How employers save money by paying employees to shop for healthcare

Healthcare Finance | March 06, 2019

How employers save money by paying employees to shop for healthcare
Providing healthcare benefits to workers is getting more expensive for employers, a situation that has them scrambling for solutions. One approach has shown promise: Give them money to shop around for healthcare services. According to a new RAND Corp. study published in Health Affairs, paying employees between $25 and $500 for using a transparency tool, and encouraging them to select a lower-cost provider for certain elective healthcare services, can result in modest savings of about 2.1 percent over the course of a year. That's not a ton of money, but it's something, and with the cost of providing benefits on the rise, employers are starting to consider it as an effective cost mitigation strategy.

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The purpose of this document is to set out the future operating model to take effect from 1st April 2013 and to make clear organisational responsibilities associated with these arrangements. A key principle of this model is based on the safe transfer of existing support services and assurance processes for use of national IT services and their ongoing maintenance for primary care contractors. The document does not address any human resource implications associated with the revised operating model. Nor does it address issues associated with technology linked to payment services.


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HEALTH TECHNOLOGY

Philips and IJsselland Hospital sign long-term technology partnership

Royal Philips | December 24, 2021

Royal Philips, a global leader in health technology, today announced it has signed a 12-year strategic partnership with IJsselland Hospital (Capelle aan den Ijssel, The Netherlands). As the hospital’s strategic technology partner, Philips will target improved care for patients and care providers at IJsselland Hospital and in the surrounding region. The collaboration will focus on innovation, digitalization and optimization, and includes the purchase of patient monitoring and radiology solutions including CT and MRI systems. Home monitoring collaboration expanded In addition to the new strategic partnership, Philips and IJsselland Hospital plan to expand their existing home monitoring partnership for patients with heart failure and COPD. Philips will provide clinical and patient decision support software which enables implementation of remote health and care programs and facilitates collaboration between different healthcare providers. “Technological developments in healthcare are currently moving very fast,” said Albert van Wijk, Chairman of IJsselland Hospital’s Board of Directors. “As a regional hospital, we want to keep up with these developments to provide the best care for our patients. We have chosen Philips as a technology partner to jointly develop the hospital of the future. This will be good for our patients and our healthcare professionals. Moreover, Philips’ vision fits well with our strategy.” “Over the past year, we have worked with IJsselland Hospital to convert their strategy and challenges into a partnership. I am very proud of this partnership, in which we don’t focus solely on technology but look more broadly at the challenges the hospital faces. A great deal of attention is paid to innovation, which is why we are starting a joint fund for innovation and optimization. We also want to work explicitly on optimizing care processes, so that the hospital can work smarter and save costs.” Léon Kempeneers, Health Systems, Philips Benelux About Royal Philips Royal Philipsis a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 78,000 employees with sales and services in more than 100 countries.

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AI

Aidoc partners with Novant Health, providing imaging AI to expedite treatment for patients in the emergency department

Aidoc | January 25, 2022

Aidoc,the leading provider of enterprise-grade AI solutions for medical imaging, announces a partnership with Novant Health, a health network of over 1,800 physicians with 15 medical centers across three states. By incorporating Aidoc's AI platform, which includes seven FDA-cleared solutions for triage and notification of patients with acute medical conditions, Novant Health is taking proactive steps to improve patient outcomes and reduce emergency department (ED) length of stay amid resource constraints inflicted by the Omicron variant. With a dedication to digital transformation for improving workflow efficiencies and patient outcomes, Novant Health is one of the first health networks inNorth Carolinato adopt Aidoc's AI platform. Novant Health has integrated multiple technologies and has been recognized by the College of Healthcare Information Management Executives'(CHIME) "Digital Health Most Wired" program five years in a row for effectively applying "core and advanced technologies into their clinical and business programs to improve health and care in their communities." "When diagnosing and treating critical pathologies like pulmonary emboli and hemorrhagic strokes, every second counts," said Dr. Eric Eskioglu, Executive Vice President Chief Medical and Scientific Officer, Novant Health. "We are thrilled to partner with Aidoc to bring yet another leading-edge AI-technology to Novant Health. For years, we've been committed to harnessing innovative technologies to improve patient safety and outcomes through the Novant Health Institute of Innovation and Artificial Intelligence. With Aidoc's technology, our physicians will be able to more quickly identify and prioritize these patients and provide rapid life-saving treatments." From Aidoc's AI platform, Novant Health will be utilizing the intracranial hemorrhage (brain bleeds), pulmonary embolism (lung blood clots), incidental pulmonary embolism, c-spine fracture, and abdominal free air AI solutions. In one example, a studyconducted by the Yale New-Haven Health System found that Aidoc's intracranial hemorrhage AI solution was able to reduce ED length of stay by approximately one hour. "With rapidly rising numbers of people infected with the highly contagious Omicron variant, we can see the hard impact on hospital emergency room capacities and resources across the U.S. We're proud to partner with a leading, innovative hospital network like Novant Health, which serves a large portion of the population in the three states its facilities are located in. Together, through our AI solutions and their state-of-the-art facilities, we will enable radiologists and related hospital providers to expedite care for tens of thousands of patients, contributing toward a mitigation of the current emergency room situations and setting an example for integrating innovation during turbulent and non-turbulent periods." Elad Walach, CEO and co-founder of Aidoc About Aidoc Aidoc delivers the most comprehensive and widely-used portfolio of AI solutions, supporting providers by flagging patients with suspected acute conditions in real-time, expediting patient treatment and improving quality of care. Aidoc's healthcare AI platform is currently used by thousands of physicians in hospitals and radiology groups worldwide and across multiple care coordination service lines, having analyzed over 10.3 million scans in the past year. About Novant Health Novant Health is an integrated network of physician clinics, outpatient facilities and hospitals that delivers a seamless and convenient healthcare experience to communities inNorth Carolina,South Carolina, andGeorgia. The Novant Health network consists of more than 1,800 physicians and over 35,000 employees who provide care at nearly 800 locations, including 15 hospitals and hundreds of outpatient facilities and physician clinics. In 2021, Novant Health was the highest-ranking healthcare system inNorth Carolinato be included onForbes'Best Employers for Diversity list. Diversity MBA Magazineranked Novant Health first in the nation on its 2021 list of "Best Places for Women & Diverse Managers to Work." In 2020, Novant Health provided more than$1.02 billionin community benefit, including financial assistance and services.

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DIGITAL HEALTHCARE

Hekka Labs Introduces the First Decentralized Chronic Disease Data Management Ecosystem in South Asia

Hekka Labs | January 15, 2022

Hekka Labs launches a game changing decentralized healthcare ecosystem for a far more efficient health record management. The firm will concentrate on the Southeast Asia market, starting with India, where it will establish the largest chronic disease data management network. Hekka then intends to connect to the rest of the world's healthcare market through the design and implementation of proprietary Distributed Ledger Technology (DLT). Hekka has cemented initial partnerships with 3 Indian healthcare solution providers, Curisin, a healthcare company with a wide network of 30 million patients and 40,000 partnered doctors which as recently agreed to provide a minimum of 1.5 million medical records in 2022. A further agreement to provide up to 20 separate blood biomarkers together with Covid 19 data on 100,000 patients, will form the basis of an initial trial for its blockchain audit trail platform. IMMUNIDEX, a healthcare solution provider offering tests and applications that are driven by proprietary AI that can identify early immune-related risks and is well placed to capture highly valuable data for the Hekka network. TELEMEDICINE INDIAN CO, a start-up offering multi telemedicine services, multiple blood tests, and health screening including COVID-19 testing will form another integral part of data generation for the Hekka ecosystem. Hekka Labs with the integration of Distributed Ledger Technology (DLT) offers a plug and go solution that allows users to interact with the HEKKA ecosystem without major disruption. This set up can solve the inherent problems that occur on a regular basis in the healthcare industry such as inefficient biomarker management, document hogging and unstructured data management. Hekka Labs has set out to become the leading chronic illness and immunology platform in India. Hekka's private and public blockchain network solution will generate a new trust in Indian healthcare data management and can open up significant opportunity for both the domestic and global collaboration. This will lead to new levels of ethical standards and excellence for the Indian healthcare market. In the long run, Hekka plans to evolve as a significant decentralized healthcare ecosystem by connecting the network of medical and associated healthcare providers culminating in a targeted community of over 500 million patients. As a result, tens of billions of chronic disease digital biomarkers can be made available for Deep Learning, potentially speeding up new healthcare discoveries. HEK is the native token of the Hekka ecosystem, which is launched in the Ethereum network's ERC-20 standards for its intensive security and global reputation, ensuring the confidence of delivering the most sophisticated healthcare data management service. The HEK token is a token complimented by an ATOM token (Points) system which is the primary source of HEKKA 's data transfers. This ensures the value of the token. The HEK token will be a key component in serving all prospective users' interactions with the platform's different levels of service.

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DIGITAL HEALTHCARE

Purpose Investments Announces Launch of Purpose Healthcare Innovation Yield ETF, Canada’s First Fund to Focus on Innovation in Biotech and Healthcare

Purpose Investments | January 19, 2022

Purpose Investments Inc. (“Purpose Investments” or “Purpose”) is pleased to announce the launch of Purpose Healthcare Innovation Yield ETF (the “Fund”). The Fund has closed the offering of its initial units, and units of the Fund will begin trading today on the Toronto Stock Exchange under the ticker, HEAL. The Fund is the first of its kind in Canada to provide actively managed exposure to innovation leaders in biotech and healthcare. The recent advances in healthcare are only the beginning of what Purpose believes to be a new multi-year cycle in biotech and healthcare breakthroughs that will provide investors with opportunity for attractive long-term returns. The Fund will invest in an all-cap portfolio in the high-growth areas of gene-editing, digital healthcare, medical testing, dental, health maintenance, hospitals, pharmacies, and animal health. The portfolio holdings are primed for long-term growth and armed with commercialization opportunities and a strong pipeline of products under development. The Fund will also employ a covered call options strategy to generate additional yield and will have a more attractive income profile than the broad healthcare index. “The past two years have shown just how important it is to have innovative companies develop vaccines and push forward medical advancements. Between the pandemic and our aging population, the spotlight is on the industry to really grow and innovate. We launched this Fund to give Canadians an opportunity to get actively managed exposure to the healthcare companies that are changing the world with cutting-edge medical and technological advancements.” Som Seif, founder and CEO of Purpose Investments Purpose is the manager of the Fund and Next Edge Capital Corp. (“Next Edge Capital”) will act as the Fund’s sub-advisor. The Fund will be actively managed by Eden Rahimof Next Edge Capital, one of the world’s leading experts in healthcare investing. Mr. Rahim has an academic background in molecular genetics and extensive experience managing life-science and biotech portfolios. His active management, informed by his science background and industry experience, will position the Fund to capitalize on high-growth opportunities in the biotech and healthcare sectors. “With this Fund, we will work to strategically identify key healthcare companies developing innovations that will profoundly improve people’s lives,” says Rahim. “Purpose Healthcare Innovation Yield ETF aims to provide investors with exposure to unique opportunities that may not be on their radar, so they can reap the full rewards of the high-growth areas in healthcare and science.” “Eden is one of the leading global experts in healthcare investing, and someone who understands the math as well as the science backing the portfolio. We are excited to have such a seasoned portfolio manager help us maximize the growth opportunities in the space and provide investors with a strategy to generate attractive yield,” Seif concluded. About Purpose Investments Purpose Investments Inc. is an asset management company with approximately $14 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, and offers a range of outcome-focused products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

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The purpose of this document is to set out the future operating model to take effect from 1st April 2013 and to make clear organisational responsibilities associated with these arrangements. A key principle of this model is based on the safe transfer of existing support services and assurance processes for use of national IT services and their ongoing maintenance for primary care contractors. The document does not address any human resource implications associated with the revised operating model. Nor does it address issues associated with technology linked to payment services.

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