Hospitals improve financial performance, but volumes are slipping

Healthcare Finance | March 26, 2019

Last year was generally a year of financial improvement for hospitals, with profitability in 2018 demonstrating growth in operating margin of about 5 percent compared to 2017, and outperforming budget by 4.4 percent, according to a new Kaufman Hall analysis. But increasing their volumes is still a struggle for hospitals, and they underperformed in that area last year as compared to 2017. The underperformance in volume was a trend that held nationally for the most part, with discharges remaining steadily in decline. Unfavorable performance in emergency department visits continued to accelerate, and while adjusted discharges and adjusted patient days increased, the increase slowed last year compared to 2017.

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Foreign and international travel for work or study as well as pleasure is increasing and continues to do so. Globalisation of market economies is leading to more business and work in overseas locations, as well as an increased reliance on supply chains around the world. With reduced travel costs, schools and universities look more and more  for learning and personal development  experiences abroad.


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HEALTH TECHNOLOGY

Stellar Health Announces Expansion of Value-Based Care Initiative for Highmark, Inc.

Stellar Health | October 19, 2022

Stellar Health a healthcare technology company changing the way health insurers and providers activate value-based care arrangements, announced the expansion of their value-based care initiative with Highmark Inc. upon results of its initial program that improved quality and chronic condition management across Highmark's Medicare Advantage and Commercial lines of business. Stellar announced the collaboration in 2021 to help Highmark accelerate new payment models and value-based care for independent practices in Pennsylvania. This initiative, called True Performance Lite, was an extension of Highmark's existing True Performance PCP Suite Program aimed at serving larger providers. The True Performance Lite program used Stellar's unique incentive design that rewards providers and staff for completing granular VBC actions focused on quality improvement, management of chronic conditions, reduced ED and inpatient utilization, and affordability of care for Highmark members. The program saw strong results across VBC metrics compared to 2020: The program also saw high engagement and satisfaction across providers involved in the True Performance Lite program. "I wish all health plans had program, it's the easiest of all platforms by far," said Renee Guistwite, Office Manager from Guistwite Family Practice. Cathy, an Office Manager from Dr. Dana E Bragg MD's office says "This app is really easy. Every part is user-friendly and it doesn't take much time now that we have a workflow going. We are really excited about Stellar!" Stellar's web-based, cloud-native, point-of-care application leverages historical patient information to prompt primary care providers and their care teams of gaps and opportunities relating to patients' healthcare regimens for Highmark members. Stellar Health partners with health insurers to enable providers and their staff to engage in these value-based opportunities through the application with granular action recommendations, ensure success in closing gaps, and pairs each action with a financial incentive for the time it takes to complete it. In 2022, Stellar and Highmark expanded the True Performance Lite program into Pennsylvania, West Virginia, and Delaware supporting over 60+ provider groups across multiple lines of business and are continuing to build on the overall momentum and results in 2023. The companies are continuing to innovate on new ways to engage the Highmark network and drive outsized results through several cost and utilization initiatives as they bring the model to new provider profiles. "Our provider-centric model lends itself to the success we have seen with Highmark over the last year as they lead value-based care delivery in the Mid-Atlantic region. We look forward to expanding with multiple lines of business to allow providers who handle all types of coverage to meaningfully participate in VBC and help deliver better primary care for all patients." Michael Meng, CEO of Stellar Health About Stellar Health Stellar Health is a healthcare technology company focused on enabling success across the value-based care continuum by bridging the incentive gap between providers and payors. The Stellar solution is the first point-of-care, cloud-based platform that helps primary care providers continually engage with their patients by providing them real-time information and tangible action-based incentives for improving quality of care. With Stellar, providers can achieve a range of VBC goals, like improving quality scores and optimizing the patient care journey through transitions of care and high-value referrals, all with the objective of improving patient health.

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HEALTH TECHNOLOGY

Prospection partners with leading Japanese healthcare data provider Medical Data Vision to improve treatment access for patients

Prospection | September 06, 2022

Health analytics pioneer, Prospection has announced a unique global data access agreement with leading Japanese medical data company Medical Data Vision Co., Ltd. to accelerate healthcare analytics globally. The agreement, covering the world's second largest pharmaceutical market, will provide global pharmaceutical companies and researchers access to comprehensive and longitudinal data covering more than 40 million people in Japan at more than 470 hospitals. Combining predictive analytics and machine learning with real-world healthcare data, Prospection's agreement with MDV will provide pharmaceutical companies across the world with unique access to patient diagnostic and medication data from hospitals across Japan, unlocking potential to assess an unlimited number of treatment programs in the region. The agreement also enables access to patient history and prefecture level data, allowing analysis of disease progression, disease outcomes and the mapping of disease courses to provide evidence on areas where development can address unmet needs. When distilled further, this creates an opportunity to assess patient data on a regional level to find geographical areas where patients or health centres require additional support for specific disease and conditions. Prospection's access to Japan's most comprehensive medical data sets is a significant milestone for the company. Prospection currently provides real-time access to longitudinal patient data across 15 regions globally including Australia, New Zealand, Japan, South Korea, Taiwan, USA and the UK. The company's latest announcement with Medical Data Vision will build on this work, providing Prospection with access to one of Japan's largest healthcare databases. "We are delighted to announce our latest agreement with Medical Data Vision. This partnership demonstrates a shared commitment to improving patient outcomes and marks a significant milestone in Prospection's mission to deliver real community benefits to patients across the globe. "As one of the largest pharmaceutical markets in the world, Japan has incredibly rich datasets. Working with Medical Data Vision gives us the opportunity to access a dataset of approximately 40 million patients, creating a unique opportunity to use advanced analytic tools to accelerate precision medicine to enable the right patient to receive the right treatment at the right time in their journey. "The outcomes of this partnership will play a key role in understanding the full cycle of patient health conditions and disease journeys in areas including immuno-oncology, immune disorders, cardiovascular and metabolic conditions allowing researchers and pharmaceutical companies globally to better understand the different patient characteristics, treatments and respective outcomes." Eric Chung, CEO and Co-founder, Prospection "We are very excited to be working with MDV in our latest data access agreement. Combining MDV's large and comprehensive dataset with Prospections global reach and extensive expertise working with datasets across the world will not only allow MNC pharmaceutical companies to work with patient data from Japan, but will also open a broader understanding of different health conditions across the world. This agreement brings us one step closer to enhancing precision medicine to find the 40% of patients that can be optimised." About Prospection Prospection is a pioneer in health data analytics technology. We are on a mission to make advancements to precision medicine through real world evidence, with an aim to put the right patient on the right treatment at the right time. Applying advanced ML algorithms to real-world data we unearth health journey and treatment insights by analysing longitudinal data for hundreds of millions of patients to see how drug treatments are used after the clinical trial. Delivering actionable real-world evidence that enables better outcomes for patients, across the world. Prospection is guided by credentialled experts and innovative leaders within their respective fields. Globally, we work with over 15 large health data sets applying our expertise to examine health patterns. Working with government and researchers through to our core client base in the pharma/biopharmaceutical industry, we have delivered insights across more than 90 therapeutic indications. Including rare and complex diseases such as oncology, immuno-oncology, virology, metabolic conditions, respiratory and cardiovascular disease. Prospection is backed by investors including Ellerston, Horizons Ventures and Main Sequence, and commercially with CRO Novotech. About Medical Data Vision (MDV) MDV is an accumulation of anonymously processed data with secondary usage permission from medical institutions. The actual number of patients in the "hospital data" centered on the acute phase is 40.42 million. In addition, by holding data from the health insurance association, data on the recovery period and chronic period has been enhanced, and in addition to information by hospital/clinic, it has become possible to track information on transfer destinations. "Health insurance data" was 7.84 million people (same).

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FUTURE OF HEALTHCARE

Abbott Receives Three CES 2023 Innovation Awards for Advancements in Health Technology

Abbott | November 21, 2022

Abbott has been recognized by the Consumer Technology Association with three CES 2023 Innovation Awards for its life-changing technologies that are advancing the health tech industry and improving the lives of people worldwide. The CTA is the organization behind the Consumer Electronics Show the most influential technology event in the world. Ahead of the CES 2023 event, three of Abbott's industry-leading tech advancements won CES 2023 Innovation Awards, all within the Digital Health award category Aveir VR Leadless Pacemaker – The world's only leadless pacemaker with a unique mapping capability to assess correct positioning prior to placement and designed to be completely retrievable. The system was developed by Abbott to treat patients with slow heart rhythms and eliminates wires used to deliver therapy in traditional pacemakers. Proclaim Plus SCS System – Abbott's latest advancement in neurostimulation therapy to treat chronic pain using low doses of targeted BurstDR™ stimulation that can be adjusted as a person's therapeutic needs evolve across up to six areas of the body, which is more pain sites in the body than ever before. Alinity m Monkeypox PCR test1 – A first of its kind, Abbott received FDA Emergency Use Authorization of its PCR test for detecting the monkeypox virus. The CES Innovation Awards program is an annual competition honoring outstanding design and engineering in consumer technology products. The program recognizes the year's most innovative products in a multitude of consumer technology product categories and distinguishes the highest-rated in each. Last year, Abbott became the first-ever healthcare company to keynote CES, and the company has received nine CES Innovation Awards in the past two years. Other Abbott products previously honored with CES Innovation Awards include FreeStyle Libre 32, the world's smallest, thinnest3 and most accurate4 14-day glucose sensor and a CES 2022 Best of Innovation Award winner; BinaxNOW™5, the #1 COVID-19 self test in the U.S.; and the UltreonTM 1.0 intravascular imaging and coronary physiology software platform, which helps guide and optimize stenting decisions, combining optical coherence tomography with artificial intelligence. In addition to the CES 2023 awards, Abbott also was recently recognized with other top honors for its healthcare technology including its revolutionary FreeStyle Libre technology being named the best medical technology in the last 50 years by the Galien Foundation. The FreeStyle Libre portfolio has transformed the lives of approximately 4.5 million people6 living with diabetes globally. About Abbott Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines.

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HEALTH TECHNOLOGY

AngelEye Health Introduces NICU Technology Conversion Team

AngelEye Health | September 08, 2022

AngelEye Health, a leading provider of family engagement solutions for hospital neonatal and pediatric intensive care units announced the introduction of the company's inaugural NICU technology conversion team. Comprised of some of the healthcare organization's most seasoned onboarding specialists, the unit will help new customers navigate the process of converting from existing solutions to the AngelEye CameraSystem™. Members of the dedicated integration team include project managers, clinical specialists, and systems analysts. "Exemplary customer support is the cornerstone of the AngelEye Health service offering and has been since day one. As our team continues to quickly add new hospital partners who are converting from other NICU camera solutions, we realized that some of their onboarding needs were unique. We saw an opportunity to proactively ensure that we had the resources in place to address any technical and clinical needs they may have. We are proud to introduce the industry's first NICU technology conversion team, purpose-built to support these transitions every step of the way." Christopher Rand, CEO of AngelEye Health Patient and family engagement technology for hospital settings has been growing in acceptance as it presents NICUs and other pediatric units with additional opportunities to support families during their child's time in the hospital. It also fosters an instant and lasting bond with family members even when they can't be at the hospital. In response to this need, AngelEye developed a state-of-the-art CameraSystem™, which brings live-streaming video of the patient to family members anywhere, anytime, on any device. Web-camera technologies provide families with a unique opportunity to connect with their hospitalized children through interactive, real-time technologies. Thus, a cost-efficient pediatric webcam program like AngelEye Health's has the potential to improve the quality of life for participating families by relieving anxiety and cultivating a distant bonding experience. While the AngelEye onboarding process is always thorough and well-executed, customers who are already familiar with and reliant on cameras in their NICU can now benefit from a specialized level of solution migration support that is unique to their situation. As AngelEye continues to add conversion customers to its portfolio of hospital partners - and at an increasingly accelerated rate - introducing a team of professionals who are well versed in the technology conversion process can add a layer of technical and clinical support to ensure that the transition is seamless and the hospital's NICU care team is up and running on the system quickly and with minimal downtime. Arkansas Children's Hospital was one of AngelEye’s first NicView conversion projects which involved 90 cameras. Since day one of the technology migration, their hospital team has benefited from the cohesive support from AngelEye’s team of project managers, clinical specialists, and systems analysts, each dedicated to ensuring that the onboarding process was as streamlined and painless as possible. "AngelEye Health has been very accommodating and willing to work with us and tailor the entire camera system conversion to meet our needs," said Luann Jones, DNP, APRN, NNP-BC, NE-BC, formerly the neonatal services director, Arkansas Children's Hospital. "Every NICU is in a different place at different times, and there's not really a one size fits all approach. Their team was willing to collaborate with us as an institution and as a unit to figure out what really worked best to meet our needs." For hospitals and health systems interested in learning more about what their own camera system conversion might look like and how the AngelEye NICU technology conversion team can support them through every step of the process, please read the Top 10 Questions from Conversion Partners or schedule a call with one of AngelEye's Account Managers. About AngelEye Health AngelEye Health has a deep understanding of the value that both family engagement and family-centered care bring to the neonatal and pediatric intensive care environment. We provide a complete HIPAA-compliant platform to integrate parents simply and seamlessly into the child's care team. Our approach has a proven, positive impact on the quality of the family experience, care delivery workflows for the dedicated bedside team, and patient outcomes. From admission to discharge, AngelEye positively impacts staff, families, and patients along the journey and ultimately to a successful transition home. From bonding, patient progress and treatment communication, feeding, and focused education, AngelEye offers a portfolio of solutions for supporting the highly specialized needs of the NICU and PICU today and of the future. The company was recently named to the Inc. 5,000 listing of America's Fastest-Growing Private Companies.

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Foreign and international travel for work or study as well as pleasure is increasing and continues to do so. Globalisation of market economies is leading to more business and work in overseas locations, as well as an increased reliance on supply chains around the world. With reduced travel costs, schools and universities look more and more  for learning and personal development  experiences abroad.

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