who excel in education, governance, collaboration and communication, and change management. In hospitals, the supply chain management leader position should be elevated to executive level and they should be capable of using modern technologies for effectively handling the healthcare supply chain management process.
The Future of Supply Chain Operations
The sole aim of effective healthcare supply chain management has been finding the lowest cost products for the end-user without considering much about the profit of the manufacturer. The alarming product shortages and supply chain disruptions during the pandemic have changed that. Now, leaders are much more focused on how to diversify manufacturer product origins.
Technological advancements and digital transformation will encourage the efforts to evolve vendor and inventory management, which is evident in procure-to-pay strategies. In case of procure-to-pay strategies, hospitals can reduce cost and increase efficiency by integrating technology assistance in areas such as accounts payable, including invoice discrepancies, match exceptions, and placing purchase orders electronically.
In hospitals, healthcare supply chain management should evolve quickly to forecast and adjust the changing flow of patient volumes and care sites. Increased acute care in the home, utilization of telehealth, and remote patient monitoring will surely change demand for care facilities and supply demands from consumers. Efficiently catering to these requirements with the assistance of the latest technologies will determine the future of hospitals and healthcare supply chain management. In the healthcare supply chain management, technologies will play a vibrant role in boosting competence and reducing cost from now. Get yourself updated to avoid getting outdated!
Frequently Asked Questions
What is the value of supply chain management in healthcare?
The healthcare supply chain management process ensures the right time availability of medicines, maximizing patient care, minimizing inventory wastage, and minimizing human errors. Healthcare supply chain management ensures timely availability of medicines for all patients at right time at lower cost possible.
What are the 5 basic components of supply chain management?
The five basic components of supply chain management are plan, source, manufacture, deliver, and return. Through these five components of supply chain management hospitals ensure the availability of all the medicines in hospitals. Shortage of essential medicines and other articles brings total chaos to the system.
Why is Supply Chain Management important for a hospital?
Supply chain management is essential for hospitals and other healthcare organizations as it ensures the availability of medicines and medical equipment so that patients get access to all facilities in time. In order to keep a consistent patient experience, an efficient supply chain management is necessary for all hospitals.
Article | March 16, 2020
Social media has become a powerful tool to connect people with friends, relatives, family, and other loved ones. Worldwide, around 4.2 billion people are actively using the internet. Among them, 3 billion are regularly active on social media channels. Social media is not just about interpersonal conversations; at least 80 percent of users follow one business on Instagram. With all the ads on your Facebook news feed, you connect with various brands or become aware about many brands. But does social media in healthcare make any impact?
Almost all industries have started to realize the power of social media and how it can impact connecting with consumers. Various social media platforms help companies share information, increase brand awareness, and partner with industry influencers. Social media has overpowered traditional marketing strategies. Social media has become the wave of the future.
Regarding the uptake of social media, the healthcare industry has been a bit slower. However, the industry now has accepted the undeniable importance of social media in healthcare. The reluctance might have been due to the risks associated for the providers as well as patients. Privacy and confidentiality of patient information has to be maintained always. Those were the challenges of social media in healthcare. However, consumers can get information from social media faster than any other tool.
The Healthcare industry includes both the healthcare technology providers as well as the healthcare service providers. Whether you are a service provider or a technology provider, social media can impact your customers equally. This article discusses the positive effects and benefits of social media in healthcare, especially healthcare service providers.
Embraced by the Medical Community
The healthcare industry took notice of social media when government agencies and other business industries started to reap the benefits of social media. A recent survey revealed an interesting fact about the use of social media in healthcare. More than 1500 healthcare providers around the US have social media presence online. Hospitals miss key opportunities if they don’t use social media. These hospital systems have started effectively using social media to reach out to their past, current, and future patients. Social media in healthcare is an easy medium to share vital information with consumers and patients in the industry.
The survey also revealed that more than 30% of medical professionals use various social media platforms to network with their peers. Many physicians also use these social media platforms for multiple activities in open forums. Having an active online presence evokes transparency among clients and peers. Healthcare providers can join various platforms such as Twitter to become healthcare influencers. Through social media in healthcare, providers can make connections, engage the community, and explore the industry.
The Case of Cleveland Clinic, Ohio
Cleveland Clinic in Ohio, US is the best example of how social media can be used to reach out to patients, engage them online, and stay ahead of competitors. They have more than 2 million followers on Facebook, 1.9 million followers on Twitter, and around 5 lack followers on LinkedIn. They have very different and unique social media strategies. They do post about whatever happens on the campus, including doctors practicing in their respective departments and interactive sessions with doctors and HODs, etc. Also, they do provide health tips and information, general health advice, and updates on the latest medical technologies and treatments. Apart from these, the hospital also reaches out to patients for queries and feedback through social media and responds to them promptly. These effective social media strategies help them in building up a brand, reputation management, create a patient relationship and build patient loyalty.
Loved by Healthcare Consumers
To find advice and new treatments, healthcare consumers widely use social media. This creates an opportunity for providers to connect with consumers through various forms of healthcare educational content. More than 40 percent of consumers believe that social media in healthcare affects their wellness decisions and health. Among 18 to 24 years old, 90 percent of people trust the medical information they get on social media. This shows the importance of healthcare providers on social media channels.
Mobile healthcare is expanding as consumers depend more on the internet for information. Countless fitness and health apps are available online. However, many of them are not effective and do not cure diseases but can change behaviors. Having an app will help you increase your accountability, as a provider, among consumers.
Positive Impact of Social Media on Healthcare
The healthcare community is widely embracing the scope of social media in healthcare. Healthcare technology providers, hospitals, and other service providers are opening new accounts to create a consistent image among consumers. There are many ways to improve care by reaching out to patients through social media in healthcare. Some of the positive impacts of best practices for social media in healthcare are as follows:
Increasing Access Across Generations
Healthcare companies have almost stopped employing the traditional ways of advertising. Patients always need quick access to information to reduce the risk of getting flu or to find new providers, including baby boomers, every generation is online. According to Forbes, as of 2017, 9 percent of Facebook users were above 55 years of age. This present generation is very tech-savvy, they search online for local healthcare services and healthcare information. They use Facebook and YouTube. So, you need to create a marketing strategy that targets baby boomers.
Generation X also searches health-related topics online, which accounts for 1.5 billion views on YouTube each day. As they care for children and aging parents, they may search for the best long-term care facilities, how to soothe a colicky baby, and so much more. As millennials are focused on healthy living and being cost-conscious, they depend more on social media platforms for healthcare information. Ninety-three percent of millennials say that they do not rely on healthcare providers for preventive health information.
Thus, as everyone goes online for healthcare information, healthcare service providers should consider the role of social media in healthcare seriously. By providing reliable and accurate information, healthcare providers can engage with consumers and increase the patient experience through social media.
The days that the patients trust doctors blindly have gone. Healthcare consumers have become smarter and want to have relationships with providers who care for them. Allowing your tech-savvy employees to share videos and pictures of events or office helps have a human touch. It also improves patient engagement and overall patient satisfaction.
If patients know the people in your reception or nurses of respective departments, it helps them relax, engage, and makes them share their health history more openly. This is possible as they connect with those in the office through your social media in healthcare. It increases your authenticity.
Keeping an Eye on Competitors
Administrators and marketers keep an eye on their competitors through their social media platforms. They evaluate pain points, community involvements, service lines, and marketing strategies sitting in their offices. Hospitals and other providers can quickly get feedback on technologies and marketing strategies the competitors are using. This would help them if they want to incorporate these things in their care process before investing.
You can take note of the social media platforms where your competitors are performing well. This approach to social media in healthcare would remove the possibility of failure with your social media strategy, especially when you begin with it.
During emergencies and other situations, social media in healthcare allows you to communicate quickly. Social media updates can provide life-saving information, from crisis alerts to census notifications. World Health Organization (WHO) is an excellent example; they provide real-time information to the masses regarding any health crisis, warnings, and other critical safety information during disasters, using social media, especially Twitter.
Similarly, by providing real-time information to your consumers through your social media channels, you can increase your authenticity, authority, and dependency. Real-time access to information saves lives.
Patients often want to communicate with their doctors quickly. They may need to share something about a recent appointment or about a reaction they had to medication. Making patients provide feedback on social media helps you learn how they feel about their medicine and care.
You can get essential feedback that might help you improve your care. It also helps you recognize and reward the staff that the consumers recognize. As a provider, you can also get back to them for additional information after the feedback you get from them on social media. This possibility of social media in healthcare will work more to provide better care next time.
Social Media for the Future
Social media in healthcare is going to stay here and have advancements from time to time. Most of the modern consumers are tech-savvy and want to have everything at their fingertips. Modern patients have no patience. Therefore, social media works to engage patients and enhance the patient experience and satisfaction.
Whether you are a large service provider, a solo practitioner, or run a hospital, you need a social media presence. For engaging with your community, social media in healthcare helps a lot. It can make an impact beyond your imagination. Use these strategies to improve the quality of the healthcare you provide.
It may be a tiresome job to do it all alone. We, at Media7, provide social media services to engage your consumers. Whether you are a service provider or a technology provider, we are here to help you with our compelling social media strategies. We help healthcare companies generate leads, brand themselves, increase sales, and make them your happy customers. For more details about us, visit https://media7.com/.
Frequently Asked Questions
What are the advantages and disadvantages of using social media in health care?
When used cautiously, social media can provide clear benefits, such as clinical education, professional networking, and patient’s health promotion. However, there can be disadvantages too, including privacy and confidentiality of patients, resulting in formidable consequences.
How has social media influenced the marketing of health care?
For establishing public awareness and managing reputation, social media is practical means. As part of an effective marketing plan, social media has become an essential medium for healthcare professionals to interact with consumers and engage them.
What is the Importance of Social Media in the hospital?
By providing important and general information on healthcare, hospitals can make their presence more valuable to consumers. Encouraging patients to share their feedback and thoughts makes hospitals connect with them and improve the care process.
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Article | March 16, 2020
The global market for precision medicine is projected to top more than $84.5 billion by 2024. Targeted therapies for rare, genetic diseases, cancer and chronic conditions come with the hope of a cure. Companies such as Roche, Novartis, Spark Therapeutics, Pfizer, Editas and BioMarin are among the pharma players in this space. There seem to be new developments in precision medicine on almost a weekly basis. So what do educational institutions need to do to create fertile ground for gene therapy research to produce the next generation of companies developing these therapies? And what needs to happen to facilitate data sharing, ensure access to genome sequencing and these promising therapies?