Health Technology, Digital Healthcare
Article | July 14, 2023
In the ever-evolving healthcare landscape, transparency in pharmacy benefit management (PBM) has emerged as a critical issue. The discussion surrounding driving down prescription drug costs and increasing access to affordable medications has brought attention to the practices of PBMs. However, achieving true transparency requires more than just buzzwords; it necessitates access to real-time data that empowers consumers to make informed decisions about their healthcare. In this piece, we will explore the importance of real-time transparency in PBMs and highlight how Xevant, a leading platform, is revolutionizing the industry.
The Current State of PBM Legislation
With over 100 bills to reform PBM practices, legislative efforts are intensifying to address the business practices associated with PBMs. However, one common concern is the absence of language surrounding real-time automation in many of these bills. The lack of such provisions threatens to undermine the effectiveness of the proposed reforms. It is crucial to examine the available resources and insights to gain a comprehensive understanding of the issue. The current state of PBM legislation and the efforts to reform PBM practices highlight the pressing need for transparency and accountability in the pharmaceutical industry. PBMs play a critical role in the drug pricing ecosystem. Still, concerns about “traditional” PBM business practices, such as lack of transparency and opaque rebate systems, have raised questions about their impact on drug prices and patient access to affordable medications.
Xevant's Groundbreaking Solution
Xevant, led by CEO Brandon Newman, stands at the forefront of the drive for transparency in PBM practices. As the only platform capable of providing PBMs and consumers with real-time, automated, and completely transparent data from the entire pharmacy benefits ecosystem, Xevant is poised to revolutionize the industry against the backdrop of the political landscape.
The absence of language surrounding transparency and real-time automation in many proposed bills threatens the effectiveness of the reforms. Yet, innovative companies like Xevant are leading the charge for openness in PBM practices. Xevant's real-time data automation and optimization capabilities empower consumers with timely, comprehensive, and transparent information, enabling them to make informed decisions about their healthcare and potentially save money.
With the potential passage of these bills, the pharmaceutical industry could see a shift towards greater accountability, fairer pricing practices, and improved access to affordable medications. The reforms could also create a more level playing field for generic drug manufacturers, fostering competition and lowering prices.
Real-Time Data Automation and Optimization
Newman emphasizes that transparency cannot be achieved without access to real-time data automation and optimization. This real-time, customized data enables individuals to compare prices, explore alternatives, and understand the specific cost components related to their medications. By bringing together various parts of lowering drug costs, such as drug rebates, 340B contracts, sell-side discounts, copay assistance, and employer negotiations, Xevant offers a solution that empowers consumers with the information they need when required.
The Implications of Timely Access to Data
The scarcity of timely access to data among many traditional PBMs is a significant challenge in achieving transparency in the pharmaceutical industry. These PBMs typically collect data annually, which leaves a substantial margin of error and can result in millions of dollars lost from consumers' pockets. In contrast, Xevant's capabilities offer a game-changing solution.
With Xevant's platform, consumers gain immediate access to critical information regarding drug rebates, markups during spread pricing, competitive alternatives, and the vast landscape of the pharmaceutical ecosystem. Having these complete datasets available in real-time allows individuals to make informed decisions about their healthcare and potentially save lives. The significance of timely access to data cannot be overstated, as transparency becomes meaningful only when it happens in the present rather than months, or even a year, later than when the impact has already occurred.
Navigating Proposed Legislation and Questionable Business Practices
Another critical aspect of the PBM landscape that Xevant addresses is the moral implications associated with cost-sharing, clawbacks, spread pricing, and the pass-through of rebates. These practices have long been criticized for their opacity and their negative consequences on patients' access to affordable medications. Xevant's transparency-focused approach highlights these practices, allowing stakeholders to evaluate their ethical implications and work towards fairer alternatives.
Xevant recognizes that proposed legislation may have potential cracks that allow for slip-through and the continuation of questionable business practices. Delayed and inaccurate reporting are loopholes that can hinder the effectiveness of reform efforts. By actively engaging with legislators and industry stakeholders, Xevant aims to identify these potential shortcomings and advocate for comprehensive robust legislation that leaves no room for exlploitation
The Future of Healthcare and the Role of Real-Time Automation
As the discussion surrounding PBM reform gains momentum, the future of healthcare in America hangs in the balance. Xevant sets a new standard for efficiency and consumer empowerment in healthcare decision-making by employing AI-driven technology. Xevant's visionary approach to real-time data automation and optimization paves the way for greater transparency and cost savings in the pharmaceutical industry.
Wrapping Up
Transparency in pharmacy benefit management is crucial to addressing the soaring costs of prescription drugs and enhancing access to affordable medications. Without access to real-time data and automation, the pursuit of transparency remains elusive. Xevant's groundbreaking platform solves this pressing challenge, enabling PBMs and consumers to access complete, transparent data in real-time.
As legislative efforts progress, the need for real-time transparency becomes increasingly evident, and Xevant emerges as the leading legal solution for PBMs. When harnessing the power of real-time data automation, the vision of affordable healthcare can be transformed into a reality, benefiting individuals and the entire healthcare ecosystem.
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Health Technology
Article | September 12, 2023
The healthcare industry is witnessing an unparalleled phase of expansion and vitality. It is a phase of radical revolution due to the wake of digital transformation. Digital transformation has opened up enormous unique opportunities that were unimaginable until a few years back.
These digital trends are bringing companies and individuals together. Data is the starting point of the digital revolution. These data are then transformed into relationships. Today, including healthcare companies, the success of every company is at stake. In other words, it is how you communicate with customers that matters.
This blog is all about healthcare digital communication, especially healthcare video marketing.
We’ll start by looking at data that demonstrates the power and effectiveness of the video marketing medium. There is nothing equal to the power and efficacy of video marketing in our world today. Then, we’ll look at the video marketing best strategies, healthcare video marketing best practices, and successful examples for healthcare video marketing.
There’s Nothing More Effective than Video Marketing
Here are some numbers that alone demonstrate why video is the most effective marketing medium in the digital age:
More than 5 billion videos are viewed on Youtube every day;
78% of online users watch at least one video every week. And 55% watch one every day;
According to estimates by Cisco, by 2022, 82% of all internet traffic will be generated by video. This percentage was already 72.3% in 2017;
When it comes to video, 55% of people pay more attention than any other type of content;
when viewing a video, the average user retains 95% of the message it contains; this percentage goes down to 10% when we talk about the text;
about 100 million hours of video watched every day on Facebook;
82% of registered Twitter users consume video content constantly;
on Instagram, posts containing video record 38% higher engagement on average than posts containing images;
54% of consumers say they want to see more videos from the brands they follow and support.
Such statistics are compelling for brands, and brands are taking notice. As a result, brands are moving to implement videos as much as possible in their marketing strategies, with excellent results. Two statistics below offer additional proof:
87% of marketing professionals use video in their strategy.
88% of marketers are satisfied with the ROI generated by video marketing campaigns.
This collection of data proves one thing: video is the most effective tool for healthcare digital marketing. And this also applies to the Healthcare sector. It’s even more accurate for this sector, which is intimately involved with consumers as part of their daily lives. Thus, healthcare video marketing is much effective and should be included in your healthcare marketing plan.
Strategies and Best Practices of Healthcare Video Marketing
So, let’s take a closer look at how we can build a video marketing strategy in the Healthcare sector, the fundamental points that must be included, the best practices, and some examples of success.
Start from education
It is often said that we live in the information age. Today, as never before, we have access to all the information we could need in just a few seconds, maybe with just a few taps on our smartphone during a coffee break. Health information is undoubtedly among the most sought-after online. In Italy alone, web searches made on this topic are 4 billion per year, a constantly growing trend.
The downside of all of this is the difficulty of finding your way around this mass of information, which is sometimes complex, misleading, or even untrue. That is why the first task of a company in the Healthcare sector is education. Education is not just a responsibility; and it’s also an opportunity.
In this sense, healthcare videos marketing prove to be the best ally. Healthcare video marketing is a way to provide the consumer with an effortless way to have access to transparent, precise, and authoritative information from your brand. That can be the first step toward establishing a relationship of trust with your brand.
Be clear, but also calm
In this case, let’s start immediately with an exciting and practical example. Targeted toward their younger patients, Miami Children’s Hospital created a healthcare video marketing campaign that explains what happens before, during, and after heart surgery. Understandably, this is a sensitive topic. With this effort of healthcare video marketing, the Miami Children’s Hospital manages to achieve the complex objective of providing clear and authoritative information while at the same time reassuring the viewer.
How?
They make the healthcare video marketing campaign compelling, authoritative, and reassuring by showing the faces of its staff members, demonstrating their professionalism, the environment, the healthcare technologies used, and everything related to the surgery. In this way, the high level of preparation and humanity of the people involved stand out to the viewer.
Learn to be engaging
As we saw above, you have to know how to correctly inform and educate your audience using influential healthcare video marketing trends, all with a calm demeanor. However, it’s also true that success also depends on your ability to excite and involve the viewer for healthcare video marketing in the sector. In short, the keyword is ‘storytelling.
An excellent example is the healthcare video marketing campaign carried out by the dental health department of Bupa UK and addressed to children (but applicable and reachable to adults as well). Through a great use of animations and storytelling, the brand uses the well-known story of the tooth fairy and associates it with childhood memories. This healthcare video marketing campaign has proven to be an excellent vehicle for establishing a truly intimate relationship with the viewer (and, not surprisingly, the video has exceeded 1.3 million views on YouTube).
Another effective way to be direct and engaging is to use influencers in your healthcare video marketing campaigns. An exciting example is the Australian pole vaulter, Amanda Bisk, diagnosed with chronic fatigue syndrome. On her Instagram channel, Bisk talks about her path to fight the disease through fitness, and she has quickly become one of the most famous figures in Healthcare on the platform.
It’s important to note that today, more and more brands target top influencers and micro-influencers. Micro-influencers have a much smaller yet targeted and loyal following of fans. Therefore, their healthcare video marketing messages are perceived by the public as more authentic and personal.
Personalization
94% of marketers believe that personalization is crucial for the future of the business in which it moves. But what do we mean when we talk about personalization?
First of all, it’s not something new: knowing your audience has always been the best way to make a profit, calibrate your communication and your “tone of voice,” and increase engagement and loyalty. But what is the turning point of personalization today?
It is a digital turning point. Today, we all leave traces online at every moment: geolocation, Google searches, preferences on social networks, apps (which in Healthcare are increasingly widespread), and so on. We are talking about a vast amount of data that benefits both companies and consumers from a win-win perspective.
Therefore, it’s a matter of utilizing efficient systems to collect this data, dynamic systems designed with an omnichannel approach in mind. From the collection, the next step is to analyze and interpret this information. Then, you will want to divide your audience into many micro-targets with homogeneous and consistent characteristics to target with tailored communications and offers.
In conclusion, these facts are all the more true in a sector like healthcare that impacts people’s daily lives. The best healthcare video marketing strategy for brands can only be to get closer and closer to customers. That is precisely where specialized companies like us, Media7, come into play. Through compelling B2B healthcare video marketing efforts, we create opportunities for interaction and the possibility to insert custom calls to action.
FREQUENTLY ASKED QUESTIONS
What is a video marketing strategy?
Video marketing strategy is creating, curating, and utilizing videos for marketing products and services of companies to the targeted audience. Marketing teams design the strategy. The idea behind the strategy is to keep the audience engaged with the brand.
Are videos effective for health tech marketing?
Videos are much effective for health tech marketing as people prefer to watch things than reading. Also, people are likely to trust what they see than reading. Videos are the highly impactful medium of marketing for any domain of business, including healthcare.
How to start with healthcare video marketing?
The first step to healthcare video marketing is to define your video marketing strategy. Fix and analyze the target audience to understand the online behavior trends to get an idea about their video engagements and clicks on various social media channels.
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Healthtech Security
Article | August 31, 2023
Delve into the EHR tools reshaping the healthcare industry for an efficient and patient-centric future. Unlock streamlined workflows and data-driven decision-making through these EHR software tools.
Adopting an EHR tool has become crucial for clinics and healthcare providers striving to revolutionize their operations and deliver a high standard of care. These innovative EHR software tools possess the potential to transform healthcare workflows, enabling clinics to optimize processes, streamline operations, and provide an exceptional level of care to patients. From facilitating seamless communication and improving operational efficiency to enhancing patient satisfaction, EHR tools unlock possibilities for improved operations, accurate claims processing, and enhanced financial management within practices.
This article explores the top 10 electronic health record tools that are reshaping the healthcare industry and paving the way for a more efficient and patient-centric future.
1. Avalon EHR
It is an EHR evaluation tool that prioritizes robust physician-patient engagement, setting it apart from complex electronic health record (EHR) systems. With an unwavering focus on reliability and security, Avalon offers a cutting-edge solution for the future of healthcare. Its key features include CureMD's clinical overview, which presents alarms, trends, and patient histories on a single screen, ensuring comprehensive insights. The platform also boasts a specialized rheumatology section with templates for typical symptoms, simplifying documentation processes. Furthermore, Avalon provides regular updates for various medical specialties following CPT and ICD codes, ensuring compliance, proper medical procedures, and diagnosis recording. Notably, it supports automated overnight transcription of dictations into templates, significantly reducing the time and billing service partners' costs associated with finding and documenting clinical findings.
2. AdvancedBiller
The AdvancedBiller Grow program offers medical billing companies a comprehensive and advantageous solution, combining industry-leading software solutions with exclusive partner benefits. This program is designed to drive optimal outcomes by providing a unified practice management workflow, excellent support, free promotional opportunities, and competitive, scalable pricing. With a focus on boosting performance and profitability, AdvancedBiller equips businesses with the necessary tools to excel in their field. The program features custom health plans that assist doctors in managing individual patient needs based on age, sex, and lab findings. Additionally, it offers customizable note-taking templates to align with specific workflows and preferences. This EHR tool also facilitates telemedicine appointments, enabling patients to communicate face-to-face with their doctors and receive important notifications. Furthermore, the program enhances data management by allowing doctors to save sensitive information and screenshots during conference calls securely. By leveraging the AdvancedBiller Grow program, medical billing companies can optimize operations, deliver superior care, and achieve notable success.
3. Halemind
EHR integration tools, such as Halemind, present a game-changing solution that enables clinics to elevate their operations and provide superior patient care. This comprehensive platform offers many features, including appointment scheduling, patient registrations, check-ins, consultations, prescriptions, billing, and reporting, all aimed at delivering a seamless customer experience. With Halemind, clinics can transform their business and scale up their operations. The platform also provides specialized functionalities for pharmacies, allowing real-time access to customer histories, order tracking, invoicing, and supplier management. In addition, hospitals can benefit from Halemind's capabilities, such as operations planning, invoicing, payment collection, patient sample tracking, and customizable data display. Medical facilities can further enhance their efficiency by utilizing its in-patient module for managing wards, rooms, and beds and generating discharge reports.
4. SIMPLEX HIMES Patient Portal
SIMPLEX HIMES software incorporates an optional yet powerful feature, the Patient Portal and Mobile Application, designed to revolutionize patient engagement and communication. This EHR tool seamlessly integrates with existing websites, providing healthcare facilities with a comprehensive EHR tool to enhance the patient experience. The Patient Portal enables efficient control of patient intake, bed availability monitoring, operating room scheduling, and centralized patient demographic management within hospitals. The software streamlines operations for pathology labs by managing information about referral laboratories, generating barcodes for sample tracing, and delivering timely test result alerts via email or text. Additionally, patients benefit from self-service portals, empowering them to conveniently schedule appointments, access medical records, locate service provider locations, and communicate with their doctors.
5. Patient Engagement
The Patient Engagement tool offers patients unparalleled access to their personal health information, visit summaries, and lab results, empowering them to take an active role in their healthcare journey. With the help of this EHR tool, patients can conveniently book appointments online using the healow Open Access feature, efficiently manage their medications, and engage in secure messaging with their healthcare providers. In addition, the eCW software utilized within the tool provides organized data capture, trend analysis, and customizable documentation options for various healthcare specialties. Clinicians can effortlessly retrieve any aspect of the patient record through the Patient Hub, ensuring complete and efficient access to vital information. Furthermore, eClinicalWorks Version 11 introduces Eva, a computer program that assists physicians in evaluating patient records, leveraging details from the Progress Note tool and data flowsheets. This advanced functionality enhances clinical decision-making and promotes efficient patient care.
6. Electronic Prescription
The Electronic Prescription tool revolutionizes prescription management in the healthcare industry, offering a seamless and efficient solution for healthcare providers. This advanced software streamlines the prescription process by eliminating traditional prescription pads, enhancing convenience and accuracy. AllegianceMD, integrated within the tool, enables patients to fill out their history and demographic information online within defined clinic limits, facilitating seamless integration of patient information. This EHR tool encompasses a range of features, including an active/inactive medicine list, e-refill requests, an allergy list, and comprehensive drug interaction checks. The software also includes a lab module for efficiently tracking test results and follow-ups. With its extended functionalities, the Electronic Prescription tool elevates prescription management, promoting patient safety and enhancing workflow efficiency for healthcare providers.
7. Telehealth
WRS Health Telehealth offers healthcare providers and patients a secure and reliable virtual care experience. With seamless integration into the electronic health record (EHR), this comprehensive telehealth platform provides a single platform for managing virtual patient encounters. Designed with ease of use in mind, both patients and providers can navigate the user-friendly interface effortlessly. This EHR comparison tool is a safe alternative to in-office visits, offering private and secure online consultations that comply with HIPAA regulations. This telehealth solution ensures a smooth and efficient workflow with its seamless integration of clinical and revenue cycle management (RCM) functionalities.
8. Practice Management for Billing Companies
The Practice Management tool offered by SequelMed is a comprehensive solution that streamlines operations and enhances efficiency in healthcare practices. This advanced tool automates various tasks, including billing, claim processing, revenue management & clinical procedures, and generates analytical reports for comprehensive insights, with the option of bundled or separate programs for electronic health records and practice management. The software provides interoperability with imaging systems and medical equipment through HL7 and DICOM interfaces, offering flexibility in deployment options with on-site or cloud hosting. In addition to its core functionalities, it enhances patient engagement with real-time communication, online patient registration, active prescription lists, immunization schedules, and a patient portal. The Practice Management Tool simplifies computerized prescription processes and promotes connectivity across healthcare systems, enabling healthcare providers to optimize their operations and deliver efficient, patient-centered care.
9. Medical Practice Management Software
The Practice Management Software offers healthcare providers a powerful solution to streamline operations, ensure accurate claims processing, and expedite reimbursement cycles. With its intuitive design and comprehensive features, this software empowers practices to take control of their operations and optimize efficiency. Users can benefit from the HIPAA-compliant claims clearinghouse provided by NueMD, allowing for the seamless processing of unlimited claims. The software makes it easier to submit paper claims by reducing it to a single click, and it also simplifies payment transactions by incorporating credit card processing. Additionally, the ONC-ATCB-certified EHR enhances clinical workflow by providing charting capabilities, e-prescribing, laboratory report monitoring, and secure fax management.
10. LiquidEHR
LiquidEHR is a cloud-based electronic health record (EHR) solution ideal for small and midsize optometry practices. It offers a range of features to manage medical records, scheduling, and billing effectively. The software includes specialized tools specific to optometry, such as historical IOP charts, drawing tools, built-in eye charts, frames data integration, and image management. Clinicians using LiquidEHR have access to electronic insurance filing tools, patient recalls, drug interactions and allergy checks, problem lists, medication recommendations, educational resources, vital signs monitoring, and more. The system also ensures data security through access controls, audit logs, and encryption features.
Future Scope
By staying informed about the top EHR tools highlighted in this article, medical practitioners can unlock streamlined workflows, improved communication, and data-driven decision-making to optimize clinical practices and deliver exceptional patient care. The future of EHR assessment tools looks promising, with emerging trends like artificial intelligence, machine learning, interoperability, and telehealth shaping the way forward. By embracing these advancements, healthcare professionals can stay ahead of the curve, maximize operational efficiency, and position themselves for success in the healthcare industry.
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Health Technology
Article | September 28, 2022
Introduction
Healthcare supply chains are highly regulated, high-margin domains with stringent quality criteria, such as the demand for cold-chain storage and shipping. In addition, due to a lack of adequate understanding of the complicated rules governing healthcare products and services, medical aid providers are encountering inefficiencies while outsourcing capabilities to logistics service providers (LSPs).
In today's value-based care paradigm, healthcare leaders are tasked with improving patient outcomes while decreasing costs. With surging globalization, the growing cross-border nature of several medical products, and rising complexities in healthcare logistics, the need for building a robust supply chain is rapidly increasing across the healthcare industry.
Key Ways to Enhance Healthcare Supply Chain
A resilient supply chain plays a vital role in managing supplies, procuring resources, and shipping medical goods, among others, which assists in improving patient outcomes, enhancing service efficiency, and declining costs. Healthcare organizations are aiming to strengthen their supply chain to enjoy these benefits such as increased reimbursement, improved quality control, reduced inventory and overhead costs, and better collaboration with suppliers.
Here are some of the key ways to assist medical aid providers in building a strong healthcare supply chain
Develop effective inventory management
Manufacturers frequently encounter difficulties with timely inventory movement through their supply chains. Revenue is lost, and profit margins are harmed when products expire because they are not used adequately. This is why it is crucial to effectively manage the inventory process.
Hence, healthcare executives should deploy a high-quality equipment management system and increase collaboration between organizations, suppliers, and manufacturers to assist them in controlling inventory levels and effective inventory management.
Use technology and analytics to make operations run smoother
When it comes to supply chain management automation, the healthcare sector continues to lag behind other sectors. This is true for both the enterprise resource planning (ERP) functions and data analytics use for making decisions about forecasting and product choice.
Healthcare executives should make use of efficient technologies, such as solid analytics, in order to successfully improve a supply chain. Implementing data analytics and automation tools can assist in making healthcare supply chain management more efficient and effortless.
Widen and strengthen the supplier base
One of the most effective ways to build a robust healthcare supply chain is by increasing the number of suppliers and enhancing supplier base management.
Manufacturers and purchasers should abandon using single-or limited-source supply chains for raw materials and finished goods. This will assist healthcare companies in expanding their network of raw material suppliers and helps in careful consideration of which suppliers to use for procuring which resources.
Improve order accuracy and order cycle times to lower costs
Healthcare providers sometimes encounter a large number of errors during the ordering process. When incorrect products are ordered, the facilities face losses in revenue and are sometimes unable to deliver specific services due to the unavailability of products they need. Errors in placing orders can also result in medication errors. This can lead to a decrease in patient outcomes and negatively impact the company’s revenue growth.
To reduce the frequency of errors, these providers should deploy a computerized provider entry system. This will help improve order accuracy, increase supply chain efficiencies, and shorten turnaround times in healthcare ordering processes.
Consistently track and calibrate performance
Regardless of the size of the healthcare facility, it is of great importance for medical aid providers to carefully track and calibrate their performance frequently or on a specified timeline. This enables clinically integrated supply chains in healthcare to use key performance indicators (KPIs) to compare outcomes in terms of cost and quality and make decisions about products.
What’s Next?
The rising integration of novel disruptive technologies such as data analytics, the internet of things, artificial intelligence, and blockchain into healthcare supply chain management software is facilitating smooth operations, transparency, growth, and security across the life-science industry.
With a growing need for enhancing supply chains, healthcare providers are focusing on deploying advanced supply chain management solutions, such as healthcare logistics software, to strengthen their supply chains. As the trend continues to grow, the sales of healthcare supply chain management software and services are anticipated to rise from the US$2.2 billion registered in 2020 to US$3.3 billion by 2025.
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