The growing role of Artificial Intelligence in Healthcare

2019-06-18T14:11:55-04:00October 31st, 2018|Categories: Recent News|Tags: |

The growing role of Artificial Intelligence in Healthcare

The digitalization of healthcare has changed how the industry manages diseases, with artificial intelligence (AI) providing the industry with the opportunity to capture and analyze data in a new way that is beneficial to patients, physicians, and the broader healthcare community.

In October, Boston Healthcare connected with the innovators of AI-enabled companies at the AI in Healthcare Conference. Discussions focused on the use cases of AI in healthcare, barriers to adoption, as well as measures to ensure successful integration of AI.

Also discussed were the many value propositions of AI in healthcare, including:

  • Improving workflow efficiencies,
  • Reducing or controlling healthcare costs and spending,
  • Lessening the time and cost of developing new personalized treatments, and
  • Avoiding repeat visits and readmissions.

Despite clear use cases for AI in healthcare, many barriers to adoption still exist.

For successful AI adoption, there needs to be increased and secure data sharing as well as communication between AI innovators and physicians, lab technicians, and other potential users of AI technologies.

Increased communication between AI innovators and AI technology users is particularly important as the value and utility expectations for an AI product or service may vary amongst different stakeholders. In AI, as is in other healthcare fields, being able to bypass or pass FDA regulations does not guarantee product adoption. Being able to understand the unmet needs that are important to healthcare stakeholders will ultimately create value and demand for AI healthcare products and services.

Boston Healthcare is aware of the growing market for AI in healthcare and is prepared to help AI innovators realize the value of their product and navigate AI adoption and implementation barriers in the healthcare landscape.

Defining Value in Digital Health

2019-06-18T14:16:21-04:00October 31st, 2018|Categories: Recent News|Tags: |

Defining Value in Digital Health

Team members at Boston Healthcare attended the annual Digital Healthcare Innovation Summit, a meeting place for innovators, investors, payers, providers, policymakers, and advisors to discuss the current and future landscape for digital health. The event covered major areas of digital health, from investment prospects and digital-evidence-based medicine to patient consumerism through technology.

It has never been a better time to be involved in the digital health space; 2018 is set to be the most significant funding year for digital health companies, with over $11B in committed capital. Diagnostics and genomics players that emphasize patient engagement, patient wellness, biometric data acquisition, and clinical workflow capabilities continue to dominate the digital health investment space.

With providers and payers demanding clear value propositions for the adoption and reimbursement of innovative products or services, and for investors becoming more targeted in their approach, evidence development is becoming a clear differentiator for digital therapeutics in an increasingly competitive landscape. Through our work, we have found that evidence to support: value-based pricing payer models; healthcare under- or overutilization; and patient engagement and wellness are often identified as key drivers to adoption by healthcare stakeholders. Types of evidence that produce real-world data will become even more significant over time.

Boston Healthcare continues to monitor the growth and trends in the digital health space to drive commercialization of our clients’ digital health innovations.

Digital Health Expands in Germany

2018-10-31T15:56:11-04:00October 1st, 2018|Categories: Uncategorized|Tags: , |

Digital health expands in Germany, providing new opportunities for global medical device and diagnostics innovators

Health information systems have the potential to not only improve access to health care but also improve quality, with Electronic Health Records (EHR) playing a pivotal role in the development of digital health services. Germany has introduced two different approaches to increase digital health access for patients, providers, and health insurance companies – the Electronic Health Card Network and the Patient Accessible Electronic Health Records.

Electronic Health Card network

Germany has been developing the national digital health care network since the early 2000s. Even with the project subject to controversies and delays, the system will be operating in 2019. The Electronic Health Card network (elektronische Gesundheitskarte or eGK) will connect all public health stakeholders, including patients, doctors, pharmacists, therapists, health insurance companies, and hospitals. The network will improve efficiency in the delivery of health care services, enhance patient safety, increase access to health care services and reduce medical expenditure.

Unfortunately, the development and implementation of the eGK has not kept pace with technical developments and rising patient expectations to manage their health data through smartphone applications, and connecting medical with further health-related information, for example, activity trackers and other health apps. With patients responsible for their data through the eGK, decisions on the types of data saved and who has access to it should also be managed by the patient.

The telematics infrastructure and data protection requirements will initially affect accessibility to the eGK for patients, requiring some modifications in the future.

Patient Accessible Electronic Health Records

Some German health insurance funds have developed and implemented Patient Accessible Electronic Health Records (PAEHR), with the largest PAEHR (Vivy) employed in mid-September by 13 Statutory Health Insurance (SHI) funds.

These funds have partnered with two private health insurance companies to provide PAEHR, enabling 13.5 million patients to manage their health data via a smartphone application.

The PAEHR provides an opportunity for private health insurers to become more involved in patient healthcare management. When all systems are operational, 70 percent of patients will be able to manage health-related data on their own through smartphone applications.

It is important to note that this is not a stand-alone solution to patient data management and interfaces for data transfer between physicians and labs, along with the integration of data with medical office software is agreed. With rising acceptance by patients and providers, the need for integration in the eGK system will emerge.

Opportunities for the medical device and diagnostic industry

With the increased availability of PAEHR in Germany, the management and communication of health data is changing towards a more patient-related approach. Manufacturers should consider these developments by capturing patient-friendly outcome data, which can be transferred into PAEHR and empower patients’ involvement in decision-making.

In addition, health care services and apps, which utilize the new infrastructure, improve efficiency and increase cost saving, are favored by both SHI and the private health insurance system, providing exciting business opportunities for the industry.

Learn more about our capabilities in Europe here.