PII Theft in Healthcare

Health Technology, Digital Healthcare

Article | September 7, 2023

Yes, empathy has become a fad. Connecting to another human is actually something cool kids do now. If a brand doesn’t have an impact model that includes a practical social issue, consumers tend to not take that brand seriously. In this case, empathy needs to be revisited beyond the trend itself for these strategies to have real, lasting impact. Practical strategies around compassion meanwhile have similarly become an intrinsic part of social impact organisations. They have become so commonplace that prosocial behaviour has strayed into a kind of tokenism. It is common for instance for consumers to donate their hard-earned money to companies who focus their energies on trying to alleviate real-world issues. The question then is whether this proxy for compassion isn’t in fact watering down human connections, as well as our positive impact on the issues business and organisations seek to solve with our help. Postmodern behavioral science If it is, then we must understand why and how to change that. This is where postmodern behavioral science provides a possible better alternative to social impact strategies. Postmodern behavioral science suggests that the current approach to understanding human behaviour lacks even a rudimentary understanding of empathy, defined in the area of social impact as a discursive strategy that allows us to feel what the group we are trying to help is feeling. Of course, compassion has very close ties with empathy. Empathy is an innate ability we all have, one that we can learn to develop and fine-tune over time. It is our emotional connection to another human, though one that lies beyond our own ego. It takes the perspective of the person who is struggling and seeks to understand their life, their struggle, and their worldview. It also resolves to value and validate their perspective and experience — something that donating money to a social impact cause does not. In its broader definition, empathy is a shared interpersonal experience which is implicated in many aspects of social cognition, notably prosocial behavior, morality, and the regulation of aggression. Empathy has a host of positive after-effects when applied as an interpersonal experience. If a social impact organisation is preoccupied with raising capital, then it is likely to disregard the practical worth of empathy for those who truly want to achieve its mission. Immersive empathy One way that behavioral science can contribute is to utilise tools that can help augment the experience of those in need for those needing to understand those needs. Both AR and VR can help people visualise and follow the stories of those who require compassion. These create virtual environments for partners, governments, and consumers to experience with the people they seek to help. But of course, much of human behaviour is geared toward seeking pleasant experiences and avoiding unnecessary pain. Our in-built hedonic valuation systems guide decisions towards and away from experiences according to our survival instincts. This is precisely why business owners who want to encourage empathy in their customers go the easy route, but should seek a more participatory frameworks to inspire and provide experiences for those on board with a social mission. Then there are issues like financial literacy in underserved populations, access to clean water, education for women and girls, and environmental conservation, to name a few of the problems that social impact companies are attempting to tackle. If a company is trying to tackle an issue such as access to clean water, then rather than start there, it should first ask exactly how this issue arose and developed. It should question the beliefs that underpin this chronic social inequality, those that inform policies, practices, cultural taboos, and beliefs about water and people’s access to it. To simply respond to an issue in its developed form is to leave it unfixed. We must be willing to reverse engineer the origins of that issue that got us to where we are. In other words, human behaviour is not the only component to consider in this. The main behavioral framework public servants should take with them is to develop a nudge unit solely based on the relationship between behavioural science and technology. This is mainly because technology is an inevitable part of how we now relate to one another. Immersive Compassion meanwhile should embrace tools like AR/VR that seek to create empathetic environments and valuable impact longevity. To fully embrace empathy as an organisation is to create relevant and rigorous responses that go as far as to alter the infrastructure of its target goals. Optimising social impact comes down to optimising human experience.

Health Technology, Digital Healthcare

Article | August 21, 2023

In the ever-evolving healthcare landscape, transparency in pharmacy benefit management (PBM) has emerged as a critical issue. The discussion surrounding driving down prescription drug costs and increasing access to affordable medications has brought attention to the practices of PBMs. However, achieving true transparency requires more than just buzzwords; it necessitates access to real-time data that empowers consumers to make informed decisions about their healthcare. In this piece, we will explore the importance of real-time transparency in PBMs and highlight how Xevant, a leading platform, is revolutionizing the industry. The Current State of PBM Legislation With over 100 bills to reform PBM practices, legislative efforts are intensifying to address the business practices associated with PBMs. However, one common concern is the absence of language surrounding real-time automation in many of these bills. The lack of such provisions threatens to undermine the effectiveness of the proposed reforms. It is crucial to examine the available resources and insights to gain a comprehensive understanding of the issue. The current state of PBM legislation and the efforts to reform PBM practices highlight the pressing need for transparency and accountability in the pharmaceutical industry. PBMs play a critical role in the drug pricing ecosystem. Still, concerns about “traditional” PBM business practices, such as lack of transparency and opaque rebate systems, have raised questions about their impact on drug prices and patient access to affordable medications. Xevant's Groundbreaking Solution Xevant, led by CEO Brandon Newman, stands at the forefront of the drive for transparency in PBM practices. As the only platform capable of providing PBMs and consumers with real-time, automated, and completely transparent data from the entire pharmacy benefits ecosystem, Xevant is poised to revolutionize the industry against the backdrop of the political landscape. The absence of language surrounding transparency and real-time automation in many proposed bills threatens the effectiveness of the reforms. Yet, innovative companies like Xevant are leading the charge for openness in PBM practices. Xevant's real-time data automation and optimization capabilities empower consumers with timely, comprehensive, and transparent information, enabling them to make informed decisions about their healthcare and potentially save money. With the potential passage of these bills, the pharmaceutical industry could see a shift towards greater accountability, fairer pricing practices, and improved access to affordable medications. The reforms could also create a more level playing field for generic drug manufacturers, fostering competition and lowering prices. Real-Time Data Automation and Optimization Newman emphasizes that transparency cannot be achieved without access to real-time data automation and optimization. This real-time, customized data enables individuals to compare prices, explore alternatives, and understand the specific cost components related to their medications. By bringing together various parts of lowering drug costs, such as drug rebates, 340B contracts, sell-side discounts, copay assistance, and employer negotiations, Xevant offers a solution that empowers consumers with the information they need when required. The Implications of Timely Access to Data The scarcity of timely access to data among many traditional PBMs is a significant challenge in achieving transparency in the pharmaceutical industry. These PBMs typically collect data annually, which leaves a substantial margin of error and can result in millions of dollars lost from consumers' pockets. In contrast, Xevant's capabilities offer a game-changing solution. With Xevant's platform, consumers gain immediate access to critical information regarding drug rebates, markups during spread pricing, competitive alternatives, and the vast landscape of the pharmaceutical ecosystem. Having these complete datasets available in real-time allows individuals to make informed decisions about their healthcare and potentially save lives. The significance of timely access to data cannot be overstated, as transparency becomes meaningful only when it happens in the present rather than months, or even a year, later than when the impact has already occurred. Navigating Proposed Legislation and Questionable Business Practices Another critical aspect of the PBM landscape that Xevant addresses is the moral implications associated with cost-sharing, clawbacks, spread pricing, and the pass-through of rebates. These practices have long been criticized for their opacity and their negative consequences on patients' access to affordable medications. Xevant's transparency-focused approach highlights these practices, allowing stakeholders to evaluate their ethical implications and work towards fairer alternatives. Xevant recognizes that proposed legislation may have potential cracks that allow for slip-through and the continuation of questionable business practices. Delayed and inaccurate reporting are loopholes that can hinder the effectiveness of reform efforts. By actively engaging with legislators and industry stakeholders, Xevant aims to identify these potential shortcomings and advocate for comprehensive robust legislation that leaves no room for exlploitation The Future of Healthcare and the Role of Real-Time Automation As the discussion surrounding PBM reform gains momentum, the future of healthcare in America hangs in the balance. Xevant sets a new standard for efficiency and consumer empowerment in healthcare decision-making by employing AI-driven technology. Xevant's visionary approach to real-time data automation and optimization paves the way for greater transparency and cost savings in the pharmaceutical industry. Wrapping Up Transparency in pharmacy benefit management is crucial to addressing the soaring costs of prescription drugs and enhancing access to affordable medications. Without access to real-time data and automation, the pursuit of transparency remains elusive. Xevant's groundbreaking platform solves this pressing challenge, enabling PBMs and consumers to access complete, transparent data in real-time. As legislative efforts progress, the need for real-time transparency becomes increasingly evident, and Xevant emerges as the leading legal solution for PBMs. When harnessing the power of real-time data automation, the vision of affordable healthcare can be transformed into a reality, benefiting individuals and the entire healthcare ecosystem.

Healthtech Security

Article | August 31, 2023

Discover the EHR companies that empower medical professionals with user-friendly interfaces and clinical decision support. Stay abreast of the top EHR companies reshaping healthcare delivery. Electronic health records (EHRs) have become vital in streamlining patient care, enhancing efficiency, and promoting data-driven decision-making. As healthcare providers shift from traditional paper-based systems to digital solutions, numerous EHR companies have emerged, providing advanced EHR technologies that transform how medical information is collected, organized, and utilized. This article features the top 25 EHR companies at the forefront of this digital revolution, showcasing their innovative solutions, commitment to data security, interoperability, and user-centric designs. 1. WebPT WebPT is a premier rehab therapy platform that elevates patient care and drives business growth. With a comprehensive suite of features, including scheduling, documentation, billing, outcomes tracking, business reporting, and system integrations, it offers a robust web-based solution that caters to outpatient settings of all sizes, facility types, and specialties. Since its launch in 2008, WebPT has demonstrated remarkable growth and success, earning its place on the prestigious ‘Inc. 5000 List of America's Fastest-Growing Companies’ for an impressive nine consecutive years, an accomplishment achieved by less than 1% of companies on the Inc. 5000 list. 2. CarePaths EHR CarePaths EHR, a renowned provider of affordable behavioral health EHR and practice management system, is recognized among the best EHR companies catering to psychiatrists, psychologists, social workers, and counselors in private practice, group practice, and health systems. Its all-inclusive package offers seamless management of various practice aspects, including patient records, clinical record keeping, customized documentation, treatment plans, outcomes & assessment tracking, and practice management tools. CarePaths EHR offers practitioners a seamless experience with eligibility verification, scheduling, reporting, accounting, and convenient ePrescribing functionality, even from mobile devices. 3. iPatientCare iPatientCare is a leading provider of a comprehensive suite of innovative healthcare products and value-added services dedicated to assisting physician offices, rural health clinics, and community/federally qualified health centers (CHC/FQHC) in enhancing patient care, improving patient health outcomes, and reducing the costs associated with delivering care. Its highly acclaimed EHR, integrated practice solutions, and additional services, such as revenue cycle enhancement and quality improvement consulting, offer a complete package to effectively manage practice operations, boost revenue generation, and provide superior patient care. iPatientCare enables healthcare providers to significantly reduce accounts receivable (A/R) days and enhance collection rates while streamlining billing processes, alleviating internal workload, and bridging staffing gaps. 4. Azalea Health Azalea Health is a leading provider of interoperable cloud-based healthcare solutions and services. Its comprehensive portfolio includes electronic health records (EHR) with integrated telehealth functionality, personal health records, mobile health applications, and interoperability services. With a strong focus on customer success, this EHR company caters to practices and ambulatory hospital strategies, delivering immediate improvements in cash flow and clinical outcomes through innovations in revenue cycle performance and care coordination. The company's offerings include laboratory ordering and results management, patient portal and PHR solutions, telehealth services, population health management tools, revenue cycle performance services, patient-centered medical home services, and pre-certification services. 5. Bizmatics PrognoCIS, engineered, owned, and serviced by Bizmatics Inc., is one of the leading EHR companies that provides clinical and business productivity software & services to medical practices and multi-specialties. Its flagship cloud-based application, PrognoCIS, offers a fully-integrated solution encompassing EHR, telemedicine, practice management, medical billing, RCM, patient engagement tools, and more. PrognoCIS EHR, built on a robust multi-tier internet architecture, supports various medical specialties and offers customizable templates for tailored documentation. With seamless information flow between the EHR and Billing modules, the company ensures real-time data exchange. It is HIPAA-compliant, ICD-10 enabled, and Meaningful Stage 2 Certified, with click-saving features that enhance productivity and optimize workflow. 6. Modernizing Medicine Modernizing Medicine Gastroenterology, formerly known as gMed and now a subsidiary of Modernizing Medicine, is a renowned provider of an integrated health IT platform designed explicitly for the gastroenterology industry. Its comprehensive range of data-driven products and services caters to private practices, ambulatory surgery centers, and hospitals. The offerings include an advanced EHR system, an efficient endoscopy report writer, a comprehensive practice management solution, a patient engagement portal, a value-based care solution, data analytics tools, and revenue cycle management services. Additionally, gMed Canada, Inc. operates as a wholly-owned subsidiary of Modernizing Medicine Gastroenterology, Inc., further extending the company's reach and impact in the healthcare industry. 7. Sevocity Sevocity is a leading provider of electronic health record (EHR) solutions dedicated to empowering physician practices and health centers to adopt and utilize EHRs effectively. It offers affordable and user-friendly cloud-based solutions supported by exceptional customer service. Sevocity's cloud solution ensures secure and convenient access to clinical information anywhere. The innovative model of this EHR software development company enables physician practices and health centers to implement cost-effective solutions with minimal upfront investments and eliminates the need for additional maintenance costs. Electronic health record companies such as this one is committed to facilitating the seamless integration of EHR technology, enabling healthcare providers to enhance their practice efficiency and deliver quality patient care. 8. Visonex Visonex prioritizes establishing solid client relationships by going beyond technology and ensuring ongoing success. With its Clarity EHR solution, Visonex offers a treatment-centric approach tailored to the unique needs of dialysis clinics. Its user-friendly and configurable system keeps clinics ahead of regulatory changes and provides exceptional support with 24/7 assistance and cost-free webinars. The electronic health record company also offers Visonex Enhanced Services that combine Clarity EHR with data management and dialysis billing services, including CROWNWeb electronic submission, quality measures assessment tools, and specialized billers. 9. WRS Health WRS Health is a cloud-based EHR and practice management software company. Its core mission is to assist physicians in achieving balance in their roles as healers, business owners, and individuals. With a focus on simplifying operational tasks and promoting business growth, WRS Health has developed systems and processes that automate practice management, allowing physicians to devote their time to patient care. Its comprehensive tools seamlessly manage clinical and billing information, while additional services such as the virtual front desk assistant, MIPS management, and revenue cycle management support automation and task delegation. 10. eClinical Solutions eClinical Solutions is a globally recognized company that supports life sciences organizations in expediting their clinical development endeavors through its biometrics services and ‘elluminate’ Clinical Data Cloud expertise. The ‘elluminate’ platform serves as the cornerstone of digital trials, allowing clients to conveniently access all their data from a single centralized location. By integrating eClinical Biometrics Services, clients gain self-service capabilities and benefit from advanced analytics, empowering them to make informed and timely business decisions. With its comprehensive suite of services and cutting-edge technology, eClinical Solutions plays a pivotal role in accelerating clinical development initiatives worldwide. 11. AdvancedMD AdvancedMD is a prominent electronic health record software company specializing in cloud medical office software. It caters to ambulatory medical practices, providing comprehensive solutions to support independent physicians and their staff. The company offers a flexible outsourced billing option, allowing practices to leverage the services of a third-party billing company. It empowers clients with state-of-the-art tools and technologies that seamlessly integrate practice and patient workflows, creating a transformative practice experience. With AdvancedMD, healthcare facilities can efficiently handle higher patient volumes, resulting in enhanced productivity and improved financial outcomes. Patients benefit from electronically connecting and engaging with their healthcare providers, enhancing their overall healthcare experience. 12. Practice Fusion Practice Fusion is cloud-based EHR offers time-saving features like customizable templates and patient charts that adapt to individual needs, focusing on enhancing efficiency and streamlining workflows. This EHR platform integrates with local pharmacies, laboratories, imaging centers, and other tools, enabling smooth information exchange. Clients benefit from flexible billing options, collaborating with industry-leading partners to expedite payment processes. Monitoring progress is simplified with insightful dashboards, and reporting data can be directly submitted to CMS through the EHR. As a cloud-based solution, there is no need to download software or manage hardware, ensuring both security and up-to-date functionality. 13. DrChrono DrChrono aims to enhance the quality of care by making it more informed, interactive, and personalized. The company's open platform is the backbone for various healthcare solutions, including telehealth, electronic health records (EHR), practice management, medical billing, and revenue cycle management. With a strong emphasis on flexibility and customization, the platform easily extends through a robust API and offers a marketplace of applications and services. DrChrono's platform facilitates millions of patient appointments and efficiently processes billions of dollars in medical billing. It plays a crucial role in revolutionizing the healthcare industry by empowering providers and patients. 14. CureMD CureMD's portfolio comprises a range of cutting-edge solutions, including certified electronic medical records (EMR), practice management, patient portal, and medical billing services. By offering these comprehensive tools, CureMD aims to expedite the adoption of EHRs and assist healthcare providers in achieving ‘Meaningful Use’ qualification, thereby driving positive outcomes and maximizing value and subsidy payments. Leveraging advanced web technology and award-winning usability, CureMD empowers healthcare professionals to make informed decisions, streamline operations, and ensure compliance with industry standards. CureMD's comprehensive EMR solution is tailored to customize care delivery, enhance quality and patient safety, maximize efficiency, and reduce expenses. Its integrated platform combines practice management, electronic health records, patient portals, and a mobile care solution catering to medical practices of all sizes. 14. CureMD CureMD's portfolio comprises a range of cutting-edge solutions, including certified electronic medical records (EMR), practice management, patient portal, and medical billing services. By offering these comprehensive tools, CureMD aims to expedite the adoption of EHRs and assist healthcare providers in achieving ‘Meaningful Use’ qualification, thereby driving positive outcomes and maximizing value and subsidy payments. Leveraging advanced web technology and award-winning usability, CureMD empowers healthcare professionals to make informed decisions, streamline operations, and ensure compliance with industry standards. CureMD's comprehensive EMR solution is tailored to customize care delivery, enhance quality and patient safety, maximize efficiency, and reduce expenses. Its integrated platform combines practice management, electronic health records, patient portals, and a mobile care solution catering to medical practices of all sizes. 15. RXNT Founded in 1999, RXNT has significantly impacted the healthcare industry by introducing a groundbreaking cloud-based solution for prescription writing. Over the years, its commitment to innovation has remained unwavering, enabling it to deliver top-notch solutions that set the industry standard continuously. This electronic health record software company takes pride in offering these cutting-edge solutions at an affordable cost, ensuring that healthcare providers can access the best tools available. By providing these essential tools, RXNT empowers thousands of healthcare providers to concentrate on their core competency—delivering exceptional patient care. 16. TherapyNotes, LLC TherapyNotes is a unique online practice management system tailored specifically for behavioral health, encompassing a comprehensive range of features, including robust notes, scheduling, and billing capabilities. Setting itself apart from other practice management systems, the company excels in its notes system, providing an intuitive form-filled approach that significantly accelerates data entry and note-writing processes. Furthermore, the platform offers a dynamic 'to-do' list that automates task management, guiding clinicians on necessary actions such as post-session note writing, contacting primary care physicians when necessary, and scheduling treatment plan updates. 17. SimplePractice SimplePractice is an all-in-one practice management solution that serves private practices in the health and wellness sector. With a remarkable customer base of over 169,000 practitioners, the company has established itself as the leading EHR provider. This comprehensive platform empowers practitioners to efficiently manage their businesses with various powerful features, including autoPay, online booking, telehealth capabilities, and customizable documentation and notes. Through SimplePractice, practitioners can efficiently optimize their workflows, resulting in significant time savings. 18. eMDs eMDs, a brand of CompuGroup Medical, stands as a prominent provider of comprehensive solutions designed to promote the well-being of both patients and healthcare providers. With a strong focus on integration and connectivity, the company offers a range of solutions, including EHRs, practice management software, RCM, and credentialing services tailored for physician practices and enterprises. CompuGroup Medical understands the unique needs of healthcare professionals and strives to deliver software solutions that enhance physician productivity and elevate the overall clinical experience. EHR companies, such as this one, demonstrate their commitment to excellence through the accolades they receive, with eMDs software consistently earning top rankings in respected physician and industry surveys conducted by prestigious organizations. 19. The Echo Group The Echo Group is recognized as a leading developer and implementer of enterprise-grade software solutions exclusively designed for behavioral health organizations across the United States. The company's suite of tools includes visual EHRs, government reporting and compliance features, clinical and financial decision support functionalities, as well as medical and government billing capabilities. The company provides flexible solutions for managed care organizations with both self-hosted and SaaS deployment options. It offers additional services such as RCM, IT support, fiscal and clinical process workflow analysis. 20. MD Synergy Solutions MD Synergy Solutions is a renowned provider of integrated solutions for medical offices, utilizing its advanced cloud-based technology and innovative RCM services. The company's technology platform encompasses EMR, PM, and patient portals, enabling seamless operations within medical practices. Using proprietary rule engine technology, MD Synergy Solutions delivers exceptional RCM service through its WorkQueues. The company's comprehensive offering caters to small-to-large physician practices, offering easily implementable and adaptable cloud-based software solutions. 21. Pulse Systems, Inc. Pulse, a reputable RCM company, offers advanced medical billing services and cutting-edge technologies to facilitate payment processes, streamline workflow, and enhance patient care delivery for physicians. Renowned as a leading SaaS and mobile solutions provider, Pulse offers a comprehensive suite of integrated EHR, PM, population health, electronic prescription, medical billing clearinghouse, patient engagement, and payment technologies to physicians, medical service providers, and patients alike. With a broad user base encompassing thousands of providers across over 40 specialties, Pulse ensures that its clients achieve optimal financial and clinical outcomes. 22. DocuTAP DocuTAP is a dynamic health information technology company offering integrated technology solutions to over 3,000 on-demand healthcare practices and primary care clinics nationwide. Renowned for its flagship product, DocuTAP's EMR and Practice Management software, this EHR company uses an innovative workflow optimization approach. Its comprehensive on-demand healthcare solution includes 'Clockwise.MD' patient engagement technology, RCM services, as well as DocuTAP Insight, a powerful business intelligence tool with customizable reports and industry benchmarks. 23. Elation Health Elation Health is widely recognized as a premier technology platform for primary care that prioritizes delivering exceptional value. With a strong focus on clinical excellence, the company has provided innovative solutions since its establishment in 2010. Elation Health offers a collaborative EHR platform, enabling practices to effectively initiate, expand, communicate, and excel in delivering personalized, top-tier care to their patients. This electronic health record company is committed to supporting primary care clinicians in preserving the art of medicine while adapting to the ever-changing healthcare environment. 24. Net Health Net Health is a company dedicated to leveraging data to improve human health. Its comprehensive solutions include EHR software and predictive analytics that provide actionable insights for various medical specialties, such as rehab therapy, wound care, home health and hospice, and employee health. Net Health empowers caregivers and organizations to effectively engage with patients, streamline documentation, optimize staffing, ensure appropriate reimbursement, and adhere to regulatory requirements. With its unique approach to analytics, this EHR software company integrates valuable insights into clinical and operational workflows, resulting in improved care quality and enhanced business performance. 25. ChiroTouch ChiroTouch is widely recognized as a leading provider of cloud-based chiropractic software, offering a fully-integrated EHR solution tailored exclusively for chiropractors. This innovative platform is built from scratch and can be seamlessly accessed from any device at any time, providing chiropractors unparalleled convenience and flexibility. ChiroTouch eliminates the need for multiple vendors by offering a comprehensive system that handles payment processing and insurance claims management, allowing chiropractors to focus on their patients instead of paperwork. The software is designed to be user-friendly and accessible, ensuring a smooth transition for practitioners. The new generation of ChiroTouch is purposefully designed to optimize efficiency in all areas, accommodating various payment methods, including cash and insurance. In a Nutshell These top EHR companies will enable medical professionals to benefit from user-friendly interfaces, streamlined workflows, and enhanced clinical decision support, improving patient care and efficiency. Furthermore, the innovations and expertise of these EHR companies have a positive ripple effect, inspiring collaboration and driving advancements across the healthcare ecosystem. By embracing these electronic health record software companies, professionals and EHR companies can harness the power of digital health records to revolutionize healthcare delivery and contribute to the industry's ongoing transformation.

Article | December 15, 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.