Category Archives: Business

26Jul/17
New Idea

#newidea or #throwbackthursday?

By: Giselle C. Matlis, Research Assistant

Outcome based Medicine

On Monday June 26th 2017, Medtronic announced that they will be using a “new outcomes-based [payment] agreement with Aetna (NYSE:AET) for type 1 and type 2 diabetes patients”. Hooman Hakami, president of the Diabetes Group at Medtronic stated that “this agreement reinforces our shift towards value-based healthcare. We know technology alone isn’t enough and ultimately improved outcomes are what matter…Our goal is to continue to lead by driving innovation that demonstrably improves patient outcomes, elevates patient experience and lowers the total cost of care”.

This sounds like a great new idea.

Ironically, Axendia President, Daniel Matlis, predicted this ten years ago!

In a June 4, 2007 blog post on Axendia.com, Mr. Matlis noted that Sear’s Craftsman line of tools had a lifetime guarantee. This was a business decision by Sears to gamble that the high quality of their tools would minimize warranty costs. He then suggested that a similar approach could work in the healthcare industry and projected that out-come based billing would be the next big thing for the pharmaceutical world. He stated that this approach could, “enable a new health care paradigm, where all involved have the proverbial ‘skin in the game’. Patients get access to drugs that are nearly certain to be effective. Health care payers can ‘afford’ to make new, and let’s face it, expensive, treatments available to patients since they are provided a degree of confidence of treatment effectiveness, and limited downside through a refund”.

So, you decide: #newidea or #throwbackthursday?

06Jul/17
Mind-Boggling-Change

Thriving in the Age of Mind Boggling Change

By: Daniel R. Matlis, President Axendia, Inc.

Thriving in the Age of Mind Boggling Change

“Change is the Only Constant” said Heraclitus of Ephesus two and a half millennia ago.  While change has been the constant throughout human history, the rate of change seems to be accelerating exponentially.

Change, and the need to adapt to “Mind Boggling Change” was a key theme at QAD Explore 2017 in Detroit last month.  “Adapting to this rapid change is an imperative,” said Pam Lopker President of QAD. Ray Kurzweil, inventor, futurist and Director of Engineering at Google explained that while the human brain operates linearly, the rate of change growing is exponential. In information technology, this is represented by Moore’s law. Correspondingly, the rate of information processing is growing exponentially.

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19Jun/17
Web

Focusing on Post-Discharge Communication and Connected Care to Reduce Readmission Rates

By: Chuck Hayes, Vice President of Product Management for TeleVox Solutions at West Corporation

Driving Better Patient Outcomes

High readmission rates have resulted in steep financial penalties for hospitals and intensified the need for health system providers to become more actively involved in post-discharge care. As the healthcare industry continues to embrace value-based payment models, hospitals are being held accountable for the long-term health of their patients, and they are facing pressure to keep patients engaged, in compliance with care plans, and out of the hospital. With Medicare penalties for hospitals surpassing $520 million this year alone, hospitals are looking to implement strategies that put a greater emphasis on two critical areas: follow-up communication and patient engagement.

Results from a recent West survey revealed that half of acute care professionals feel insufficient follow-up by hospital teams is a leading factor that contributes to readmissions. Another 32 percent of those surveyed suggested that a lack of communication on the part of providers also leads to readmissions. In order to reduce readmissions, hospital and health system providers need to work to keep communication lines open, while also providing meaningful interactions and intra-visit support to those patients that have left the hospital. And all of this must be done in a cost-effective manner.

The idea that providers need to offer more post-discharge support is a sentiment echoed by patients who want to see hospital teams expand long-term support efforts. Medicare’s HCAHPS (Hospital Consumer Assessment of Healthcare Providers and Systems) surveys show that patients often feel disconnected from their medical team after discharge. In fact, recent HCAHPS data reveals that half of surveyed patients reported feeling confused or uncertain about how to comply with care instructions after being discharged from the hospital.

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03May/17
Insanity Image

White Paper: Is Innovation Without Transformation Insanity?

By: Ellyn McMullin, Research Asssociate and Daniel R. Matlis, President

Are You Transforming Your Business or Merely Digitizing Process?

To fast-track the transformation of ideas into innovative products, pharma and biotech companies need to be open to new ideas and aware of new systems and technologies. Simply digitizing existing processes is accelerated insanity!

The costs of bringing a new drug to market is high, especially when you factor in the many candidates that do not make it. In this white paper, Axendia suggests an approach that will consistently create and deliver high quality products to market while reducing cost and improving ROI in today’s competitive marketplace.

Today’s challenge is not the availability of the technology but the rather the need for vision and leadership, knowhow and discipline to drive transformation.

Download this free white paper to learn now.

13Mar/17
CyberSecurity

CYBERSECURITY RISKS IN MEDICAL DEVICES ARE REAL

By: Eric M. Luyer, Market Research Analyst 

The Healthcare Industry Has a New Set of Threats on Its Hands

PPP_IGLOB_CLP_Global_Computer_Network_Red_Color_Pencil_HEXConnected medical devices-like other computer systems-can be vulnerable to security breaches and have a potential major impact on safety and effectiveness of the device.  Specifically, in a healthcare environment, this vulnerability increases asmedical devices and medical equipment are becoming more connected through the internet to other medical devices, patients and/or to hospital networks (also referred to as the Internet of Medical Things).

To address the cybersecurity threat, in December 2016 FDA issued Guidance on Postmarket Management of Cybersecurity in Medical Devices.

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