Digital innovation, no matter the sector, relies on scalable, secure and interoperable technological infrastructure.
\nWithin healthcare, where innovation is often spoken about but rarely fully realized at scale, those needs are crucial to transforming \u2014 and standardizing \u2014 the way care and research are delivered and experienced.
\n\u201cThere is so much disparity between one geography to another in the way healthcare is delivered,\u201d Dr. Mert Aral, chief medical officer at Huma, told PYMNTS\u2019 CEO Karen Webster.
\nBut if technology can revolutionize navigation through globally accessible tools like Google Maps, which offers the same high-quality experience regardless of location, why can\u2019t it do the same for healthcare?
\nThat\u2019s the pressing question Huma was founded to answer in 2011, Aral explained, and he noted that the main challenge facing the field is that, because healthcare and life sciences are two sectors deeply entrenched in traditional practices, their transformation requires a significant shift in incumbent mindset.
\nThe ongoing landscape realities mean that, despite the clear benefits, adoption has been hampered by the complexity and fragmentation of existing systems. The integration of digital tools and technologies can often be slow, hampered by a lack of interoperability, insufficient data and the entrenched reluctance of clinical teams and researchers to adopt new systems.
\nAral likened the situation to trying to rebuild a house from scratch while still living in it. The core infrastructure needed for digitalization at scale is still largely absent, making the widespread adoption of technologies like artificial intelligence (AI) and generative AI (GenAI) a formidable task. In the U.S., for example, he noted that the adoption of electronic medical records required significant government intervention.
\nBut that doesn\u2019t mean the transformative potential of digital health technologies is impossible. Rather, broad adoption, while slow and challenging, is shaping up to be almost inevitable.
\n\u201cWe are trying to accelerate the adoption of digitalization within healthcare,\u201d Aral said. \u201cThe reality of the situation is that 99% of your time is outside of the four walls of the hospital \u2014 how can we bridge that gap to get better visibility on patients, to know how they\u2019re responding to treatments in real time? How can we intervene earlier? How can we be more proactive and see the right patient at the right time, rather than waiting for them to deteriorate?\u201d
\nThat\u2019s why, over the past decade, Huma has focused on building a foundational layer of technological infrastructure designed to support a range of digital health solutions, from population health screening to remote patient monitoring and digital clinical trials.
\nAral noted that Huma\u2019s platform has been implemented in over 3,000 hospitals, with millions of active patients benefiting from its solutions. Demonstrating improved outcomes, increased capacity and new revenue streams for providers is what helps drive adoption, he said.
\nOne of the more significant milestones for Huma was the launch of the Huma Cloud platform. This platform, which took years and significant resources to develop, aims to enable other stakeholders in the healthcare ecosystem to build on Huma\u2019s foundation, thereby accelerating the development and deployment of digital health solutions.
\n\u201cIn order for this to have true impact, we need much bigger scale than what we can achieve on our own as a company,\u201d said Aral, emphasizing that all stakeholders, including patients, providers, payers, pharmaceutical companies and governments, must see tangible benefits.
\nRead more: Huma Gets $80 Million to Build \u2018Shopify for Digital Health\u2019
\nBy offering a disease-agnostic platform approved by the FDA, Huma enables health systems to build and deploy a wide range of health solutions using the same foundational technology. This flexibility and scalability are critical for addressing diverse healthcare needs and expanding the reach of digital health solutions.
\nAral said he envisions a future where Huma\u2019s platform powers a global network of healthcare applications, continuously improving through the integration of new diagnostic tools and data-driven insights. This vision aligns with the broader trend toward personalized, proactive healthcare, where technology empowers patients and providers alike.
\nA prime example of Huma\u2019s innovative approach is their asthma disease management solution in the U.S., developed in collaboration with AstraZeneca. The challenge was clear: how to identify patients who could benefit from advanced treatments more quickly and efficiently. Traditionally, this process is slow, as it relies on sporadic doctor visits and snapshot data.
\nAral explained that Huma\u2019s solution leverages continuous remote monitoring, using spirometry devices, wearables and an intuitive app to gather real-time data on patients\u2019 conditions. This approach, he said has significantly reduced the time to treatment optimization, benefitting patients, providers and pharmaceutical companies.
\nPatients receive timely interventions and personalized care, providers gain a new revenue stream through reimbursement codes for remote patient monitoring, and pharmaceutical companies can more effectively reach patients who need their treatments.
\nBy addressing systemic challenges and building a robust technological foundation, it is possible to pave the way for a new era of healthcare delivery and research.
\nThe post Huma\u2019s 13-Year Journey to Creating a Global Healthcare Network appeared first on PYMNTS.com.
\n", "content_text": "Digital innovation, no matter the sector, relies on scalable, secure and interoperable technological infrastructure.\nWithin healthcare, where innovation is often spoken about but rarely fully realized at scale, those needs are crucial to transforming \u2014 and standardizing \u2014 the way care and research are delivered and experienced.\n\u201cThere is so much disparity between one geography to another in the way healthcare is delivered,\u201d Dr. Mert Aral, chief medical officer at Huma, told PYMNTS\u2019 CEO Karen Webster.\nBut if technology can revolutionize navigation through globally accessible tools like Google Maps, which offers the same high-quality experience regardless of location, why can\u2019t it do the same for healthcare?\nThat\u2019s the pressing question Huma was founded to answer in 2011, Aral explained, and he noted that the main challenge facing the field is that, because healthcare and life sciences are two sectors deeply entrenched in traditional practices, their transformation requires a significant shift in incumbent mindset.\nThe ongoing landscape realities mean that, despite the clear benefits, adoption has been hampered by the complexity and fragmentation of existing systems. The integration of digital tools and technologies can often be slow, hampered by a lack of interoperability, insufficient data and the entrenched reluctance of clinical teams and researchers to adopt new systems.\nAral likened the situation to trying to rebuild a house from scratch while still living in it. The core infrastructure needed for digitalization at scale is still largely absent, making the widespread adoption of technologies like artificial intelligence (AI) and generative AI (GenAI) a formidable task. In the U.S., for example, he noted that the adoption of electronic medical records required significant government intervention.\nTransforming Care Delivery and Research\nBut that doesn\u2019t mean the transformative potential of digital health technologies is impossible. Rather, broad adoption, while slow and challenging, is shaping up to be almost inevitable.\n\u201cWe are trying to accelerate the adoption of digitalization within healthcare,\u201d Aral said. \u201cThe reality of the situation is that 99% of your time is outside of the four walls of the hospital \u2014 how can we bridge that gap to get better visibility on patients, to know how they\u2019re responding to treatments in real time? How can we intervene earlier? How can we be more proactive and see the right patient at the right time, rather than waiting for them to deteriorate?\u201d\nThat\u2019s why, over the past decade, Huma has focused on building a foundational layer of technological infrastructure designed to support a range of digital health solutions, from population health screening to remote patient monitoring and digital clinical trials.\nAral noted that Huma\u2019s platform has been implemented in over 3,000 hospitals, with millions of active patients benefiting from its solutions. Demonstrating improved outcomes, increased capacity and new revenue streams for providers is what helps drive adoption, he said.\nOne of the more significant milestones for Huma was the launch of the Huma Cloud platform. This platform, which took years and significant resources to develop, aims to enable other stakeholders in the healthcare ecosystem to build on Huma\u2019s foundation, thereby accelerating the development and deployment of digital health solutions.\n\u201cIn order for this to have true impact, we need much bigger scale than what we can achieve on our own as a company,\u201d said Aral, emphasizing that all stakeholders, including patients, providers, payers, pharmaceutical companies and governments, must see tangible benefits.\nRead more: Huma Gets $80 Million to Build \u2018Shopify for Digital Health\u2019\nBy offering a disease-agnostic platform approved by the FDA, Huma enables health systems to build and deploy a wide range of health solutions using the same foundational technology. This flexibility and scalability are critical for addressing diverse healthcare needs and expanding the reach of digital health solutions.\nAral said he envisions a future where Huma\u2019s platform powers a global network of healthcare applications, continuously improving through the integration of new diagnostic tools and data-driven insights. This vision aligns with the broader trend toward personalized, proactive healthcare, where technology empowers patients and providers alike.\nA prime example of Huma\u2019s innovative approach is their asthma disease management solution in the U.S., developed in collaboration with AstraZeneca. The challenge was clear: how to identify patients who could benefit from advanced treatments more quickly and efficiently. Traditionally, this process is slow, as it relies on sporadic doctor visits and snapshot data.\nAral explained that Huma\u2019s solution leverages continuous remote monitoring, using spirometry devices, wearables and an intuitive app to gather real-time data on patients\u2019 conditions. This approach, he said has significantly reduced the time to treatment optimization, benefitting patients, providers and pharmaceutical companies.\nPatients receive timely interventions and personalized care, providers gain a new revenue stream through reimbursement codes for remote patient monitoring, and pharmaceutical companies can more effectively reach patients who need their treatments.\nBy addressing systemic challenges and building a robust technological foundation, it is possible to pave the way for a new era of healthcare delivery and research.\nThe post Huma\u2019s 13-Year Journey to Creating a Global Healthcare Network appeared first on PYMNTS.com.", "date_published": "2024-07-29T04:02:13-04:00", "date_modified": "2024-07-28T23:37:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Huma-AI-healthcare-digital-transformation.png", "tags": [ "AI", "artificial intelligence", "digital transformation", "Featured News", "GenAI", "generative AI", "Healthcare", "HealthTech", "Huma", "Innovation", "Mert Aral", "News", "PYMNTS News", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2016687", "url": "https://www.pymnts.com/healthcare/2024/amazon-launches-ai-collaboration-with-ge-healthcare/", "title": "Amazon Launches AI Collaboration With GE HealthCare", "content_html": "GE HealthCare is teaming with Amazon to help clinicians improve diagnoses using artificial intelligence (AI).
\nThe partnership between GE and Amazon\u2019s Amazon Web Services (AWS) division, announced Thursday (July 25), comes as AI continues to make inroads into the health sector.
\nIn this case, GE HealthCare will use AWS as its cloud provider, with plans to use the company\u2019s healthcare and generative AI services to increase diagnostic and screening accuracy, improve outcomes, provide greater access and equitable care, the company said in a news release.
\nGE will use Amazon Bedrock, a managed service that provides secure access to the industry\u2019s leading foundation models, to create and deploy \u201cbespoke generative AI applications,\u201d the release said.
\nThe company will also use Bedrock to build its own generative AI applications for healthcare to enhance efficiency and care, GE added.
\n\u201cWith AWS, GE HealthCare plans to use the cloud to deliver more personalized, intelligent and efficient care,\u201d said Matt Garman, CEO of AWS. \u201cGE HealthCare is putting generative AI at the heart of their innovation, accelerated by the investments we have made in healthcare-specific cloud services and generative AI capabilities that provide best-in-class security, data privacy and access to the latest state-of-the-art foundation models.\u201d
\nThe partnership is happening at a moment when AI is making waves in the medical world, with new studies showing the technology\u2019s promise in predicting eye treatment complications, analyzing heart MRIs and developing RNA-based drugs.
\n\u201cWhile specialized healthcare AI models demonstrate potential, research also cautions against relying on general-purpose AI chatbots for clinical decision-making, highlighting the need for tailored solutions in critical medical applications,\u201d PYMNTS wrote recently.
\nThe eye treatment study was conducted by researchers from Emory University and Cleveland Clinic, who developed a machine-learning model that examines eye scans to find patients at risk of inflammatory responses to common treatment for age-related macular degeneration (AMD).
\nThe AI model, which analyzed optical coherence tomography (OCT) scans, showed accuracy rates of up to 81% in spotting patients likely to develop a certain post-treatment complication.
\nMeanwhile, a study by healthcare AI firm Atropos found that popular chatbots like ChatGPT falter in clinical decision-making. Atropos tested five large language models and found they provided relevant information only 2% to 10% of the time.
\nThe post Amazon Launches AI Collaboration With GE HealthCare appeared first on PYMNTS.com.
\n", "content_text": "GE HealthCare is teaming with Amazon to help clinicians improve diagnoses using artificial intelligence (AI).\nThe partnership between GE and Amazon\u2019s Amazon Web Services (AWS) division, announced Thursday (July 25), comes as AI continues to make inroads into the health sector.\nIn this case, GE HealthCare will use AWS as its cloud provider, with plans to use the company\u2019s healthcare and generative AI services to increase diagnostic and screening accuracy, improve outcomes, provide greater access and equitable care, the company said in a news release.\nGE will use Amazon Bedrock, a managed service that provides secure access to the industry\u2019s leading foundation models, to create and deploy \u201cbespoke generative AI applications,\u201d the release said.\nThe company will also use Bedrock to build its own generative AI applications for healthcare to enhance efficiency and care, GE added.\n\u201cWith AWS, GE HealthCare plans to use the cloud to deliver more personalized, intelligent and efficient care,\u201d said Matt Garman, CEO of AWS. \u201cGE HealthCare is putting generative AI at the heart of their innovation, accelerated by the investments we have made in healthcare-specific cloud services and generative AI capabilities that provide best-in-class security, data privacy and access to the latest state-of-the-art foundation models.\u201d\nThe partnership is happening at a moment when AI is making waves in the medical world, with new studies showing the technology\u2019s promise in predicting eye treatment complications, analyzing heart MRIs and developing RNA-based drugs.\n\u201cWhile specialized healthcare AI models demonstrate potential, research also cautions against relying on general-purpose AI chatbots for clinical decision-making, highlighting the need for tailored solutions in critical medical applications,\u201d PYMNTS wrote recently.\nThe eye treatment study was conducted by researchers from Emory University and Cleveland Clinic, who developed a machine-learning model that examines eye scans to find patients at risk of inflammatory responses to common treatment for age-related macular degeneration (AMD).\nThe AI model, which analyzed optical coherence tomography (OCT) scans, showed accuracy rates of up to 81% in spotting patients likely to develop a certain post-treatment complication.\nMeanwhile, a study by healthcare AI firm Atropos found that popular chatbots like ChatGPT falter in clinical decision-making. Atropos tested five large language models and found they provided relevant information only 2% to 10% of the time.\nThe post Amazon Launches AI Collaboration With GE HealthCare appeared first on PYMNTS.com.", "date_published": "2024-07-25T11:22:03-04:00", "date_modified": "2024-07-25T11:22:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/AI-healthcare-AWS-Amazon-GE-Healthcare.jpg", "tags": [ "AI", "Amazon", "Amazon Web Services", "artificial intelligence", "AWS", "GE Healthcare", "GenAI", "generative AI", "Healthcare", "HealthTech", "News", "partnerships", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2013241", "url": "https://www.pymnts.com/healthcare/2024/heres-why-the-next-doctor-visit-could-be-with-a-hologram/", "title": "Here\u2019s Why the Next Doctor Visit Could Be With a Hologram", "content_html": "We exist within an era where technology constantly pushes the boundaries of what is possible.
\nAnd it doesn\u2019t appear to be stopping any time soon.
\nThat\u2019s why PYMNTS sat down with Steve Sterling, Managing Director for the Americas at Holoconnects, to unpack the applications of 3D hologram displays, particularly within healthcare.
\nAfter all, Sterling’s own journey from encountering an early prototype of a hologram display to pioneering its application in hospitals encapsulates the profound potential of this technology to enhance patient care and operational efficiency.
\n\u201cI had seen what holograms did with people in entertainment \u2014 the \u2018wow\u2019 factor,\u201d Sterling said, noting that hologram-centric efforts have already borne fruit in the hospitality industry, with installations in 30 hotels across Scandinavia.
\nThese hologram check-in devices, he explained, greet guests with lifelike, pre-recorded avatars, offering maps, customer service and more, all while enhancing guest engagement. Notably, hotel managers observed that younger guests preferred these automated systems over human interaction, highlighting a generational shift towards digital interfaces.
\nBut this application of 3D experiences within hospitality sparked the realization that hologram technology could be harnessed for broader applications beyond mere amusement.
\nThat\u2019s because the true transformative potential of 3D hologram displays, according to Sterling, lies in healthcare.
\nA recent collaboration Holoconnects undertook with Crescent Regional Hospital in Lancaster, Texas, illustrates this vividly. A hologram display installed at the hospital connects patients with doctors at a specialty care clinic 30 miles away, facilitating non-touch wellness visits. The response has been overwhelmingly positive, with patients expressing a sense of engagement akin to an in-person visit.
\nThe success of these hologram displays in healthcare stems from their ability to foster genuine engagement. Sterling emphasized that engagement is a feeling, not just a technology.
\n\u201cThe patient really has a sense of engagement,\u201d he said. \u201cWe\u2019re offering engagement, and we are offering access.\u201d
\nUnlike traditional telehealth, where patients interact with a doctor via a computer screen, hologram displays provide a full-size, high-resolution image of the doctor, creating a more lifelike and reassuring experience. This is particularly valuable for non-touch visits, such as post-operative check-ins or wellness consultations.
\nDoctors, too, benefit from this technology. They save time and effort by avoiding unnecessary travel for routine visits, allowing them to see more patients and operate in a more relaxed environment. This not only enhances their efficiency but also improves the quality of patient interactions.
\n\u201cA doctor at the local hospital can begin to access every range of specialists and the best in their field in this way,\u201d Sterling added, noting this could revolutionize healthcare delivery in areas with limited medical resources, improving patient outcomes and reducing costs.
\nWhile telehealth experienced a significant boost during the pandemic, Sterling acknowledged the challenges it currently faces, particularly regarding payment and insurance coverage. The current healthcare system\u2019s complexity often hinders the adoption of new technologies. However, he remains optimistic that as the benefits of hologram displays become more apparent, the necessary billing processes will evolve to accommodate them.
\nMoreover, the integration of medical diagnostic devices with hologram displays, for which Sterling holds a pending patent, promises to further enhance their utility.
\nAnd Sterling\u2019s vision extends to pharmacies and public spaces, where hologram displays could serve as initial points of contact for patients seeking medical advice. This could alleviate the burden on healthcare facilities and provide timely interventions, potentially preventing minor health issues from escalating into major problems.
\n\u201cThe feeling patients have about their journey of recovery is a very important element to the success of their recovery,\u201d he said.
\nUltimately, the success of 3D hologram displays in healthcare hinges on their ability to enhance the patient experience. Sterling drew a parallel with the hospitality industry\u2019s focus on guest experience, noting that patient satisfaction and engagement significantly impact recovery outcomes. By providing a more engaging and reassuring interaction with healthcare providers, hologram displays can contribute to better patient experiences and, consequently, better health outcomes.
\nAs healthcare continues to evolve, innovations like 3D hologram displays represent a promising frontier. In a future where these technologies become more integrated into healthcare systems, they hold the potential to transform the way we deliver and experience medical care, making high-quality healthcare more accessible, efficient and engaging.
\nThe post Here\u2019s Why the Next Doctor Visit Could Be With a Hologram appeared first on PYMNTS.com.
\n", "content_text": "We exist within an era where technology constantly pushes the boundaries of what is possible.\nAnd it doesn\u2019t appear to be stopping any time soon.\nThat\u2019s why PYMNTS sat down with Steve Sterling, Managing Director for the Americas at Holoconnects, to unpack the applications of 3D hologram displays, particularly within healthcare.\nAfter all, Sterling’s own journey from encountering an early prototype of a hologram display to pioneering its application in hospitals encapsulates the profound potential of this technology to enhance patient care and operational efficiency.\n\u201cI had seen what holograms did with people in entertainment \u2014 the \u2018wow\u2019 factor,\u201d Sterling said, noting that hologram-centric efforts have already borne fruit in the hospitality industry, with installations in 30 hotels across Scandinavia.\nThese hologram check-in devices, he explained, greet guests with lifelike, pre-recorded avatars, offering maps, customer service and more, all while enhancing guest engagement. Notably, hotel managers observed that younger guests preferred these automated systems over human interaction, highlighting a generational shift towards digital interfaces.\nBut this application of 3D experiences within hospitality sparked the realization that hologram technology could be harnessed for broader applications beyond mere amusement.\nLeveraging Hologram Displays in Hospitality and Healthcare\nThat\u2019s because the true transformative potential of 3D hologram displays, according to Sterling, lies in healthcare.\nA recent collaboration Holoconnects undertook with Crescent Regional Hospital in Lancaster, Texas, illustrates this vividly. A hologram display installed at the hospital connects patients with doctors at a specialty care clinic 30 miles away, facilitating non-touch wellness visits. The response has been overwhelmingly positive, with patients expressing a sense of engagement akin to an in-person visit.\nThe success of these hologram displays in healthcare stems from their ability to foster genuine engagement. Sterling emphasized that engagement is a feeling, not just a technology.\n\u201cThe patient really has a sense of engagement,\u201d he said. \u201cWe\u2019re offering engagement, and we are offering access.\u201d\nUnlike traditional telehealth, where patients interact with a doctor via a computer screen, hologram displays provide a full-size, high-resolution image of the doctor, creating a more lifelike and reassuring experience. This is particularly valuable for non-touch visits, such as post-operative check-ins or wellness consultations.\nDoctors, too, benefit from this technology. They save time and effort by avoiding unnecessary travel for routine visits, allowing them to see more patients and operate in a more relaxed environment. This not only enhances their efficiency but also improves the quality of patient interactions.\n\u201cA doctor at the local hospital can begin to access every range of specialists and the best in their field in this way,\u201d Sterling added, noting this could revolutionize healthcare delivery in areas with limited medical resources, improving patient outcomes and reducing costs.\nThe Future of Virtual Health Rests on Applications That Go Beyond Novelty\nWhile telehealth experienced a significant boost during the pandemic, Sterling acknowledged the challenges it currently faces, particularly regarding payment and insurance coverage. The current healthcare system\u2019s complexity often hinders the adoption of new technologies. However, he remains optimistic that as the benefits of hologram displays become more apparent, the necessary billing processes will evolve to accommodate them.\nMoreover, the integration of medical diagnostic devices with hologram displays, for which Sterling holds a pending patent, promises to further enhance their utility.\nAnd Sterling\u2019s vision extends to pharmacies and public spaces, where hologram displays could serve as initial points of contact for patients seeking medical advice. This could alleviate the burden on healthcare facilities and provide timely interventions, potentially preventing minor health issues from escalating into major problems.\n\u201cThe feeling patients have about their journey of recovery is a very important element to the success of their recovery,\u201d he said.\nUltimately, the success of 3D hologram displays in healthcare hinges on their ability to enhance the patient experience. Sterling drew a parallel with the hospitality industry\u2019s focus on guest experience, noting that patient satisfaction and engagement significantly impact recovery outcomes. By providing a more engaging and reassuring interaction with healthcare providers, hologram displays can contribute to better patient experiences and, consequently, better health outcomes.\nAs healthcare continues to evolve, innovations like 3D hologram displays represent a promising frontier. In a future where these technologies become more integrated into healthcare systems, they hold the potential to transform the way we deliver and experience medical care, making high-quality healthcare more accessible, efficient and engaging.\nThe post Here\u2019s Why the Next Doctor Visit Could Be With a Hologram appeared first on PYMNTS.com.", "date_published": "2024-07-19T04:00:21-04:00", "date_modified": "2024-07-18T22:20:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/healthcare-holodoctor.jpg", "tags": [ "Featured News", "Healthcare", "Holoconnects", "holograms", "new", "PYMNTS News", "Steve Sterling", "telehealth" ] }, { "id": "https://www.pymnts.com/?p=2012642", "url": "https://www.pymnts.com/healthcare/2024/jj-medtech-navigates-headwinds-eyes-growth-surge-in-second-half-of-2024/", "title": "J&J MedTech Navigates Headwinds, Eyes Growth Surge in Second Half of 2024", "content_html": "Johnson & Johnson\u2019s (J&J) MedTech arm displayed resilience in its second quarter, navigating inflationary headwinds while prioritizing innovation. The unit, a key driver for J&J, remains committed to full-year growth targets despite temporary setbacks in its vision care business.
\nChallenges arose from distributor adjustments in the contact lens market, leading to destocking. J&J officials expressed confidence in a swift recovery fueled by its innovation pipeline. This focus on innovative solutions propelled a resurgence in the orthopedics business.
\nWhile acknowledging inflation\u2019s impact, the company remains committed to achieving solid growth for the full year. A strategic move further bolstered MedTech\u2019s position: The acquisition of Shockwave Medical. This deal strengthens J&J\u2019s presence in the high-growth cardiovascular intervention market. Shockwave\u2019s minimally invasive IVL technology broadens J&J\u2019s cardiovascular treatment portfolio, offering patients additional options.
\nDuring a Wednesday (July 17) call with analysts to discuss its second-quarter financial results, Joaquin Duato, chairman and CEO of J&J, said he believes MedTech growth will be more in the 5%-6% range during the second half of the year. \u201cI\u2019m energized as we look to the rest of 2024. We\u2019re entering the second half of the year from a position of strength and we\u2019re continuing to bring innovation to the patients we serve.\u201d
\nLooking ahead, Duato exuded optimism due to a robust pipeline, upcoming regulatory approvals for key products, and continued rollout of recently launched offerings that provide a solid foundation for growth. Further solidifying its commitment to robotics, J&J plans to submit its Ottava surgical robot for FDA approval later this year, with future expansion into spine surgery on the horizon.
\n\u201cWith a robust pipeline, upcoming regulatory milestones for Rybrevant and Tremfya, the integration of Shockwave, and continued expansion of newly launched products, including Acuvue Oasys Max 1-Day contact lenses and our Varipulse platform, we have a strong foundation for near and long-term growth,\u201d he said.
\nJ&J\u2019s Velys robotic system is gaining traction, with a recent FDA clearance for unicompartmental knee replacements and a strong overall procedure environment, suggesting a surge in the global orthopedic market. \u201cWe\u2019re bringing robotics to other parts of orthopedics,\u201d Duato said. \u201cIt\u2019s all innovation-driven and we expect it to continue.\u201d
\nMedTech sales grew 2.2% in the second quarter, reaching $8 billion, and overall revenue rose 4.3%, to $22.4 billion. MedTech sales were driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.
\nInnovative Medicine sales increased to $14.49 billion, up 5.5%. Growth was driven by Darzalex (daratumumab), Erleada (apalutamide), Tremfya (guselkumab), Stelara (ustekinumab), and Spravato (esketamine).
\nStelara sales rose 3.1%, to $2.89 billion while Darzalex sales rose 18.4%. to $2.88 billion. The company\u2019s cancer cell therapy, Carvykti, generated sales of $186 million, up a whopping 60% year over year.
\nThe post J&J MedTech Navigates Headwinds, Eyes Growth Surge in Second Half of 2024 appeared first on PYMNTS.com.
\n", "content_text": "Johnson & Johnson\u2019s (J&J) MedTech arm displayed resilience in its second quarter, navigating inflationary headwinds while prioritizing innovation. The unit, a key driver for J&J, remains committed to full-year growth targets despite temporary setbacks in its vision care business.\nChallenges arose from distributor adjustments in the contact lens market, leading to destocking. J&J officials expressed confidence in a swift recovery fueled by its innovation pipeline. This focus on innovative solutions propelled a resurgence in the orthopedics business.\nWhile acknowledging inflation\u2019s impact, the company remains committed to achieving solid growth for the full year. A strategic move further bolstered MedTech\u2019s position: The acquisition of Shockwave Medical. This deal strengthens J&J\u2019s presence in the high-growth cardiovascular intervention market. Shockwave\u2019s minimally invasive IVL technology broadens J&J\u2019s cardiovascular treatment portfolio, offering patients additional options.\nDuring a Wednesday (July 17) call with analysts to discuss its second-quarter financial results, Joaquin Duato, chairman and CEO of J&J, said he believes MedTech growth will be more in the 5%-6% range during the second half of the year. \u201cI\u2019m energized as we look to the rest of 2024. We\u2019re entering the second half of the year from a position of strength and we\u2019re continuing to bring innovation to the patients we serve.\u201d\nLooking ahead, Duato exuded optimism due to a robust pipeline, upcoming regulatory approvals for key products, and continued rollout of recently launched offerings that provide a solid foundation for growth. Further solidifying its commitment to robotics, J&J plans to submit its Ottava surgical robot for FDA approval later this year, with future expansion into spine surgery on the horizon.\n\u201cWith a robust pipeline, upcoming regulatory milestones for Rybrevant and Tremfya, the integration of Shockwave, and continued expansion of newly launched products, including Acuvue Oasys Max 1-Day contact lenses and our Varipulse platform, we have a strong foundation for near and long-term growth,\u201d he said.\nJ&J\u2019s Velys robotic system is gaining traction, with a recent FDA clearance for unicompartmental knee replacements and a strong overall procedure environment, suggesting a surge in the global orthopedic market. \u201cWe\u2019re bringing robotics to other parts of orthopedics,\u201d Duato said. \u201cIt\u2019s all innovation-driven and we expect it to continue.\u201d\nMedTech sales grew 2.2% in the second quarter, reaching $8 billion, and overall revenue rose 4.3%, to $22.4 billion. MedTech sales were driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.\nInnovative Medicine sales increased to $14.49 billion, up 5.5%. Growth was driven by Darzalex (daratumumab), Erleada (apalutamide), Tremfya (guselkumab), Stelara (ustekinumab), and Spravato (esketamine).\nStelara sales rose 3.1%, to $2.89 billion while Darzalex sales rose 18.4%. to $2.88 billion. The company\u2019s cancer cell therapy, Carvykti, generated sales of $186 million, up a whopping 60% year over year.\nThe post J&J MedTech Navigates Headwinds, Eyes Growth Surge in Second Half of 2024 appeared first on PYMNTS.com.", "date_published": "2024-07-17T17:39:20-04:00", "date_modified": "2024-07-17T17:39:20-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Johnson-Johnson-MedTech.jpg", "tags": [ "Abiomed", "Acuvue Oasys Max", "Earnings", "Healthcare", "j&j", "Joaquin Duato", "Johnson & Johnson", "MedTech", "News", "OTTAVA", "PYMNTS News", "Rybrevant", "Shockwave Medical", "Tremfya", "Varipulse", "Velys" ] }, { "id": "https://www.pymnts.com/?p=2011454", "url": "https://www.pymnts.com/healthcare/2024/huma-gets-80-million-to-build-shopify-for-digital-health/", "title": "Huma Gets $80 Million to Build \u2018Shopify for Digital Health\u2019", "content_html": "Healthcare AI startup Huma has raised $80 million to develop its new digital health cloud platform.
\nThe platform, announced Tuesday (July 16), is designed to bolster the company\u2019s digital health initiatives while also letting others launch and scale their own products.
\n\u201cWith its Huma Cloud Platform and the regulatory foundation that it is built on, Huma aims to reduce the time it takes to develop and launch digital health projects at scale from years to as little as a few days,\u201d the company said in a news release.
\nThe Series D round brings Huma\u2019s total financing to $300 million. A report by Bloomberg News noted that the company is now valued at close to $1 billion.
\nDan Vahdat, the company\u2019s founder and CEO, said in the news release that Huma hopes to speed the adoption of artificial intelligence (AI) across care and research.
\n\u201cWe like to think of Huma Cloud Platform much like Shopify but for digital health instead of eCommerce,\u201d he said. \u201cWe believe when digital and AI are scaled, they become affordable for both the poor and the rich. This will help us transition medicine from being reactive to proactive.\u201d
\nHuma\u2019s funding comes as the healthcare world continues to debate AI\u2019s place in their field, as PYMNTS wrote earlier this year.
\nFor example, experts say that health chatbots could have a major impact on the sector, but their varying levels of accuracy raise important questions about their potential to bolster or undermine patient care.
\n\u201cLike other AI-powered tools, medical chatbots are more likely to provide highly accurate answers when thoroughly trained on high-quality, diverse data sets and when user prompts are clear and simple,\u201d Julie McGuire, managing director of the BDO Center for Healthcare Excellence & Innovation, told PYMNTS.
\n\u00a0\u201cHowever, when questions are more complicated or unusual, a medical chatbot may provide insufficient or incorrect answers. In some cases, a generative AI-powered medical chatbot could make up a study to justify a medical answer it wants to give.\u201d
\nIn a separate interview, Dr. Michael Gao, co-founder and CEO of SmarterDx, told PYMNTS that clinical AI could help hospitals improve revenue integrity and quality.
\nBy using AI, he said, hospitals can \u201cmake sure that their receipts are accurate, that they have everything they should have and they don\u2019t have anything they shouldn\u2019t have.”
\nHe added that AI solutions are able to take the data around clinical care and compare it to financial data to make sure that hospitals \u201cachieve 100% accuracy on 100% of charts.\u201d
\nThe post Huma Gets $80 Million to Build \u2018Shopify for Digital Health\u2019 appeared first on PYMNTS.com.
\n", "content_text": "Healthcare AI startup Huma has raised $80 million to develop its new digital health cloud platform.\nThe platform, announced Tuesday (July 16), is designed to bolster the company\u2019s digital health initiatives while also letting others launch and scale their own products.\n\u201cWith its Huma Cloud Platform and the regulatory foundation that it is built on, Huma aims to reduce the time it takes to develop and launch digital health projects at scale from years to as little as a few days,\u201d the company said in a news release.\nThe Series D round brings Huma\u2019s total financing to $300 million. A report by Bloomberg News noted that the company is now valued at close to $1 billion.\nDan Vahdat, the company\u2019s founder and CEO, said in the news release that Huma hopes to speed the adoption of artificial intelligence (AI) across care and research.\n\u201cWe like to think of Huma Cloud Platform much like Shopify but for digital health instead of eCommerce,\u201d he said. \u201cWe believe when digital and AI are scaled, they become affordable for both the poor and the rich. This will help us transition medicine from being reactive to proactive.\u201d\nHuma\u2019s funding comes as the healthcare world continues to debate AI\u2019s place in their field, as PYMNTS wrote earlier this year.\nFor example, experts say that health chatbots could have a major impact on the sector, but their varying levels of accuracy raise important questions about their potential to bolster or undermine patient care.\n\u201cLike other AI-powered tools, medical chatbots are more likely to provide highly accurate answers when thoroughly trained on high-quality, diverse data sets and when user prompts are clear and simple,\u201d Julie McGuire, managing director of the BDO Center for Healthcare Excellence & Innovation, told PYMNTS.\n\u00a0\u201cHowever, when questions are more complicated or unusual, a medical chatbot may provide insufficient or incorrect answers. In some cases, a generative AI-powered medical chatbot could make up a study to justify a medical answer it wants to give.\u201d\nIn a separate interview, Dr. Michael Gao, co-founder and CEO of SmarterDx, told PYMNTS that clinical AI could help hospitals improve revenue integrity and quality.\nBy using AI, he said, hospitals can \u201cmake sure that their receipts are accurate, that they have everything they should have and they don\u2019t have anything they shouldn\u2019t have.”\nHe added that AI solutions are able to take the data around clinical care and compare it to financial data to make sure that hospitals \u201cachieve 100% accuracy on 100% of charts.\u201d\nThe post Huma Gets $80 Million to Build \u2018Shopify for Digital Health\u2019 appeared first on PYMNTS.com.", "date_published": "2024-07-16T09:01:49-04:00", "date_modified": "2024-07-16T09:06:44-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/06/digital-healthcare.jpg", "tags": [ "AI", "artificial intelligence", "chatbots", "funding", "fundraising", "Healthcare", "Huma", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1973807", "url": "https://www.pymnts.com/healthcare/2024/mastercard-to-facilitate-cross-border-payments-for-medical-tourism-association/", "title": "Mastercard to Facilitate Cross-Border Payments for Medical Tourism Association", "content_html": "Mastercard and the\u00a0Medical Tourism Association (MTA) have teamed up to modernize the medical tourism experience for patients and providers around the world.\u00a0
\nThe MTA will launch a\u00a0one-stop platform called\u00a0Better by MTA that will not only help arrange medical treatments but also use Mastercard\u2019s commercial virtual card technology to facilitate fast and secure cross-border payments, the organizations said in a Wednesday (July 10) press release emailed to PYMNTS.\u00a0
\n\u201cFor nearly two\u00a0decades, we have played a critical role in providing affordable, transparent\u00a0and high-quality healthcare by connecting patients with an extensive network of trusted, accredited providers worldwide,\u201d\u00a0Jonathan Edelheit, chairman\u00a0and co-founder of the MTA, said in the release. \u201cDeveloping a single interface with integrated Mastercard payment capabilities and services is a critical step in our mission to make quality healthcare secure and accessible across borders.\u201d
\nThe medical tourism industry has largely relied\u00a0on cash and wire transfers, which has left patients with concerns about hidden costs, exchange rate complexities and fraud risk, according to the release.
\nWith the platform enabled by the partnership of the MTA and Mastercard, patients will be able to book treatments and use a payment method of their choice, the release said.
\nThe MTA will handle the rest, with its banking partner issuing a Mastercard virtual card to pay the healthcare provider directly once the patient\u2019s payment is initiated and validated, per the release.
\nThis collaboration is the latest example of Mastercard\u2019s efforts to solve pain points across industries and simplify the way money flows, Chad Wallace, global head of commercial solutions at Mastercard, said in the release.
\n\u201cWe\u2019re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the advantages of Mastercard virtual cards to reimagine the healthcare ecosystem,\u201d Wallace said.
\nThe use of\u00a0virtual cards within B2B healthcare is one of the more promising solutions to challenges in the healthcare industry, Wallace told PYMNTS\u2019 Karen Webster in an interview posted in January.
\n\u201cBy using virtual cards, we\u2019ve been able to speed up the payment process overall between insurance companies and medical providers,\u201d Wallace said.
\nThe post Mastercard to Facilitate Cross-Border Payments for Medical Tourism Association appeared first on PYMNTS.com.
\n", "content_text": "Mastercard and the\u00a0Medical Tourism Association (MTA) have teamed up to modernize the medical tourism experience for patients and providers around the world.\u00a0\nThe MTA will launch a\u00a0one-stop platform called\u00a0Better by MTA that will not only help arrange medical treatments but also use Mastercard\u2019s commercial virtual card technology to facilitate fast and secure cross-border payments, the organizations said in a Wednesday (July 10) press release emailed to PYMNTS.\u00a0\n\u201cFor nearly two\u00a0decades, we have played a critical role in providing affordable, transparent\u00a0and high-quality healthcare by connecting patients with an extensive network of trusted, accredited providers worldwide,\u201d\u00a0Jonathan Edelheit, chairman\u00a0and co-founder of the MTA, said in the release. \u201cDeveloping a single interface with integrated Mastercard payment capabilities and services is a critical step in our mission to make quality healthcare secure and accessible across borders.\u201d\nThe medical tourism industry has largely relied\u00a0on cash and wire transfers, which has left patients with concerns about hidden costs, exchange rate complexities and fraud risk, according to the release.\nWith the platform enabled by the partnership of the MTA and Mastercard, patients will be able to book treatments and use a payment method of their choice, the release said.\nThe MTA will handle the rest, with its banking partner issuing a Mastercard virtual card to pay the healthcare provider directly once the patient\u2019s payment is initiated and validated, per the release.\nThis collaboration is the latest example of Mastercard\u2019s efforts to solve pain points across industries and simplify the way money flows, Chad Wallace, global head of commercial solutions at Mastercard, said in the release.\n\u201cWe\u2019re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the advantages of Mastercard virtual cards to reimagine the healthcare ecosystem,\u201d Wallace said.\nThe use of\u00a0virtual cards within B2B healthcare is one of the more promising solutions to challenges in the healthcare industry, Wallace told PYMNTS\u2019 Karen Webster in an interview posted in January.\n\u201cBy using virtual cards, we\u2019ve been able to speed up the payment process overall between insurance companies and medical providers,\u201d Wallace said.\nThe post Mastercard to Facilitate Cross-Border Payments for Medical Tourism Association appeared first on PYMNTS.com.", "date_published": "2024-07-10T07:00:24-04:00", "date_modified": "2024-07-09T22:01:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Medical-tourism-Mastercard-Medical-Tourism-Association.jpg", "tags": [ "cross-border payments", "Global Payments", "Healthcare", "Healthcare payments", "International Payments", "MasterCard", "Medical Tourism", "Medical Tourism Association", "News", "partnerships", "Payment Methods", "PYMNTS News", "virtual cards", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1973596", "url": "https://www.pymnts.com/healthcare/2024/financial-solutions-bridge-gap-between-women-health-wealth/", "title": "Trending: Financial Solutions Bridge Gap Between Women\u2019s Health and Wealth", "content_html": "When women thrive, communities prosper. And that\u2019s why tackling the challenge of empowering women\u2019s health is so important.
\n\u201cWomen spend on average 8% less time on their healthcare each month than men, which negatively impacts their health outcomes,\u201d Synchrony Health and Wellness CEO Beto Casellas told PYMNTS\u2019 Karen Webster.
\nWomen, especially single mothers, face various challenges when it comes to accessing and affording necessary health and wellness care. They often prioritize their families\u2019 needs over their own, primarily due to the same time and financial constraints.
\nThese issues were among the findings of a new study by PYMNTS Intelligence and Synchrony\u2019s CareCredit, which examined the economic factors that impact women\u2019s health. The \u201c2024 Women\u2019s Wellness Index\u201d drew on a survey of 10,045 U.S. consumers conducted from Nov. 10 to Dec. 6.
\n\u201cResponsibilities, particularly for single mothers, in terms of where they spend their time and money, lead to lower overall health indices,\u201d Casellas said.
\nFinancial constraints are a barrier to women prioritizing their healthcare. What may seem like a small amount to higher earners can represent a heavy burden for many working mothers.
\nCasellas emphasized the need for better financial solutions and payment options that empower women to better manage their health. By embracing strategies like providing flexible payment options, enhancing financial literacy, promoting wellness and using technology, the healthcare industry can better enable women to prioritize their health and well-being, ultimately leading to better health outcomes for themselves and their families.
\n\u201cThere is not a one-size, cookie-cutter approach in terms of solving for this,\u201d Casellas said. \u201cThere is a lot of complexity around the ecosystem.\u201d
\nA barrier to accessing healthcare is the lack of financial literacy among patients. Casellas emphasized the need for providers to educate patients about healthcare costs and payment options. He advocated for transparent and open discussions about healthcare expenses and available financial assistance programs.
\n\u201cFinancial literacy is not just a phenomenon in healthcare; it\u2019s a broader issue,\u201d Casellas said. \u201cProviding assistance programs, health savings plans and flexible spending accounts are critical steps in bridging this gap. Providers should be equipped to have these conversations early and clearly to help patients understand their options.\u201d
\nFinancial literacy can also help women better use the options available to them to get the care they need.
\n\u201cProviding options like promotional financing over six or 12 months, which enables people to split their payments over time, can help women manage their healthcare expenses better,\u201d Casellas said. \u201cThis approach not only alleviates the immediate financial burden but also encourages women to seek timely medical care, preventing conditions from worsening.\u201d
\nRead more: Women\u2019s Life Stage Priorities in Health and Wellness
\nTime constraints are another hurdle for women in accessing healthcare. The unpredictability of medical appointments, long waiting times and the time required for diagnoses and treatment can deter women from seeking medical care and discourage them from visiting healthcare providers. This lack of time can be particularly exacerbated for mothers.
\nSeventy-one percent of moms get preventive medical care, and around one-quarter do not seek care at all for themselves, while 78% of mothers prioritize their household\u2019s health over their own well-being.
\nCasellas acknowledged this issue and pointed out the broader systemic problems, including staffing shortages exacerbated by the pandemic. He suggested that third-party financing could play a role in mitigating these challenges by streamlining administrative processes, thus allowing healthcare providers to focus more on patient care.
\nPYMNTS Intelligence found that every additional $500 spent on women\u2019s health results in a positive effect on their overall well-being. Higher income brackets correlate with better health attentiveness, highlighting the role of financial stability in accessing healthcare services \u2014 particularly around wellness and preventive care.
\n\u201cConsumers are more proactive and knowledgeable about what they can do holistically around their wellness and how it reduces long-term care costs,\u201d said Casellas.
\n\u201cPreventive care helps identify and address health issues early, reducing the prevalence of chronic conditions,\u201d he added. \u201cYounger generations are increasingly proactive about their health, which is promising. Integrating wellness practices like nutrition, mental health care and regular checkups can significantly improve overall health.\u201d
\nThere is increasingly a role for technology, including artificial intelligence, to play in democratizing access to care \u2014 with low-hanging fruit being its capacity to streamline administrative processes, reduce staffing challenges and improve patient care.
\n\u201cDigital technology, analytics and AI are crucial in supporting healthcare providers and improving patient experiences,\u201d Casellas said. \u201cThese tools can help manage time better, provide more information to patients and streamline processes, ultimately enhancing overall healthcare delivery.\u201d
\nLooking to the future, where novel treatments like GLP-1 drugs are reframing consumers\u2019 relationships with their own health goals, Casellas emphasized the importance of \u201cconsulting healthcare providers and discussing payment plans.\u201d
\nAfter all, in health as in life, knowing what you are getting into and the options you have on hand to support you will always be crucial.
\nTo learn more, read the PYMNTS Intelligence/CareCredit \u201c2024 Women\u2019s Health Index.\u201d
\nThe post Trending: Financial Solutions Bridge Gap Between Women\u2019s Health and Wealth appeared first on PYMNTS.com.
\n", "content_text": "When women thrive, communities prosper. And that\u2019s why tackling the challenge of empowering women\u2019s health is so important.\n\u201cWomen spend on average 8% less time on their healthcare each month than men, which negatively impacts their health outcomes,\u201d Synchrony Health and Wellness CEO Beto Casellas told PYMNTS\u2019 Karen Webster.\nWomen, especially single mothers, face various challenges when it comes to accessing and affording necessary health and wellness care. They often prioritize their families\u2019 needs over their own, primarily due to the same time and financial constraints.\nThese issues were among the findings of a new study by PYMNTS Intelligence and Synchrony\u2019s CareCredit, which examined the economic factors that impact women\u2019s health. The \u201c2024 Women\u2019s Wellness Index\u201d drew on a survey of 10,045 U.S. consumers conducted from Nov. 10 to Dec. 6.\n\u201cResponsibilities, particularly for single mothers, in terms of where they spend their time and money, lead to lower overall health indices,\u201d Casellas said.\nFinancial constraints are a barrier to women prioritizing their healthcare. What may seem like a small amount to higher earners can represent a heavy burden for many working mothers.\nCasellas emphasized the need for better financial solutions and payment options that empower women to better manage their health. By embracing strategies like providing flexible payment options, enhancing financial literacy, promoting wellness and using technology, the healthcare industry can better enable women to prioritize their health and well-being, ultimately leading to better health outcomes for themselves and their families.\n\u201cThere is not a one-size, cookie-cutter approach in terms of solving for this,\u201d Casellas said. \u201cThere is a lot of complexity around the ecosystem.\u201d\nWomen’s Health and Wellness: Addressing Barriers and Solutions\nA barrier to accessing healthcare is the lack of financial literacy among patients. Casellas emphasized the need for providers to educate patients about healthcare costs and payment options. He advocated for transparent and open discussions about healthcare expenses and available financial assistance programs.\n\u201cFinancial literacy is not just a phenomenon in healthcare; it\u2019s a broader issue,\u201d Casellas said. \u201cProviding assistance programs, health savings plans and flexible spending accounts are critical steps in bridging this gap. Providers should be equipped to have these conversations early and clearly to help patients understand their options.\u201d\nFinancial literacy can also help women better use the options available to them to get the care they need.\n\u201cProviding options like promotional financing over six or 12 months, which enables people to split their payments over time, can help women manage their healthcare expenses better,\u201d Casellas said. \u201cThis approach not only alleviates the immediate financial burden but also encourages women to seek timely medical care, preventing conditions from worsening.\u201d\nRead more: Women\u2019s Life Stage Priorities in Health and Wellness\nTime constraints are another hurdle for women in accessing healthcare. The unpredictability of medical appointments, long waiting times and the time required for diagnoses and treatment can deter women from seeking medical care and discourage them from visiting healthcare providers. This lack of time can be particularly exacerbated for mothers.\nSeventy-one percent of moms get preventive medical care, and around one-quarter do not seek care at all for themselves, while 78% of mothers prioritize their household\u2019s health over their own well-being.\nCasellas acknowledged this issue and pointed out the broader systemic problems, including staffing shortages exacerbated by the pandemic. He suggested that third-party financing could play a role in mitigating these challenges by streamlining administrative processes, thus allowing healthcare providers to focus more on patient care.\nUsing Healthcare Innovations and Embracing Preventive Solutions\nPYMNTS Intelligence found that every additional $500 spent on women\u2019s health results in a positive effect on their overall well-being. Higher income brackets correlate with better health attentiveness, highlighting the role of financial stability in accessing healthcare services \u2014 particularly around wellness and preventive care.\n\u201cConsumers are more proactive and knowledgeable about what they can do holistically around their wellness and how it reduces long-term care costs,\u201d said Casellas.\n\u201cPreventive care helps identify and address health issues early, reducing the prevalence of chronic conditions,\u201d he added. \u201cYounger generations are increasingly proactive about their health, which is promising. Integrating wellness practices like nutrition, mental health care and regular checkups can significantly improve overall health.\u201d\nThere is increasingly a role for technology, including artificial intelligence, to play in democratizing access to care \u2014 with low-hanging fruit being its capacity to streamline administrative processes, reduce staffing challenges and improve patient care.\n\u201cDigital technology, analytics and AI are crucial in supporting healthcare providers and improving patient experiences,\u201d Casellas said. \u201cThese tools can help manage time better, provide more information to patients and streamline processes, ultimately enhancing overall healthcare delivery.\u201d\nLooking to the future, where novel treatments like GLP-1 drugs are reframing consumers\u2019 relationships with their own health goals, Casellas emphasized the importance of \u201cconsulting healthcare providers and discussing payment plans.\u201d\nAfter all, in health as in life, knowing what you are getting into and the options you have on hand to support you will always be crucial.\nTo learn more, read the PYMNTS Intelligence/CareCredit \u201c2024 Women\u2019s Health Index.\u201d\nThe post Trending: Financial Solutions Bridge Gap Between Women\u2019s Health and Wealth appeared first on PYMNTS.com.", "date_published": "2024-07-10T04:01:09-04:00", "date_modified": "2024-07-09T22:05:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/healthcare-synchrony.jpg", "tags": [ "2024Women\u2019s Wellness Index", "artificial intelligence", "Beto Casellas", "CareCredit", "data analytics", "Featured News", "financial inclusion", "Healthcare", "Innovation", "News", "PYMNTS News", "pymnts tv", "synchrony", "Technology", "video" ] }, { "id": "https://www.pymnts.com/?p=1972076", "url": "https://www.pymnts.com/healthcare/2024/exclusive-color-ceo-says-ai-for-oncology-copilots-detect-and-treat-cancer-earlier/", "title": "Exclusive: Color CEO Says AI-for-Oncology Copilots Detect and Treat Cancer Earlier", "content_html": "The most popular applications of artificial intelligence (AI) today typically center around automating routine tasks.
\nBut that\u2019s not to say that the innovation doesn\u2019t hold extraordinary potential beyond its mastery of the mundane.
\nWithin healthcare, AI\u2019s ability to ingest vast amounts of data and analyze it instantaneously could help usher in a new era of medical innovation and patient care \u2014 particularly when applied to historically intractable problems and diseases, such as cancer.
\n\u201cWhen it comes to generative AI, a lot of the applications people have been focusing on is around alleviating the administrative burden of healthcare, the processing, the payments, the bookkeeping and the transcription of clinical notes,\u201d Othman Laraki, co-founder and chief executive of\u00a0Color Health, told PYMNTS\u2019 CEO Karen Webster.
\n\n\n
But, as Laraki explained, what his company is after is something entirely different.
\n\u201cAs opposed to automating what people think of as lower-scale labor to save costs, we partnered with OpenAI to focus on areas where you need a lot of medical expertise and depth, but where that expertise is very scarce and that scarcity comes at a high cost, like cancer,\u201d he said. \u201cWe decided, instead of going broad, to go very deep in places where we felt there\u2019d be a very big leverage.\u201d
\nThe result?
\nA\u00a0new way of accelerating cancer patients\u2019 access to treatment that uses the capabilities of GPT-4o to help doctors transform cancer care.
\nCancer is the second most common cause of death in the United States and the leading driver of American healthcare costs.
\nThat\u2019s why, Laraki explained, Color Health\u2019s collaboration with OpenAI aims to address two critical areas: risk-adjusted screening and pre-treatment workup. The collaboration focuses on leveraging AI to enhance the expertise and efficiency of clinicians rather than merely automating administrative tasks surrounding their work.
\nOne of the most impactful uses of AI in oncology is improving risk-adjusted screening. Many individuals with high-risk factors, such as genetics, family history or lifestyle choices like smoking, do not receive appropriate screening. As Laraki noted, AI can bridge this gap by ensuring that established risk-adjusted guidelines are applied more consistently and accurately.
\n\u201cThe majority of people who should be getting risk-adjusted screening guidelines don’t today,\u201d he said, adding that early diagnosis is crucial in cancer treatment and can significantly improve survival rates and reduce treatment costs.
\nBy using AI to identify and monitor high-risk individuals, healthcare providers can detect cancers at an earlier, more treatable stage.
\nBut diagnosis is just the start of the healthcare journey, and the period between cancer diagnosis and the initiation of treatment is often fraught with delays, causing unnecessary anxiety and potentially affecting patient outcomes.
\n\u201cOne of the things that blocks being able to initiate treatment, especially as treatments are getting more and more complex, is the workup that happens so that your oncologist can initiate treatment,\u201d Laraki said.
\nHe explained that AI can streamline this process by expediting the pre-treatment workup. By the time a patient meets their oncologist, AI can ensure that all necessary tests and preparations are completed, allowing treatment to commence promptly. This not only improves patient survival rates but also optimizes healthcare resources.
\nThe application of AI in cancer screening and diagnosis represents a significant leap forward in oncology, but it is an evolution \u2014 not a pull-the-rug transformation.
\nThat\u2019s because, as Laraki emphasized, integrating AI into healthcare is not about replacing clinicians but augmenting their capabilities. AI can process vast amounts of patient data, extract relevant information, and apply complex guidelines with precision. This allows clinicians to make more informed decisions quickly. AI models are able to act as co-pilots, providing clinicians with comprehensive analyses and recommendations while leaving the final decisions in human hands.
\n\u201cIt is about leveraging AI tooling to amplify the existing expertise today that is very scarce,\u201d Laraki said. \u201cIt is always the clinician who is the driver here.\u201d
\nStill, the integration of AI into cancer care is not just a technological advancement but also a cultural shift. Historically, cancer has been perceived as an unavoidable, costly burden. However, there is a growing recognition that proactive measures, driven by AI and other technologies, can significantly impact outcomes.
\n\u201cThere\u2019s no silver bullet. It is such a vast surface area that it is about providing an integrated set of solutions that cover the different places relevant to cancer,\u201d Laraki explained about AI\u2019s applications across oncology.
\nHe added that many issues, rather than being \u201cscience problems,\u201d are actually \u201cimmediacy and logistics and integration\u201d problems.
\nFrom ensuring follow-ups on positive screenings to coordinating care across multiple specialists, AI can play a pivotal role in streamlining these logistical problems.
\nFor example, Laraki highlighted that the gap in follow-up care for colorectal cancer screening, where a significant percentage of positive cases do not receive timely follow-ups, can be addressed through AI-driven systems that track and remind patients and healthcare providers of necessary actions.
\nAI can also facilitate better coordination among healthcare providers, reducing delays and improving the overall patient experience. By integrating various stages of cancer care, from education and screening to diagnosis and treatment, AI can help create a more cohesive and efficient healthcare system.
\nThe post Exclusive: Color CEO Says AI-for-Oncology Copilots Detect and Treat Cancer Earlier appeared first on PYMNTS.com.
\n", "content_text": "The most popular applications of artificial intelligence (AI) today typically center around automating routine tasks.\nBut that\u2019s not to say that the innovation doesn\u2019t hold extraordinary potential beyond its mastery of the mundane.\nWithin healthcare, AI\u2019s ability to ingest vast amounts of data and analyze it instantaneously could help usher in a new era of medical innovation and patient care \u2014 particularly when applied to historically intractable problems and diseases, such as cancer.\n\u201cWhen it comes to generative AI, a lot of the applications people have been focusing on is around alleviating the administrative burden of healthcare, the processing, the payments, the bookkeeping and the transcription of clinical notes,\u201d Othman Laraki, co-founder and chief executive of\u00a0Color Health, told PYMNTS\u2019 CEO Karen Webster.\n\n \nBut, as Laraki explained, what his company is after is something entirely different.\n\u201cAs opposed to automating what people think of as lower-scale labor to save costs, we partnered with OpenAI to focus on areas where you need a lot of medical expertise and depth, but where that expertise is very scarce and that scarcity comes at a high cost, like cancer,\u201d he said. \u201cWe decided, instead of going broad, to go very deep in places where we felt there\u2019d be a very big leverage.\u201d\nThe result?\nA\u00a0new way of accelerating cancer patients\u2019 access to treatment that uses the capabilities of GPT-4o to help doctors transform cancer care.\nEnhancing Clinician Expertise With AI\nCancer is the second most common cause of death in the United States and the leading driver of American healthcare costs.\nThat\u2019s why, Laraki explained, Color Health\u2019s collaboration with OpenAI aims to address two critical areas: risk-adjusted screening and pre-treatment workup. The collaboration focuses on leveraging AI to enhance the expertise and efficiency of clinicians rather than merely automating administrative tasks surrounding their work.\nOne of the most impactful uses of AI in oncology is improving risk-adjusted screening. Many individuals with high-risk factors, such as genetics, family history or lifestyle choices like smoking, do not receive appropriate screening. As Laraki noted, AI can bridge this gap by ensuring that established risk-adjusted guidelines are applied more consistently and accurately.\n\u201cThe majority of people who should be getting risk-adjusted screening guidelines don’t today,\u201d he said, adding that early diagnosis is crucial in cancer treatment and can significantly improve survival rates and reduce treatment costs.\nBy using AI to identify and monitor high-risk individuals, healthcare providers can detect cancers at an earlier, more treatable stage.\nBut diagnosis is just the start of the healthcare journey, and the period between cancer diagnosis and the initiation of treatment is often fraught with delays, causing unnecessary anxiety and potentially affecting patient outcomes.\n\u201cOne of the things that blocks being able to initiate treatment, especially as treatments are getting more and more complex, is the workup that happens so that your oncologist can initiate treatment,\u201d Laraki said.\nHe explained that AI can streamline this process by expediting the pre-treatment workup. By the time a patient meets their oncologist, AI can ensure that all necessary tests and preparations are completed, allowing treatment to commence promptly. This not only improves patient survival rates but also optimizes healthcare resources.\nAI and Healthcare: A Revolutionary Partnership\nThe application of AI in cancer screening and diagnosis represents a significant leap forward in oncology, but it is an evolution \u2014 not a pull-the-rug transformation.\nThat\u2019s because, as Laraki emphasized, integrating AI into healthcare is not about replacing clinicians but augmenting their capabilities. AI can process vast amounts of patient data, extract relevant information, and apply complex guidelines with precision. This allows clinicians to make more informed decisions quickly. AI models are able to act as co-pilots, providing clinicians with comprehensive analyses and recommendations while leaving the final decisions in human hands.\n\u201cIt is about leveraging AI tooling to amplify the existing expertise today that is very scarce,\u201d Laraki said. \u201cIt is always the clinician who is the driver here.\u201d\nStill, the integration of AI into cancer care is not just a technological advancement but also a cultural shift. Historically, cancer has been perceived as an unavoidable, costly burden. However, there is a growing recognition that proactive measures, driven by AI and other technologies, can significantly impact outcomes.\n\u201cThere\u2019s no silver bullet. It is such a vast surface area that it is about providing an integrated set of solutions that cover the different places relevant to cancer,\u201d Laraki explained about AI\u2019s applications across oncology.\nHe added that many issues, rather than being \u201cscience problems,\u201d are actually \u201cimmediacy and logistics and integration\u201d problems.\nFrom ensuring follow-ups on positive screenings to coordinating care across multiple specialists, AI can play a pivotal role in streamlining these logistical problems.\nFor example, Laraki highlighted that the gap in follow-up care for colorectal cancer screening, where a significant percentage of positive cases do not receive timely follow-ups, can be addressed through AI-driven systems that track and remind patients and healthcare providers of necessary actions.\nAI can also facilitate better coordination among healthcare providers, reducing delays and improving the overall patient experience. By integrating various stages of cancer care, from education and screening to diagnosis and treatment, AI can help create a more cohesive and efficient healthcare system.\nThe post Exclusive: Color CEO Says AI-for-Oncology Copilots Detect and Treat Cancer Earlier appeared first on PYMNTS.com.", "date_published": "2024-07-08T04:02:26-04:00", "date_modified": "2024-07-07T22:20:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Color-Cancer-testing-OpenAI.jpg", "tags": [ "AI", "American Cancer Society", "artificial intelligence", "Cancer", "Color Health", "digital transformation", "Featured News", "Healthcare", "News", "OpenAI", "Othman Laraki", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=1971039", "url": "https://www.pymnts.com/healthcare/2024/telehealth-declines-as-ai-and-in-person-visits-rise-post-pandemic/", "title": "Telehealth Declines as AI and In-Person Visits Rise Post-Pandemic", "content_html": "During the pandemic, they were heroes. Now, they\u2019re apparently expendable.
\nIn what is becoming a pattern in healthcare, on Tuesday (July 2), Oregon Health & Science University\u00a0cut a telehealth nursing unit set up in March 2020 that was once featured on its website for its service to people across the state.
\nIt is a microcosm of changes in how consumers access healthcare in the post-pandemic connected economy, as telehealth trends down and AI and other virtual technologies take its place alongside a comeback in in-person doctor visits.
\n\u201cI think the simplest way to say what we\u2019re seeing right now is we\u2019re observing the shriveling of telehealth 1.0,\u201d Robin Glass, president of virtual care and health navigation company\u00a0Included Health told Fierce Healthcare.
\n\u201cThis original model that I think came out that was really premised on this highly transactional interaction between a patient and the clinician that didn\u2019t have any elements of longitudinal care or treating that individual as a holistic person, I think we\u2019re starting to see the end of the road for that model. It has not served the patient as well as it needs to,\u201d Glass added. \u201cI think it also doesn\u2019t reflect the modern experience that consumers are getting used to in all facets of their life. And ultimately, it doesn\u2019t deliver on the kind of value that purchasers need out of their healthcare dollar.\u201d
\nThis kind of sentiment has manifested itself in the marketplace, although not everyone would agree with Glass.
\nTelehealth as a business model has definitely taken a step back. Amazon\u2019s pay-per-visit telehealth service and its One Medical program are now a single brand after it announced on Thursday (June 27) that it will be renamed Amazon One Medical Pay-per-visit.
\nWhile it didn\u2019t specifically single out a decline in telehealth visits as the driving factor, Neil Lindsay, senior vice president of Amazon Health Services, indicated that \u201cimpersonal care\u201d made it difficult for patients to make the service profitable.
\nSimilar reasons were given when Walmart shuttered its telehealth venture on April 30.
\nHowever, showing that not everyone has bailed on the business model and its future, Walmart sold the division to healthcare technology startup Fabric.
\nFabric, which emerged from stealth in early 2023 after rebranding from Florence, has developed technology that automates clinical and administrative tasks in healthcare. The acquisition will greatly enhance Fabric\u2019s presence in the employer market. Walmart\u2019s MeMD division had been delivering virtual care services to 30,000 employers and 5 million employees, including large employers, brokers, third-party administrators and distributors.
\nFabric offers a telemedicine platform for health systems, employers and payers, featuring a suite of products designed to streamline workflows for both in-person and virtual patient visits. These products range from patient intake to self-scheduling and provider documentation tools, leveraging conversational AI to enhance both provider and patient experiences while boosting operational efficiency, according to company executives.
\nTechnology solutions like the ones Fabric is developing will most likely define the future of telehealth as it embraces AI and even virtual reality. Fabric has been described as a \u201ccare enablement system (that) uses AI-powered clinical intelligence and automation to triage and route patients to the most appropriate point of care based on time of day, availability, distance and disposition while streamlining treatment across virtual and in-person workflows.\u201d That hybrid approach has room for consumer choice and technology innovation.
\nOne of those innovations that is expected to gain traction is holograms. Crescent Regional Hospital, located near Dallas, has introduced an innovative technology called the \u201cHolobox,\u201d a 3D system projecting a life-sized hologram of a doctor for real-time consultations. Developed by Dutch firm Holoconnects, this 86-inch-tall device requires only electricity and an internet connection.
\nThe Holobox features anti-glare glass, a transparent LCD screen, hi-fi speakers and a multi-touch operating system. It can display pre-recorded or live video of doctors, enhancing patient engagement.
\nIn an interview with a local Dallas TV station, Steve Sterling, Holoconnects\u2019 North American managing director, emphasized the system\u2019s capability to revolutionize patient-doctor interactions by providing real-time access to specialists, saving valuable time for doctors.
\nCrescent Regional is the first U.S. hospital to adopt this technology, with plans to expand its use in rural and underserved areas. Holoconnects aims to deploy smaller, portable versions to broaden its impact.
\nThe post Telehealth Declines as AI and In-Person Visits Rise Post-Pandemic appeared first on PYMNTS.com.
\n", "content_text": "During the pandemic, they were heroes. Now, they\u2019re apparently expendable.\nIn what is becoming a pattern in healthcare, on Tuesday (July 2), Oregon Health & Science University\u00a0cut a telehealth nursing unit set up in March 2020 that was once featured on its website for its service to people across the state.\nIt is a microcosm of changes in how consumers access healthcare in the post-pandemic connected economy, as telehealth trends down and AI and other virtual technologies take its place alongside a comeback in in-person doctor visits.\n\u201cI think the simplest way to say what we\u2019re seeing right now is we\u2019re observing the shriveling of telehealth 1.0,\u201d Robin Glass, president of virtual care and health navigation company\u00a0Included Health told Fierce Healthcare.\n\u201cThis original model that I think came out that was really premised on this highly transactional interaction between a patient and the clinician that didn\u2019t have any elements of longitudinal care or treating that individual as a holistic person, I think we\u2019re starting to see the end of the road for that model. It has not served the patient as well as it needs to,\u201d Glass added. \u201cI think it also doesn\u2019t reflect the modern experience that consumers are getting used to in all facets of their life. And ultimately, it doesn\u2019t deliver on the kind of value that purchasers need out of their healthcare dollar.\u201d\nThis kind of sentiment has manifested itself in the marketplace, although not everyone would agree with Glass.\nTelehealth as a business model has definitely taken a step back. Amazon\u2019s pay-per-visit telehealth service and its One Medical program are now a single brand after it announced on Thursday (June 27) that it will be renamed Amazon One Medical Pay-per-visit.\nWhile it didn\u2019t specifically single out a decline in telehealth visits as the driving factor, Neil Lindsay, senior vice president of Amazon Health Services, indicated that \u201cimpersonal care\u201d made it difficult for patients to make the service profitable.\nSimilar reasons were given when Walmart shuttered its telehealth venture on April 30.\nHowever, showing that not everyone has bailed on the business model and its future, Walmart sold the division to healthcare technology startup Fabric.\nFabric, which emerged from stealth in early 2023 after rebranding from Florence, has developed technology that automates clinical and administrative tasks in healthcare. The acquisition will greatly enhance Fabric\u2019s presence in the employer market. Walmart\u2019s MeMD division had been delivering virtual care services to 30,000 employers and 5 million employees, including large employers, brokers, third-party administrators and distributors.\nFabric offers a telemedicine platform for health systems, employers and payers, featuring a suite of products designed to streamline workflows for both in-person and virtual patient visits. These products range from patient intake to self-scheduling and provider documentation tools, leveraging conversational AI to enhance both provider and patient experiences while boosting operational efficiency, according to company executives.\nTechnology solutions like the ones Fabric is developing will most likely define the future of telehealth as it embraces AI and even virtual reality. Fabric has been described as a \u201ccare enablement system (that) uses AI-powered clinical intelligence and automation to triage and route patients to the most appropriate point of care based on time of day, availability, distance and disposition while streamlining treatment across virtual and in-person workflows.\u201d That hybrid approach has room for consumer choice and technology innovation.\nOne of those innovations that is expected to gain traction is holograms. Crescent Regional Hospital, located near Dallas, has introduced an innovative technology called the \u201cHolobox,\u201d a 3D system projecting a life-sized hologram of a doctor for real-time consultations. Developed by Dutch firm Holoconnects, this 86-inch-tall device requires only electricity and an internet connection.\nThe Holobox features anti-glare glass, a transparent LCD screen, hi-fi speakers and a multi-touch operating system. It can display pre-recorded or live video of doctors, enhancing patient engagement.\nIn an interview with a local Dallas TV station, Steve Sterling, Holoconnects\u2019 North American managing director, emphasized the system\u2019s capability to revolutionize patient-doctor interactions by providing real-time access to specialists, saving valuable time for doctors.\nCrescent Regional is the first U.S. hospital to adopt this technology, with plans to expand its use in rural and underserved areas. Holoconnects aims to deploy smaller, portable versions to broaden its impact.\nThe post Telehealth Declines as AI and In-Person Visits Rise Post-Pandemic appeared first on PYMNTS.com.", "date_published": "2024-07-04T04:03:48-04:00", "date_modified": "2024-07-03T13:28:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/telehealth-healthcare-2.jpg", "tags": [ "AI", "Amazon", "artificial intelligence", "Featured News", "Healthcare", "HealthTech", "holograms", "News", "PYMNTS News", "telehealth", "virtual health", "walmart" ] }, { "id": "https://www.pymnts.com/?p=1970997", "url": "https://www.pymnts.com/healthcare/2024/will-cfpb-scrutiny-medical-payment-products-blunt-consumers-access-healthcare/", "title": "CFPB\u2019s Spotlight on Medical Payment Products Threatens Chilling Effect on Healthcare Access", "content_html": "The Consumer Financial Protection Bureau (CFPB) is sharpening its focus on healthcare payments, and the result may be that at least for some consumers who have shown interest in payment plans and especially cards, getting and paying for necessary care may be out of reach.
\nThe PYMNTS Intelligence report \u201cThe Digital Platform Promise: How Patients Want to Streamline Healthcare Payments\u201d found that 21% of consumers encountered at least some difficulty when paying for their healthcare. The research also showed that 16% said insurance covered less than expected.
\nCertain demographics may be particularly vulnerable if the range of payment options, including cards and payment plans, is winnowed down. Per PYMNTS Intelligence\u2019s 2024 Women\u2019s Wellness Index, 23% of women who struggle to pay monthly expenses said medical bills are a key reason for distress.
\nOne-quarter of women see financial constraints as a challenge to managing their personal health and well-being, and mothers spend 26% less on their own health than their partners. Given that the average unplanned medical expense in the United States \u2014 which is consistent regardless of consumer spending \u2014 is $1,310, solutions that spread out healthcare payments over time could better accommodate their paycheck-to-paycheck budgets.
\nThe CFPB\u2019s renewed scrutiny on medical debt, cards and alternative payments comes as 46% of patients cancel their healthcare appointments due to high costs, per the PYMNTS Intelligence \u201cThe Embedded Finance Tracker\u00ae.\u201d The tracker found that embedded finance has been gaining traction with providers and patients. Roughly a quarter of healthcare firms were mulling embedded finance offerings at the time of the survey, and 11% of millennials had already been using those plans to help triage both expected and unexpected bills, along with 13% of paycheck-to-paycheck consumers with issues paying their bills doing the same.
\nThe CFPB said Tuesday (July 2) that its examiners reviewed medical payment products, including medical credit cards. It noted that these financial options are marketed to consumers at healthcare facilities, including doctors\u2019 offices or hospitals, to pay for medical services or products.
\n\u201cHealthcare providers commonly use sales and marketing materials provided by the financial institutions issuing these payment products,\u201d said the CFPB. Examiners have \u201cidentified a significant number of consumer complaints\u201d tied to the representations of deferred interest and how providers have promoted, offered and sold medical credit cards to patients.
\nAs to what comes next: \u201cCFPB examiners will continue to assess financial services companies\u2019 oversight of medical providers and will be monitoring marketing materials and incentives offered to enroll patients,\u201d the bureau said.
\nThe door may be opening for new rules governing how, when and even whether healthcare providers and financial institutions can market these (and other) payment options to their patients.
\nThere\u2019s some prologue here. In recent months, and with the constitutionality of the bureau itself assured, the CFPB has been taking steps to reshape the ways healthcare is paid for and how these payments and products are documented and used in credit reporting.
\nNew rules that seek to remove medical debt from credit reports and cap card late fees are proving popular with the general public. Erasing medical debt, in this case, from credit reports may disincentivize patients from making timely payments, with negative impacts on providers. Providers could stop offering financing options, including payment plans, to patients.
\nThe post CFPB\u2019s Spotlight on Medical Payment Products Threatens Chilling Effect on Healthcare Access appeared first on PYMNTS.com.
\n", "content_text": "The Consumer Financial Protection Bureau (CFPB) is sharpening its focus on healthcare payments, and the result may be that at least for some consumers who have shown interest in payment plans and especially cards, getting and paying for necessary care may be out of reach.\nThe PYMNTS Intelligence report \u201cThe Digital Platform Promise: How Patients Want to Streamline Healthcare Payments\u201d found that 21% of consumers encountered at least some difficulty when paying for their healthcare. The research also showed that 16% said insurance covered less than expected.\nCertain demographics may be particularly vulnerable if the range of payment options, including cards and payment plans, is winnowed down. Per PYMNTS Intelligence\u2019s 2024 Women\u2019s Wellness Index, 23% of women who struggle to pay monthly expenses said medical bills are a key reason for distress.\nOne-quarter of women see financial constraints as a challenge to managing their personal health and well-being, and mothers spend 26% less on their own health than their partners. Given that the average unplanned medical expense in the United States \u2014 which is consistent regardless of consumer spending \u2014 is $1,310, solutions that spread out healthcare payments over time could better accommodate their paycheck-to-paycheck budgets.\nThe CFPB\u2019s renewed scrutiny on medical debt, cards and alternative payments comes as 46% of patients cancel their healthcare appointments due to high costs, per the PYMNTS Intelligence \u201cThe Embedded Finance Tracker\u00ae.\u201d The tracker found that embedded finance has been gaining traction with providers and patients. Roughly a quarter of healthcare firms were mulling embedded finance offerings at the time of the survey, and 11% of millennials had already been using those plans to help triage both expected and unexpected bills, along with 13% of paycheck-to-paycheck consumers with issues paying their bills doing the same.\nThe CFPB\u2019s Take\nThe CFPB said Tuesday (July 2) that its examiners reviewed medical payment products, including medical credit cards. It noted that these financial options are marketed to consumers at healthcare facilities, including doctors\u2019 offices or hospitals, to pay for medical services or products.\n\u201cHealthcare providers commonly use sales and marketing materials provided by the financial institutions issuing these payment products,\u201d said the CFPB. Examiners have \u201cidentified a significant number of consumer complaints\u201d tied to the representations of deferred interest and how providers have promoted, offered and sold medical credit cards to patients.\nAs to what comes next: \u201cCFPB examiners will continue to assess financial services companies\u2019 oversight of medical providers and will be monitoring marketing materials and incentives offered to enroll patients,\u201d the bureau said.\nThe door may be opening for new rules governing how, when and even whether healthcare providers and financial institutions can market these (and other) payment options to their patients.\n(Recent) Past as Prologue\nThere\u2019s some prologue here. In recent months, and with the constitutionality of the bureau itself assured, the CFPB has been taking steps to reshape the ways healthcare is paid for and how these payments and products are documented and used in credit reporting.\nNew rules that seek to remove medical debt from credit reports and cap card late fees are proving popular with the general public. Erasing medical debt, in this case, from credit reports may disincentivize patients from making timely payments, with negative impacts on providers. Providers could stop offering financing options, including payment plans, to patients.\nThe post CFPB\u2019s Spotlight on Medical Payment Products Threatens Chilling Effect on Healthcare Access appeared first on PYMNTS.com.", "date_published": "2024-07-03T12:29:23-04:00", "date_modified": "2024-07-03T22:06:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/healthcare.jpg", "tags": [ "CFPB", "Consumer Financial Protection Bureau", "credit", "debt", "embedded finance", "Healthcare", "installments", "News", "PYMNTS News", "regulations" ] } ] }