Amid rising health care costs, a growing number of businesses and providers in the health care system are looking to technology companies for solutions to increase efficiency and potentially reduce costs. Whether by simple digital innovations, such as remote monitoring or wearable devices, or more advanced and complex platforms that allow better management of health care processes, technology has the potential to change the system significantly by lowering costs, reducing spending, and improving overall standards of care. It is with this goal in mind that many leading health care technology service companies, such as Cerner Corporation (CERN), Salesforce.com, Inc. (CRM), ORHub, Inc. (ORHB) (ORHub Profile), Teladoc, Inc. (TDOC), and Veeva Systems, Inc. (VEEV), are working to provide state-of-the-art services built around a new, more efficient, value-based care model.
It is estimated that annual health care costs in the United States amount to more than $3 trillion a year, or roughly 17 percent of the GDP. According to Harvard Business Review data from late 2015, waste in health care spending is at about $1 trillion, much of which could be prevented by improving the overall care process, including more standardized billing and collection measures, compliance, oversight, and the standardization of best practices. Implementing a more efficient, value-based model nationwide, as opposed to the prevalent fee-for-service system, would also help reduce costs and waste and make the entire health care industry more effective.
With a strong commitment to the value-based model, ORHub’s (ORHB) technology allows for significant decreases in cost and improvement in outcomes by eliminating inefficiencies, duplication of effort, and errors and omissions that result from siloed processes in software and poor handoffs from one part of the care process to another. The company’s software is 100 percent cloud-based and proprietary, and it is designed to eliminate limitations and mistakes associated with manual processes and poor handoffs, as well as to streamline tasks, create automatic records, and allow quick data comparisons to determine the most appropriate surgical and implant fit for each and every patient. This ultimately ensures that the health care provider can offer the best possible care, with minimal mistakes or risks, while the patient will benefit from the best and most cost-effective surgical solution available.
ORHub’s platform is already in daily use at a regional hospital in Southern California and in a prominent non-profit hospital system. ORHub also has plans to run three more pilot programs before officially launching its technology nationwide. ORHub projects that its surgical care management software can ultimately help reduce annual health care spending in the United States by $250 billion.
Salesforce.com’s (CRM) approach to health care technology is its Health Cloud solution, which focuses on the entire health care process and patient-care provider relationship. The Health Cloud’s main goal is to give health care professionals the tools they need to collaborate more efficiently and better understand their patients’ needs, so that they can ultimately build stronger relationships. The cloud’s functionality was recently expanded to also help users manage risks, resources, and outreach in more intelligent ways.
Another cloud-based health care technology provider dedicated to the value-based model, Cerner (CERN) offers a rich portfolio of clinical and financial health care IT solutions, as well as management and operational tools to make health care providers more efficient and help them to deliver the best care, with the best outcomes at the most optimal costs. The company’s products are built around the proprietary Cerner Millennium architecture, with the cloud-based HealtheIntent platform arguably its flagship product. Cerner’s technologies connect people, systems and information at over 25,000 health care provider facilities around the world.
Veeva Systems (VEEV) is another leading provider of industry cloud software and data solutions, with a focus on customer relationship management tools designed to help biotechnology and pharmaceutical companies market their products to health care professionals and organizations. With a strong commitment to customer success, product excellent and innovation, Veeva has hundreds of customers worldwide, including some of the largest pharmaceutical and biotechnology companies.
Focusing primarily on telehealth and telemedicine options as a means to improve health care in general while also reducing spending, Teladoc (TDOC) connects patients with medical professionals via mobile devices, Internet, video and phone to offer them access to information and medical advice for a wide range of conditions ranging from respiratory infections and urinary infections to dermatological conditions, anxiety and more. The company serves about 7,500 health care organizations and has millions of members who can connect with a network of more than 3,000 licensed medical professionals for remote, personalized care.
Though diverse in delivery and function, today’s leading health care technology companies are collectively pioneering a significant shift in the management of health care processes to lower costs, reduce spending, and improve overall standards of care.
For more information on ORHub, Inc. please visit: ORHub, Inc. (ORHB)
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