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Health Technology, Digital Healthcare
Article | September 8, 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
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Health Technology
Article | September 12, 2023
While artificial intelligence (AI) offers numerous advantages across a wide range of businesses and applications, an ongoing report spreads out some convincing focuses on the different difficulties and perils of using AI in the social insurance segment. As of late, AI has been progressively consolidated all through the medicinal services space. Machines would now be able to give emotional wellness help by means of a chatbot, screen tolerant wellbeing, and even anticipate heart failure, seizures, or sepsis.
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Digital Healthcare
Article | November 29, 2023
Do you know you can now wear technology?
With the help of wearable technology, it's now easier to keep track of useful information in one go! This go-to technology has made people’s lives easier and smoother health-wise.
In the last five years, more people have started using wearable technology to monitor health data and live healthier lifestyles.
According to the Deloitte Global Survey, today, more than 80% of people are interested in using wearable technology. Statista also studied that the ear-worn wearable technology market will be worth more than 44.16 billion US dollars by 2023. These data show that customers are gravitating toward wearable technology due to its simplicity and convenience.
The Tech is Getting Smarter
Wearable technology has enabled the concept of self-checking, evaluation and monitoring of certain health conditions.
The Internet of Things (IoT) technology is transforming and improving the entire lifestyles of millions of people. So it's no surprise that the technology is spreading. Thanks to IoT and AI, which have pushed these technologies into individuals’ hands in the form of smartwatches, fitness bands, and other devices. In this case, app development has also been a critical success factor.
Consumers of all age groups actively use wearable technology for multiple physical benefits, such as monitoring daily activities (running, walking), water intake, heartbeat, sleep cycles, blood pressure, oxygen level, and mobility levels. In fact, the tech helps them to stay motivated by maintaining and extending their good habits.
Wearables can measure these characteristics through an effective data model that is instantly responsive. The readings can be saved, displayed, or forwarded to a doctor for medical study. This interface of wearable technology saves money and time traveling to clinics, hospitals, GPs, and other medical facilities.
The next feature that only wearable technology provides is reminders and inspiring information! Due to the addition of automatic functionalities, users have invested considerably in wearables and sparked the usage at the current time.
Furthermore, wearable technology is also seen in other medical devices such as ECG monitors, which is again a cutting-edge consumer electronic device that users can use to measure electrocardiograms at home. A Deloitte study found that due to the rising demand and supply together, nearly 200 million wearable gadgets will be marketed globally by 2023.
Transforming Healthcare Towards Intelligence
The pandemic accentuated the importance of wearable technology the most, particularly for health monitoring. As a result, the technology was available in every second home.
Wearable innovation is exceptional with the advancements in sensors, artificial intelligence, machine learning, and algorithms. Sensor data provides insights regarding an individual's activity levels, cardiac pattern discrepancies, and other aspects. For example, many companies and manufacturers employ PPG, Raman spectroscopy and infrared spectrophotometers to enable blood pressure monitoring features in smartwatches and portable medical devices.
The combination of technology with intelligence is creating a whole new world of healthcare where individuals can track, record, and improve their health issues in a lesser timeframe.
A Committed Future of Healthcare
So, will technology for health improvement thrive?
The answer is yes. Wearable technology delivers real-time health data and allows consumers to improve their health without incurring high costs. Consumers' willingness to share their data with healthcare professionals indicates a surge in future demand for wearable technology gadgets.
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Article | December 29, 2020
Virtual reality (VR), the new technological advancement, is set to transform practices in the healthcare industry. According to Statista, it is estimated that, by 2022, the second largest market share of VR will be from the healthcare industry. Virtual reality in healthcare operates in various divisions to offer a greater quality of patient care and performance of medical professionals. For the health and healthcare industry, from the clinical process to the user, VR has a multitude of applications such as tutoring future doctors, generating new life-saving routines, etc.
Virtual reality in healthcare can confront the challenges in the industry, including efficiently handling huge healthcare databases, training and development of medical professionals, patient engagement, disease awareness, medical marketing, patient treatment, etc. Virtual reality in the healthcare market, according to a report from Reports and Data, is expected to reach USD 8.03 billion by 2027 from USD 2.06 billion in 2019.
This article discusses how virtual reality in healthcare is going to transform the industry by applying it in various divisions such as medical training, patient treatment, patient engagement, disease awareness, and medical marketing.
Virtual Reality in Healthcare Training
VR in healthcare can transport you to areas, inside of the human body, that otherwise would be impossible to access and view. Medical students currently use cadavers to learn, but cadavers do not react the same way live patients do. Also, cadavers are very difficult to get hold of. When VR is used in healthcare training, students can view even minute detail of all parts of the body. This view is possible in stunning 360° CGI reconstruction and creates training scenarios, which would replicate real surgical procedures.
Virtual Reality in healthcare can be used to deliver high-quality surgical training. Using virtual reality, 4K 360° video of real-life surgery is filmed from multiple angles. Then it is combined with CGI models of the anatomy, which is being operated. This advanced use of virtual reality in healthcare provides medical students with an interactive and immersive training experience.
Treatment
Patient Education
The ability of virtual reality in healthcare to see inside of the human body is useful for both doctors and patients. With the help of VR, doctors can take patients through their surgical plan. This is made possible by a virtual view of the anatomy and pathology of patients through a patient-specific 360° VR reconstruction. The result of this is an enhanced understanding of the treatment for patients and higher patient satisfaction.
Robotic Surgery
Robotic surgery is a recent innovation. A robotic device, such as a robotic arm, is used in a robotic surgery while being controlled by a human surgeon. This utilization of virtual reality in healthcare makes sure of fewer or no risk of complications in surgeries. This also makes the surgeon finish the surgery procedure faster with greater accuracy. The robotic devices are accurate with reduced blood loss, smaller incisions, and faster recovery.
Mental Health and Psychological Therapy
The unique ability of virtual reality technology to take you anywhere virtually can be utilized to create a powerful virtual reality simulation in healthcare of various scenarios in which psychological issues occur. This eliminates the necessity of a therapist accompanying patients to various scenarios such as a tall building or a crowded shopping center to provide proper counseling. These scenarios can be easily created with virtual reality technology in healthcare. Virtual reality in healthcare market has also been used to help autistic children in the classroom, curb memory loss, and gather data for dementia research.
Pain Management and Physical Therapy
Apart from psychological issues, the healing capabilities of VR are also used in pain management and physical treatment. According to a study by the UW Harborview Burn Centre and the University of Washington Seattle, a full VR immersion acted as a distraction for patients, who were undergoing physical therapy after a skin graft. This distraction subsequently reduced their feeling of pain.
Virtual reality in healthcare is also found to be effective in reducing recovery time in physical therapy. Patients performing their daily exercises in a virtual environment, find the task to be more fun than usual. It also keeps the patients focused and helps them keep their spirits up and recover sooner.
Patient Engagement
With the help of virtual reality in healthcare, patients can experience a virtual tour of the inside of their bodies before surgeries. This is a 360-degree, three-dimensional (3D) tour. This enables patients to know their body, anatomy, and pathology, before the surgical procedures. Virtual Reality Medical Visualization platform is developed for the tour.
These advancements with virtual reality in healthcare engage patients thoroughly, which reduces tension and lead to a speedy recovery.
Medical Marketing
The most popular and initial application of Virtual reality was marketing. Still, it continues to be one of the most effective and powerful marketing tools. The ability to use VR to project the future of healthcare is the most powerful tactic in healthcare marketing. With Virtual reality in healthcare, one of the most powerful tactics that you can have to market in the industry is to show people what changes they can expect when they start or stop exercising, lose or gain weight, the progress they make through cancer treatments, etc.
As the possibilities of virtual reality in healthcare are endless, healthcare professionals and providers can attract more patients, doctors with high caliber, and nursing staff to your facilities. When those are in short supply, virtual reality in healthcare can be used as an excellent healthcare marketing tool to ensure expected results.
Disease Awareness
AbbVie, a pharmaceutical research & development company, created an experience to educate medical professionals and raise awareness among them regarding the daily struggle Parkinson’s disease patients undergo. The experience was demonstrated at a pharmaceutical industry trade show. People put on a headset and experienced how Parkinson’s sufferers navigate a virtual supermarket, meeting with difficult moments when they come in contact with other people.
Such experiences with virtual reality in healthcare help raise awareness for various diseases among professionals and patients. Virtual reality presentations can be conducted to raise awareness of certain diseases.
The Future of Virtual Reality in Healthcare
A lot of applications of virtual reality in healthcare are in their nascent stage. In the coming years, virtual reality will be used more in healthcare, which will improve the effectiveness and accuracy of present procedures. It will also enhance the various human capabilities, for both patients and medical professionals. Virtual reality in healthcare has huge potential, but only limited by the ingenuity and creativity of people who create and apply the technology. VR will surely transform medical training, physical and psychological therapies, rehabilitation, mental health treatments, and patient engagement, among others.
Virtual reality in healthcare holds the power to transform the way doctors are trained and treatment is provided to patients. According to reports from various market research companies, especially research done by Grand View Research, predict that, by 2025, virtual reality in the healthcare market will grow to a whopping US$5.1 billion. The major driving forces behind this growth are Rapid technological advancements in the healthcare industry and driving demand for rehabilitation and simulation training.
Frequently asked questions
How is virtual reality used in healthcare?
In healthcare, virtual reality is used in treatment, training, and to raise awareness among medical professionals and patients regarding various diseases. Patients and doctors are made to view the inside of the human body using virtual reality.
Where is virtual reality used in healthcare?
Virtual reality is used in various sectors of healthcare to deliver high quality patient care. Treatment with the assistance of virtual reality also increases the efficiency of medical professionals. Virtual treating is applied in all aspects of medical treatment.
What are the benefits of virtual reality?
Virtual reality in healthcare saves both, the time and money of healthcare providers. It also makes the work of medical professionals more convenient. It eliminates unnecessary travel for treatments by making appropriate decisions.
How virtual reality is changing healthcare?
Virtual reality is changing the healthcare by providing different advanced ways of treatments, especially for physical and psychological therapy, surgeries, pain management, and stress management and by assisting the rehabilitation process effectively.
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