Medical innovations have accelerated worldwide due to the COVID-19 pandemic. According to a study on NCBI, the process is normally costly and time-consuming due to factors like regulatory approvals, clinical trial testing, and conflicts among stakeholders. However, the pandemic has caused a shift in priorities, putting health first and profit second. This has resulted in various innovations, from the use of drones for medical supply delivery to everything under telehealth.
But because of the rapid innovations and restrictive rules, it may be difficult to make your products stand out. Since people are spending more time indoors, the way to do it is to market your innovations digitally.
3D printing is a relatively new type of technology that allows for the literal creation of a 3D product based on the dimensions entered on a computer. It has assisted the technological and engineering industry in more ways than one can say, but it has also proven to be beneficial within the medical industry. Those who work in medical device manufacturing have found that 3D printers have been able to change lives and increase patient longevity. You can read more below about how these 3D medical devices will be the next big breakthrough in the healthcare industry, especially as their uses continue to grow.
The Coronavirus pandemic has presented before the world a crisis of the scale never observed before. Indeed, the depth and pace of disruption caused due to this health emergency is creating unparalleled challenges for economies and societies across the globe. This is especially explicit on the frontlines of healthcare delivery.
Healthcare is evolving in a lot of ways, and in some cases fairly rapidly. Within this evolution, a lot of the changes we’re seeing have to do with making patient care somewhat more flexible, and enabling professionals to help their patients outside of traditional settings. And to be clear, this is a positive change that was in effect in numerous ways before the COVID-19 pandemic.
If you’re looking to drive leads with healthcare content, your timing couldn’t be better. Healthcare is an incredibly personal topic that continues to attract huge amounts of traffic and high engagement. In fact, Google gets over 1 billion health-related questions every day. That translates into 70,000 requests each minute - around 7 percent of all daily searches.
Technology has completely transformed the majority of industries worldwide over the last few decades. The onset of modern and innovative technological advancements have made a noteworthy difference in the medical field and has made telemedicine a game-changing way to serve people.
We wanted to help out by providing you with a few resources to help determine which areas have already opened to resume elective surgery. How amazing it would be if we could simply provide you with a yes-or-no chart of which states had resumed and which not, but of course reality is much more complicated than that!
Social selling, empathy, and emotional intelligence are tossed around often in a sales context. It’s also not always clear what to do with these terms, since they refer to broad psychological concepts. However, they’re all important, were so even before COVID-19. In this article, let’s talk about some specific principles and actionable takes on how to be a more socially aware sales team, from sales prospecting to closing.
Hospitals and doctors have seen significant portions of their revenue dry up as non-essential, elective procedures are appropriately halted amid the coronavirus pandemic. However, oftentimes elective procedures are sources of profit that help a hospital cover fixed costs, subsidize other unprofitable service lines and otherwise stay out of the red.
Fear not, demand for elective procedures is unlikely to disappear over the longer term. When the coronavirus pandemic is contained, plenty of patients will be looking to re-book or schedule their elective procedures.
However, in the near term, the disruption will be substantial. The longer hospitals have to defer revenue generating procedures, the more red ink they will face. These next few months are critical for a hospital or health system. A facility’s ability to manage through the pandemic will inform whether they are around to eventually deliver those non-essential services in the future and how quickly they can ramp back up and return to normal.
A look back at MedTech innovations underscores the integral role that technology has played in healthcare and better patient outcomes. But what comes next? Technological advancements and MedTech innovation at the end of the last decade have set the stage for a new level of care in the 2020s. Here are just a few examples of how technology is making treatment and healthcare delivery more effective:
Historically, when hospitals needed information or data points for analysis, practitioners or researchers pored through books or searched through logs or documentation in file rooms. Hospital databases make it much easier for healthcare professionals to find the information they’re looking for and to use that data in beneficial ways.
Here is a sampling of some of hospital databases your MedTech customers and prospects are using for research, education, benchmarking, and inspiring innovative ways to provide care.
Advances in technology provide businesses and organizations with new functionality, the ability to streamline processes, and greater efficiency. Tech solutions also generate massive amounts of data. This big data holds the key to intelligent decision-making, more accurate forecasting, and even smart systems that can learn and take action on their own. To unlock those benefits, however, businesses first need to overcome the challenges associated with establishing a big data analysis process.
Biomaterials science can provide many components for medical devices that can save lives or improve the quality of life for patients. Some of these devices include heart valves, orthopedic prostheses, and intraocular lenses. These devices all interact with biological systems within the body. There has been substantial investment in this area to develop the next generation of medical devices to help with injuries and chronic diseases.
Media headlines about vaping lung injuries are dominating the news, with all 50 states currently reporting cases. While there have always been warnings about the dangers of vaping, new instances of injury have now prompted the U.S. Centers for Disease Control and Prevention (CDC) to issue new advisories during what some would call a public health crisis.
As of December 3, 2019, 2,291 cases of vaping related lung injury have been reported, including 48 deaths. Additional deaths that could be linked to vaping are under investigation.
One question that MedTech sales and marketing teams definitely need to be prepared to answer is, “If our hospital uses your system, how will it impact our costs and reimbursement?” Understanding how Medicare and other insurers make decisions about how much to pay a hospital for procedures and patient care will help you accurately answer that question. The Centers for Medicare and Medicaid Services (CMS), under the Social Security Act, bases reimbursements on the Inpatient Prospective Payment System (IPPS), which categorizes cases according to diagnostic-related group (DRG).
MedTech companies may have some questions of their own about hospital DRGs and how CMS uses them to determine reimbursement. Here are five answers you need:
Healthcare organizations continually collect massive volumes of data. These stores of information can help physicians and patients understand risks, focus on prevention rather than reacting to acute conditions, and avoiding undesirable outcomes. Predictive analytics in healthcare applications can turn data into valuable insights.
The concept of using data to determine probable outcomes is not new to healthcare — big data has been a buzzword in the field for years, and physicians have always studied the progression of diseases, patients’ responses to medication and treatments, and warning signs of impending critical conditions. Predictive analytics augments physicians’ knowledge built over lifetimes of practice with instant access to data insights and alerts of potential crises so healthcare practitioners can intervene.
As of 2017, about 59 percent of all hospitals registered in the U.S. were nonprofit, and 21.3 percent were for-profit hospitals, with the remainder state-owned. With nonprofit hospitals outnumbering for-profit hospitals by nearly three to one, it may appear that organizing as a nonprofit clearly has more benefits than choosing a for-profit model. However, there are pros and cons of each type of hospital organization.
Here’s a breakdown of some of the pros and cons for hospital administrators as well as how MedTech sales and marketing professionals can use that information to their advantage.
Since Elon Musk’s tweet characterizing nanotech as “BS,” there’s been a continuing debate about the practical applications of nanotechnology — and where the dividing line between innovation and hype lies. Medical nanotechnology, where there is a great deal of promise, is no exception.
The idea of nanotechnology, technology at nanoscale — about 1 to 100 nanometers, about 0.000001 of the thickness of a sheet of paper — is decades old. Nano.gov points out that physicist Richard Feynman included the concepts behind nanotechnology in a presentation at the American Physical Society meeting at CalTech in 1959. In his talk, he described a process that would enable manipulating and controlling individual atoms and molecules.
Since the integration of technology and medicine, MedTech has had no shortage of interested investors. Medtech is a broad industry comprised of many different types of solutions, including medical device startups, biopharma, and healthcare IT. Medtech investors come from a variety of sources. What they have in common is a vision that medicine and technology can do great things together.
These MedTech venture partners have been able to raise substantial amounts of money. Medical device companies alone raised $2.9 billion in 2018, besting the previous year’s $2.8 billion. The U.S. medical device market, the largest in the world, is anticipated to reach $173 billion in 2019. This hunger for opportunity means there will be more investments to those with innovative ideas. But where does MedTech investment money come from? Typically, from MedTech venture partners, which may dabble in several industries or focus solely on healthcare.
Here are the top MedTech investors that you should have your eye on.
The healthcare industry is making a fundamental shift in how physicians and hospitals provide care and receive payment for it. The fee-for-service or volume-based care model will give way to the value-based care model.
Before the Affordable Care Act (ACA), physicians and healthcare facilities almost exclusively billed Medicare or insurers for the individual services they provided — each appointment, each test, each procedure. With that fee-for-service model, however, there is more potential reward for physicians who provide the greatest number of services, not necessarily for those that provide care that results in the best patient outcomes. Stakeholders in organizations paying for healthcare realized that they were spending more, but patient outcomes weren’t necessarily better.
The value-based care model, however, bases payment to physicians and healthcare facilities based on performance. Healthcare providers are rewarded with incentives for better patient outcomes, fewer readmissions or complications, and providing care in the most cost-effective way.
As a MedTech marketer or sales professional, you know that selling to a hospital can often mean dealing with a larger organization. Between 72 percent and 80 percent of hospitals and nursing homes’ non-labor expenditures are through group purchasing organizations (GPOs) and integrated delivery networks (IDNs).
Ground-breaking advances in prosthetics and orthotics are giving patients capabilities that few people imagined a decade ago. The goal is no longer to simply replace a limb or correct biomechanical issues. Research in prosthetics and orthotics advancements is aiming for people to use artificial limbs just as anyone uses their arms or legs.
These seven advances in prosthetics and orthotics are promising greater functionality and improved quality of life:
Concerns over medical device shortages are again at the forefront for providers and for health professionals. Though there are always worries over the availability of certain types of medical technology, the current, looming crisis began with state environmental protection agencies issuing orders for sterilization facilities to stop using ethylene oxide (EtO) in their processes.
November is National Diabetes Month. Diabetes is a chronic disease that continues to be an epidemic in the U.S. According to the Centers for Disease Control (CDC), approximately 9.4% of the country’s population (equivalent to around 30.3 million people) have diabetes. Those afflicted with the disease suffer complications, and it is currently the seventh leading cause of death in the U.S. As with any disease, technology has the potential to make an impact in diabetes treatment. Diabetes technology could provide significant advantages to those afflicted with it and the clinicians who treat them.