Anik Bose (General partner at BGV) and Ranjeet Vidwans (CMO at Blue Cedar Networks) share their perspective on the transformation underway in the Healthcare economy.
The Digital transformation of the Healthcare economy is being driven by several trends. These include:
- The push towards Triple Aim – improving the experience of care, improving the health of populations and reducing per capita costs of health care (http://content.healthaffairs.org/content/27/3/759.full). As a consequence the industry is in transition – moving from fee-for-service to clinical outcome/value-based.
- Rising cyber security breaches are shifting attention towards improving the security of patient health & other compliance-critical data, and the posture of the devices from which this data is accessed
- Increasing adoption of health related smart phone apps is creating the potential for improved productivity through collaboration
- Innovation around big data analytics is enabling the analysis of data from multiple sources in novel ways, to improve patient care and patient health outcomes
- Evolution in Consumer and Clinician expectations is shifting the healthcare eco-system model to a more mobile, more accessible and more connected one – see chart below:
This digital transformation is creating demand for innovative enterprise technologies. These technologies address needs such as easy and secure access to patient data in real time, enabling collaborative care, leveraging big data analytics and telemedicine to improve patient care and outcomes.
Some examples of innovative technology providers who are catalyzing these trends include:
Blue Cedar Networks (www.bluecedar.com) – The company’s technology powers secure access to health care apps and data for caregivers and other interested and authorized end users, across the healthcare value chain. Its Atlas platform provides healthcare organizations with the trust & confidence that they need to provide access to their compliance-critical data, via mobile apps, to patients, healthcare professionals, researchers and other end users, without the need to manage or control these end users’ mobile devices. By enforcing a broad suite of configurable security policies at the app, rather than at the device level, it powers new forms of digital collaboration for healthcare organizations. For example, a home telehealth organization uses Atlas to secure an Android patient telehealth app, designed to improve healthcare outcomes for select military veterans. Atlas also powers real-time, secure access to two case management apps (for Doctors & Nurses, respectively) that enables these professionals to access & enrich the data generated by the telehealth app, from their own mobile devices, in a manner that complies with HIPAA, & other applicable regulations from the FDA and other governing bodies.
Tagnos (www.tagnos.com) – The company’s technology tracks the patient’s experience in the hospital (from time entry, to time waiting for a test, to the path and process of being admitted or taken into surgery). The solution offers real-time data tracking, alerting of urgent situations, and process improvements that enhance the quality of patient care in hospital surgical centers, emergency departments, radiology departments, clinics, and outpatient services. The result is greater patient throughput, better facility utilization, increased revenues, reduced costs, and enhanced patient satisfaction scores. Auditable service delivery performance and patient satisfaction – automatically provided through the Tagnos software – are essential for optimizing hospital reimbursements under the HITECH Act and Affordable Care Act.
MedAware (www.medaware.com) – The company’s solution is based on machine learning analysis of healthcare big-data; providing physicians with actionable clinical insight, personalized treatment and outcome assessment. The solution analyzes millions of patient records, harnessing the medical practice patterns from thousands of physicians treating millions of patients in multiple institutions across the world; providing actionable clinical knowledge and decision support for patients, physicians, healthcare providers, and insurance companies. Existing error prevention methods are based on pre-defined rules, focusing primarily on drug interactions, dosages and allergies. These solutions detect only a small fraction of potential errors, and suffer from an unacceptably high false-alarm rate; contributing to “alert fatigue” where physicians learn to disregard the alerts. By utilizing mathematical models to analyze billions of existing prescriptions, MedAware can determine if a specific medication is appropriate for an individual patient at a specific time and place. If a prescription is found to be an outlier, it is flagged as a potential error to the prescribing physician. The physician’s accepting, or rejection of the alert is analyzed by MedAware, thus maintaining a self-learning and adaptive system.
The Healthcare value chain and eco-system is complex and pursuit of any one goal (from amongst the three goals of Triple Aim) can negatively affect another – e.g. improving care for individuals can raise costs, adopting technologies that improve the health of populations could reduce revenues for hospitals that are volume driven. This, combined with the regulated nature of this industry makes for a complex Digital transformation journey. Despite these challenges BGV believes that innovative startups like Blue Cedar Networks, Tagnos and Medaware that address compelling pain points while addressing the inherent complexity of the sector will be key contributors to the journey towards a new healthcare economy – one that is closer towards achieving the goals of Triple Aim.
- 12 Jul, 2016
- Posted by Anik Bose
- 0 Comments