July 9, 2020

Top 3 Challenges in Healthcare in 2020

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/

Laboratory Management Innovations 2019

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

Trends in Healthcare to Watch for in 2020

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 shoesheadbands, 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

Change is in the Future of Healthcare Organizations

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

Healthcare Industry Structural Changes Are Coming

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

Healthcare or IT Business?

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

Future of Precision Medicine

Will Precision Medicine Become Commonplace?

Will precision medicine become commonplace?

Precision medicine is a relatively new and powerful approach to medical care. Given its current growth rate and potential, precision medicine will likely be commonplace very soon.

Medicine is not always a one-size-fits-all solution – what works for one patient may not work at all for another. Individual differences in biology, environmental factors, and lifestyle may play a role in the risk of disease, affect symptoms, and even influence how well treatment works.

Treatments that shrink tumors or alleviate symptoms of arthritis in some patients, for example, are not always effective for other patients. Precision medicine aims to overcome the influences of biology, environment and lifestyle by matching the right treatments with the right patients.

Precision medicine involves the use of extensive medical testing that identifies unique differences in a patient’s condition, followed by the development of a treatment plan specific to that patient. In other words, doctors will run tests to identify unique characteristics that might make a patient more susceptible or resistant to certain diseases or treatments, and then create personalized treatment plans for each patient.

Precision medicine allows researchers and prescribers to predict which treatments and prevention strategies will work best to treat diseases in which groups of people. In contrast, the one-size-fits-all approach uses treatments and disease strategies designed for the average person.

Past, Present and Future of Precision Medicine

While the term “precision medicine” is relatively new, the concept of providing patient-specific treatment has been around for decades. For example, doctors perform blood tests to match patients with the right type of blood; they have been doing this since the early 1900s.

The advent of modern personalized medicine began about 20 years ago, when oncologists began using targeted therapy to treat HER-2 positive breast cancer. Precision medicine got a boost in 2015 with the introduction of the National Institutes of Health (NIH) Precision Medicine Initiative. NIH introduced the initiative in hopes of moving “the concept of precision medicine into clinical practice.” In other words, the initiative intends to make precision medicine commonplace.

The targeted, personalized approach already has a significant effect on many areas of medicine, including genomics that studies genes and their function, medical devices, and laboratory testing. Patients already benefit from precision medicine, especially patients with cancer. Doctors can use genetic testing to determine if a patient is at high risk for developing certain kinds of cancer, for example. When tests show that a person has a higher risk of cancer, a doctor can suggest ways to lower that risk. Cancerous tumors also provide genetic information that helps doctors develop more effective personalized treatment plans.  

The Precision Medicine Initiative has helped spur the commercial growth of precision medicine. The number of commercialized lab tests, known as predictive biomarker assays, is increasing dramatically. Predictive biomarker assays help doctors, pharmaceutical researchers and manufacturers predict the effectiveness of a treatment in any given patient group. These tests also help classify patients’ unique characteristics, which allow researchers and doctors to come up with the safest, most effective treatment for those specific patients.

Advancements in genome sequencing, an increase in consumer-focused healthcare, and innovations in healthcare information technology (IT) and connectivity have fueled explosive growth in the precision medicine market. Market Watch reports the value of the global precision medicine market at USD 47.43 billion in 2019, and projects the market will grow at a Compound Annual Growth Rate (CAGR) of 12.3 percent to reach a net market size of USD 119.90 billion in 2025.

Precision medicine will also stimulate further research exploring the genetic, environmental, and lifestyle factors that influence the development of disease and response to treatment. This research will likely bring about innovations that make precision medicine commonplace in clinical medicine.

SOURCES

Frank Magliochetti News

Frank Magliochetti News will be centered around reporting on trends, innovations, and news in the healthcare and bio/pharma industries.

Frank Magliochetti News is the latest in a growing network of online publications by Frank.

I’m please we have released Frank Magliochetti News, with so much going on it is my hope that Frank Magliochetti News will shed light on current, relevant, healthcare and pharma industry topics and innovations .  Please take time to head to my personal and corporate sites for news and information.

Earlier this year, Frank was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

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.
Media Crush

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital

www.parcaecapitalcorp.com

Top Prescription Drugs Purchases and Trends of 2016

Top Prescription Drugs Purchases and Trends of 2016

Nearly half of all Americans take at least one prescription drug each day, according to the Centers for Disease Control and Prevention (CDC), and the cost of many of the most popular and most important medications is rising.
risingprescriptioncosts_frankmagliochettiThe Price for Prescription Drugs is Rising
Each of the past three years have seen double-digit price increases, including average rises of 12.6 percent in 2014 and over 10 percent in 2015. The average price for prescription drugs has increased an average of 10 percent in the past year. Despite pushback from insurers, scrutiny from lawmakers and outcry from consumers, many pharmaceutical companies plan to increase the price of prescription drugs.
Prescription drug spending in the United States totaled about $457 billion in 2015, according to the U.S. Department of Health and Human Services (HHS), accounting for 16.7 percent of all U.S. health care spending. In the 1990s, only about 7 percent of health care spending went towards prescription drugs.
A Wall Street Journal analysis found that prices for 30 prescription drugs increased at eight times the rate of inflation, with an average price hike of 76 percent from 2010 to 2014. Retail prices for some commonly used prescription drugs increased faster than general inflation each year from 2006 to 2013, according to AARP, which translates into an annual cost of therapy of more than $11,000 for a consumer who takes a prescription medication regularly. The total was nearly three-quarters of the average Social Security retirement benefit of $15,526, almost half the median income of a person on Medicare, and nearly one-fifth of the median U.S. household income.
Most Common Prescriptions and Average Cost by State
SearchRx compiled a list of the average costs of prescription drugs by state. At an average price of $12.82 per prescription, Mississippi tops the list as the US state with the lowest average per prescription cost. Arkansas was also low at $12.93, followed by Virginia at $13.90 and Louisiana at $13.10. Hawaii was the most expensive state to fill a prescription, at an average of $19.47, followed by North Dakota at $19.07, Alaska at $18.96 per prescription, and Delaware at $18.51.

The website also lists the most commonly prescribed medications last year:
1. Atorvastatin Calcium (generic for Lipitor) – lowers cholesterol and reduces risk of heart attack, stroke, and other complications in patients with type 2 diabetes, coronary heart disease, or other risk factors
2. Levothyroxine (generic for Synthroid) – primary use is for the treatment of hypothyroidism but it is also used to treat or prevent goiter
3. Lisinopril (generic for Prinivil) – for hypertension or congestive heart failure
4. Omeprazole (generic for Prilosec) – treats symptoms of GERD
5. Metformin (generic for Glucophage) – improves blood sugar in patients with type 2 diabetes
6. Amlodipine (generic for Norvasc) – for hypertension or anginafrank-magliochetti-report-drug-pricing
7. Simvastatin (generic for Zocor) – lowers cholesterol and triglycerides
8. Hydrocodone/Acetaminophen (generic for Lortab) – relieves moderate to moderately severe pain
9. Metoprolol ER (generic for Toprol XL) – treats angina and hypertension
10. Losartan (generic for Cozaar) – treats hypertension and reduces the risk of stroke in those with heart disease
SearchRx also ranked pharmacy chains in order of least expensive to most expensive. Walmart was the least expensive, followed by Target, “other,” Rite Aid, and CVS. Walgreens was the most expensive on the list.
If current trends continue, 2017 will see higher prescription prices, increased health premiums, and continued increases in the number of Americans who take prescription drugs every day.
Source
http://www.cdc.gov/nchs/fastats/drug-use-therapeutic.htm

https://www.washingtonpost.com/news/to-your-health/wp/2016/01/11/prescription-drug-prices-jumped-more-than-10-percent-in-2015/

http://time.com/money/4406167/prescription-drug-prices-increase-why/

https://aspe.hhs.gov/pdf-report/observations-trends-prescription-drug-spending

http://www.wsj.com/articles/for-prescription-drug-makers-price-increases-drive-revenue-1444096750

http://www.aarp.org/content/dam/aarp/ppi/2016-02/RX-Price-Watch-Trends-in-Retail-Prices-Prescription-Drugs-Widely-Used-by-Older-Americans.pdf

https://www.searchrx.com/blog/2016-prescription-prices-and-purchase-trends/

Frank Magliochetti is Managing Partner for Parcae Capital.

  • North Andover, Massachusetts

This column of posts is directed at the Healthcare Industry.  Frank plans to release a new site dedicated to the industry.  He currently assists companies who are building, restructuring, transforming and resurrecting there business’s. An example of his client base are, Xenetic Biosciences , IPC Medical Corp, Just Fellowship Corp, Environmental Services Inc., Parsons Post House LLC, ClickStream Corporation as well as having a business talk radio show; The Business Architect on the URBN network.

frankmagliochetti_ParcaeCapital

Augmented Reality: A Disruptive Trend that is Changing Healthcare

Augmented Reality: A Disruptive Trend that is Changing Healthcare

Google Glass and other types of augmented reality (AR) never really took hold in the consumer market but the advanced technology is now poised to be a disruptive trend that will forever change healthcare for patients and providers.frankmagliochettireport_medicalaugmentedreality
A Q4 2016 report by ABI Research suggests augmented reality will gain momentum as medical professionals seek out new tools and technologies to improve care and outcome for their patients. The research firm suggests regulatory activity will push the medical profession towards AR.

About Augmented Reality in Medicine

Augmented reality is a live view of a real-world environment supplemented with computer-generated sounds, graphics or other sensory input. Unlike virtual reality, which entirely replaces the real world with a simulated one, augmented reality replaces only certain elements.
AR can include “see what I see” applications, education and training. “See what I see” apps can transmit what EMTs see to emergency department physicians. In medical applications, augmented reality applications can simulate how it would feel to have certain medical conditions.
frankmagliochetti_augmentedrealityinmedicineAR applications (apps) can help patients check visual symptoms against a medical database or share information in real time with their doctors. Patients with hearing problems can use AR apps and their smart phones to convert auditory information, such as the screech of brakes or a loudspeaker announcement on an airplane, into text displayed on the smart phone. AR apps can highlight maps of wheelchair-friendly routes when an individual visits a city for the first time.
Augmented reality can provide medical training to a large number of students, even those living in remote or impoverished areas. Students use AR to practice surgical techniques, or even allow experienced surgeons to practice procedures on a three-dimensional AR rending of a patient before performing the procedure on the actual patient.

Augmented Reality Applications are Already in Use

Eye Decide by OrcaMD is an educational application that could potential improve patient compliance. This education tool simplifies complex eye conditions and treatments in a way that improves knowledge, understanding and retention. Users can view the eyeball from any angle, with and without skin. Eye Decide also demonstrates the effects of cataracts, age-related macular degeneration (AMD), and other eye conditions, so that patients can see what a particular disease will eventually do to their vision without proper treatment.
AccuVein displays a map of a patient’s vein to make placing needles easier and more accurate. The healthcare practitioner uses a handheld scanner that detects heat radiating from the veins, converts information gathered about that heat into a map of the veins, and then projects this map onto the patient’s skin. AccuVein enjoys a 40 percent annual growth rate. By the middle of 2015, this augmented reality app had already helped more frankmagliochetti_report-augment-reality-healthcarethan 10 million patients. Sales will likely continue at a robust pace as patients and nurses demand the technology to reduce the average number of “sticks” involved in placing an intravenous (IV) needle.
Many legally blind people still have some vision but cannot see well enough to recognize faces, drive, read, or avoid obstacles in their path. VA-ST is a visor that combines a 3D camera with a computer to enhance vision by improving contrast, and highlighting edges and features. Users can even pause or zoom video for a clearer view. This technology will become more popular as the population of the United States ages and suffers age-related vision loss.
Like other industries, medicine leverages new technology to improve efficiencies and performance. The move from a per-service reimbursement structure towards one that focuses on quality of care will spur growth of augmented reality in medical settings.

Source
https://www.abiresearch.com/market-research/product/1025909-ar-in-telemedicine-training-and-first-resp/
https://itunes.apple.com/us/app/eye-decide-education-engagement/id454280553?mt=8
https://orcahealth.com/
http://www.accuvein.com/inf/
http://www.accuvein.com/2015/06/vein-visualization-emerges-as-premier-augmented-reality-application/
http://www.va-st.com/smart-specs/

Frank Magliochetti is Managing Partner for Parcae Capital.

  • North Andover, Massachusetts

This column of posts is directed at the Healthcare Industry.  Frank plans to release a new site dedicated to the industry.  He currently assists companies who are building, restructuring, transforming and resurrecting there business’s. An example of his client base are, Xenetic Biosciences , IPC Medical Corp, Just Fellowship Corp, Environmental Services Inc., Parsons Post House LLC, ClickStream Corporation as well as having a business talk radio show; The Business Architect on the URBN network.

frankmagliochetti_ParcaeCapital

Smart Tech: Wearable Medical Devices

Smart Tech:  Wearable Medical Devices 2017 – 2020

Smart technologies will continue to drive the ever-growing medical wearable device market in 2017 and well into the future.
The global medical wearable devices market topped $3.2 billion in revenue in 2015, according to Mordor Intelligence, which expects the market to surpass $7.9 billion in 2020 as the industry continues to grow at a healthy CAGR of 19.8 percent during that period.
wearablemedicaldevices_frank-magliochetti-reportWearable medical devices, known simply as “wearables,” are small pieces of equipment featuring sensors that attach to the body. These sensors detect and monitor changes in specific body signatures produced by various body systems and organs. Early wearable technology allowed consumers to monitor vital signs. Today’s wearables allow users to monitor food intake, activity, and sleep levels. Tomorrow’s devices may provide continuous monitoring of glucose levels, smart clothing for infants, and smart EKG necklaces for those with heart problems.
Wearables have the potential to fill a number of applications in remote patient monitoring, sports and fitness monitoring, and home healthcare. Simplified usage of these devices, coupled with the ability to synchronize with smartphones and tables, assisted growth in this segment.
Global Wearable Devices Market- Market Dynamics

There are immense potential socio-economics of wearable medical devices for multiple sectors. Fitness devices that encourage the users to exercise can significantly reduce healthcare costs, for example.

Investors are focusing on a wide variety of projects, ranging from downloadable apps to improving the size, cost and sensitivity of sensors.wearablemedicaldevices_frankmagliochettireport

Several factors propel the growth of the global wearable market. Technological innovation is perhaps the most important factor, as these advancements lead to the introduction of new products.
Diabetes and other chronic diseases are rising at a seemingly uncontrollable rate. Wearable devices will play an increasingly important role in helping doctors and patients manage chronic diseases.

Developers make wearable devices easier to use and simplify interpretation of the data collected. Simplicity encourages use.
Market penetration of smartphones, smart watches and other wearable devices will promote the use of wearable medical technology. These devices have already penetrated the market deeply, with the worldwide smart watch shipments reaching about 25 million in 2015.

Some factors, such as reimbursement issues and high device cost, will restrain the medical wearables market somewhat but the effect should be minimal, as demand should remain high.
Several companies are already exploiting the growing interest in medical wearable technology by creating affordable products that offer high value to users and their healthcare partners.

Some of the key players already operating in the medical wearable device market include:
• Dräger
• Fitbit Inc.
• Intelesens Ltd.
• Lifewatch AG
• Omron Corporation
• Polar Electro
• Philips Electronics
• Withings SAS
These wearable manufacturers will likely improve hardware in existing products and create sturdier devices within the next few years. Hardware and device ifrankmagliochettireport_wearable-medical-devicesnnovations may include larger and easier to read displays, extended battery life, waterproof hardware, and compatibility with GPS and other sensors included in a standard smart phone. Software innovations may include advanced monitoring systems and improved patient care software, such as breathing exercises and on-demand nutrition counseling.
The wearable market is expanding because the devices are autonomous, which makes them easy to use, and non-invasive. It is also growing because of its ability to help prevent and manage chronic diseases.

Source
https://www.mordorintelligence.com/industry-reports/global-wearable-medical-device-market-industry

Frank Magliochetti is Managing Partner for Parcae Capital.

  • North Andover, Massachusetts

This column of posts is directed at the Healthcare Industry.  Frank plans to release a new site dedicated to the industry.  He currently assists companies who are building, restructuring, transforming and resurrecting there business’s. An example of his client base are, Xenetic Biosciences , IPC Medical Corp, Just Fellowship Corp, Environmental Services Inc., Parsons Post House LLC, ClickStream Corporation as well as having a business talk radio show; The Business Architect on the URBN network.

frankmagliochetti_ParcaeCapital