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How e-Prescribing Features Improve Your Practice Life

Posted on July 9, 2018 I Written By

The following is a guest blog post by Dr. Tom Giannulli, CMIO at Kareo.

e-Prescribing, the process of electronically fulfilling a medication prescription directly from your practice, is far from new. In fact, this service has been around long enough that the majority of patients have come to expect the convenience that accompanies it.

Most private practices are using some type of medical software that aids in the e-Prescribing process. Some may have incorporated said software because they felt obligated, but others have realized that an integrated software solution can do more than help meet the requirements for the meaningful use electronic health record (EHR) initiative.

They recognize that it may also help to improve their practice.

As the clinical leader for an electronic health record (EHR) vendor serving independent practices, I can attest that Kareo’s cloud-based software is designed with the intent to improve the unique needs of the private practice. The changes in regulations and requirements might mean you should change the way you practice, but it doesn’t have to reduce the personal connection between patients and their providers.

Improve Upon Value-Based Care

Value-based care is driven by data and has required practices to become more efficient and effective in order to reduce overall healthcare costs.

Without the automated support that accompanies e-prescribing, compiling the number of required reports could become overwhelming and significantly reduce your efficiency. Our software can make compiling this data with accurate reports both simple and manageable, which saves you valuable time. It makes tracking the quality metrics related to drug compliance much easier, but it’s also tracking quality by:

  • Helping to reduce your liability with legible prescriptions
  • Improving upon prescription accuracy
  • Reducing medication errors
  • Improving upon patient compliance
  • Monitoring fraud and abuse from duplicate prescriptions

Having an automated perspective on drug interactions and prescription history at your fingertips allows you to focus on measures that improve preventative care. This global perspective on each patient’s individual treatment can potentially reduce abuse and readmissions.

Leverage a “Heads Up” Philosophy

You won’t hear many, if any, physicians state that they chose medicine for the abundance of paperwork.

The time EHR can save on administrative tasks provides the physician with more time to do what they enjoy—care for their patients. Patients often choose a practice because they want that personal connection with their physician. Someone who knows their story, and is aware of their health history. Most patients don’t enjoy waiting while the physician is writing notes, asking them to repeat their medical history, or trying to find the correct button on the computer. This won’t help to increase patient satisfaction, and gain patient loyalty. With the information right in front of you, you have more time to devote to quality communication, which gains your patient’s trust.

There are several secondary key benefits to practicing “Heads Up” Medicine with e-prescribing that help improve the patient experience by devoting your attention to your patient, not your computer. You’re still getting the essential information with an easy method of information collection by pointing and clicking.

  • Reviewing key points and a simple question and answer interview can help you build your narrative.
  • Your EHR is accessible on a mobile device, such an IPad, and not just on a website
  • You don’t have to spend the extra time typing the narrative in each time and starting from scratch.

Save Significant Time

Time is valuable to you, and your patients. The time saved with automated support does more than make your patients happy by getting them in and out of their visit quicker, it also shows that you respect their time.

Less time waiting and more time with their providers often results in better patient satisfaction. Word of mouth is often the most effective form of marketing and satisfied patients refer new patients to help you continue to grow your business.

Our software takes care of the bulk of your work with chart, bill and fill to reduce administrative tasks and improve your workflow. It helps you write the note, ensures that you get the billing codes correct and fills the prescription and orders lab work. This allows you to improve your workflow by:

  • Getting the billing done quickly and accurately to expedite payment
  • Allowing you to see more patients in the same amount of time
  • Helping you gain a better balance between your work and personal life to reduce the risk of burnout
  • Making sure your patients don’t leave because of extended wait times

Maintain a Personal Connection

Engaging more with your clients can foster patient satisfaction and loyalty to your practice. Your patients want compassionate care provided and human interaction, and you can leverage this “heads up” philosophy with the simple solutions offered in EHR software to manage the bulk of your administrative work.

Seek out technology and service solutions to improve your practice, increase patient satisfaction and provide you with more time to focus on priorities to aid in the growth of your practice, rather than being burdened with administrative tasks. Because you chose to work in private practice for the patients, not the paperwork.

About Tom Giannulli, MD, MS
Tom Giannulli, MD, MS, is the chief medical information officer at Kareo, a proud sponsor of Healthcare Scene. He is a respected innovator in the medical technology arena with more than 15 years of deep experience in mobile technology and medical software development. 

Is Amazon Ready To Protect Patient Data?

Posted on July 6, 2018 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she's served as editor in chief of several healthcare B2B sites.

Late last month, a Connecticut woman found out that a third-party Amazon vendor she had done business with had exposed her personal medical data to the world, including her medical conditions, along with her name, birthdate and emergency contact information.

The story suggests that Amazon engaged in a bit of bureaucratic foot shuffling when called on the privacy lapse. According to the woman, an Amazon call center rep told her it would investigate the issue, but a further email told her they would not be able to release the outcome of this investigation. It’s little wonder she wasn’t satisfied.

Ultimately, it appears that she was only able to get immediate action once she contacted the third-party seller, which took the photos containing the information down promptly upon her request.

Though no small matter for the woman involved, the episode means little for the future of Amazon, in and of itself. However, it does suggest that the marriage of Amazon technology and healthcare data may pose unexpected problems.

For those who have been sleeping under a rock, in late June Amazon announced that it had acquired online pharmacy PillPack for what reports say was just under $1 billion. PillPack, which competes with services delivered by giants like CVS, lets users buy their meds in pre-made doses. News stories suggest that Amazon beat out fellow retail giant Walmart in making the buy, which should close the second half of this year.

Without a doubt, this was a banner day in the history of Amazon, which has officially stamped into healthcare in 10-ton boots. The deal could not only mark the beginning of new era for the retailer, but also the healthcare industry, which hasn’t yet seen a tech company take a lead in any consumer-facing healthcare business.

That being said, perhaps a more important question for readers of this publication is how it will manage data generated by PillPack, a store likely to grow exponentially as Amazon integrates the online pharmacy into its ecosystem.

While there are obviously many good things its staggering fulfillment and logistics capabilities can bring to PillPack, Amazon’s otherwise amazing systems weren’t built to protect patient health information.

When it comes to most any other company, I’d imagine these problems could be addressed by layering HIPAA-compliant technologies and policies over its existing infrastructure. However, given the widely distributed nature of its retail network, it’s not just a matter of rethinking some architecture. Sealing off health data could require completely transforming its approach to doing business. Just about every retail transaction could prove a chink in its armor.

Since it wasn’t itself required to meet HIPAA standards in this instance, Amazon won’t get any flack from regulators over the recent PHI exposure. Still, issues like this could undercut the trust it needs to integrate PillPack into its core business successfully.

If nothing else, Amazon had better put a strong PHI protection policy in place on its retail side. Otherwise, it could undermine the business it just spent almost $1 billion to buy.

How Hospitals Can Drive Revenue in Value-Based Care Using 7 Key Cycles of Their Data

Posted on July 5, 2018 I Written By

The following is a guest blog post by Richard A. Royer, Chief Executive Officer of Primaris.

Back in the day – the late 1960s, when social norms and the face of America was rapidly changing – a familiar public service announcement began preceding the nightly news cast. “It’s 10 p.m. Do you know where your children are?”

Today, as the healthcare landscape changes rapidly with a seismic shift from the fee-for-service payment model to value-based care models, there’s a similar but new clarion call for quality healthcare: “It’s 2018. Do you know where your data is?”

Compliance with the increasingly complex alphabet soup of quality reporting and reimbursement rules – indeed, the fuel for the engine driving value-based car – is strongly dependent on data. The promising benefits of the age of digital health, from electronic health records (EHRs) to wearable technology and other bells and whistles, will occur only as the result of accurate, reliable, actionable data. Providers and healthcare systems that master the data and then use it to improve quality of care for better population health and at less cost will benefit from financial incentives. Those who do not connect their data to quality improvement will suffer the consequences.

As for the alphabet soup? For starters, we’re as familiar now with these acronyms as we are with our own birth dates: MACRA (the Medicare Access and CHIP Reauthorization Act of 2015), which created the QPP (Quality Payment Program), which birthed MIPS (Merit-based Incentive Payment System).

The colorful acronyms are deeply rooted in data. As a result, understanding the data life cycle of quality reporting for MACRA and MIPS, along with myriad registries, core measures, and others, is crucial for both compliance and optimal reimbursement. There is a lot at stake. For example, the Hospital Readmissions Reduction Program (HRRP) is an example of a program that has changed how hospitals manage their patients. For the 2017 fiscal year, around half of the hospitals in the United States were dinged with readmission penalties. Those penalties resulted in hospitals losing an estimated $528 million for fiscal year 2017.

The key to achieving new financial incentives (with red-ink consequences increasingly in play) is data that is reliable, accurate and actionable. Now, more than ever, it is crucial to understand the data life cycle and how it affects healthcare organizations. The list below varies slightly in order and emphasis compared with other data life cycle charts.

  • Find the data.
  • Capture the data.
  • Normalize the data.
  • Aggregate the data.
  • Report the data.
  • Understand the data.
  • Act upon the data.


One additional stage, which is a combination of several, is secure, manage, and maintain the data.

  • Find the data. Where is it located? Paper charts? Electronic health records (EHRs)? Claims Systems? Revenue Cycle Systems? And how many different EHRs are used by providers – from radiology to labs to primary care or specialists’ offices to others providing care? This step is even more crucial now as providers locate the sources of data required for quality and other reporting.
  • Capture the data. Some data will be available electronically, some can be acquired electronically, but some will require manual abstraction. If a provider, health system or Accountable Care Organization (ACO) outsources that important work, it is imperative that the abstraction partner understand how to get into each EHR or paper-recording system.
     
    And there is structured and unstructured data. A structured item in the EHR like a check box or treatment/diagnosis code can be captured electronically, but a qualitative clinician note must be abstracted manually. A patient presenting with frequent headaches will have details noted on a chart that might be digitally extracted, but the clinician’s note, “Patient was tense due to job situation,” requires manual retrieval.
  • Normalize the data. Normalization ensures the data can be more than a number or a note but meaningful data that can form the basis for action. One simple example of normalizing data is reconciling formats of the data. For example, a reconciling a form that lists patients’ last names first with a chart that lists the patients’ first name first. Are we abstracting data for “Doe, John O.” or “John O. Doe?” Different EHR and other systems will have different ways of recording that information.
     
    Normalization ensures that information is used in the same way. The accuracy and reliability that results from normalization is of paramount importance. Normalization makes the information unambiguous.
  • Aggregate the data. This step is crucial for value-based care because it consolidates the data from individual patients to groups or pools of patients. For example, if there is a pool of 100,000 lives, we can list ages, diagnosis, tests, clinical protocols and outcomes for each patient. Aggregating the data is necessary before healthcare providers can analyze the overall impact and performance of the whole pool.
     
    If a healthcare organization has quality and cost responsibilities for a pool of patients, they must be able to closely identify the patients that will affect the patient pool’s risks. Aggregation and analyzing provides that opportunity.
  • Report the data. Reporting of healthcare data to registries and the Centers for Medicare and Medicaid Services (CMS) is not new, but it is a growing need. Required reporting will become even more integral to health care quality improvement as private payers follow the CMS lead towards value-base care.
  • Understand the data. What was effective? What is the clinical point of view versus a dollars/cost point of view? How are these two points of view reconciled to get the “right” results?
     
    When Drug B is half the price but equally as effective as Drug A, that is an example of evidence-based medicine, which was the result of the data life cycle. When healthcare organizations and providers have data they can understand, a root cause analysis is an ideal way to achieve sometimes conflicting goals of quality and cost– and move forward – on solving deficiencies or other problems flagged by the data.
  • Use the data. There are other crucial facets of the data life cycle that must be dealt with, including data maintenance and management and purging or destroying data in a way that is compliant with HIPAA. But the most important function of data is using it to improve clinical processes and outcomes, the patient experience, and the financial bottom line.
     
    Data that is accurate and reliable is not all that useful until it is actionable. How is the data being used to manage quality of care and cost of care? The final stage in the data life cycle is certainly the most important. The technology and human capital needed to accomplish the other aspects of the life cycle are extensive, and expensive. But data gathering is a lost cause and, really, an exercise in futility unless the flurry of data and reporting activity leads to action. In the age of value-based healthcare, data is the key that will allow providers to be financially successful in the future as payments become more heavily based on value, and patients seek providers that meet their growing expectations.

About Primaris
Richard A. Royer, Chief Executive Officer of Primaris, a healthcare consulting and services firm that works with hospitals, physicians and nursing homes to drive better health outcomes, improve patient experiences and reduce costs.

Happy 4th of July

Posted on July 4, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Like many of you, I’m taking off for the 4th of July and enjoying some time with family. I know that’s not true for many in healthcare, but most IT professionals get the day off. I hope you enjoy it with your family and friends. We’ll be back tomorrow!

Happy 4th of July!

What’s the Future of Patient Communication? – #HITsm Chat Topic

Posted on July 3, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

We’re excited to share the topic and questions for this week’s #HITsm chat happening Friday, 7/6 at Noon ET (9 AM PT). This week’s chat will be hosted by Lea Chatham (@LeaChatham) from @Solutionreach on the topic of “What’s the Future of Patient Communication?”

One in three patients is considering a switch in healthcare providers according the Patient-Provider Relationship Study. And, nearly 40 percent who have already switched said it was because of poor experience. Some of the top issues were poor communication, difficulty scheduling, and bad customer service from staff.

These are totally fixable issues. With the right tools, processes, and technology, practices can improve communication and streamline scheduling. And, we are finally beginning to see the industry get how important it is to improve the experience patients have. The fact is happy patients are healthier and more likely to show up and come back for the care they need.

We’re also seeing more practices get onboard with text as the way to reach patients. But what’s next? What will the future of patient communication and collaboration be? Voice? Integrated wearables? Let’s discuss!

Here are the topics/questions we’ll be discussing during this week’s #HITsm chat:

T1: Have we finally reached the place where snail mail and phone calls will go away? #HITsm

T2: Text is taking over? Will we start to see AI driven chatbots more in healthcare? #HITsm

T3: What’s next for communication? Voice like Siri and Alexa? Integrated wearables? AI-driven monitoring devices? #HITsm

T4: What privacy implications are there with some of these “cutting edge” options? #HITsm

T5: How can we address those privacy and security concerns? #HITsm

Bonus: What is the perfect future state for patient communication and collaboration? #HITsm

Upcoming #HITsm Chat Schedule
Note: The 7/13 & 7/20 #HITsm chats are part of a special two-part #HITsm chat series.
7/13 – #HITsm Community Identifies Top 10 Technology Services & Products for Healthcare Stakeholders
Hosted by Jared Jeffery (@Jk_Jeffery)

7/20 – #HITsm Community Ranks Top 10 Technology Services & Products for Healthcare Stakeholders
Hosted by Healthcare Scene (@HealthcareScene)

We look forward to learning from the #HITsm community! As always, let us know if you’d like to host a future #HITsm chat or if you know someone you think we should invite to host.

If you’re searching for the latest #HITsm chat, you can always find the latest #HITsm chat and schedule of chats here.

Barriers to Patient-Centered Research Aired at Harvard Symposium

Posted on July 2, 2018 I Written By

Andy Oram is an editor at O'Reilly Media, a highly respected book publisher and technology information provider. An employee of the company since 1992, Andy currently specializes in open source, software engineering, and health IT, but his editorial output has ranged from a legal guide covering intellectual property to a graphic novel about teenage hackers. His articles have appeared often on EMR & EHR and other blogs in the health IT space. Andy also writes often for O'Reilly's Radar site (http://oreilly.com/) and other publications on policy issues related to the Internet and on trends affecting technical innovation and its effects on society. Print publications where his work has appeared include The Economist, Communications of the ACM, Copyright World, the Journal of Information Technology & Politics, Vanguardia Dossier, and Internet Law and Business. Conferences where he has presented talks include O'Reilly's Open Source Convention, FISL (Brazil), FOSDEM, and DebConf.

While writing about health IT, I routinely find myself at legal conferences. Regulatory issues about patient privacy and safety arise everywhere health IT tries to have an impact, so people promoting change must keep in touch with policy-makers and lawyers in the health care area.

Thus I went this past Friday to Harvard for a one-day symposium, “Putting Patients at the Center of Research: Opportunities and Challenges for Ethical and Regulatory Oversight,” sponsored by Harvard’s Petrie-Flom Center.

Audience at Patient-Centered conference at Harvard

*Audience at Patient-Centered conference at Harvard

Involving patients in patient care is a surprisingly recent concern. There was a time when doctors made all the decisions, delivering them as if they had come directly from the entrails of an oracular temple. Visitors were severely limited at hospitals, because family members just got in the way of the professional staff. And although the attitude toward engaging patients and their families has softened somewhat in health care, rigid boundaries still exist in research.

As project leader Joel Weissman pointed out at the beginning of the Petrie-Flom conference, patient rights weren’t considered by health care professionals until the 1980s, as outgrowths of the civil rights and women’s rights movements. Patient engagement languished still longer. It received a legal toehold in the 2010 Affordable Care Act, which set up the Patient-Centered Outcomes Research Institute. Although more researchers over the past eight years have warmed to the idea of engaging with patients in other ways than subjects of clinical trials, the Petrie-Flom conference highlighted how little progress we have made.

In a “nothing about us without us” era, it would seem odd to an outsider like me that patients should be excluded from the roles now being tentatively offered:

  • Joining the research team in some capacity
  • Recruiting subjects for trials and engaging the patient community
  • Helping disseminate results
  • Acting as consultants in some other way

But risks are certainly entailed by inserting non-professionals of any stripe into the research environment, so some criteria and processes need to be set up. Before filling non-traditional roles, patients should be required to undergo training in ethics, the science behind the study, and some of the methodology. There are particular risks when the patients have access to personally identifiable data. (I don’t see why this should ever be necessary, but the possibility was raised several times during the day.)

The panelists also cited conflicts of interest as a risk. Many researchers recruit engaged patients from the companies that make related drugs or other products, simply because those are easy places to recruit. This problem highlights the importance of casting a wide net and recruiting diverse populations as engaged patients. However, one could argue that merely suffering from the condition that the researchers are investigating leaves one with a conflict of interest: you want the research to produce a cure, so you may not be even-handed in your acceptance of negative results.

What spurred this conference? The Petrie-Flom Center and PCORI have spent the past academic year doing a study of patient-centered research, and recently published an article by a team led by Weissman. The center presented the results at Friday’s conference to an audience of some 80 members of the health care field and interested observers.

The study was narrow and intensive. It focused on the attitudes of those running Institutional Review Boards, which are notoriously conservative. Thus, in my opinion, the results focused on what was holding back patient-centered research rather than what was already working well. The process was quite drawn out: questionnaires sent to hundreds of medical schools, public health schools, and hospitals; six focus groups with an iterative process for evaluating recommendations; and a modified Delphi consensus process among 17 experts, including (of course) representative patients.

Respondents to the survey expressed strong support for patient-centered research, believing (at a rate of about 90%) that it would benefit patients and clinicians, as well as (at a rate of about 80%) researchers. Those IRBs who tried out patient-centered research were especially enthusiastic, likely to say that it improved the quality of research results.

But IRB heads also openly expressed confusion and frustration about the pressure to include patients in the “non-traditional” roles listed earlier. Some of their reactions were productive: for instance, large majorities of respondents called on the federal government to provide standards, guidelines, and training for patient engagement. But some of the immediate measures IRBs put in place were irrelevant and even counterproductive. For instance, some required patients to sign informed consent forms, even though these patients were not the subjects of trials and therefore had no reason to need to consent. As patient advocate Jane Perlmutter pointed out, patients in non-traditional roles don’t require protection but require training to ensure that they protect the subjects of the research.

Perlmutter emphasized the importance of financial compensation. Without it, researchers will recruit mostly unemployed patients with independent incomes. To reach out to multiple ethnic groups, age ranges, and economic strata, payment must be offered for the work performed.

Unfortunately, I didn’t see much at Friday’s conference about topics directly related to health IT, such as privacy and ownership of data. Researcher Luke Gelinas mentioned that patient-centered research is more likely to use sensors, networking, social media, and other modern technology than more traditional research, and that these raise issues of informed consent, privacy, and ownership of data.

On the whole, the Petrie-Flom researchers thought there was no need for a whole new approach. But they are working on several recommendations to improve the current situation. In summary, the takeaways I derived from the symposium include:

  • The value of patient-centered research is widely appreciated, and its benefits have been demonstrated where it has been tried.
  • However, progress implementing patient-centered research is slow.
  • Training for patients in non-traditional roles is required, but not so much as to be daunting and make it difficult to participate.
  • Researchers have not devoted enough effort to diversity.
  • Governments can offer support in typical ways, such as setting standards and funding programs.

I also predict that the growth of patient-centered research will place additional strains on IT systems. Bringing in new team members in scattered environments will require multiple systems to interact without friction. Data will need to be segmented and released carefully to just the right people. Interfaces will have to be intuitive (if such a thing exists) and easy to use without much training and without risk of errors. So the field has its work cut out.

A Missed Opportunity For Telemedicine Vendors

Posted on June 29, 2018 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she's served as editor in chief of several healthcare B2B sites.

Today, most direct-to-consumer telemedicine companies operate on a very simple model.

You pay for a visit up front. You talk to the doctor via video, the doctor issues as a prescription if needed and you sign off. Thanks to the availability of e-prescribing options, it’s likely your medication will be waiting for you when you get to the pharmacy.

In my experience, the whole process often takes 45 minutes or less. This beats the heck out of having to wait in line at an urgent care center or worse, the emergency department.

But what about caring for chronic illnesses that can’t be managed by a drive-by virtual visit? Can telemedicine vendors play a role here? Maybe so.

We already know that combining telemedicine with remote monitoring devices can be very effective. In fact, some health systems have gone all-in on virtual chronic care management.

One fascinating example is the $54 million Mercy Virtual Care Center, which describes itself as a “hospital without beds.” The Center, which has a few hundred employees, monitors more than 3,800 remote patients; sponsors a telehealth stroke program offering neurology services to EDs nationwide; manages a team of virtual hospitalists caring for patient around-the-clock using virtual visit tools; and runs Mercy SafeWatch, which the Center says is the largest single-hub electronic intensive care unit in the U.S.

Another example of such hospital-based programs is Intermountain Healthcare’s ConnectCare Pro, which brings together 35 telehealth programs and more than 500 clinicians. Its purpose is to supplement existing staffers and offer specialized services in rural communities where some of the services aren’t available.

Given the success of programs that maintain complex patients remotely, I think a private telemedicine company managing chronic care services might work as well. While hospitals have financial reasons to keep such care in-house, I believe an outside vendor could profit in other ways. That’s especially the case given the emergence of wearable trackers and smartwatches, which are far cheaper than the specialized tools needed in the past.

One likely buyer for this service would be health plans.

I’ve heard some complain publicly that in essence, telemedicine coverage just encourages patients to access care more often, which defeats the purpose of using it to lower healthcare costs. However, if an outside vendor offered to manage patients with chronic illnesses, it might be a more attractive proposition.

After all, health plans are understandably wringing their hands over the staggering cost of maintaining the health of millions of diabetics. In 2017, for example, the average medical expense for people diagnosed with diabetes was about $16,750 per year, with $9,600 due to diabetes. If health plans could lay the cost off to a specialized telemedicine vendor, some real savings might be possible.

Of course, being a telemedicine-based chronic care management company would be far different than offering direct-to-consumer telemedicine services on an occasional basis. The vendor would have to have comprehensive health data management tools, an army of case managers, tight relationships with clinicians and a boatload of remote monitoring devices on hand. None of this would come cheaply.

Still, while I haven’t fully run the numbers, my guess is that this could be a sustainable business model. It’s worth a try.

Investors Competing For Health IT Opportunities

Posted on June 28, 2018 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she's served as editor in chief of several healthcare B2B sites.

A new study has concluded that investors are hungry for health IT investment opportunities, in some cases battling competitors for particularly attractive companies. The report concluded that investment firms see health IT as a lower-risk way to get a cut of the healthcare market than other possible targets.

The analysis by Bain & Company, which looks at 2017 numbers, said that the number of health IT investment deals completed last year rose to 32 from 23 in 2016.

The value of disclosed deals fell from $15.5 billion in 2016 to $1.9 billion in 2017. This is not a sign of weakness in the sector, however. The 2016 deals volume was pumped up by two megadeals (acquisitions of MultiPlan and Press Ganey), which were valued collectively at $9.9 billion. Meanwhile, in 2017 only one deal exceeded $800 million.

Deal counts and volume aside, there’s no question that investors are still very interested in acquiring or taking a stake in health IT companies, Bain reports. According to its study, there are many good reasons for their excitement.

“Investors find HCIT target attractive not only because HCIT companies play a vital role in promoting technology adoption in healthcare but also because they bear less of the direct reimbursement and regulatory risk that affect other healthcare sectors,” the report says. “With a limited set of scale assets on the market and corporate buyers willing to pay premiums for those that do become available, valuations remain high and competition intense.”

The report notes that most of the health IT buyouts in 2017 involved biopharma investments, particularly among companies using IT solutions and advanced analytics to streamline development a testing of drugs. Such deals include the buyout of Certara, which offers decision support technology for optimizing drug development, and Bracket, which sells technology for managing clinical trials.

However, investors were also interested in EMR and practice management vendors. Given that just a handful of big vendors block of the market for hospital IT, they looked elsewhere.

In particular, investment firms were interested in consolidating some of the many vendors selling ambulatory care EMRs platforms supporting specialties like gastroenterology. For example, investors picked up a $230 million stake in Modernizing Medicine, which offers EMR and practice management systems for specialties such as dermatology and ophthalmology, Bain said.

In the future, investors will gain interest in revenue cycle management software. In addition to investing in or acquiring RCM tools for providers, investors may target RCM software helping patients pay their bills. For example, private equity firm Frontier Capital bought a majority stake in medical card company AccessOne last year.

Bain also predicts that Investors will pay growing attention to clinical decision support platforms, driven in part by legislation requiring doctors to use clinical decision support tools before ordering complex diagnostic imaging of Medicare patients.

In addition, investment firms are keeping their eye on population health management software vendors. It’s not clear yet which companies will dominate the sector, and how these platforms will evolve, so dealmakers are hanging back. Still, within a few years they may well begin to throw money at PHM companies.

An Interesting Overview Of Alphabet’s Healthcare Investments

Posted on June 27, 2018 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she's served as editor in chief of several healthcare B2B sites.

Recently I’ve begun reading a blog called The Medical Futurist which offers some very interesting fare. In addition to some intriguing speculation, it includes some research that I haven’t seen anywhere else. (It is written by a physician named Bertalan Mesko.)

In this case, Mesko has buried a shrewd and well-researched piece on Alphabet’s healthcare investments in an otherwise rambling article. (The rambling part is actually pretty interesting on its own, by the way.)

The piece offers a rather comprehensive update on Alphabet’s investments in and partnerships with healthcare-related companies, suggesting that no other contender in Silicon Valley is investing in this sector heavily as Alphabet’s GV (formerly Google Ventures). I don’t know if he’s right about this, but it’s probably true.

By Mesko’s count, GV has backed almost 60 health-related enterprises since the fund was first kicked off in 2009. These investments include direct-to-consumer genetic testing firm 23andme, health insurance company Oscar Health, telemedicine venture Doctor on Demand and Flatiron Health, which is building an oncology-focused data platform.

Mesko also points out that GV has had an admirable track record so far, with five of the companies it first backed going public in the last year. I’m not sure I agree that going public is per se a sign of success — a lot depends on how the IPO is received by Wall Street– but I see his logic.

In addition, he notes that Alphabet is stocking up on intellectual resources. The article cites research by Ernest & Young reporting that Alphabet filed 186 healthcare-related patents between 2013 and 2017.

Most of these patents are related to DeepMind, which Google acquired in 2014, and Verily Life Sciences (formerly Google Life Sciences). While these deals are interesting in and of themselves, on a broader level the patents demonstrate Alphabet’s interest in treating chronic illnesses like diabetes and the use of bioelectronics, he says.

Meanwhile, Verily continues to work on a genetic data-collecting initiative known as the Baseline Study. It plans to leverage this data, using some of the same algorithms behind Google’s search technology, to pinpoint what makes people healthy.

It’s a grand and somewhat intimidating picture.

Obviously, there’s a lot more to discuss here, and even Mesko’s in-depth piece barely scratches the surface of what can come out of Alphabet and Google’s health investments. Regardless, it’s worth keeping track of their activity in the sector even if you find it overwhelming. You may be working for one of those companies someday.

How Nursing Informatics is Changing the Healthcare Landscape – #HITsm Chat Topic

Posted on June 26, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

We’re excited to share the topic and questions for this week’s #HITsm chat happening Friday, 6/29 at Noon ET (9 AM PT). This week’s chat will be hosted by Cathy Turner (@MEDITECH_Nurses) and Ashley Dauwer (@amariedauwer) from @MEDITECH on the topic of “How Nursing Informatics is Changing the Healthcare Landscape.”

When it comes to treating patients, there is one constant: the critical role that nurses play in delivering quality care. As care becomes more complex and stretches far beyond the acute hospital walls, nursing roles will continue to evolve. The nursing informaticist role emerged at the unique junction between healthcare and technology. Nursing informaticists are essential because they serve as an advocate between nurses directly caring for patients and information technology experts, helping to implement and optimize information technology to transform healthcare.

Two weeks ago hundreds of nurses convened at MEDITECH’s annual Nurse Forum. Year after year I am impressed with how our community of nurses come together to discuss how new technologies can address challenges and obstacles facing nurses today. It’s important for nurses to leverage events and social media to network, share successes, and demonstrate how they are embracing technology to impact patient care.

Resources:

Join us for a lively discussion at this week’s #HITsm chat as we explore these themes and discuss the following questions:

T1: What is nursing informatics and what does it mean to you? #HITsm

T2: How are nursing informaticists influencing changes in healthcare? #HITsm

T3: What technologies are improving patient care and nursing workflows? #HITsm

T4: What tips or advice do you have for new nursing informaticists? #HITsm

T5: How can social media help nurses in their healthcare career? #HITsm

Bonus: For the nurses, who is your biggest inspiration and why? For the non-nurses, name a nurse that inspires you and why. #HITsm

Upcoming #HITsm Chat Schedule
7/6 – What’s the Future of Patient Communication?
Hosted by Lea Chatham (@LeaChatham)

7/13 – TBD
Hosted by TBD

7/20 – TBD
Hosted by Jared Jeffery (@Jk_Jeffery)

We look forward to learning from the #HITsm community! As always, let us know if you’d like to host a future #HITsm chat or if you know someone you think we should invite to host.

If you’re searching for the latest #HITsm chat, you can always find the latest #HITsm chat and schedule of chats here.