This week in Healthcare: Providers bank on cloud-based solutions for compliance and research requirements

Healthcare Payors 

Insurers are enhancing their business operation engagements by adopting technologies such as AI, RPA, and Data Analytics.  

Cloud-based Compliance Management  

• Considering the need of agility towards the compliance processes, payors are preferring cloud-based data management platforms to quickly adapt to the rapidly changing norms with new laws and regulations.  

Anomaly Detection  

• Insurers are relying on technologies such as AI/ML, blockchain, big data/analytics to identify anomalies in the insurance processes.   

API health insurance   

• The API health insurance model, uses a list of pre-defined health insurance products accessible to websites and app providers via an application programming interface (API)  

• Humana uses intelligent bot to collect information across multiple systems in real-time, which help agents to answer quickly. These AI based bots helps customer service reps with vocal clues of the members. 
• Optum launched Advanced Communication Engine sends timely notifications and feedback to providers on actionable errors or information gaps that often trigger claim denials. 
• Molina Healthcare launched a coronavirus chatbot2 to enable customers to access information regarding the pandemic and address their frequently asked questions. 

Healthcare Providers 

The providers are banking on technologies such as AI, RPA, cloud, and big data/analytics to adopt the trends such as EHR, teleconsulting, and AI/ML-based diagnostics to modernize their business models.  

Hybrid Cloud Architecture   

• In a bid to scale the organizational data management platforms, healthcare providers are opting for hybrid cloud architecture to move their legacy applications and EHR data from one place to hyperscalers’ solutions such as AWS, Google Cloud, and Microsoft Azure  

AI/ML-based Diagnostics  

• With the help of AI/ML algorithms coupled with big data/analytics, healthcare providers can make the diagnostics process simpler and more effective.  

Connected Devices   

• Connected devices enable the hospitals and patients to share the necessary data in offering remote services.  

Tele-consulting & Tele-medicine Platforms  

• IoT-based tele-servicing platform reduces the need of in-person meetings as wearable devices enable healthcare workers to have real-time information on patient data to offer teleconsulting and tele-medicine services. 

Pharmaceutical 

The increasing investments, growth of technology startups, advancement in drug discovery, and developing inter-organizational collaborations are spurring innovation across the pharma industry trends.  

Computational Drug Discovery  

• Using cloud computing and AI to make the drug development process faster and develop traditional medications. Hyperscale cloud providers are vital new partners for drug development.  

Electronic Prescription Software  

• This software allows to generate & send e-prescription, reduces dosage errors, improves patient safety, simplifies treatment workflow, and increases patient satisfaction.  

Mobility Solution  

• Mobility adoption helps Pharma companies facilitate better customer engagement, deliver better products, drive sales quickly and increase productivity that leads to a more significant ROI. 

MedTech 

Photorealistic 3D make viewing anatomical images intuitive across all clinical specialties leading to better diagnoses, surgical planning, education, and outcomes. 

• Medtronic develops, manufactures, and markets integrated diabetes management solutions which include insulin pump therapy, continuous glucose monitoring systems, and management software for therapy. 
• The Alcon digital health platform can be integrated with Alcon’s existing cataract diagnostic equipment, electronic medical record (EMR) systems and technologies in the Cataract Refractive Suite. 
• Siemens introduced photorealistic 3D visualization technology Cinematic Rendering app for the HoloLens 2. It includes a mixed-reality headset, gives surgeons a realistic 3D overview of the surgical area. 

Companies are focusing on digital devices and shifting towards a more collaborative product development process with high reliance on technologies such as AI/ML, robotics, cloud, and IoT.  
Cloud Platform Development  

• Enables medical devices companies to accelerate time to market and reduce the cost of implementation and maintenance across products.  

Point-of-care Platforms  

• Digital point-of-care testing platforms will benefit from leveraging AI and ML to drive the next phase of infectious disease POC testing. AI transforms the way that results are gathered, analyzed, and delivered in terms of speed and efficacy for providers and patients.  

Clinical Data Monitoring Devices  

• Provide data about device performance, malfunctions, patient alarm systems and improves patient outcomes to make evidence-based decisions.   

Software as a Medical Device (SaMD)  

• SaMD provides patients more access to medical devices, ownership over their treatment, and overall health. Allows faster feedback loop on SaMD products than traditional medical devices.  

Key Funding Alert

Startup Spotlight

• Introducing Statements, Earnings Call Transcripts, and Ratio sections in the Financials section.