Let’s start with facts from the healthcare industry!!

According to Policy Advice,

  • The global health industry was worth $8.45 trillion in 2018.
  • Global healthcare spending could reach over $10 trillion by 2022.
  • The US has the greatest healthcare spending, sitting at $10,224 per capita.
  • The US spends twice as much compared to other countries on healthcare.
  • The US healthcare sector comprises 784,626 companies.

    A. Key Healthcare Stakeholders

    The modern day healthcare ecosystem can be divided into three key categories (3 Ps) and they cover the following products.

    • Payer – Insurance companies and clearinghouses where the typical products include claims resolution, reconciliation, and integrations with third-party insurance providers.
    • Provider – Hospitals, clinics, and hospice (small hospitals that have a clinic attached to them). Their products include EHR (Electronic Health Records), EMR (Electronic Medical Records), patient booking engine, and reporting.
    • Patient – Actual patients who visit the provider for services. Their products include visitor management system and patient data maintenance.

    B. Customer Experience Touchpoints in Healthcare

    The US healthcare spending grew by 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation’s Gross Domestic Product, its health spending accounted for 17.7 %.

    The healthcare customer experience (CX) is often debated while industry veterans attempt to figure out ideal touchpoints. Here are a few touchpoints:

    • Selecting healthcare products and services.
    • Scheduling an appointment with the doctor or clinician.
    • Check-in process where a patient visits the hospital or clinic.
    • Service provided by the doctor or clinician to the patient.
    • Post-service appointment care provided to the patient through reports and prescriptions.
    • Crucial patient follow-up for future appointments.

    C. Key steps in healthcare product development

    • Classification of healthcare product by questioning if the product is regulated. If yes, how.
    • Determining the healthcare market and identifying where you will sell your healthcare product.
    • Developing a regulatory strategy based on product classification.
    • Establishing a healthcare product development plan.
    • Executing the established product development plan.
    • Collecting required key data for regulatory purposes.
    • Ensuring post-marketing compliance.

    D. New Age Healthcare

    The internet of things (IoT) can lower operational costs and reduce clinical inefficiencies by $100 billion per year.

    Here are some advancements that herald the next generation in the healthcare ecosystem:

    • Connected wearables that connects with ECG machines and other monitoring equipment. 28% of China’s population uses connected health devices, the highest in the world.
    • Remote monitoring where doctors attending to patients through various remote mechanics.
    • Remote Diagnostics – The way forward in diagnosis details ways and means by which doctors and clinicians connect with their patients via the web. Conferencing software is also gaining traction. 64% of physicians believe that remote diagnostics can help reduce the burden on nurses and doctors.
    • Virtual and augmented reality to interact with the community.
    • AI for diagnostics where AI is superimposed to get the best results, rich reports, and useful recommendations.
    • Personalized pharmaceuticals

    E. Statutory compliance

    Some statutory compliances to be adhered to include the following-

    • Protected Health Information (PHI) – constitutes the patient’s information such as name, phone number, and SSN. Also includes address and other critical patient-centric information.
    • HIPAA compliance – follows the best practices around safeguarding ePHI (Electronic Patient Health Information), information such as encryption of the data, replication, and other norms.
    • FDA clearance
    • ICD 10 – involves the medical coding of a doctor’s prescription in the form of ICD 10 based codes.
    • HL7 Integration – Ensures secure communication of data between healthcare systems.
    Author:

    Gopalakrishnan Vasudevan | Product Owner, UST BlueConch Technologies

    Gopalakrishnan Vasudevan is a product management professional with an analytical bent of mind and an eye for detail. Backed by high-impact communication, he holds a well-rounded experience spanning across industry verticals withstrength areas being Product Management, Product Marketing and IT Consulting.



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    Published on May 5, 2021