Tag: healthcare analytics

real world evidence

Real World Evidence Analytics Engagement: Helping a Leading Healthcare Service Provider to Reduce Costs and Improve the Efficiency of Clinical Trials

The Business Challenge:

Real world evidence (RWE) studies have unearthed innumerable opportunities for market expansion. However, companies in the healthcare sector are expected to encounter several predicaments in the years to come that includes policy and regulatory issues, challenges arising due to technological advancements and product development challenges in clinical trial segments. Such challenges continue to loom over the global healthcare industry, but the research says that by applying real world evidence systematically healthcare companies can realize billions in reducing the cost of care across different segments of the healthcare industry. Real world evidence can play a crucial role in designing and implementation of value-based contracts and can provide valuable inputs to ensure the alignments of risk from all sides and track patient outcomes. Additionally, real world evidence has the potential to bring transparency and objectivity into the healthcare programs and can help break through various healthcare barriers existing today.

The client is a leading healthcare service provider based out of the United Kingdom. The healthcare service provider is well-known for offering the highest quality of innovative patient care, with several healthcare centers spread across Scotland and Northern Ireland. The client was looking for suitable methods to counter the rising costs in managing the avalanche of data. Also, with clinical trials getting more complicated, they were looking for solutions to maintain electronic health records and validate the patient data in real time.

Real world data analytics has the potential to extract insights from disparate data sources and transform healthcare ecosystem. Want to know how? Get in touch with our experts now.

Solutions Offered and Value Delivered:

Quantzig’s real world evidence analytics solutions helped the client to understand two critical imperatives that are driving healthcare transformation namely, cost control and improvements in clinical trials. This helped the client to proactively examine the safety, efficacy, and ethics of their clinical trials. Also, our experts successfully delivered detailed insights into treatment pathways and pricing levels by developing a customized real world evidence platform and integrating it with the clinical database. With such in-depth insights, the healthcare industry player was able to adopt a business model that helped them experience a significant reduction in the cost and improvement in the efficiency of their clinical trials in the span of less than two weeks. Application of real-world data analytics helped the client to:

  • Link patient and clinical data across disparate sources
  • Satisfy customer demands for cost-effective healthcare services
  • Accelerate time to market by 16% through a constructive marketing strategy

Our real evidence analytics solutions offer real-time feedback to healthcare companies and help them identify potential development areas. Request a FREE proposal to know more about our portfolio of services.

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Benefits of Real World Evidence Analytics

#1. Determine outcomes based on larger data sets

Real world evidence makes use of the medical data gathered from a variety of patients in real time. These data sources vary from electronic health records to social media and blogs. RWE provides an accurate data analysis that can help healthcare companies in deriving better conclusions and ascertain the effectiveness and ROI of healthcare services offered. 

#2. Improves the efficiency of clinical trials and reduces cost

Irrelevant datasets can lead to misleading results and can result in lesser reliability of clinical drug trials. This can further increase the cost of research and development. But by leveraging real world evidence analytics solutions, multiple sources of data can be integrated to determine actual patient outcomes. This can further help in deciding whether a clinical trial design will give meaningful results and will be cost effective.

#3. Respond faster to adverse healthcare developments

Real world evidence analytics helps in collecting post-trial information about a drug in real time. This can help healthcare providers to quickly identify negative reactions, side-effects, and medication errors, thereby restricting potential harm. Furthermore, the gathered information can also facilitate recommendations of medications based on the symptoms of the disease and the status of patient health.

Our customized real-world evidence platform can help you bridge the gap between technology and end-users to optimize patient empowerment. Request a FREE demo below to know more.

#4. Personalize drug treatments

Real world study helps in scouring a large number of patient records and tracking patients in real time. It helps in finding patients who can most benefit from a specific medicine due to various factors like their genetics and particulars of their illness. Furthermore, the real-world application can also identify potential side-effects and can help healthcare providers to offer personalized drug treatments.

#5. Identify potential markets and underserved patients

Real world evidence analytics provides population data based on disease trends and medical outcomes. This can help pharmaceutical companies gain insights into patterns of treatment, epidemiological trends, adherence of patient and can offer disease management opportunities. This can be further used to identify potential markets and develop new products and therapies for which market demand is really high.

Why Quantzig?

Quantzig has a team of experts that comprises data scientists and real world evidence experts who focus on real world data analysis and implement evidence-based approaches to tackle healthcare challenges. Our team of analysts works closely within a cross-functional team to guide clients efficiently deal with large real-world databases and identify various risk factors and evaluate the drug treatment efficacy to complement clinical trial outcomes. Quantzig also has the expertise in offering a wide range of analytic solutions that can help tackle a plethora of challenges faced by companies in the healthcare sector, including risk management, and patient-centric issues.

healthcare analytics

How Healthcare Analytics Helped a Client to Unravel Many Facets of the Oncology Drugs Segment to Successfully Launch a New Product | A Quantzig Success Story

The client is a leading player in the specialty drugs market based out of the United States. With several years of expertise in drug development, they were looking at leveraging healthcare analytics to make a remarkable entry into the oncology drugs segment through the introduction of a new oncology drug.

The Business Challenge

The healthcare industry today is amidst major tectonic shifts. The ongoing regulatory changes coupled with far-reaching patient protection and affordable care act in the United States are prompting leading players to change their status quo. Besides the increasing costs of regulatory compliance, healthcare players are also facing rising research and development costs. Though the increased regulatory supervision has turned out to be a major burden. Such regulatory requirements are putting in place a solid foundation for healthcare analytics, which, in turn, can be used to drive major organizational transformations. By using this opportunity organizations can extract additional value from patient data and leverage it to create a competitive differentiation.

Though the specialty drugs market continues to exhibit a massive sales growth with the introduction of more targeted therapies, it has become increasingly challenging to monitor and understand how therapies are being utilized by physicians. This challenge is further compounded by the complexity of the oncology drugs market where treatment decision options are highly personalized to each patient’s genetic profile. Facing similar predicaments, a leading pharma company approached Quantzig to leverage its healthcare analytics expertise to successfully launch their new oncology drug.

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Top Challenges Faced by the Client

Problem Statement 1

The client needed to adopt a sophisticated analytics-based approach to gain detailed insights into physician and customer journeys. Limited insights into market dynamics and understanding of customer decision making prevented them from gaining a complete view of the market.

Problem Statement 2

Though the new product launch strategy looked promising, the client had to gain better insights on stakeholder interactions and process data, as multiple stakeholders were involved in the oncology drugs segment.

Problem Statement 3

The company also needed to develop a post-launch analytics strategy to assess the marketing effectiveness and commercial success of the new drug. This proved to be a major challenge as it required the client to devise a long-term, holistic approach encompassing enterprise-level capabilities, technology, analytics, and data management skills.

Analyzing the Complex Pharma Landscape with the Help of Healthcare Analytics

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Solution Offered and Value Delivered

To gain the desired insights and to support the information needs of the oncology drugs segment, the healthcare analytics experts at Quantzig adopted a comprehensive three-pronged approach.

Phase 1

The initial phase of this healthcare analytics engagement focused on analyzing patient datasets to offer a comprehensive view of patient journeys. Such an approach not only helped unravel the different facets of the oncology drugs landscape but also helped the client to better understand the current prescribing and utilization patterns, which, in turn, helped them identify physician practices that presented the greatest opportunity for improving patient care.

Phase 2

In the second phase, a dedicated team of healthcare data analytics experts and data scientists were assigned the task of assessing the impacts of prescribed therapies and their clinical outcomes. Leveraging healthcare analytics helped bring about ground-breaking results by offering meaningful insights that empowered the client to further strengthen their drug development approach and improve the marketing effectiveness of the new drug.

Phase 3

The third phase of this healthcare analytics engagement focused on leveraging predictive analytics to gauge the impact of the new product launch.

The healthcare analytics solutions coupled with predictive health analytics offered timely, targeted insights that aided the client’s drug development process. Along with identifying the factors driving therapies, drug development, and treatment selection, the offered solutions also helped the client to identify barriers to utilization. Equipped with such granular insights the client was better positioned to gauge marketing effectiveness and the success ratio of its new product prior to its launch.

Why is Data Analytics Important in Healthcare?

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Predictive Analytics in Healthcare: A Pathway to Personalized Patient Care

Every industry today is transformed virtually by predictive analytics and the healthcare industry is no exception. Predictive analytics in healthcare is advancing patient care significantly by offering detailed insights into the medical history of patients. However, there are many healthcare organizations that are yet to tap into the full potential of predictive analytics in healthcare. Deploying predictive capabilities in extracting actionable, forward-looking insights from the growing pool of data is still a daunting task for many healthcare companies.

However, realizing the power of predictive analytics in healthcare is highly essential as predictive analytics platforms can help healthcare companies to transform medical wisdom into real-world insights. Leveraging predictive analytics in healthcare can help companies to move into the new era of medicine. Consequently, this can improve hospital care, help in the management of chronic diseases and enhance supply chain processes.

At Quantzig, we understand the difference that leveraging predictive analytics solutions can create in the healthcare industry. And to help companies in the healthcare sector stay ahead of the curve, our team of analytics experts have highlighted the ways in which predictive analytics can improve healthcare and also have explained a few use cases for predictive analytics in healthcare.

Are you looking for ways to gain consolidated insights to mitigate risks and resolution of issues for medical cost management and improved patient care? Get in touch with our experts now!

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Weekly Round-Up: A Storyboard on Healthcare Analytics and its Importance in a Fast-Changing World

LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on the growing importance of healthcare analytics. These downloadable resources explain how healthcare analytics have helped healthcare players to reduce inefficiencies, minimize cost, and forecast future healthcare plans.

Today the healthcare industry is facing the heat of skyrocketing cost of care. Companies in the healthcare sector are trying to address the critical challenges by enhancing data sharing across the value chain. This is the reason why they are looking to leverage healthcare analytics solutions to improve business operations, patient experience, and healthcare outcomes. Analytics in healthcare can help companies to build multidimensional predictive models, enhance healthcare outcomes, and reduce the cost of care.

Quantzig’s analytics solutions have helped companies in the healthcare sector including medical devices, pharma, diagnostics, and healthcare delivery to gain actionable insights into patient care, mitigate risks, medical cost management, and improve payment accuracy. Below, we have summarized some of Quantzig’s free resources that highlight ways in which healthcare analytics have solutions helped healthcare businesses to gain a competitive market advantage.

Digitization has empowered healthcare businesses to gauge the impact of analytics on patient experience and outcomes. Wondering how?  Get in touch with us right now!

#1. How is healthcare analytics transforming the healthcare sector? Do you think maximizing profit by reducing healthcare costs is a herculean task? If yes, then it is time for you to leverage healthcare analytics solutions. Healthcare analytics can help businesses to implement a new model of payment on the basis of performance. Here the healthcare providers can receive the value determined by outcomes. Also, customized analytics tools and real-time dashboards can help in scrutinizing the supply chain to optimize healthcare service and patient care.

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Are you wondering how to optimize healthcare service and maintenance operations? Analytics in healthcare and real-time dashboard can help. Request a free proposal to know more about our healthcare analytics solutions.

#2. Learn how healthcare analytics can modernize the patient journey?  Today healthcare companies may question the value of improving patient experience amidst multiple priorities. But with analytics in healthcare, it seems to be a simpler task. Healthcare analytics can also help map the patient’s journey and assist healthcare companies in bridging gaps that result in leakages in the patient experience.

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Maximizing sales and marketing insights that can be obtained out of every patient interaction is a tough nut to crack and we understand that. Our healthcare analytics solutions provide best-in-class frameworks to assist healthcare organizations in enhancing patient care and outcomes. Request a free demo for more insights.

#3. Customer lifetime value models hold the solution to rising consumerism in the healthcare sector: Customer lifetime value models have always been of great importance for the retail sector, but these models have the potential to solve critical challenges in the healthcare sector too. You must be wondering how? Healthcare analytics by leveraging customer lifetime value models can help companies to enhance their relationship with patients and can lead to more compassionate patient experience.

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How is the Power of Patient Journey Mapping Transforming the Patient Experience?

patient journeyIn the face of limited resources and multiple priorities, healthcare organizations may question the value of improving and measuring the patient’s experience with care. Yet, regulatory trends and powerful healthcare market, combined with patient journey mapping, make a compelling case for improving the patient experience.

Recent research shows that any industry can benefit from mapping the customer’s journey, and the healthcare sector is no exception. The truth of the matter is, many healthcare companies provide excellent clinical care but fail when it comes to administrative experiences. By using patient journey mapping as a guide, healthcare marketers can implement processes and programs that deliver relevant and timely information and fill gaps that cause leakages in the patient experience. This practice can be helpful in improving pre- and post-clinical engagement, as well as further health initiatives of the population.

We at Quantzig, understand the predicaments healthcare companies face in providing a good patient experience. This is where patient journey mapping can help significantly but for patient journey mapping to be effective it is very important to understand which patient journey matters and why. And to help companies excel in the competitive healthcare industry, our team of experts has highlighted the benefits of patient journey mapping, challenges companies face in mapping patient journey, and a few important ways in which patient journey mapping can drive excellence and find indicators that are crucial to the patients.

Whether you are part of marketing, product development, or customer experience team at a hospital, a pharma company, a device manufacturer, or a health insurer, patient journey mapping should be part of your toolbox of customer research. If you would like to learn more about journey mapping, contact one of our experts today.

What is Patient Journey Mapping?

Patient journey mapping is an exercise that can be done by healthcare companies to better understand what individual patient experience throughout his/her journey. The patient journey map outlines all the patient touch points during every stage of the care journey and helps in creating strategic outreach that enhances patient engagement, satisfaction, and patient flow.

The patient journey typically consists of six stages:

  • Awareness
  • Help
  • Care
  • Treatment
  • Change in behavior or lifestyle
  • Ongoing Care or proactive Health

Using patient journey mapping as a guide, healthcare marketers can craft personalized and strategic outreach that keeps patients engaged throughout the care journey and encourages lasting patient-provider relationships.

Benefits of Patient Journey Mapping

Benefit #1: Helps in stopping care silos

Every healthcare company has blind spots that can occur anywhere, right from appointment scheduling to point-of-care to discharge and follow-up. When the workflow of the organization is mapped, these blind spots become more visible. These blind spots often lead to increased risk or a negative patient experience in some cases. Patient journey mapping can provide solutions to such issues.

Still, want to know more about the benefits of patient journey mapping? Request for more information here.

Benefit #2: Guide patient expectations

Patient journey mapping helps healthcare companies to solve one of the biggest problems that a patient faces, which is, not knowing what is supposed to happen next. The unknown or confusing instructions the patient receives during their journey creates a bad impact on the business. Furthermore, this leads to a lack of adherence to their care plan.

Benefit #3: Uncover pain points

Patient journey mapping can unveil pain points along the way. A better understanding of the different pain points that a patient has within the journey can help healthcare companies to create an opportunity for improvements in operations and keep a track of patient flow.

Benefit #4: Connect with patients emotionally

Understanding the patient journey allows companies to better empathize with the patients. Patient journey maps can illuminate the emotion of an encounter and highlight the feeling of the patient about an interaction. These insights provide a better understanding of the organization of how to connect with patients on an emotional level to meet their requirements.

Benefit #5: Make the care continuum continuous

When patients are referred outside of any healthcare organization, there is often a gap in communication between providers. These gaps could be a result of technology, geography, and network among other circumstances. As a result, often the care continuum does not feel continuous from the lens of the patient. This creates opportunities for gaps in care, thus, impacting overall patient outcomes, revenue, and the bottom line. This is where patient journey mapping can help.

Quantzig’s healthcare analytics solutions help clients in the healthcare industry including pharma, medical devices, diagnostics, and healthcare delivery companies to reduce costs, address key challenges, increase margins, and gain a competitive advantage in the market. Request a free proposal today to know more about the portfolio of services.

Benefit #6: Close-the-Loop

Communication breakdowns are at the core of most negative patient interactions. If the expectations of a patient are not communicated throughout the touchpoints on the patient journey, there are high chances that this expectation is not going to be met. Patient journey mapping can help in quickly identifying and resolving any patient issues. This can help in improving patient experience and create better efficiencies for your practice.

Benefit #7: Assists in continuous improvement

Collecting data of patient journey is important, but what matters the most is what you do with the data. Patient journey mapping helps in having the proper plan in place to examine this data regularly. Furthermore, this will help to understand recurring issues, systemic themes, and improvement opportunities.

Challenges in Patient Journey Mapping

Challenge #1: Investment

Healthcare companies to implement patient journey mapping into their process, need investment in terms of time and costs. This investment is required to capture the data from the current journey of the patients and their experience.

Challenge #2: Complexity of patient journey

Healthcare companies face the issue of complexity in the patient journey which makes it very difficult for them to know the point from where they should start mapping their patients. 

Challenge #3: Lack of proper skill set

Businesses may not have the appropriate skill set to capture the required patient data. This makes things even more difficult and challenging. Consequently, companies end up collecting useless or least valuable data and cannot obtain desired results.

Challenge #4: Regular monitoring of the patient outcomes

It needs to be updated and validated to keep up with constantly changing user needs, behaviors, technologies, and developments in an organization’s proposition. There may be pressures on the business to deliver customer initiatives that can be more readily measured in terms of impact on the bottom line.

We understand the challenges healthcare organizations face with the changing customer demographics in the healthcare spectrum. Our analytics solutions provide best-in-class frameworks to assist healthcare organizations to get maximum sales and marketing support and insights out of every customer relationship and interaction. Request a free demo below for more insights.

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Healthcare Analytics: How is It Improving Healthcare Operations Globally?

What is Healthcare Analytics?

Healthcare analytics aims at offering insights into patient records, hospital management, costs, and diagnoses. It covers a broad swath of the healthcare industry, offering insights on both the micro and macro level. Healthcare analytics, when combined with data visualization tools and business intelligence suites, helps healthcare companies operate better by offering real-time information that can support decision making and deliver actionable insights.

Are you facing difficulties in dealing with regulatory pressures in the healthcare industry and constantly changing market dynamics? Get in touch with us to know how healthcare analytics can help you deal with all your issues.

Why is Data Analytics Important in Healthcare?

With the adoption of digital tools like electronic health records (EHRs), data has become more structured. Furthermore, it has improved the analysis to a large extent. Moreover, the emergence of machine learning and artificial intelligence have made inferences and predictions easier than ever before.  The dramatically positive impact data analytics can have on the pressure health systems is more efficient and promises to enhance clinical outcomes. Ideas such as doctor-on-demand, video calls, and Wi-Fi-enabled blood pressure monitors were a fantasy a decade ago. But today they are mainstream and real. This is encouraging both consumers and healthcare providers to adopt healthcare analytics rapidly to lower costs, improve efficiency and enhance patient satisfaction.

Healthcare analytics provides consolidated and actionable insights and helps in risk mitigation and resolution of issues facilitating efficiency and accuracy in the process.

Benefits of Health Analytics

Benefit #1: Identifying and targeting the right people

Health plan serves a diverse group of people who may be at any point along the continuum of health and wellness. Healthcare analytics helps the healthcare companies to identify people who are at risk and could benefit from weight management, additional screenings or smoking cessation programs. Furthermore, healthcare analytics aids in providing care to those who need it best. This starts by analyzing multiple sources such as claims data, health risk assessments and a lot more. Without healthcare analytics, health plans would have to wait to find who requires careful coordination. Additionally, health plans can leverage healthcare analytics to analyze what are the factors that motivate people and how to change their behavior. Also, it helps in taking a closer look at screening rates among people in different demographic groups. This can further help in identifying barriers to screening and determining the best way to encourage target groups to complete the recommended screenings.

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Are you wondering how to address key challenges, reduce costs, increase margins, and gain a competitive market advantage? Leveraging healthcare analytics solutions may help. Request a free proposal here to check out our portfolio of healthcare analytics solutions.

Benefit #2: Increasing productivity with real-time healthcare analytics

Healthcare analytics offers relevant data that elevates operational efficiency. This is the reason why proactive healthcare organizations are turning to healthcare analytics for right-time data feeds to track costs and outcomes and improve decision-making. Furthermore, it also facilitates the standardization of staffing with real-time data that allows physicians to focus on one patient-centered activity at a time. Top healthcare organization has realized an improvement of 50 percent in its variance from benchmark lengths of stay and a reduction of 10 percent in readmissions for heart attacks and heart failure.

Benefit #3: Reducing inefficiencies in the supply chain

Healthcare companies accumulate a huge amount of data which is stored in silos across the entire enterprise. Data silos make it difficult to spot the opportunities of savings in the thousands of daily supply chains. Healthcare analytics helps in connecting these islands of information which leads to smarter and wiser buying decisions. Additionally, it provides the ability to gather and blend data on a common field. By leveraging healthcare analytics, companies can create dashboards with data from multiple sources. Furthermore, this will offer 360-degree assessments of supply chains and help in more accurate visuals, eliminating excess and obsolete inventory while reducing the involvement of clinical staff in replenishment and ordering.

Benefit #4: Automating ad hoc visual analysis

Healthcare analytics helps in automating spreadsheets for ad hoc financial reporting in healthcare. This rule out the tendency of mistakes that are made at the expense of accuracy, efficiency, and time. Data visualization thus allows to quickly automate processes that used to consume a large amount of time. Furthermore, by leveraging healthcare analytics and artificial intelligence, providers can see a significant improvement in revenue, patient access, lower cost, patient experience, and increased asset utilization.

We understand the challenges companies face in data-driven decision making and solving operational problems. Our analytics solutions provide best-in-class frameworks to introduce innovations frequently and strive for better clinical outcomes. Request a free demo below for more insights.

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Telemedicine Services in a Nutshell: All the Answers You Have Been Looking For

What is telemedicine in healthcare? 

In the broad sense, telemedicine refers to a practice of ensuring patient care in circumstances where the provider and patient are not physically present with each other. The boon of modern technology now enables patients to consult doctors and gain telemedicine benefits by using appropriate video conferencing tools. Telemedicine services make healthcare more accessible and cost-effective thereby increasing patient engagement.

Since making its debut in the late 1950’s, advances in telemedicine services contributed to seniors having the choice to age in place. In addition, the patients that reside in rural areas previously had difficulties accessing a physician, however, they can now leverage telemedicine benefits and reach doctors virtually. Patients and physicians can share information virtually and in real time through their computer screens. Furthermore, it is also possible to see and capture readings from medical devices at a faraway location. Using telemedicine services, patients can consult a doctor for diagnosis and treatment without having to wait for an appointment. Patients can now easily consult a doctor/physician at the comfort of their home.

The demand from a new generation of tech-savvy population has pushed for the rapid adoption of telemedicine services and further fueled by telemedicine benefits including convenience, cost saving and intelligent features it brings.

How does telemedicine work? 

While leveraging telemedicine benefits can be a simple process for some providers, for some it could be a complex one. For a solo practitioner and clinic, only a basic HIPAA compliant video conference software to start delivering telemedicine benefits and consultation is required. For telemedicine services providers a more complete virtual clinic solution needs to consider their existing workflow and incorporate the telemedicine services software solution into their practice. It is essential that these software have a waiting room, EHR and payment function. For large medical group or hospitals, they usually require custom telemedicine services to fit into their existing workflow to lessen the disruption of adopting telemedicine as its harder to train a large number of physicians to change their behavior. Moreover, it’s advisable for telemedicine providers to do due diligence on the regulations for telemedicine services, and reimbursement policy for their country or state. Organizations will have to change operationally and have knowledge of the regulations, legalities, and technological aspects of implementing telemedicine services. Many organizations consider partnering with telemedicine providers to make the transition and implementation easier.

Traditionally, telemedicine services use an online account or a toll-free phone number. Patients can request a visit by submitting some basic information on their condition, and then the physician either accepts or declines the visit or schedules it for the future.

A 4-step guide before starting telemedicine services 

Understand the Basics

Before setting up telemedicine services, an organization’s administration and providers should know how laws differ when using telemedicine services. It is also advisable to consult with an expert to determine what equipment they need and have a basic understanding of why they want to offer this in the first place.

Deciding on Telemedicine Solutions

After laying out the basics, an organization should decide what type of telemedicine services to offer. The organization should undertake measures to respond to their current pain points, such as overcrowded waiting rooms or difficulty reaching patients in rural areas.

The Equipment

organizations should ensure they have compatible webcams, speakers, microphones, and more importantly a reliable internet connection. Telemedicine technologies should be identified within the practice to help others get acclimated and resolve tech issues.

Understand Regulations and Reimbursements

Policies and regulations in the telemedicine services can often prove to be confusing for providers, vendors, and payers. Organizations who are considering implementing telemedicine services should be familiar with the laws in their state. For instance, some states require informed consent from patients, while others do not. Also, some payers may not pay the same rate for telemedicine services as in the case of in-person services. Organizations should clearly identify how providers will be paid, as some companies seek grant funding.

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Answers to the questions

The Way Ahead: What to Expect in the US Healthcare Industry

US healthcare industry overview

Every presidential election and change of guards come with several changes in policies in the US healthcare industry. For instance, in 2008 when President Obama was sworn into office, it led to the establishment of the Affordable Care Act (ACA), also popularly known as Obamacare. At that time, the cost curve was swinging uncontrollably in the US healthcare industry, and to bend this the lawmakers passed a highly comprehensive legislative change in the US healthcare industry which helped expand the insurance coverage for 20 million Americans through Medicaid expansion. It also resulted in the establishment of health information exchanges. Since then, the opportunities in the US healthcare industry has flourished and changed course toward a new model of care delivery and payment. There were several major changes in the US healthcare trends since President Trump came into power. Under the Obama administration, consumers could buy short-term policies—that did not have to comply with Affordable Care Act standards. This was done as a stopgap measure until they found longer lasting insurance. In August 2018, the Trump Administration issued a final rule, allowing agencies to expand the availability of short-term health insurance policies beyond the previously three-month limit to three years. The Trump administration expects these plans to provide lesser-expensive health care at a much lower price.

Currently, The US healthcare industry is seeing a record-breaking level of acquisition activity as providers race to capitalize on innovation and deliver a better consumer experience.  But rapid consolidation raises serious concerns around the IT systems that form the backbone of patient care. As traditional healthcare systems continue to merge in order to compete, a major concern for providers is that they might become vulnerable to competition from digital health companies who can deliver care and treatment directly to patients in a more efficient manner. Furthermore, tech giants including Apple, Amazon, and Google are gradually making entry into the US healthcare industry, traditContact USional healthcare systems, and hospitals face increasing pressure in order to remain competitive.

US healthcare industry trends

2018 has been a landmark year as far as the US healthcare industry is concerned. Several new innovations in IT, medical devices, data analytics and much more have made their mark in the past decade. Furthermore, with quality, outcomes, and value being the new buzzwords for the healthcare industry in the 21st century, the stakeholders in the US and around the globe are on the hunt for innovative and cost-effective ways to deliver patient-centered, technology-enabled healthcare solutions. We have identified some of the key US healthcare industry trends to watch out for in the years to come:

Changing scenario of rural healthcare

Several patients in the United States receive care from smaller rural institutions. However, with government programs in constant danger of financial cost-saving spending cuts, rural US healthcare industry providers are in crisis. It is believed that currently one in three rural hospitals are in financial risk. Furthermore, the decreasing number of physicians, the growth of high-deductible health plans (HDHPs), a lack of choices of private exchanges, and the opioid epidemic are adding to the problems of rural healthcare industry players. However, rural healthcare industry providers will continue to turn to leverage new technology as they experience population loss. Technologies, such as teleRequest Solution Demo_QZhealth and telemedicine, and consumer health wearables or smartphones, can enable rural-based care systems to consolidate specialty care services and referrals as a means to survive and grow in the market.

Rise of consumerism in healthcare

As the healthcare costs continue to rise, consumers have become more engaged in making certain they are getting the best value for their money. One of the key US healthcare industry trends to look forward to is that consumers in the United States now expect transparency and choice in their healthcare experience. So, the success of the US healthcare industry providers will now depend on their ability to meet consumers’ needs and expectations. These providers will be the primary source of education, information, and the tools that patients need to take ownership of their health. Millennials are expected to influence the future of healthcare in new ways. This is due to their increased use of online resources and telehealth continues to grow.

Artificial intelligence in healthcare

US healthcare providers are increasingly considering the feasibility of adopting advanced innovations such as artificial intelligence into their day to day operations. This technology would prove to be highly useful in reducing bureaucracy and administrative duties that can take time away from personalized care. Top healthcare providers in the United States feel that AI would make administrative tasks a lot quicker, such as screening drug candidates, streamlining finance processes, and adverse event reporting.

Real world data and policy changes

Changes at the FDA will prompt medical and pharma companies in the United States to adjust their approach to collecting and using real-world data that is gathered outside of randomized controlled trials. This could potentially save the US healthcare industry millions of dollars. As the 21stCentury Cures Act takes effect, the FDA will be required to take into account the key uses of real-world evidence for drugs and medical devices, including incorporating this data to support new indications.Request Proposal

Change in workforce

In the United States, employment is undergoing rapid changes. In recent times, it has been observed that employment in occupations that require more education and training are on the rise. So, many workers are realizing that retraining and upgrading their skills are lifetime commitments. Furthermore, the workplace now encompasses multiple generations representing a wide variety of skills, life experiences, technical training, and educational qualifications. Such a diverse workforce environment could pose several challenges for companies in the US healthcare industry Effective communication is the most difficult aspect of managing a workplace comprising different generations of employees remains.


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