#Healthcare IT Industry

[nmsc-market-pulse]

Unveiling the Potential: Healthcare Business Intelligence Market Trends

In recent years, the healthcare industry has undergone a profound transformation driven by technological advancements, changing demographics, and evolving patient expectations. Amidst these shifts, the role of data and analytics has emerged as a cornerstone for driving innovation, improving operational efficiency, and enhancing patient outcomes. At the forefront of this data revolution lies the Healthcare Business Intelligence (BI) market, which offers a plethora of opportunities for healthcare organizations to leverage insights derived from vast amounts of data.

According to a comprehensive study conducted by Next Move Strategy Consulting, the global Healthcare Business Intelligence Market is projected to witness robust growth in the coming years, with a predicted size of USD 23.17 billion and a Compound Annual Growth Rate (CAGR) of 14.47% by the year 2030. This forecast underscores the increasing recognition of the value and importance of BI solutions within the healthcare sector, as organizations strive to navigate an increasingly complex and data-rich environment.

Request for a sample, here: https://www.nextmsc.com/healthcare-business-intelligence-market/request-sample 

The Evolution of Healthcare Business Intelligence

The concept of Business Intelligence in healthcare is not new, but its evolution over the years has been remarkable. Initially, BI solutions primarily focused on aggregating and reporting data from disparate sources, such as Electronic Health Records (EHRs), billing systems, and administrative databases. However, as the volume, variety, and velocity of healthcare data grew exponentially, traditional BI tools proved inadequate in providing actionable insights in a timely manner.

In response to these challenges, the Healthcare BI market witnessed a paradigm shift towards more advanced analytics capabilities, including predictive modeling, prescriptive analytics, and machine learning. These technologies enable healthcare organizations to not only analyze historical data but also anticipate future trends, identify emerging risks, and prescribe optimal courses of action. By harnessing the power of predictive analytics, for example, healthcare providers can forecast patient volumes, predict disease outbreaks, and optimize resource allocation, thereby enhancing operational efficiency and clinical outcomes.

Moreover, the integration of real-time data streams, such as wearable devices, Internet of Things (IoT) sensors, and social media feeds, has further enriched the analytical capabilities of BI solutions. Real-time analytics enable healthcare organizations to monitor patient health indicators, detect anomalies, and intervene proactively to prevent adverse events. For instance, remote patient monitoring platforms leverage IoT sensors to collect vital signs data in real-time, enabling healthcare providers to remotely monitor patients with chronic conditions and intervene promptly in case of emergencies.

Key Trends Shaping the Healthcare Business Intelligence Market

Value-Based Care and Population Health Management: The shift towards value-based care models has intensified the focus on population health management and preventive care. Healthcare BI solutions play a critical role in population health management by aggregating, analyzing, and stratifying patient data to identify at-risk populations, monitor health outcomes, and allocate resources effectively. By leveraging predictive analytics and risk stratification models, healthcare organizations can identify high-risk patients, implement targeted interventions, and reduce healthcare costs while improving patient outcomes.

Personalized Medicine and Precision Health: Advances in genomics, molecular biology, and personalized medicine have ushered in a new era of precision health, where treatments are tailored to the individual characteristics of each patient. Healthcare BI solutions enable the aggregation and analysis of genomic, clinical, and lifestyle data to identify biomarkers, predict treatment responses, and optimize therapeutic interventions. By leveraging machine learning algorithms and predictive analytics, healthcare providers can develop personalized treatment plans, identify novel drug targets, and accelerate the pace of medical discovery.

Data Security and Privacy: With the proliferation of electronic health records and the digitization of healthcare data, ensuring the security and privacy of patient information has become a top priority for healthcare organizations. BI solutions must adhere to stringent data security standards and regulatory requirements, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States and the General Data Protection Regulation (GDPR) in Europe. Encryption, access controls, and audit trails are essential features of BI platforms to protect sensitive patient data from unauthorized access, breaches, and cyber-attacks.

Interoperability and Data Integration: As healthcare ecosystems become increasingly interconnected, interoperability and data integration have emerged as critical challenges for healthcare organizations. BI solutions must be capable of aggregating and harmonizing data from disparate sources, including EHRs, laboratory systems, imaging archives, and external repositories. Application programming interfaces (APIs), standards-based data exchange protocols, and data normalization techniques facilitate seamless data integration and interoperability, enabling healthcare organizations to derive actionable insights from heterogeneous data sources.

Cloud-Based BI Solutions: The adoption of cloud computing has revolutionized the delivery of BI solutions, offering scalability, flexibility, and cost-efficiency to healthcare organizations of all sizes. Cloud-based BI platforms enable organizations to access, analyze, and visualize data from anywhere, at any time, using web-based interfaces and mobile applications. Moreover, cloud-based solutions eliminate the need for upfront infrastructure investments and reduce the burden of maintenance and support, allowing healthcare organizations to focus on their core mission of delivering high-quality patient care.

Opportunities and Challenges in Healthcare Business Intelligence

While the Healthcare BI market presents vast opportunities for innovation and growth, it also poses significant challenges for healthcare organizations seeking to harness the power of data analytics effectively. Some of the key opportunities and challenges in Healthcare Business Intelligence include:

Data Governance and Quality Assurance: Ensuring the accuracy, completeness, and integrity of healthcare data is essential for deriving reliable insights and making informed decisions. Healthcare organizations must establish robust data governance frameworks, data quality assurance processes, and data stewardship roles to maintain data integrity and consistency across disparate systems and sources. Data cleansing, deduplication, and validation techniques are essential for identifying and rectifying errors, inconsistencies, and discrepancies in healthcare data.

Data Privacy and Ethical Considerations: The use of patient data for research, analytics, and decision-making raises important ethical and privacy concerns related to informed consent, data anonymization, and data sharing. Healthcare organizations must adhere to ethical guidelines and regulatory requirements governing the use, disclosure, and protection of patient information, while also respecting patients' rights to privacy, confidentiality, and autonomy. Transparent communication, informed consent processes, and robust data security measures are essential for building trust and fostering collaboration between healthcare providers, patients, and other stakeholders.

Skills Gap and Talent Shortage: The effective implementation and utilization of BI solutions require a multidisciplinary team of data scientists, analysts, clinicians, and business stakeholders with expertise in data management, analytics, and healthcare domain knowledge. However, there is a growing skills gap and talent shortage in the field of healthcare analytics, with organizations struggling to recruit and retain qualified professionals with the necessary technical and domain-specific skills. Investing in workforce development, training programs, and cross-functional collaboration can help bridge the skills gap and build capacity for data-driven decision-making in healthcare.

Interoperability and Data Integration: Achieving seamless interoperability and data integration remains a formidable challenge for healthcare organizations due to the heterogeneity of systems, formats, and standards used to store and exchange healthcare data. The lack of standardized data models, terminologies, and communication protocols hinders the interoperability and exchange of patient information between disparate systems and organizations. Healthcare organizations must advocate for the adoption of interoperability standards, such as Fast Healthcare Interoperability Resources (FHIR) and Consolidated Clinical Document Architecture (C-CDA), to facilitate the exchange of clinical data and promote care coordination across the healthcare continuum.

Future Directions and Emerging Trends

Looking ahead, the Healthcare BI market is poised for continued growth and innovation, driven by advancements in technology and evolving healthcare needs. Several emerging trends are expected to shape the future of the Healthcare BI market:

Artificial Intelligence and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) algorithms into BI solutions is expected to accelerate, enabling healthcare organizations to automate routine tasks, uncover hidden insights, and enhance decision-making processes. AI-driven BI platforms can analyze large volumes of structured and unstructured data, identify patterns, and predict outcomes with a level of accuracy and speed that surpasses human capabilities. From predictive analytics for disease diagnosis to natural language processing for extracting insights from clinical notes, AI-powered BI solutions hold immense potential to revolutionize healthcare delivery and outcomes.

Augmented Analytics: Augmented analytics combines AI, ML, and natural language processing (NLP) technologies to automate data preparation, analysis, and visualization tasks, empowering users to derive insights from data without the need for specialized technical skills. By embedding analytics directly into workflows and applications, augmented analytics platforms enable healthcare professionals to interact with data intuitively, ask complex questions, and receive actionable insights in real-time. This democratization of analytics promotes data-driven decision-making at all levels of the organization, from frontline clinicians to senior executives, fostering a culture of continuous improvement and innovation.

Predictive and Prescriptive Analytics: The shift from descriptive analytics to predictive and prescriptive analytics is expected to gain momentum, as healthcare organizations seek to anticipate future trends, forecast demand, and optimize resource allocation. Predictive analytics leverages historical data, statistical models, and machine learning algorithms to forecast future events, such as patient admissions, readmissions, and disease outbreaks, enabling organizations to proactively plan and allocate resources accordingly. Prescriptive analytics goes a step further by recommending optimal courses of action based on predictive insights, enabling healthcare providers to intervene early, mitigate risks, and improve outcomes. 

Inquire before buying, here: https://www.nextmsc.com/healthcare-business-intelligence-market/inquire-before-buying

Real-Time Analytics and Edge Computing: With the proliferation of IoT devices, wearables, and remote monitoring technologies, the demand for real-time analytics and edge computing solutions is expected to rise. Real-time analytics platforms analyze data streams as they are generated, enabling healthcare organizations to monitor patient health indicators, detect anomalies, and trigger alerts in real-time. Edge computing extends the capabilities of traditional cloud-based analytics by processing data locally at the point of generation, reducing latency, bandwidth usage, and reliance on centralized infrastructure. By combining real-time analytics with edge computing, healthcare organizations can deliver personalized interventions, improve care coordination, and enhance patient engagement.

Data Visualization and Storytelling: Effective data visualization and storytelling techniques are essential for communicating insights, engaging stakeholders, and driving action. Interactive dashboards, infographics, and visualizations enable healthcare professionals to explore data, identify trends, and gain actionable insights at a glance. By presenting data in a visually compelling and contextually relevant manner, healthcare organizations can facilitate decision-making, promote data-driven discussions, and foster a shared understanding of complex healthcare issues. Moreover, storytelling techniques, such as data-driven narratives and scenario planning, can help translate insights into actionable strategies, mobilize support for initiatives, and drive organizational change.

In conclusion, the Healthcare BI market is poised for continued growth and innovation, fueled by advancements in technology, evolving healthcare needs, and the imperative to deliver value-based care. By embracing emerging trends such as artificial intelligence, augmented analytics, predictive analytics, real-time analytics, and data visualization, healthcare organizations can unlock new opportunities, drive innovation, and ultimately, improve the quality, efficiency, and accessibility of healthcare services.

However, realizing the full potential of Healthcare BI requires a holistic approach that addresses not only technological challenges but also organizational, cultural, and regulatory barriers. As healthcare organizations navigate this evolving landscape, collaboration, innovation, and a commitment to data-driven decision-making will be key drivers of success in the Healthcare BI market.

[andy1199posts]

Healthcare IT: Future Growth Prospects for Key Players

Overview of This Study:The present investigation entailed a comprehensive utilization of primary and secondary materials. To determine segmentation types, industry trends, key players, the competitive landscape of the market, and important market dynamics, including drivers, constraints, opportunities, challenges, and key player strategies, a variety of industry-affecting factors were…

[esglatestmarketnews]

Healthcare IT Industry ESG - Thematic Report

The need for sustainable strategies to conduct business responsibly and ethically has prompted healthcare IT industry players to invest in ESG practices. Robust ESG policies can foster innovation, build trust, minimize risk, reduce costs and boost trust among stakeholders. Regulators and industry leaders are assessing the demand for ESG in the healthcare sector, which can play an invaluable role in enhancing healthcare access and fostering environmental justice, diversity and workplace safety. Prominent companies have furthered their emphasis on patient access, service distribution and quality of care with a focus on social issues and sound governance. 

Stakeholders, including patients, employees, shareholders and bondholders, expect ESG to have a compelling impact on the healthcare sector. Soaring demand to minimize environmental impact and bolster product quality, labor management, access to finance and human capital development have played a pivotal role in reshaping the industry. Moreover, good corporate behavior, anti-competitive practices and transparency have remained catalysts in the landscape. 

In a bid to bring medicine and vaccines to save and improve lives, increasing access to healthcare may partly depend upon a commitment to ESG performance. The prevailing dynamics can foster sustainable value for society and business. 

Environmental Perspective

ESG action integrated into business strategy has gained ground as climate resilience garners headlines to build future healthcare organizations. Low-carbon sustainable health systems have become the talk of the town amidst the healthcare sector being infamous as a major emitter of GHG and other pollutants. For instance, Philips has been at the forefront as it has aligned its goals with UN Sustainable Development Goal 13, “Take urgent action to combat climate change and its impacts.” Overconsumption of resources, pollution, waste and soaring demand for healthcare have furthered the need for strong ESG performance.

Philips focuses on a more agile and simplified operating model, supply chain reliability, patient safety, and quality. The company is also investing in products that consume less energy and materials and contain recyclable substances. Rising adoption of digital technology, shifting consumption patterns and transition to value-based care provide opportunities for leading players to underpin solutions that enhance people’s health and protect the planet. 

Social Perspective

Employee safety risks, soaring costs of care, access to healthcare and privacy & data security have spurred the need for a robust social pillar in business operations. Reported health disparities and the prevalence of behavioral and mental health issues have compelled organizations to infuse funds into digital technology in healthcare. For instance, WELL alluded to zero reportable data breaches in 2021 in its inaugural ESG Report.

Harnessing the insights and knowledge of a diverse workforce and a strategic approach to employee development and workplace inclusion need bullish social goals. Notably, 70% of senior executive team members represented a visible minority at WELL as of June 2022. Meanwhile, Cardinal Health has fostered its diversity, equity and inclusion efforts with the representation of a 71% female and 14% ethnically diverse workforce in its executive leadership team (according to its FY 2022 ESG Report). 

Is your business one of participants in the Global Healthcare IT Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

Incumbent players have raised the bar with investments in corporate governance, board diversity, accounting, ethics and corporate behavior. An emphasis on ESG priorities can help build trust and make informed decision-making. Notably, the healthcare sector has evolving regulatory requirements, prompting prominent companies to underscore the regulatory aspect. In FY 2022, McKesson integrated regulatory excellence into its business strategy playbook as a major foundational discipline. It has also upped its investments in traceability and transparency. The company is gearing up for the next stage of the Drug Supply Chain Security Act (DSCSA), which is slated to be witnessed in November 2023. The prescription drugs are expected to be serialized in the U.S. and need to be traceable throughout the supply chain. 

ESG will continue to gain ground in the mission-driven nature of the industry as its integration into the core of the business will be pronounced in the ensuing period. Forward-looking companies have furthered their focus on organic & inorganic strategies, including but not limited to collaboration, mergers & acquisitions, technology advancements and innovations. For instance, in November 2022, the GE Board of Directors approved the spin-off of GE Healthcare. Under the ticker “GEHC,” the company was expected to start trading on Nasdaq on January 4, 2023. These trends suggest the global healthcare IT market could witness around 29.3% CAGR during the forecast period. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, and building corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

[tritonmarketresearch]

The Global Patient Experience Management Market to Propel at CAGR of 20.67% by 2028

Triton Market Research presents the Global Patient Experience Management Market is segmented by Delivery Model (Web-Based, Cloud-Based, On-Premise, Mobile-Based), End-users (Payers, Pharma/Biotech/Med Device Companies, Providers), Product & Services (Services, Product), and Geography (Middle East and Africa, North America, Latin America, Europe, Asia-Pacific). It further includes Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s five forces analysis, Market Attractiveness Matrix, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

As per Triton Market Research’s report, the global market for patient experience management is likely to grow at a CAGR of 20.67% during the estimated phase 2021-2028.

Request Free Sample Report:

https://www.tritonmarketresearch.com/reports/patient-experience-management-market#request-free-sample

 Patient experience refers to a patient’s interaction with medical professionals, such as doctors, nurses, and other staff. These services are based on web, cloud, mobile, or on-premise.

There has been a tremendous rise in remote monitoring and telephone communication in the medical sector in the past year. Here, the advent of telemedicine technologies, such as surveillance cameras and analytical software, can be used with elderly clients. Such benefits offered by telemedicine create numerous opportunities for the patient experience management market globally. However, the dearth of skilled medical professionals and a broad evaluation of patient data are hindering the overall market’s growth.

The Asia-Pacific is expected to emerge as the fastest-growing region in the patient experience management market during the forecasted phase. The region’s robust growth is mainly owing to the rising smart healthcare services. Here, the increase in digitalized networks and data monitoring systems has enhanced the overall healthcare industry. Furthermore, from diagnosis to remote patient monitoring, smart technologies play a major role in improving patient experience and reducing costs. Thus, these factors indicate the patient experience management market to witness tremendous growth in the near future.

The well-known companies in the patient experience management market include Leadsquared, Iqvia, Carecloud, All Covered, Levo Health, Medstatix Inc, Q-Nomy Inc, Accenture, Epic, Change Healthcare, Aritic, Ecosoft Health, Qualtrics, PWC, and Philips Healthcare.

The patient experience management market is dominated by several prominent players, such as Epic, Accenture, Philips Healthcare, and others. These players are launching new products and acquiring smaller companies to expand their presence in the market. Furthermore, some companies with undifferentiated products are creating strong competition in the market. For instance, CareCloud offers patient experience software that includes features such as admission management, discharge management, and others. These factors suggest that the threat of new entrants and competition among existing players will likely range from moderate to high.

 Contact Us:

sales@tritonmarketresearch.com

Phone: +44 7441 911839

[healthcare-domain]

According to the new market research report "Patient Engagement Solutions Market by Component (Software, Services), Delivery (On-Premise, Cloud), Therapy Area (CVD, Diabetes, Obesity, Fitness), Functionality (E-prescribing, Virtual care), End User (Provider, Payer, Patients) - Global Forecast to 2027", The global patient engagement solutions market is projected to reach USD 27.9 billion by 2027 from USD 17.3 billion in 2022, at a CAGR of 10.0% during the forecast period.

[inkskinned]

you have to go to work so you can pay for your doctor, who is not taking your insurance right now, and if you say i can't afford the doctor's you are told - get a better job. it is very sad that you are unwell, yes, but maybe you should have thought about that before not having a better job.

(where is the better job? who is giving out these better jobs? you are sick, you are hurting - how the hell are you supposed to be well enough for this better job?)

but you go to the doctor because you had the nerve to be hurt or sick or whatever else. and they tell you that it is because you have anxiety. you try your best. you are a self-advocate. you've done the reading (which sometimes pisses them off worse, honestly). you say it is actually adding to my anxiety, it is effecting my quality of life. so they say that you are fat. they say that all young people have this happen to them, isn't it a medical marvel! they say that you should eat more vegetables. they say that you probably just need to lose a little more weight, and that you are faking it for attention.

(what attention could this doctor possibly give? what validation? that's their fucking job, isn't it?)

there is always a hypochondriac, right. someone always tells you about a hypochondriac. or someone who is unnecessarily aggressive during the worst days of their life. or someone looking "for a quick fix". or some idiot who wasn't educated about how to properly care for themselves who just abandons their treatment. and again, the hypochondriac, the overly-cautious hysteric. these people don't deserve to be treated like humans (right), and since you might be one of these people, you also don't get treated like a human. because those people can really fuck with the system, you now have to pay for it. and besides. you're actually probably faking it.

(more often than not, you find a 2:1 ratio of these stories. for every "hypochondriac", there are 2 people who knew something was wrong, and yet nobody could fucking find it. the story often ends with pointless suffering. the story often ends with and now it's too late, and it's going to kill me.)

you are actually just making excuses. someone else got that procedure or that diagnosis and he's fine, you should be fine too. someone else said they watched a documentary about other inspirational people with your exact same condition, maybe you should be inspirational, too. you're just too morbid. your pain and your experience is probably just not statistically concerning. it is all self-reported anyway, and you're just being a baby.

(once, while sitting down in the middle of making coffee, you had the sudden, horrible thought - i could kill myself to make the pain stop. you had to call your best friend after that. had to pet your dog. had to cry about it in the shower. you won't, but that moment - god, fuck. the pain just goes on and on.)

you know someone who went in for routine surgery and said i still feel everything. they told her to just relax. it took her kicking and screaming before they figured out she wasn't lying - the anesthetic drip hadn't been working. you know someone who went in for severe migraines who was told drink water and lose weight. you know someone who was actively bleeding out and throwing up in the ER and was told you're just having a bad period.

in the ER there are always these little posters saying things like "don't wait! get checked today!" and you think about how often you do wait. how often the days spool out. you once waited a full week before seeing the doctor for what you thought was a sprained wrist. it had actually been broken - they had to rebreak it to set it.

but you go into the doctor. the problem you're having is immediate. the person behind the counter frowns and says we're not taking your insurance. you will be paying for this out-of-pocket.

they send you home with tylenol and a little health packet about weight loss or anxiety or attention deficit. on the front it has your birthday and diagnosis. you think about crying, and the words swim. it might as well say go fuck yourself. it might as well say you're a fucking idiot. it might as well say light your money on fire and lie down in it. and the entire fucking time - the problem persists.

it's okay. it's okay, it's just another thing, you think. it's just another thing i have to learn to live with.

[intersectionalpraxis]

Capitalism is killing people in so many ways, and the medical industrial complex is one of them. Healthcare should always be a universal right -both fair and equitable access, but in many cases it is not... the mass injustices.

[odinsblog]

Patriarch Kirill, head of the Russian Orthodox Church, has called for an all-Russian ban on “encouraging women to have abortions” in order to combat the demographic crisis

“As a member of the clergy, I testify that an abortion is a disaster and a tragedy for the woman and those close to her,” Kirill said in January, per the BBC.

Putin sees it as “an acute problem,” per the BBC. Kirill says anti-abortion policies are the solution.

(continue reading)

[phoenixyfriend]

Watching a youtube video and some well-intentioned Brits are saying "I know the US has an entirely privatized healthcare system, but what do people do if there's an emergency? Like for dental work? Obviously there should be a--" No, honey. There isn't. If you can't afford dental, you just don't get dental work done. The closest is like… ACA/Medicaid insurance and that's it.

"I'm very much hoping that they don't just turn people away" they do

They did find "it looks like people can get help but they're landed with a big bill that has massive debt or tax implications"

Which like. Yeah. Medical debt is a fact of life in the US.

They are aware of their privilege, but even trying to account for it they need the internet's help to realize it's just. Debt or Death.

[andy1199posts]

Healthcare IT Industry - This is How Leading Players are Dominating Global Growth

Major Growth Influencing Factors:Growth in this market is driven by the government mandates and support for healthcare IT solutions, the rising adoption of big data analytics, and the need to reduce the escalating healthcare costs. However, high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries is expected to restrain the growth of this market to a…

[politijohn]

Very well functioning health care system!

[esglatestmarketnews]

Healthcare IT Industry Banks on ESG for a Sustainable Future

The need for sustainable strategies to conduct business responsibly and ethically has prompted healthcare IT industry players to invest in ESG practices. Robust ESG policies can foster innovation, build trust, minimize risk, reduce costs and boost trust among stakeholders. Regulators and industry leaders are assessing the demand for ESG in the healthcare sector, which can play an invaluable role in enhancing healthcare access and fostering environmental justice, diversity and workplace safety. Prominent companies have furthered their emphasis on patient access, service distribution and quality of care with a focus on social issues and sound governance. 

Stakeholders, including patients, employees, shareholders and bondholders, expect ESG to have a compelling impact on the healthcare sector. Soaring demand to minimize environmental impact and bolster product quality, labor management, access to finance and human capital development have played a pivotal role in reshaping the industry. Moreover, good corporate behavior, anti-competitive practices and transparency have remained catalysts in the landscape. 

In a bid to bring medicine and vaccines to save and improve lives, increasing access to healthcare may partly depend upon a commitment to ESG performance. The prevailing dynamics can foster sustainable value for society and business. 

Discover more regarding the practices and strategies being implemented by industry participants form the Healthcare IT Industry ESG Thematic Report, 2023, published by Astra ESG Solutions

Environmental Perspective

ESG action integrated into business strategy has gained ground as climate resilience garners headlines to build future healthcare organizations. Low-carbon sustainable health systems have become the talk of the town amidst the healthcare sector being infamous as a major emitter of GHG and other pollutants. For instance, Philips has been at the forefront as it has aligned its goals with UN Sustainable Development Goal 13, “Take urgent action to combat climate change and its impacts.” Overconsumption of resources, pollution, waste and soaring demand for healthcare have furthered the need for strong ESG performance.

Philips focuses on a more agile and simplified operating model, supply chain reliability, patient safety, and quality. The company is also investing in products that consume less energy and materials and contain recyclable substances. Rising adoption of digital technology, shifting consumption patterns and transition to value-based care provide opportunities for leading players to underpin solutions that enhance people’s health and protect the planet. 

Social Perspective

Employee safety risks, soaring costs of care, access to healthcare and privacy & data security have spurred the need for a robust social pillar in business operations. Reported health disparities and the prevalence of behavioral and mental health issues have compelled organizations to infuse funds into digital technology in healthcare. For instance, WELL alluded to zero reportable data breaches in 2021 in its inaugural ESG Report.

Harnessing the insights and knowledge of a diverse workforce and a strategic approach to employee development and workplace inclusion need bullish social goals. Notably, 70% of senior executive team members represented a visible minority at WELL as of June 2022. Meanwhile, Cardinal Health has fostered its diversity, equity and inclusion efforts with the representation of a 71% female and 14% ethnically diverse workforce in its executive leadership team (according to its FY 2022 ESG Report). 

Is your business one of participants to the Global Healthcare IT Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

Incumbent players have raised the bar with investments in corporate governance, board diversity, accounting, ethics and corporate behavior. An emphasis on ESG priorities can help build trust and make informed decision-making. Notably, the healthcare sector has evolving regulatory requirements, prompting prominent companies to underscore the regulatory aspect. In FY 2022, McKesson integrated regulatory excellence into its business strategy playbook as a major foundational discipline. It has also upped its investments in traceability and transparency. The company is gearing up for the next stage of the Drug Supply Chain Security Act (DSCSA), which is slated to be witnessed in November 2023. The prescription drugs are expected to be serialized in the U.S. and need to be traceable throughout the supply chain. 

ESG will continue to gain ground in the mission-driven nature of the industry as its integration into the core of the business will be pronounced in the ensuing period. Forward-looking companies have furthered their focus on organic & inorganic strategies, including but not limited to collaboration, mergers & acquisitions, technology advancements and innovations. For instance, in November 2022, the GE Board of Directors approved the spin-off of GE Healthcare. Under the ticker “GEHC,” the company was expected to start trading on Nasdaq on January 4, 2023. These trends suggest the global healthcare IT market could witness around 29.3% CAGR during the forecast period. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

[tritonmarketresearch]

Data Exchange in Healthcare Market: Importance & Future

The global healthcare industry is focusing on improving efficiency and service quality delivered to patients. And the integration of technology in this field has been instrumental in inching closer towards these goals. This also includes healthcare data exchange, which helps medical professionals and organizations to seamlessly share vital patient information electronically, with better security, quality, speed, and cost. According to our experts, the global data exchange in healthcare market is expected to advance at a CAGR of 24.90% in the forecast period from 2022 to 2028.

The growing patient-centered approach, rising use of electronic health records (EHRs), and an increasing focus on cutting down healthcare costs are some key factors driving this market.

Role of Telemedicine – Driver to the Market

Telemedicine provides access to healthcare services, supporting care providers and patients across distances. It is estimated that the COVID-19 pandemic sparked ten years’ worth of innovations in telemedicine in less than a year, with demand from areas like psychiatry reaching an all-time high.

The use of healthcare data exchange systems for this purpose ensures that patient data is shared securely among end-users, such as pharmacies, healthcare providers, and healthcare payers. Also, teleconsultations often require patients to share their data from different EHRs, and thus, a consolidated record is essential to improve process efficiency and receive appropriate care.

Why is Data Exchange In Healthcare Crucial?

Data sharing in healthcare is crucial because it has numerous benefits, such as:

It equips care providers with clinical tools to help make informed decisions

Offers better reporting and monitoring of public health data

Improves patient safety by minimizing the likelihood of medical errors

Offers enhanced efficiency due to the elimination of unnecessary paperwork and handling

Reduces hospital visits required, and thereby, the associated costs

Also, it is important to note that the willingness of several healthcare organizations to share information across international borders was one of the key supporting factors in the fight against the pandemic. For instance, Dawex Systems, a France-based international online data exchange provider, launched the COVID-19 Data Exchange platform. It provided access to all stakeholders to share any beneficial information with the community to help tackle COVID-19 and its consequences with a globally connected information exchange system.

With developments such as these, Europe has emerged as a key region for innovation in this field. In fact, the Europe data exchange in healthcare market is expected to progress with the fastest growth rate globally, over the forecasted period. The growth of this market is aided by supportive government policies, the availability of highly developed healthcare systems, the presence of a skilled workforce, and major investments from market players.

Data-driven Social Partnerships – The Next Big Thing

Data is growing exponentially, and accessing and aggregating it from different sources, especially those outside the public domain, can present several challenges. However, this enables the formation of new partnerships among public, private, and governmental entities. These are termed data-driven social partnerships, and are aimed at leveraging data for positive societal impact and public good.

Care providing organizations and professionals realize the importance of social factors in determining patients’ health outcomes, and are thus exploring avenues to contribute to addressing societal issues by means of health information exchange.

For instance, the Community of Practice is a health information exchange platform, developed as a result of a collaborative effort between Michigan-based healthcare and social organizations. It is focused on ensuring the interoperability of social care data across platforms, and is rooted in improving the health and well-being of all individuals and communities. The emergence of such initiatives is expected to lead the data exchange in healthcare market on a pathway towards growth.