Technologies in the Healthcare Industry: Advancements Fueled by the Pandemic

Health Technology, Digital Healthcare

Article | August 16, 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

Health Technology, Digital Healthcare

Article | September 8, 2023

Managing accounts receivable (A/R) in private practice is a constant battle for physicians. Though most understand that lowering their A/R is critical for improving their practices’ efficiency and profitability, physicians often do not know how to address issues like lengthy collection periods and insurance claim denials. It can be complex to manage A/R, as doing so involves various parties, including insurance carriers, the patient, the front office and billing staff, and the provider. All must work together to achieve a clean claims rate and avoid denials. The best way to improve medical billing A/R is to reduce claim denials and speed up the patient collections process. In addition, you’ll need to ensure that patients and staff are filling out paperwork correctly and submitting claims on time. Other areas to manage are the follow-ups to correct errors and past-due accounts. Accounts receivable is a collaborative effort Each member of the practice staff plays an integral role in reducing claims denial rates. Take an all-hands-on-deck approach in order to identify issues and develop solutions. Start by making every team member privy to the A/R management process. This will ensure everyone is on the same page and involved. It will also help to increase efficiency, avoid redundancies, and eliminate mistakes that could waste time or profitability. The front office staff is the front line of A/R. They are the first to verify and update patients’ insurance and personal details like address and contact information. They must also ensure that patients sign certain documents, like financial policies. Providers are the next line of A/R. Providers select current procedural terminology (CPT) codes, and must be mindful of tedious details such as bundling correctly in order to ensure that claims are approved. A conscientious provider should not only select appropriate billing codes but also double-check the patient information that the front office staff provide. The billing office is a final line of defense and should triple check that the patient’s information and the CPT codes are correct. Billing office staff are also responsible for ensuring the claims are submitted on time and that duplicates are not submitted. Establish financial policies Every practice needs clearly defined financial policies around patients or clients. Having these policies in place helps to clarify financial details and creates workflows and processes for staff to follow. Here are a few elements to consider: State whether the practice will accept personal checks and, if so, what charges or actions are in place for bounced checks. Consider implementing technologies that convert paper checks to electronic transactions and verify them before patients leave the office. Include a financial responsibilities section with information about who is responsible for the claim(s) if a patient’s insurance carrier partially or fully denies their claim. Define the debt collection process. Patients should quickly know how long they have to pay their bills and at what point you may sell their debt to a third-party debt collectors agency. Medical records can be copious, and practices often need to make physical copies of them. Consider implementing a policy that covers a pay-per-page cost associated with medical records. Automate patient statements and payments Offer different payment options for patients by implementing technologies and creative solutions that make it easier for them to pay their bills. Look for solutions that reduce manual work and provide reporting that tracks efficacy across delivery modes. Here are a few approaches to consider: Automate sending statements via text message or email to help improve the rate of online payments. Add QR codes to online and paper statements to help patients quickly access payment portals. Offer payment plans, especially with low to no interest, to make it easier for patients to pay down balances. Establish a written collections process Not collecting patient payments at the time of service is the biggest challenge to patient collections. Establishing a written collections process can help to alleviate that pain point and clarify the practice’s policies and procedures so that patients can understand them more clearly and easily. Here are some guidelines to follow when creating your policies: Include when, how, and how often bills are sent. Provide information on payment plans and assistance programs, if available. Explain the different available payment options and whether patients can pay over the phone, online through a payment portal, etc. Clarify which extraordinary collection actions may be used, including selling the debt or taking legal action. One of the most important processes to develop with collections is to respond to patients’ behavior. Communication should not be a one-size-fits-all approach. Patients expect personalization, and reaching out to them based on their preferred means of communication leads to optimal results. Perseverance is vital when it comes to collections. By establishing clear policies and implementing integrated technology throughout your processes, you can improve the patient experience by eliminating confusion while streamlining workflow to reduce the administrative burden on billing and administrative staff. Although implementing these steps can help your practice lower your accounts receivables, sometimes choosing to outsource to a medical billing company can help you save time, money, and resources. Medical billing companies can provide medical practices with specialized expertise, technology, and infrastructure to efficiently manage the revenue cycle and ensure timely payments. Outsourcing medical billing can also free up staff time and resources, allowing healthcare providers to focus on patient care and other essential aspects of running their practice. Whether you choose to outsource or to keep your medical billing in-house, these tips will help you to reduce your costs and increase your revenue.

Health Technology

Article | September 12, 2023

Embracing the AI Revolution: Transforming Digital Healthcare Software through AI-Enhanced UX Testing The wave of demographic change sweeping the United States presents an urgent call to action for healthcare providers. According to the US Census Bureau, adults over 65 will account for a quarter of the US population by 2060, signaling a drastic shift in healthcare delivery needs. More than half a million of this demographic will be centenarians, accentuating the need for digital experiences tailored to seniors' unique needs. Despite the rapid advancement of digital health technologies, research indicates that many senior citizens struggle to adapt. A recent study reported that 40% of adults over 65 believe their telemedicine visit was inferior to traditional in-person care, with a meager 5% finding it superior. The promise of convenience delivered by digital health is often overshadowed by the frustration associated with technical difficulties. An astounding 75% of senior citizens admit they need assistance when using new electronic devices. Let's consider the patient portal app, a common touchpoint in the digital health journey. Despite its apparent simplicity, seniors find processes like logging in troublesome due to issues like forgotten passwords, technical bugs, or content readability. This scenario underlines the crucial need for comprehensive User Experience (UX) testing to eliminate these barriers and provide a seamless digital health experience. The Complex Landscape of Healthcare UX Testing The complexity of UX testing in healthcare has been exacerbated by the interplay of multiple modules, services, platforms, and vendors. Take Electronic Medical Record (EMR) systems, for instance, which undergo frequent updates, each one potentially impacting the system as a whole. Traditional manual testing methodologies are proving to be time-consuming and costly. Though automation has revolutionized sectors from automotive to finance, the healthcare industry appears to be lagging. A study by the Health Information and Management Systems Society (HIMSS) reveals that a mere 15% of healthcare providers have adopted modern test automation platforms. Meanwhile, a significant 41% still rely on manual testing. As EMR systems grow increasingly complex and customized, this over-reliance on manual testing poses daunting challenges. The gravity of this issue is amplified by a startling revelation from the HIMSS study - only 6% of healthcare executive leaders express confidence in their organizations' testing practices. In an increasingly digitized healthcare environment, such a low level of assurance raises substantial concerns about patient safety. Although 75% of the surveyed providers have invested in software testing to safeguard their bottom lines, nearly two-thirds confess feeling inadequately resourced in terms of time, money, and talent to meet future testing requirements. As the list of testing demands grows, QA teams are frequently stretched thin, leaving many potential user journey scenarios untested. The Power of AI in UX Testing for Better Patient Outcomes AI technologies hold the potential to revolutionize UX testing in healthcare. The modern healthcare application is a labyrinth of potential user journeys - a typical mobile application model can yield over 9 billion separate scenarios. To effectively navigate this colossal testing landscape, test automation tools employing Machine Learning (ML) algorithms are critical. By analyzing historical patterns, prioritized cases, and real-user insights, ML algorithms can auto-generate test cases and meticulously scrutinize each user interaction. This approach ensures an optimal digital experience and robust coverage of potential issues. The HIMSS study also provides a glimmer of hope, revealing that nearly 80% of healthcare providers plan to adopt real-time testing analytics for quality assurance. AI's role becomes pivotal in augmenting the capacity of software testing teams in this scenario. By leveraging historical patterns and prioritizing test cases, ML-powered testing tools can automate crucial tests across various platforms, devices, and operating systems. This symbiosis of human expertise and AI not only bolsters productivity but enables comprehensive testing coverage within tight time constraints. The Future of Healthcare Software UX Testing The path to perfecting a patient’s digital journey is fraught with challenges. Healthcare organizations venturing into automated software testing or contemplating in-house tool replacement must stay abreast of evolving healthcare testing requirements. This understanding is key when evaluating automation vendors against the backdrop of regulatory standards. Opting for a technology-agnostic solution ensures extensive test coverage, boosts efficiency, and guarantees longevity as technologies advance. Introducing your software QA teams to user-friendly, low/no-code test automation tools can simplify the onboarding process and fosters better collaboration with Dev teams and business testers. As we stand at the precipice of this transformative period in healthcare, it's clear that the AI revolution holds the key to unlocking the future of digital healthcare UX testing. By harnessing AI's potential, healthcare providers can ensure a user-friendly, seamless digital experience for the fastest-growing demographic, setting new industry standards in the process.

Article | October 26, 2020

Everybody deals with stress and anxiety however our anxieties can sometimes get the best of us. It’s important to know how to cope with your anxieties and fears if they get out of control. With this in mind, here are some tips that a person can use to help manage their daily stresses and anxieties. 1. 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. 2. Carry a small notebook of positive statements with you: Whenever you come across an affirmation that makes you feel good, write it down in a small notebook and carry it around in your pocket. Whenever you feel anxious, open up your small notebook and read those statements. 3: 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. 4. 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. 5. 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. 6. Take advantage of the help that is available around you: If possible, talk to a professional who can help you manage your depression and anxieties. They will be able to provide you with additional advice and insights on how to deal with your current problem. BIOGRAPHY Stan Popovich is the author of the popular managing fear book, “A Layman’s Guide To Managing Fear”. For more information about Stan’s book and to get some free mental health advice, please visit Stan’s website at http://www.managingfear.com