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Medical Device OEMs are Starting to Share the Responsibilities of Patient Outcomes and Profit Margins with Providers
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Servicization of healthcare with innovative Platform-as-a-Service (PaaS) and Data-as-a-Service (DaaS) models are opening new revenue streams for medical device OEMs and are driving the future sustainability. Focus on Healthcare:As the focus of providers shift from treatment to diagnosis, prevention, and monitoring, PaaS and DaaS are expected to provide the required insights on patient management and operational effectiveness necessary for the providers. With the emergence of Affordable Care Organization (ACOs) and value-based reimbursement models, the financial risk is shifting from payers to providers and providers are in turn shifting the risk on medical device original equipment manufacturers (OEMs) to provide affordable and quality solutions.The Need of the Hour: Through new services and product solutions such as such as telehealth and remote patient monitoring, medical device OEMs are striving to provide cost-effective solutions that are expected to improve the long-term profitability of both providers and OEMs as well as that of payers and patients. Digitization of products, services, and care delivery models are set to transform the current healthcare systems, unlocking new values by displacing high cost care providers and previously inaccessible segments. More and more medical device OEMs are coming out with new digital health based products and services and these technologies and services are expected to drive the patient management and performance of providers through an intelligent, intuitive, and data-driven approach. Increased information access, awareness, and digital health technologies have not only empowered OEMs and providers but also empowered patients, thereby allowing increase in patient participation and helping patients manage their own health. Companies are incorporating socially beneficial elements into their business models that allow providers, payers, and consumers to drift toward such companies that help them improve their lives in a mutually beneficial way. Hospitals are taking initiatives to reduce the procurement costs and inpatient admission and emphasizing more on increasing outpatient and home healthcare as a part of their cost-containment strategy and patient outcome improvement programs. Hospitals are seeking to provide high-quality care at affordable costs by improving efficiencies and judicious management of manpower and resources. This is one focus area where providers need support from OEMs, which provides huge opportunities for OEMs, especially in saturated markets such as Cardiac Rhythm Management, Orthopedic Implants, etc. Further, to address the need of hospitals in providing value and efficiency in departments, OEMs are acquiring capabilities and turning data into actionable insights and creating service oriented future revenue streams.
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