Mid-revenue cycle management improvement market expected to grow over the coming years

Healthcare Finance | January 11, 2019

The mid-revenue cycle management and clinical documentation improvement market is expected to reach $4.5 billion by 2023, up from $3.1 billion in 2018, at a compound annual growth rate of 7.9 percent. That's the verdict of a new ResearchAndMarkets.com analysis. It found that market growth is largely being driven by the increasing utilization of mid-RCM solutions to reduce healthcare costs, check the loss of revenue due to medical billing and coding errors, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance.

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Tom Martin, PhD, Director at HIMSS North America and PCHA, reflects upon the 2015 HIMSS Connected Health Conference and discusses case studies around patient e-visits in healthcare and findings from the HIMSS Connected Health Survey.


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MEDICAL DEVICES

Extremity Medical Files Patent Infringement Lawsuit Against Nextremity Solutions, Zimmer Biomet Holdings and Zimmer, Inc.

Extremity Medical, LLC | April 07, 2022

Extremity Medical, LLC, a global medical device company focused on the development of innovative implants and instruments for upper and lower extremities, announcedthat it filed a lawsuit against Nextremity Solutions, Inc.; Zimmer Biomet Holdings, Inc.; and Zimmer, Inc., alleging infringement of an Extremity Medical patent* for its intraosseous fixation platform arising from the marketing of the InCore® Lapidus System by these companies. The complaint was filed in the U.S. District Court for the District of Delaware. Extremity Medical has amassed an intellectual propertyportfolio that includes 49 patents in the U.S. and several foreign countries. The novel and patented technology of Extremity’s intraosseous fixation platform provides surgeons with a zero-profile solution for fusion and fixation of bones within the upper and lower extremities, with the ability to be implanted through minimal incisions. This technology is currently marketed globally by Extremity under the trade names IO FiX, IO FiX Plus, IO FiX 2.0, IO Freedom, CarpalFiX, ApeX and XMCP. “Extremity Medical has invested a tremendous amount of effort and resources in research and development to create innovative technology to improve the lives of patients and meet surgeons’ needs. Our intellectual property is a critical component in making such advancements possible and we are committed to protecting it,” Matthew Lyons, Extremity Medical Chief Executive Officer, Founder and Chairman of the Board About Extremity Medical, LLC Extremity Medical, was founded in 2008, and is a privately-held medical device company based in Parsippany, NJ. The company is known for creating innovative implants and instruments for upper and lower extremity orthopedic procedures, including fusion and motion preservation. The company is focused on developing solutions for challenging cases that promote better outcomes, especially in patients with poor bone quality.

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DIGITAL HEALTHCARE

DECISIO Reveals New Leadership and Closes Series B Funding Round

DECISIO | March 28, 2022

DECISIO has appointed Major General Elder Granger, M.D. to the company's Board of Directors. Dr. Granger is currently President and CEO of The 5Ps, LLC, a healthcare, education, and leadership consulting organization. Prior to his retirement from the US Army, Dr. Granger served as the Deputy Director of TRICARE Management Activity, a Department of Defense (DoD) field activity responsible for operating the Military Health System as a fully integrated healthcare system within DoD. He was responsible for supervising and administering TRICARE programs, providing oversight of high-quality, accessible health care for 9.2 million beneficiaries worldwide. "Dr. Granger joining our board provides enormous value and validation for our company moving forward. His expertise and leadership in the healthcare industry is a welcome addition to our esteemed group of Board of Directors''. Dr. John Holcomb, Co-CEO and Cofounder of DECISIO In addition to his accomplished military career, Dr. Granger is board certified by the American Board of Internal Medicine and the Board of Hematology and Oncology. He is a certified physician executive by the Certifying Commission in Medical Management, the American College of Healthcare Executives, and certified in Medical Quality by the American Board of Medical Quality. Dr. Granger also serves on the Board of Directors for Cerner Corporation, Cigna Corporation and DLH Holdings Corporation and is a member of the Board of Trustees at Rosalind Franklin University. DECISIO is also announcing the official closure of its $18.5 million Series B funding round in February 2022, bringing the total funds raised to date at $31.5 million. The funds from this round will be used for commercialization, continued product development, and operations growth. About DECISIO® DECISIO is a Houston-based digital health company with a customizable clinical decision support platform designed to aggregate and prioritize real-time data, from any device, and present it visually in one place. The flagship product, InsightIQ, uses continuous smart bedside monitoring which enables clinical teams to efficiently identify patients at risk and comply with established clinical guidelines. InsightIQ improves patient outcomes and throughput, optimizes workflow, increases collaboration, thus reducing length of stay and "click" fatigue. Our solutions, including actionable analytics, that can be scaled across an entire health system or used in a single care area. For more information, visit www.decisiohealth.com.

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HEALTH TECHNOLOGY

Brainlab Announces the Majority Acquisition of medPhoton

Brainlab | May 13, 2022

Brainlab, a digital medical technology company, announced today the majority acquisition of medPhoton GmbH, a Salzburg, Austria-based company, that develops and manufactures robotic imaging solutions for image guided radiation therapy and surgery. Over the last years, medPhoton has maintained a close partnership with Brainlab in the field of intraoperative imaging. This collaboration resulted in the market launch of the mobile imaging robot, Loop-X®, in 2020. Brainlab strategically invested in medPhoton, co-funded the development of Loop-X and became the exclusive distributor of the mobile imaging robot in the field of surgery. "Through the completion of this majority acquisition, we want to build on the previous success of Loop-X and decisively shape the future of intraoperative imaging. In this way, we can combine and align the entrepreneurial pursuits and innovative potential of both companies. Our united goal is to expand the market position of Loop-X as a 3D imaging device for surgery so that doctors can gain access to cutting edge equipment for patient treatment." Stefan Vilsmeier, President and CEO of Brainlab Loop-X mobile imaging robot is central to the Brainlab robotics portfolio and already part of everyday clinical practice in numerous hospitals worldwide. Loop-X sets new standards in surgery with automated imaging steps and robotic assistance. With the support of Loop-X, surgeons and staff gain flexibility and freedom of movement during surgery through access to high resolution 2D and 3D imaging. The independent movement of the imaging components and collimation capabilities allow non-isocentric imaging. Structures can be covered that are much larger—for example, the pelvis—but, patient tailored imaging now also covers much smaller areas—reducing the radiation volume to where it is needed. Beyond diagnostic imaging, this intelligent robot can capture partial information, “digitizing” anatomical intraoperative changes in order to update a “digital model” of the patient previously generated by aggregating pre-operative images. Heinz Deutschmann, CEO of medPhoton, looks forward to the expansion of the strategic partnership: "From the very beginning, Brainlab believed in the strength of our innovation, creativity and drive in the field of radiotherapy. Through our partnership, Brainlab provided us with significant support as we established our presence in the surgical device market and developed our production capabilities. Moving forward, we will continue to advance the production of Loop-X as well as coordinate research and development efforts to build next-generation systems with the objective of exploring new medical applications to improve surgical procedures and therapies. The majority acquisition by Brainlab is therefore the next logical step for us to achieve our most important goal: to advance research and development work at the highest level and expand the production of best-in-class medical technology to provide efficient therapies with optimal safety for patients." medPhoton will continue to operate as an independent research and development company within the Brainlab Group. Together, Brainlab and medPhoton will explore additional areas of application for the technology including radiotherapy, such as brachytherapy, particle therapy and intraoperative radiation therapy. Both companies will also further expand the capabilities at the medPhoton site in Salzburg, Austria. About Brainlab Brainlab is a digital medical technology pioneer founded in 1989 and headquartered in Munich. The company employs more than 2000 people in 25 locations around the globe. Brainlab serves physicians, medical professionals and their patients in over 6000 hospitals in 121 countries. Brainlab creates software-driven medical solutions that digitize, automate and optimize clinical workflows for neurosurgery, spine, trauma, craniomaxillofacial (CMF), general and vascular surgery as well as radiotherapy and radiosurgery. Core products center around surgical navigation, radiotherapy, digital operating room integration, and information and knowledge exchange. The Brainlab open framework operating system will allow third parties to develop medical applications to further advance the field of spatial computing and mixed reality. Brainlab is dedicated to creating an impact in healthcare. The company connects opportunities from emerging digital technologies to transform healthcare at scale and help improve the lives of patients worldwide. About medPhoton medPhoton develops and manufactures CE marked and FDA cleared medical devices for image guided procedures in surgery and radiation therapy, with a strong focus on particle therapy. Advanced product development centers on innovative, universal solutions for robotic, navigated applications in surgery, interventional radiology, brachytherapy and intraoperative radiation therapy (IORT). The company’s core competencies and patented solutions with X-ray-based imaging chains and algorithms are being customized for system integrators in B2B partnerships worldwide.

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DIGITAL HEALTHCARE

Jumio Accelerates Digital Transformation in Middle East with KYX Platform

Jumio | March 21, 2022

Jumio, the leading provider of AI-powered end-to-end identity orchestration, eKYC and AML solutions, announced the launch of a Middle Eastern solutions portfolio and the appointment of Arshad Sheikh as its first sales leader for the Middle East, Turkey and North Africa region. This expansion builds on Jumio’s long-standing presence in the Middle East and its ongoing commitment to revolutionize banking for a growing number of customers in the region. A recent forecast from the International Data Corporation states that digital transformation efforts in the Middle East, Turkey and Africa are set to top $58 billion in 2025, accounting for 40% of all information communication technology investments made that year. Additionally, McKinsey & Company found that 83% percent of payments practitioners operating in the Middle East and Africa believe digitizing the customer journey is the most important way to remain relevant in an evolving market. With the Jumio KYX Platform, businesses from banking and financial services to government, healthcare and travel sectors can tap into services that accelerate digital transformation without sacrificing security and convenience. The KYX Platform leverages AI, biometrics, machine learning and certified liveness detection to help enterprises rapidly convert customers, stop fraudsters and maintain KYC and AML compliance. The key features and advantages of the platform extend an organization’s ability to monitor customer behavior from the initial point of account creation through the full lifecycle of customer interactions. Based in Dubai, Sheikh will focus on expanding the company’s client base, growing relationships with existing clients and cultivating a sustainable partner network. Sheikh has more than 20 years of sales, business development and cybersecurity experience in the Middle East. Before joining Jumio, Sheikh worked at Carbon Black/VMWare, Barracuda Networks, Informatica, TrendMicro and Mindware. “We are proud to continue growing in the METNA region in order to better serve the needs of our local customers and partners and to expand our global footprint so organizations can truly know their end users, no matter where in the world they are. Most industries in the region have been swept up in the need to digitally transform their businesses. Jumio’s end-to-end orchestration platform, aided by our extensive partner network, will massively simplify the journey and deliver successful business outcomes across all key industry sectors.” Dean Hickman-Smith, Jumio chief revenue officer For a live demonstration of the Jumio KYX Platform, visit Jumio at booth A34 during GISEC Global, which takes place this week in Dubai. About Jumio When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification, eKYC and AML platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring. Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has carried out more than 500 million verifications spanning over 200 countries and territories from real-time web and mobile transactions. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.

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Spotlight

Tom Martin, PhD, Director at HIMSS North America and PCHA, reflects upon the 2015 HIMSS Connected Health Conference and discusses case studies around patient e-visits in healthcare and findings from the HIMSS Connected Health Survey.

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