An Accenture report was released at HIMSS18 with a bold prediction: the healthcare artificial intelligence (AI) market may hit $6.6 billion in the next three years. In 2014, that number was just $600 million, meaning the AI healthcare market could see an eleven fold increase in value in less than a decade.The survey showed that as of 2018, one in five U.S. consumers have already used healthcare services “powered by artificial intelligence,” and many are open to AI clinical services, like
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Apple Health Records Initiative: Peril or Promise?
Health Records is Apple’s new personal health record feature that was announced on January 24, 2018 as part of the iOS 11.3 update. Health Records will collect and compile patient-generated data, such as steps walked in a day or hours slept, together with information from the patient’s electronic medical record (EMR) if the user is a patient at one of now nearly 40 participating hospitals. UNC Health Care Chapel Hill, Johns Hopkins Medicine, and Stanford Medicine are three health systems have
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Off-the-Shelf Hospital Apps: What Product Developers Do & Don’t Care About
There’s definitely something tempting about out-of-the-box software products, no matter their type or industry. Their costs are always definite, as you pay for the already complete development processes. They give you the solution you need in a matter of a few days instead of months. What’s more, you don’t have to spend time and efforts on communication with a vendor, whether it’s a weekly review or daily feedback. However, there’s one great disadvantage: off-the-shelf software can’t meet
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5 Telltale Signs Your Revenue Cycle Management May Need Outside Help
David Gallegos from Change Healthcare discusses 5 signs an organization should consider partnering with an outside partner to support their revenue cycle management (RCM). Are your revenue cycle management (RCM) staff and resources being stretched with the day-to-day challenges required to orchestrate claims, stay on top of regulatory changes and track payments? Are you trying to communicate more meaningfully with patients and collaborate with payers in ways you’ve never had to be
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7 Reasons Why Claims Data Cannot Drive Patient Health Improvements
With the Department of Health and Human Services' decision to tie 90 percent of Medicare payments to value based models by this year, we can expect organizations to move even faster toward streamlining their population health management programs. But a survey from Managed Healthcare Executive notes that only 12% of survey respondents say their organization is using data “very well” and it’s making a “big impact” at their organization, the same percentage as 2016. Obviously there is still a steep
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Why Understanding Your Patients’ Emotions Is Key to Improving Patient Experience
Understanding your patients' emotions is the key to improve your healthcare business' performance. It can show you on what fronts you're lacking and guide you to find ways to improve upon those fronts. The process used to understand patients' emotions is called patient sentiment analysis. It can help your healthcare business to not only perform better but also grow consistently. A healthcare business' consistent growth relies upon two things:1. A high level of patient experience, resulting in a
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3 Digital Trends Transforming Medical Supply Chain Companies
How Medical Supply Companies Can Take Charge with Digital Many businesses today worry about being “Ubered” or “Amazoned” – that is, seeing their markets invaded by digital native upstarts that overturn traditional business models and value propositions. The healthcare industry’s complex supply chains and regulatory burdens seem to create a high wall that will discourage such disruption. Yet the reality is artificial intelligence (AI), machine learning, data analytics and intelligent automation,
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5 Key Components of A Results-Driven AI Platform for Hospitals and Health Systems in the Era of Value-based Care
Value-based reimbursement is forcing hospitals and health systems to reduce costs and to improve outcomes. Whether they are trying to manage population health or to improve clinical pathways in hospitals, healthcare organizations need a way to understand and harness the huge amounts of data that could potentially be applied to achieving these goals. Artificial intelligence (AI) systems offer an approach that can derive actionable insights from large, complex datasets at the scale required by
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Why Data is the Key to Driving Closer Provider/Life Sciences Collaboration
“He who controls information controls the world.” This quote, which sounds like it should be from a famous world leader but is actually from a character on the sci-fi program “Babylon 5,” perfectly describes the opportunity life sciences organization marketers have before them today.As healthcare continues its rapid march toward value-based care, providers are increasingly being held responsible for patient (and financial) outcomes. Yet many of them are taking on this risk essentially
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Drug Pricing Transparency: Can Health IT Lower Drug Pricing for Patients?
Certain practices of pharmacy benefit managers (PBMs) have helped jack up drug prices to the point where many people can no longer afford their medications. For example, PBMs charge health plans considerably more for a drug than they pay pharmacies for the same medication. This “ingredient spread,” which generates much of the PBMs’ profits, results in health plans placing drugs into a higher-price tier. As a result, members’ copayments go up. Sometimes they’re higher than the cash prices for
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