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Innovations in Genetic Testing

August 16, 2020 By

Genetic Testing Innovations

Genetic testing is quickly becoming a cornerstone of healthcare, with new medical technologies and innovations enhancing how scientists work with genetics. Gene therapy, simplified genetic tests, and analysis of fully sequenced genomes are just some of the genetic testing innovations improving healthcare today and in the future.

The global genetic testing market hasrisen over the past few years. This rise is fueled by the increasing prevalence of genetic disorders and growing awareness about the benefits of genetic testing. In fact, the global genetic testing market will likely reach 22.834 billion USD in 2024, registering 11.50 percent CAGR throughout the assessment period (2019-2024), according to Market Research Future.

Genetic testing involves a set of laboratory tests that study the patient’s genetic makeup, and identify any gene mutations or alterations in the patient’s DNA that could potentially lead to the development of genetic disorders. Healthcare professionals can use genetic tests to confirm or rule out a suspected genetic disorder. Genetic testing can also help determine the probability that an individual will develop a genetic disorder or pass one down to the next generation.

Types of Genetic Testing and Innovations

As of August 2017, there were about 10,000 unique genetic test types, and approximately 75,000 genetic tests on the market including direct-to-consumer (DTC) genetic tests like 23andMe – more are under development every year. The general types of genetic tests include:

Newborn testing – used just after birth to detect genetic disorders early, when they are easiest to treat

Diagnostic testing – identifies or rules out a specific genetic condition

Carrier testing – identifies people who carry one copy of a gene mutation that, when coupled with another gene with the same mutation, causes a genetic disorder; this test can help couples determine their risk for having a child with a genetic disorder

Prenatal testing – offered during pregnancy if there is a chance that the baby will have a genetic disorder, prenatal testing detects changes in a fetus’s genes prior to birth

Pre-implantation testing – used to detect changes in embryos created through in-vitro fertilization or other assisted reproductive technology to reduce the risk of having a child with a specific genetic disorder

Predictive and presymptomatic testing – detect gene mutations associated with conditions that develop after birth or even later in life; helpful for people whose family member has a genetic condition, but who have no signs or symptoms of the condition at the time of testing

Forensic testing – uses DNA sequences to identify someone for legal purposes, such as identifying victims of a crime or catastrophe, rule out or implicate a suspect in a crime, or to establish paternity or other biological relationship

Genetic Testing Delivery Systems

Innovations in genetic testing involve new delivery systems, finding new genetic variants, and finding new uses for genetic therapies. Researchers from Fred Hutchinson Cancer Research Center recently started using gold nanoparticles as a scalable delivery vehicle for their CRISPR systems, for example, instead of the “old fashioned” approach of using electric shock or viral vectors to deliver genetic editing tools to DNA.

Another group of researchers analyzed coding genes from nearly 46,000 people to identify four genes that contained rare genetic deviations linked to type 2 diabetes. Pharmaceutical companies could use these genes and the proteins they encode as targets for new diabetes medications and treatments.

Doctors in the United States have begun using CRISPR gene-editing therapy to treat cancer patients for the first time. The University of Pennsylvania is following the first two patients in the country to undergo the new therapy – one with sarcoma and one with multiple myeloma, whose cancers did not respond to conventional treatment.

Genetic testing could even help scientists understand COVID-19; they currently use genetic testing known as RNA or PCR tests, to detect the disease.

genetic testing and innovations clinical trials

The tsunami of gene therapy clinical trials underway right now will create a flood of data, particularly in oncology. Oncology is an area that currently represents a quarter of Phase I and Phase II trials. Much of the push to expand genetic testing will come from the consumers themselves. Patients are currently pushing to expand genetic testing beyond its current confines of rare diseases to cover common conditions, such as Parkinson’s disease. In cases in which insurance does not cover the costs of these tests, patients may seek to enroll in clinical trials. When genetic testing is not affordable or accessible, consumers will turn to at-home genetic testing.

FRANK MAGLIOCHETTI

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment. Frank is also CEO of ClickStream, ClickStream’s business operations are focused on the development and implementation of WinQuik™, a free to play synchronized mobile app and digital gaming platform. The platform is designed to enable WinQuik™ users to have fun, interact and compete against each other in order to win real money and prizes. Twitter at @ClickstreamC and @WinQuikApp.

Genetic Industry

Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.

Frank Magliochetti News is developing Genetic Innovation News.com the site is devoted to genetic innovations; we encourage contributors – the site wants to broadcast your news, discoveries,and innovations.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

SOURCES:

https://www.marketresearchfuture.com/reports/genetic-testing-market-2009

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5987210

https://www.genome.gov/dna-day/15-ways/direct-to-consumer-genomic-testing

https://www.23andme.com/

https://ghr.nlm.nih.gov/primer/testing/uses

https://www.nature.com/articles/s41563-019-0385-5

https://www.nature.com/articles/s41586-019-1231-2

https://www.docwirenews.com/docwire-pick/first-u-s-cancer-patients-treated-with-crispr-gene-editing-therapy/

https://www.the-scientist.com/news-opinion/sars-cov-2-spike-protein-shares-sequence-with-a-human-protein-67596

https://asm.org/Articles/2020/April/COVID-19-Testing-FAQs

https://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/gene-therapy-coming-of-age-opportunities-and-challenges-to-getting-ahead

Filed Under: Featured, Genetic News, Genetic Screening, Healthcare Industry, Healthcare Innovations, Healthcare Trends, News Tagged With: , , , , , , , , , ,

Covid-19: The Race for a Vaccine Continues

July 25, 2020 By

Covid-19: The Race for a Vaccine

The race to save lives has begun. Scientists around the world are speeding to develop a vaccine for COVID-19, a disease that has claimed the lives of more than half a million lives worldwide, and sickened millions of others. Vaccine development usually takes 10 to 15 years, and the long, involved process takes a tremendous amount of public and private involvement. At the current rate of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infections that cause COVID-19 disease, though, the world does not have 10 to 15 years to wait.

COVID-19 Race for a vaccine

On July 18, 2020, the World Health Organization (WHO) reviewed 23 candidate vaccines in clinical evaluation. Many were still in Phase 1 to establish their safety and dosage at the time of the WHO review, while others were in Phase 2 to establish their performance under ideal and controlled performance. As of that mid-July WHO review, three clinical trials had entered Phase 3 for testing on large numbers of people, although one vaccine trial had not yet recruited candidates.

Why Must We Wait So Long?

Most vaccines in development never make it to licensing – in fact, many vaccine candidates never make to clinical evaluation on real humans because they fail to produce the desired immune response in the pre-clinical stages of testing in cell cultures and lab animals.

Regulators set a high bar for vaccination approval and often require years’ worth of safety data because, unlike medicines that treat diseases, vaccines are administered to healthy people to prevent illness. Releasing a vaccine could potentially do more harm than good, so many regulatory bodies set stiff guidelines for approval.

covid-19-race for A CURE

It is not yet clear what data federal regulators would accept as proof that a vaccine is safe and successful in the middle of the pandemic. On June 30, 2020, the U.S. Food and Drug Administration (FDA) said a vaccine must prevent COVID-19 or decrease the severity of illness in at least 50 percent of people who receive the vaccine. The FDA may consider some vaccine candidates for its Accelerated Approval pathway, but that the vaccine candidate must demonstrate an identifiable immune response or other measure that shows it is reasonably likely that the vaccine would provide clinical benefit. Regulators in other nations have not yet announced what they would consider acceptable criteria for approval, which creates a challenge for vaccine makers trying to gain approval.

More Challenges for Vaccine Makers

Vaccine makers also face challenges determining the best way to trigger the immune response. Vaccines typically work by exposing the body to the antigens of a particular pathogen to activate the immune system without causing disease. Made with weakened or inactivated form of the pathogen, these vaccines are often difficult to develop and produce quickly. Because of the urgent nature of the pandemic, researchers are looking for innovating ways to introduce antigens and otherwise activate an immune response to SARS-CoV-2. Four of the 23 vaccine candidates in clinical testing use an approach that involves engineering messenger RNA (mRNA) that tells human cells how to create the antigens themselves.

RACE FOR A VACCINE COVID-19

Moderna is one of those four companies. On July 15, 2020, the biotech company published data from an early-stage trial that shows its vaccine caused patients to generate an immune response by developing antibodies, although it caused some side effects. Supported by the National Institutes of Health, the study showed volunteers who receive the vaccine produced substantially more neutralizing antibodies than do most patients who have recovered from COVID-19. A second injection administered four weeks after the initial vaccination was necessary to produce a dramatic immune response. Vaccine experts were not impressed, however, concerned that the data was long on text and short on proof.

Other research teams, such as University of Oxford/AstraZeneca are using viral vector vaccines to speed up the process. Viral vector vaccines use a harmless virus as a kind of Trojan horse that carries the pathogen’s genetic material into cells in order to trigger an immune response. The team released more information about its coronavirus vaccine candidate, AZD1222, on July 20, 2020.

Developing a COVID-19 vaccine will be one of the most exciting and important events in human history, with the potential to save millions of lives around the world. Join us next month when we review the next leg of the race for a COVID-19 vaccine.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment. Most recently; Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Sources

https://coronavirus.jhu.edu/map.html

https://www.historyofvaccines.org/content/articles/vaccine-development-testing-and-regulation

https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines

https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-takes-action-help-facilitate-timely-development-safe-effective-covid

https://www.fda.gov/patients/fast-track-breakthrough-therapy-accelerated-approval-priority-review/accelerated-approval

https://www.nejm.org/doi/full/10.1056/NEJMoa2022483

Vaccine experts say Moderna didn’t produce data critical to assessing Covid-19 vaccine

https://www.astrazeneca.com/media-centre/press-releases/2020/astrazeneca-and-oxford-university-announce-landmark-agreement-for-covid-19-vaccine.html

Filed Under: CoronaVirus, Covid19 Virus, Healthcare Innovations, Healthcare Trends, News, Pandemic, Vaccine Tagged With: , , , , , , , , , ,

Hereditary Cancer Testing: Prostate Cancer

July 16, 2020 By

Prostate cancer is the second leading cause of cancer death in men in the United States, behind only lung cancer, according to the American Cancer Society. Cancer of the prostate is a serious disease, but most men diagnosed with prostate cancer do not die from it – early detection and personalized treatment saves lives. Doctors currently use tests, such as prostate-specific antigen (PSA), to detect and diagnose prostate cancer, but hereditary cancer screening may hold the key to earlier diagnosis and more effective treatment.

Hereditary Cancer Testing

Some people inherit a genetic mutation from their mother or father. This damaged gene puts them at greater risk for developing certain forms of cancer, including prostate cancer. In fact, hereditary prostate cancer accounts for 5 to 10 percent of all prostate cancer. Having a brother or father with prostate cancer more than doubles a man’s risk for having the disease. Hereditary cancer testing helps men understand their inherited risk of developing cancer within their lifetime. This type of testing can also help reduce or eliminate unnecessary prostate biopsies completely in men suspected of having prostate cancer.

Hereditary cancer testing works by looking for specific changes, or mutations, in specific genes, chromosomes, and proteins. These mutations can change the way the gene works; in some cases, gene mutations can cause the uncontrolled growth of abnormal cells that characterize cancer.

Most commonly, hereditary cancer testing for prostate cancer looks for mutations in BRCA2 and BRCA1 genes, and in other genes associated with prostate cancer.

Hereditary Cancer Testing is Gaining Traction as a Way to Provide Earlier Diagnosis and More Effective Treatment for Prostate Cancer

While hereditary cancer testing can help inform treatment and management approaches to prostate cancer, genetic testing of men for prostate cancer is relatively uncommon, largely because of inconsistent guidelines covering the testing and challenges in implementing genetic counseling services. There is a lot of confusion regarding when men should undergo hereditary testing for prostate cancer, the genes that should be tested, understanding the impact genetic results will have on personalized treatment programs, and the effect hereditary testing for prostate cancer can have for men and their families.

Healthcare professionals and genetic testing companies are working hard to change that, though, and are making advances to bring hereditary cancer testing for prostate cancer to the men who need it. A group of healthcare professionals recently published key recommendations in Journal of Clinical Oncology, for example. The group, made of oncology, urology, genetic counseling, primary care, and Veterans Affairs experts along with patient stakeholders, strongly endorsed genetic testing in men with metastatic (spreading) prostate cancer to help guide treatment and to determine the patient’s eligibility in clinical trials. They also recommended this type of testing to screen men whose family history suggests an increased risk of prostate cancer and other types of cancer.  

 The researchers also addressed the impact hereditary cancer testing can have on the treatment of prostate cancer in its early stages. The group recommended BRCA-2 testing for screening and for helping men and their doctors make decisions about treating early-stage prostate cancer.

The researchers also reviewed cancer screening strategies, such as the age men should begin screening for prostate cancer and which genes to test. The group recommended testing BRCA2 and another gene, HOXB13, for screening and early detection. Furthermore, the panel recommended that BRCA2 carriers begin PSA testing early; doctors may recommend early screenings beginning at age 40 or about 10 years prior to the youngest prostate cancer diagnosis in the patient’s family.

Because hereditary testing may uncover inherited cancer risk, the researchers also discussed genetic testing for both male and female relatives of those men who test positive for genetic mutations, depending on the patient’s family history of cancer and other factors.

Hereditary cancer testing for prostate cancer is growing increasingly common because of the important role it plays in the screening, diagnosis and treatment of prostate cancer.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment. Most recently; Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.

This image has an empty alt attribute; its file name is GRACE-HEALTH-TECHNOLOGY_Frank-MAgliochetti.jpg

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Sources

https://www.cancer.org/cancer/prostate-cancer/about/key-statistics.html#:~:text=Deaths%20from%20prostate%20cancer,do%20not%20die%20from%20it.

https://www.mskcc.org/cancer-care/risk-assessment-screening/hereditary-genetics/genetic-counseling/inherited-risk-prostate

https://www.cancer.org/cancer/prostate-cancer/causes-risks-prevention/risk-factors.html

https://ascopubs.org/doi/10.1200/JCO.20.00046

Filed Under: Cancer Testing, Featured, Frank Magliochetti, Genetic Screening, Healthcare Innovations, Hereditary Cancer Testing, News Tagged With: , , , ,

Top 3 Challenges in Healthcare in 2020

January 14, 2020 By

1. Cybersecurity

The medical and healthcare sector collects highly sensitive patient information, which puts the industry in the crosshairs of cybersecurity attacks. There were 2,546 healthcare data breaches involving more than 500 records in the United States between 2009 and 2018, resulting in the in the exposure and theft of 189,945,874 healthcare records – this equates to more than 59 percent of the nation’s population. In 2017 alone, the medical and healthcare sector experienced more than 350 data breaches that exposed 4.93 million patient records.

While experts are still finalizing the breach figures for 2019, it looks to be the worst year yet. Today, the healthcare industry accounts for four out of every five data breaches, according to HIPPA Journal. The cost of these breaches to the industry will likely reach $4 billion in 2020.

Black Book Market Research LLC recently surveyed 2,876 security professionals from 733 provider organizations to identify the reasons healthcare organizations continue to experience data breaches and cyber attacks. They found that budget constraints prevented the replacement of legacy software and devices, which left them more vulnerable to attack. “It is becoming increasingly difficult for hospitals to find the dollars to invest in an area that does not produce revenue,” said the founder of Black Book, Doug Brown, in a press release. Ninety percent of hospital representatives in the survey said that their IT security budgets have remained unchanged since 2016.

2. Transparency

Transparency has been a hot topic for several years, and will continue to be a burning issue into 2020 and beyond. A 2016 survey by Accenture found that 91 percent of consumers wanted to know their out-of-pocket costs before they received care.

Triggered by the Executive Order on Improving Price and Quality Transparency in American Healthcare to Put Patients First issued in June of 2019, the Centers for Medicare & Medicaid Services (CMS) issued new rules to increase price transparency.

The first rule, Calendar Year (CY) 2020 Outpatient Prospective Payment System (OPPS) & Ambulatory Surgical Center (ASC) Price Transparency Requirements for Hospitals to Make Standard Charges Public Final Rule, requires that hospitals provide patients with easily accessible information about standard charges for services and items offered. Standard charges must be available in a single data file that other computer systems can read. Hospital websites must display “shoppable services” information in a consumer-friendly format. This rule takes effect on January 1, 2021.

CMS’s second proposed rule, the Transparency in Coverage rule, would impose price transparency requirements on insurers.

3. Patient-friendly Payment Models

Patient financial responsibility for outpatient, and emergency department care is on the rise, with out-of-pocket costs increasing by 12 percent in 2018, according to TransUnion.

This shift towards patient financial responsibility could bog down invoice and payment processing, particularly for practices that do not have an in-house invoicing and payment processing system geared towards accepting payments from patients. These practices will need to build patient portals, secure payment processing, and other infrastructure to handle such payments and fund administrative costs of maintaining these technologies. Furthermore, they will need to ensure their payment portals and processing systems are compliant with guidelines that protect patient information.

Unfortunately, 90 percent of healthcare providers still use paper and manual payment processes, according to a 2018 InstaMed survey. To make matters worse, 70 percent of consumers said they were confused by medical bills. Not surprisingly, 77 percent of providers said it takes more than a month to collect a payment. To be paid on time, providers must overcome the obstacles of upgrading their payment processing systems and clarify billing.

With a little planning – and a bit of luck – those in the healthcare industry can overcome these challenges and put themselves in a great position for the rest of the decade.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

SOURCES:

https://www.beckershospitalreview.com/cybersecurity/11-of-the-biggest-healthcare-cyberattacks-of-2017.html

https://blackbookmarketresearch.com/health-data-security-and-privacy

https://www.prnewswire.com/news-releases/healthcare-data-breaches-costs-industry-4-billion-by-years-end-2020-will-be-worse-reports-new-black-book-survey-300950388.html

https://www.whitehouse.gov/presidential-actions/executive-order-improving-price-quality-transparency-american-healthcare-put-patients-first/

https://www.cms.gov/newsroom/fact-sheets/cy-2020-hospital-outpatient-prospective-payment-system-opps-policy-changes-hospital-price

https://www.hhs.gov/sites/default/files/cms-9915-p.pdf

https://newsroom.transunion.com/out-of-pocket-costs-rising-even-as-patients-transition-to-lower-cost-settings-of-care/

https://www.businesswire.com/news/home/20190415005538/en/

Filed Under: Cybersecurity, Featured, Frank Magliochetti, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, News, Patient Friendly Payment Models, Top Challenges in Healthcare 2020, Transparency Tagged With: , , , , , , ,

Laboratory Management Innovations 2019

December 10, 2019 By

The Importance of Laboratory Management Systems

Laboratories have been among the heaviest users of information technology since its inception more than 30 years ago. As places where questions are answered and breakthroughs begin, labs have played a defining role in defining and developing information management systems along the way.

The global laboratory information management systems (LIMS) market is growing rapidly. In fact, the research and consulting group, Acumen, anticipates the LIMS market size will around USD 2.4 billion by 2026, with 9.3% CAGR during the forecast time period. Technical advancements in pharmaceutical labs and the increasing need for laboratory automation will likely be the primary drivers behind this growth.

Biotechnological and pharma organizations are investing in research and development, which rely on sophisticated and scalable laboratory management systems for effective management and security, tracking data, patient demographics, billing, and more. To support the explosive growth of research and development, today’s laboratory management systems will need to evolve and grow.

The Evolution of Laboratory Management Systems
Information technology is the glue that holds the laboratory – and modern medicine – together. IT can compress the time and distance separating the lab from the patients and physicians. Laboratory information systems move information from place to place, seamlessly and instantaneously, to put information in the hands of doctors, patients, and interoperating businesses participating in the care, when they need it the most.

Most clinical labs once used laboratory information systems (LIS) to simplify administration and instrumentation tasks, and use laboratory information management systems to make collection, storage, and distribution of patient test results and other data easier. Many labs are now using full-service integrated systems that combine LIS and LIMS functions.

Simply combining several small lab management programs together will not be enough. Today’s LIMS must have advanced features that reduce or eliminate human error, improve real time tracking and time saving, increased revenue, and reduced workload and stress within the lab.

Tomorrow’s lab management systems will build upon today’s technologies, such as the ability to track samples in real time and unique auto-authorization feature that automatically approves reports with normal values. Modern lab solutions allow labs to manage logistics efficiently; assigning barcodes to samples at the collection station and notifying the processing center of the sample collection allows the lab to allocate resources, reagents and material even before the samples reach the processing center.

The next generation of laboratory management systems must be powerful and flexible enough to keep up with the evolving sophistication and specialization of clinical labs and their demands for advanced IT capabilities. Labs are increasing their use of molecular diagnostics, such as next-generation sequencing (NGS) systems that can create terabytes of patient data and analyses in the blink of an eye and other processes, which require a new approach to IT. Labs are also ratcheting up their ability to handle other emerging technologies, such as digital pathology, which present their own heavy-duty imaging storage and analytical processing challenges. Finally, lab management systems must evolve to handle the oncoming tsunami of data resulting from the push towards personalized medicine.

The rapid evolution of IT in healthcare creates an unparalleled opportunity to develop new, advanced laboratory management systems that can handle more data, save more money, and serve even more laboratory clients. The new systems will evolve to handle assay data management, data mining, data analysis, electronic laboratory notebook (ELN) and more.  Lab management systems that do not evolve may become outdated in their prime.

From introducing groundbreaking products to reducing waste and improving sustainability, laboratories are changing the face of research and clinical medicine. Innovations in laboratory management helps labs maintain their forward momentum in the ever-changing world of medical technology.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Source: https://www.acumenresearchandconsulting.com/laboratory-information-management-system-market

Filed Under: Featured, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, Laboratory Management Tagged With: , ,

Trends in Healthcare to Watch for in 2020

November 10, 2019 By

5 Trends to Watch for in 2020

Healthcare is changing at the speed of light as researchers discover new treatments and as developers create new technologies that improve the health and well-being of the public. A dizzying array of new healthcare products will hit the market in the next year. Here are five of the most important healthcare trends to watch in 2020.

5 Must-Watch Healthcare Trends for 2020

1. AI and Machine Learning

Artificial intelligence (AI) and machine learning use computers that study algorithms and statistical models – and learn from them – without guidance from humans. Machine language systems can solve problems just as a clinician might – by weighing evidence. Unlike a single clinician, though, these systems can simultaneously observe and process a nearly limitless number of inputs.

Using insights from past data to make informed clinical decisions is the essence of evidence-based medicine. Researchers have traditionally used mathematical equations, such as linear regression, to identify and characterize patterns within data. AI uses machine learning to uncover complex associations that fit easily into mathematical equations. Using sophisticated machine learning and very large data sets allows AI to predict outcomes and estimate patient risk faster – and sometimes better – than clinicians and medical researchers.

2. Laboratory Informatics

A rising need for laboratory automation, development of integrated lab informatics solutions, growing demand for biobanks/biorepositories to store millions of biological samples used in research, and the ongoing struggle to comply with regulatory standards is fueling growth for laboratory informatics.

Laboratory informatics (LI) is information technology that uses instruments, software, and data management tools to capture, migrate, process, and interpret scientific data for immediate and future use.

Laboratory informatics will grow from USD 2.6 billion in 2019 to USD 3.8 billion by 2024, according to MarketsandMarkets, and boast a 7.5 percent compound annual growth rate (CAGR) during the forecast period. High accuracy and efficiency of laboratory informatics results, rising burden certain diseases, and increasing applications of LI solutions are driving this market.

3. Silver Technology

In 2018, the number of people over the age of 65 surpassed the number of children younger than 5 years for the first time in history, according to Our World in Data. “Silver technology” provides healthcare solutions that support that aging population.

Technology has historically helped improve the health of older adults through diagnostics, communications, imaging, and health informatics. Silver technology in 2020 will help reframe the delivery of healthcare, and facilitate communication between older adults, their family caregivers, and service providers.

Technology can help older adults live independently longer, manage medications, monitor changes in cognition, stay connected with friends and family members, drive a car, and access healthcare. Some technologies, such as health information technology (HIT), remote monitoring and telehealth, technologies that allow adults to age safely in place, mobile health technologies and workforce-training technologies, will have a profoundly positive effect for older adults in 2020.

4. Wearable Fitness Technology

Fueled by consumer appetite for sophisticated gadgets, rising popularity of wearable fitness and medical devices, growing popularity of the IoT, expanding awareness about the importance of fitness, and the increase in disposable incomes in developing economies, wearable fitness technology will likely trend upwards in 2020. MarketsandMarkets says that the wearable fitness technology market earned USD 5.77 billion in 2016 and predicts it will take in USD 12.44 billion by 2022, growing at a CAGR of 13.7 percent.

Major trends in wearable fitness technology include smartphone apps featuring advanced data analysis, advanced sensors capable of tracking athletic performance and other qualitative attributes, purpose-specific wearables, and even the integration and implantation of technology with and in the human body.

Wearable technology products, such as smart watches and wristbands, spurred an evolution in fitness technology. The wearable fitness technology of 2020 will include a wide variety of smart apparels and other innovative products, such as smart shoes, headbands, and more.

5. 5G Mobile Healthcare Technology

5G will become widely available starting in 2020. In fact, Verizon CEO Hans Vestberg says that half of the United States will have the technology by then.

The transition from 4G to 5G will open new cloud applications for the healthcare industry. 5G provides mobile data speeds that are up to 10 times faster than 4G and up to 100 times faster than other existing networks. Faster speeds will support real-time, high-quality video for telemedicine that allows patients to interact with their care teams, remote patient monitoring, virtual and augmented reality for use in clinician training, and other emerging medical technologies that test the limits of existing network speeds. 5G will also alleviate concerns about internet of things (IoT) and potentially allow billions of monitoring devices and wearables that provide essential information about patients’ well-being.

Spurred by advances in computer technology and research, the medical world will continue to change in 2020 and beyond. These changes will likely help older adults live independently longer and help the next generation be healthier.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

My background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital

https://twitter.com/F_Magliochetti1
www.parcaecapitalcorp.com
www.frankmagliochetti.info 

SOURCES

https://www.facs.org/media/press-releases/2019/carrano102919

https://www.marketsandmarkets.com/Market-Reports/lab-informatic-market-203037633.html?gclid=Cj0KCQiAtf_tBRDtARIsAIbAKe1NAHHnFhIGLrwW1avAsxlVwwOrsLY0wjIxMikZeJcNPY_4njamWTsaAu-IEALw_wcB

https://ourworldindata.org/population-aged-65-outnumber-children

https://www.marketsandmarkets.com/Market-Reports/wearable-fitness-technology-market-139869705.html

https://www.wearable-technologies.com/tag/smart-shoes/

https://www.usa.philips.com/c-e/smartsleep/deep-sleep-headband.html

https://www.advisory.com/research/health-care-it-advisor/it-forefront/2019/04/5g-transformation

https://www.cnbc.com/2019/08/01/verizon-ceo-sees-functioning-5g-wireless-in-half-the-us-next-year.html?__twitter_impression=true

Filed Under: Featured, Frank Magliochetti Report, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, News Tagged With: , ,

Healthcare: Ready for Blockchain Technology

September 30, 2019 By


Using Blockchain Technology in Healthcare

Healthcare requires prompt access to confidential patient information – lives can sometimes depend on it. Easy access comes at a price, though, as easily accessible information puts patient privacy and hospital data at risk. Blockchain technology has the potential to revolutionize healthcare by providing access to secure, accurate information.
Health information technology is becoming more crucial to the healthcare system, as doctors and nurses now spend more time typing than talking to patients, according to a study by Mayo Clinic. Health information technology is also important to patients who go to different practitioners and specialists who may not have access to the electronic healthcare records (EHR) system their primary physicians may use. Lack of access to health records can lead to repeat lab work, dangerous drug interactions, and more. Blockchain can help eliminate unnecessary repeat lab work, manage medications from different prescribers, and provide a patient’s vaccination history.  Access to healthcare information is also essential for insurance providers and researchers. Many are turning to blockchain.

What exactly is blockchain?
A very succinct history of the platform; An unknown person or group calling itself Satoshi Nakamoto started blockchain technology in 2009, it was started as a way to move the digital currency, bitcoin. In the years since, the uses for blockchain have expanded to exchange other types of digital assets, such as data.
Blockchain is an activity log that is tamper-proof, time-stamped and shared across a network of computers. Each transaction going into the log, or central database, is enclosed in a block and linked in chronological order to create a public chain, hence the name “blockchain.”
The blocks cannot be deleted, changed or otherwise modified, which means that blockchain creates an indelible write-once-read-only record that a transaction occurred.

Blockchain has three main components:

1.  Digital transactions – the information or digital asset stored in the blockchain
2.  Distributed network – a decentralized peer-to-peer (P2P) architecture featuring “nodes” of participants, each of whom stores a copy of the blockchain and is authorized to validate and certify any digital transactions on the network
3.  Shared ledger – the participants record ongoing transactions in a ledger shared by all the members, who verify the transactions using algorithms; the transaction is added to the record after a majority of members validate it

How Blockchain Technology can Improve Healthcare
Information management is one of the largest problems facing healthcare today. Spread across multiple and sometimes-inaccessible systems, information may not be available when needed most; unfettered access to this information can be a security risk. Blockchain could change all that by creating a decentralized system accessible to only those who hold the right keys.
The lack of a central administrator creates transparency, in that no single individual or organization can change the information, as could happen if the information were to live in the physical memory of one system. Furthermore, all of the members of the blockchain remain in control of their transactions and information.
Each member connected to the blockchain has two keys – a public key, which acts as a visible identifier, and a secret private key. One must have the private key to unlock a member’s identity and see what information on the blockchain is relevant to that member’s profile. This cryptographically links the two keys in such a way that only those who have the secret private key can identify the member.

As healthcare institutions provide services to patients, they track clinical information in their existing health IT systems. The institution then use application programming interfaces (APIs) to direct the patient’s public (non-identifiable) ID and standard data fields to the blockchain, where the blockchain stores each transaction by the patient’s public ID. Computer software processes the incoming transactions to make them searchable.
Healthcare institutions and other organizations can use APIs to query the blockchain directly to view non-identifiable patient information, such as age, gender and medical condition. Analysis of the information gained from these queries can lead to new insights into healthcare.

Patients who wish to share their identity with healthcare organizations may do so by providing their private keys, which allows the healthcare organizations to unlock patients’ data. The data remains unidentifiable to those without the private key.

Today, most healthcare organizations rely on health information exchanges (HIEs) and other methods of centralized data aggregation to gather wide scale health data. Blockchain creates a decentralized standardized method, which ensures accountability and easy access. The structure of blockchain offers a unique combination of access scalability, security, and data privacy that can facilitate the sharing and security of healthcare information. Many more uses will unfold for blockchain technology in all aspects of healthcare, research, laboratory management, record keeping, accountability, Q.A., and even insurance.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochettinews.com

Filed Under: Featured, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, News Tagged With: , ,

Change is in the Future of Healthcare Organizations

August 28, 2019 By

Changes in Healthcare Organizations of the Future

From the diseases we face to the technologies we use to treat them, healthcare in the United States is changing rapidly.

Frank Magliochetti confirms: that just a few short decades ago, most people received care from their family doctor and paid for it through private insurance provided by an employer. Diagnostic tests were limited to x-rays and a few blood tests, and treatments involved first generation drug therapies and invasive surgical procedures. Patient records were kept in a dusty basement offsite, and the information they contained was accessed only to provide continuing care to that individual patient. Computerized medical records, advanced fMRI and CT scanning, and robot surgery common today was the stuff of science fiction just 20 years ago.

Tomorrow’s healthcare landscape will be decidedly different from the care provided today, and light-years away from the healthcare of our parent’s day. A number of various factors, such as demographics, legislation, and technology, affect nearly every level of healthcare and affect nearly every person working in healthcare. These factors will drive the major changes occurring in healthcare over the next two to three decades.

The diseases people face will likely change as well. Diseases that were almost unheard of in younger populations years ago, such as obesity, diabetes and heart disease, will become major health issues across the generations.

The use of hospital services will likely grow significantly in the next decade, largely because of the increase in Medicare beneficiaries. The cost of hospital care will also rise; The George Washington University School of Business predicts this cost will increase from 0.9 percent to 2.4 percent of the budget by 2025.

Care will likely center on the patient’s experience, rather than on the needs of the institutions providing that care. Patients will have detailed information, on par with that collected by their doctor or hospital, about their own health and about health in general. The patients of tomorrow will also enjoy greater ownership of that data, and they will play a greater role in the decision-making process when it comes to their own health, well-being and medical care.

The Healthcare of Tomorrow

Healthcare in 2040 is only 20 years away, but it will be vastly different from what we have today. Two decades ago, we could not have envisioned the wearable devices that are commonplace today; medical technology will take us places in the next two decade that we cannot begin to imagine today. The next generation of sensors will likely move from wearable devices to invisible, always-on sensors embedded in devices surrounding us – or even embedded inside of us; medtech companies are already investigating ways to incorporate these always-on biosensors and software into devices that generate, gather and share health data.

By 2040, independent streams of health data will merge to create a multifaceted, complex and highly personalized picture of each individual’s well-being, for example. Artificial intelligence (AI) will allow for wide scale analysis of vast amounts of information and the creation of personalized insights into consumer health. The availability of this data and personalized insights can enable precision real-time interventions that allows patients and their caregivers to get ahead of sickness early enough to avoid catastrophic disease. Armed with a lifetime of highly detailed information about their own health and with a natural penchant for mobility, consumers of 2040 will also probably demand that their health information be portable.

Because of the demand for mobility and information management, technology such as interoperable data and AI will be major drivers of change, but only if the open platforms necessary for mobility and AI are secure. Information technology (IT) professionals will continually develop technologies that process threat data more efficiently and more accurately predict criminal activity.

While nobody can predict exactly what the healthcare landscape will look like in 2040 and beyond, nearly everyone can agree that it will be vastly different from the care we receive today.

Source

https://healthcaremba.gwu.edu/blog/how-we-can-expect-the-healthcare-industry-to-change-in-the-future/

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Filed Under: Featured, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, News Tagged With: , ,

Healthcare Industry Structural Changes Are Coming

August 24, 2019 By

The Structure of the Healthcare Industry will Change Radically

The healthcare industry is changing at a blistering pace. Healthcare policies, technologies, insurance coverage, and the new focus on patient experience have triggered the evolution of healthcare into something yesterday’s providers would never recognize. And, chances are, the healthcare of tomorrow will look drastically different than the care provided today.

Change had come slowly to healthcare industry legislation in the nation’s early years. The first attempt at national health insurance came about in 1905, with the formation of the American Association for Labor Legislation; Speaker of the House Thaddeus Sweet vetoed the bill. The next major change in the healthcare industry didn’t come along until 1965 when, after 20 years of heated debate in Congress, President Lyndon B. Johnson initiated legislation introducing Medicare and Medicaid. The 2010 Patient Protection and Affordable Care Act was the last major healthcare legislation.

While changes to healthcare law and healthcare insurance had came slowly, the nation’s demographics and need for medical care is now changing rapidly. Furthermore, advances in research and medical technology have fueled an astonishing metamorphosis in healthcare.

Factors Contributing to the Changing Landscape of Healthcare

Perhaps the most notable change in healthcare is its explosive growth: healthcare became the largest employer in the United States in the third quarter of 2018, according to The Atlantic.

The nation’s aging population is a major driver of the healthcare job boom. By the year 2025, one-quarter of the workforce will be older than 55. By 2030, more than 170 million people in the United States will have at least one chronic health condition, according to the American Hospital Association (AHA). The rising population of older adults, and the increasing number of people with chronic illnesses, will require a growing pool of healthcare workers. In fact, the U.S. Bureau of Labor Statistics (BLS) expects jobs in the healthcare industry to account for a large share of new jobs created through 2026.

Other factors, including the health insurance market and healthcare regulation, will affect the structure of the healthcare industry. About half of the privately insured are covered under self-insured plans, which can vary dramatically.

The healthcare system is also moving towards a financial model based on value, rather than on volume. This shift will change the focus from treating diseases in hospitals to keeping patients healthy and out of the hospital.

Expect Monumental Changes in the Healthcare Industry

To handle these changes, the structure of the healthcare industry will undergo radical transformation in a number of areas, from insurance to the makeup of the board and the role of clinicians in leading renovations within an organization.

Provider organizations offering insurance products will likely experience substantial restructuring because they are essentially creating new businesses in a highly volatile market. In fact, several health systems have already introduced health plans in recent years, according to the Healthcare Financial Management Association.

Organizations without such products are restructuring, creating regionally focused, value-based care teams and enhancing consumer engagement. Moving towards a value-based system requires increased collaboration between health systems and health plans, the implementation of patient-centric technology, increased adoption of virtual care options, and a greater focus on public health. It also requires greater understanding of patient motivation and behavior, so many healthcare organizations will restructure to include patient experience departments.

Changes in organizational structures will manifest themselves in a number of ways. Evolution of an organization’s structure may include centralization and professionalization of the board to look more like boards in other industries, for example. This shift allows senior business leaders with niche expertise to guide healthcare organizations through insurance, risk management, IT, consumer engagement, investments and capital allocation.

Many healthcare organizations are putting physicians in leadership roles, asking their clinicians to lead clinical informatics, care model transformation, and population health management initiatives. In this way, the Chief Medical Officer (CMO) is evolving into the role of Chief Transformation Officer.

While it is nearly impossible to predict where the healthcare industry will be at the end of the 21st Century, it is safe to say that healthcare in the United States will undergo more changes in the next 80 years than it has in the entire history of the nation.

SOURCES:

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Filed Under: Featured, Frank Magliochetti Report, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, News Tagged With: ,

Healthcare or IT Business?

July 24, 2019 By

Healthcare is Becoming an Information Technology Business

Frank Magliochetti declares that; Health information technology now plays an important role in patient care, payment and research, but it wasn’t always this way. Today’s health information technology represents an evolution in record keeping within the healthcare industry. In 1924, the American College of Surgeons adopted the Minimum Standard Document to ensure the recording of a complete case record that included identifying data, chief complaint, personal and family history, physical examinations, laboratory results and x-rays.

In the 20th Century, those records were written by hand and paper copies were generally stored on or offsite, unless required for a hospitalization, doctor visit or research. Sharing patient information with even one consultant or payer typically meant long hours at the copying machine to create thick envelopes filled with data that could take a substantial amount of time to sort; sharing only pertinent information with multiple parties was next to impossible.

Computers and the internet heralded the information age and electronic health records (EHR), which allowed the mass sharing and analysis of data in an instant and without cumbersome and costly paper. In 2004, President George W. Bush created the Office of the National Coordinator (ONC), which now synchronizes HIT in the U.S. healthcare sector. Passed as part of the larger American Recovery and Reinvestment Act of 2009, the Health Information Technology for Economic and Clinical Health (HITECH) Act created incentives to use health care information technology.

Each of these events paved the way to today’s already robust and rapidly growing information technology business. HITECH seems to have worked – as of 2017, 86 percent of office-based physicians had adopted an EHR and 96 percent of all non-federal, acute care hospitals had a certified health IT department or person, according to the Office of the National Coordinator for Health Information Technology.

Today’s HIT Business

To meet the growing demand on the clinical side, hundreds of healthcare IT software and service companies have sprung up across the country. Healthcare IT Skills lists more than 350 such companies, including EHRs, consulting firms, medical device providers, population health, revenue cycle management, analytics, and more.

Healthcare information technology (HIT) merges electronic systems with healthcare to store, share and analyze patient information. The advanced technology also integrates with practice management software to improve office functions that lead to better patient care. HIT now features patient portals that provides patients with access to their medical history, allows them to make appointments, message their practitioner, view bills and even pay bills online. HIT also includes features to make practitioners’ lives easier, such as ePrescribing, remote patient monitoring, and master patient indexes (MPIs) that connects patient databases with more than one database, which allows different departments within a facility to share all of the data simultaneously. MPIs reduce the need for manual duplication of patient records for filling out claims and decrease errors involving patient information, which can result in fewer patient claim denials.

As with any disruptive technology, healthcare information technology has its drawbacks and its critics. Some complain that EHRs have led to practitioners spending more time sitting in front of a computer than talk with patients. Others bemoan the cumbersome federal regulations involved. The benefits of HIT, however far outweigh its downsides.

Advantages of today’s health information technology include the ability to use big data and data analytics to manage population health manage programs effectively, for example, which is impossible with old-fashioned paper records. HIT can use data and analytics to reduce the incidence of expensive and debilitating chronic health conditions, use cognitive computing and analytics to perform precision medicine (PM) tailored to each patient’s needs, and create a means by which academic researchers to share data in hopes of developing new medical therapies and drugs. Lastly, health information technology allows patients to obtain and use their own health data, and to collaborate more fully in their own care with doctors.

Tomorrow’s HIT companies will use artificial intelligence (AI), virtual simulations, and other emerging technologies to further enhance and improve healthcare. Technologies will include digital insurance markets, price transparency tools, cloud storage that will render costly and insecure data centers obsolete, self-serve mobile applications that will eliminate forms and faxes, and centralized clearinghouses that share information across organizations and state lines. Many of these HIT applications will improve labor productivity and, given the fact that wages account for 56 percent of all healthcare spending, improvements in this area could generate significant economic gains.

Information technology will undoubtedly continue in its growth as an important and increasingly essential part of healthcare. The benefits of HIT will also continue to expand, as researchers, doctors, patients and healthcare companies integrate healthcare information technology into their everyday lives and standard business practices

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Filed Under: Featured, Frank Magliochetti Report, Healthcare Industry, Healthcare Industry News, Healthcare Innovations, Healthcare Trends, News Tagged With: , , , ,
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