There are few sectors outside of healthcare that are more emblematic of both digital technology\u2019s potential and the challenges that come with implementing it.
\nIn an era where digital transformation is sweeping across industries, the healthcare sector finds itself grappling with the challenge of modernizing its payment systems.
\n\u201cHistorically, [as it relates to payment flows between patients, providers and payors,] healthcare has not been a leader in technology adoption nor deployment, and \u2026 for that reason, it\u2019s been challenging to keep up with the evolving needs and expectations of patients,\u201d Simon Abtalion, healthcare solutions executive at Bank of America, told PYMNTS, noting that the situation is exacerbated by the healthcare sector\u2019s complexity and regulatory landscape.
\nAbtalion explained that this delay has resulted in a fragmented payment ecosystem that struggles to meet patient expectations.
\nOutside of healthcare, consumers are accustomed to streamlined, omnichannel experiences where they can interact digitally at every touchpoint. In healthcare, however, such solutions have yet to be fully adopted.
\nThe persistence of cash healthcare payments is an issue within the marketplace. Healthcare providers continue to accept cash, driven by the goal of maximizing bill collection rates.
\nThis results in many health systems lacking precise data on the actual percentage of payments collected in cash, making it difficult to assess the true value and cost of maintaining cash as a payment option, Abtalion explained.
\n\u201cWithout that level of data at their fingertips, it is hard to make this forward-looking leap into cashless because you may fear that you\u2019re jeopardizing meaningful collections,\u201d he said, emphasizing that the percentage of cash typically collected tends to be lower than healthcare executives think.
\nStill, as patients become more familiar with digital payment methods such as digital wallets and near-field communication (NFC), the transition to a cashless healthcare system is becoming more feasible. Younger generations, who have grown up with digital payment technologies, are pushing this shift.
\nDespite the clear trend toward digital payments, healthcare providers face several hurdles in fully embracing the change. Abtalion highlighted the importance of data in driving decisions, urging healthcare systems to assess both the costs from third-party cash couriers and the risks of cash transactions, which underscore the inefficiencies of maintaining cash-based payments.
\nAnother factor is managing the transition for all patient demographics. Abtalion explained that healthcare systems serving older populations who have managed to transition to cashless models were aided by clear communication, expectations management and patient financial advocacy.
\n\u201cWhen the patient\u2019s expectations are managed, and it is not a knee-jerk reaction to something sprung upon them,\u201d he said. \u201cThey have the time to prepare for the transition to cashless \u2014 and are able to do so.\u201d
\n\u201cCashless doesn\u2019t have to be an all-or-nothing situation,\u201d he added. \u201cYou can really benefit as an organization from a cash reduction.\u201d
\nThis gradual approach helps ease the transition and ensures no patient cohort is left behind.
\nWhile the journey toward a cashless healthcare system is complex, involving both technological advancements and cultural shifts, and starting with cash reduction, Abtalion pointed out that the industry is closer to this goal than many might think.
\nHe explained that Bank of America\u2019s acquisition of the AxiaMed platform, now known as Healthcare Payment Solutions (HPS), represents a step toward consolidating and centralizing payment processes in healthcare. This dedicated healthcare gateway aims to integrate multiple payment solutions into a cohesive system, simplifying vendor management, reducing data silos and enhancing overall efficiency.
\nAbtalion added that the future of healthcare payments is also poised to benefit from emerging technologies like blockchain, which can enhance transparency and speed in billing processes. He said he envisions a system where blockchain technology facilitates real-time billing, reducing delays and improving price transparency for patients. Such innovations could streamline the patient experience, reducing the friction associated with healthcare payments.
\nThe post The Road to Digital Healthcare Payments Starts With a Few Cashless Steps, Says Bank of America appeared first on PYMNTS.com.
\n", "content_text": "There are few sectors outside of healthcare that are more emblematic of both digital technology\u2019s potential and the challenges that come with implementing it.\nIn an era where digital transformation is sweeping across industries, the healthcare sector finds itself grappling with the challenge of modernizing its payment systems.\n\u201cHistorically, [as it relates to payment flows between patients, providers and payors,] healthcare has not been a leader in technology adoption nor deployment, and \u2026 for that reason, it\u2019s been challenging to keep up with the evolving needs and expectations of patients,\u201d Simon Abtalion, healthcare solutions executive at Bank of America, told PYMNTS, noting that the situation is exacerbated by the healthcare sector\u2019s complexity and regulatory landscape.\nAbtalion explained that this delay has resulted in a fragmented payment ecosystem that struggles to meet patient expectations.\nOutside of healthcare, consumers are accustomed to streamlined, omnichannel experiences where they can interact digitally at every touchpoint. In healthcare, however, such solutions have yet to be fully adopted.\nTransitioning to Cashless Healthcare\nThe persistence of cash healthcare payments is an issue within the marketplace. Healthcare providers continue to accept cash, driven by the goal of maximizing bill collection rates.\nThis results in many health systems lacking precise data on the actual percentage of payments collected in cash, making it difficult to assess the true value and cost of maintaining cash as a payment option, Abtalion explained.\n\u201cWithout that level of data at their fingertips, it is hard to make this forward-looking leap into cashless because you may fear that you\u2019re jeopardizing meaningful collections,\u201d he said, emphasizing that the percentage of cash typically collected tends to be lower than healthcare executives think.\nStill, as patients become more familiar with digital payment methods such as digital wallets and near-field communication (NFC), the transition to a cashless healthcare system is becoming more feasible. Younger generations, who have grown up with digital payment technologies, are pushing this shift.\nUsing Technology\nDespite the clear trend toward digital payments, healthcare providers face several hurdles in fully embracing the change. Abtalion highlighted the importance of data in driving decisions, urging healthcare systems to assess both the costs from third-party cash couriers and the risks of cash transactions, which underscore the inefficiencies of maintaining cash-based payments.\nAnother factor is managing the transition for all patient demographics. Abtalion explained that healthcare systems serving older populations who have managed to transition to cashless models were aided by clear communication, expectations management and patient financial advocacy.\n\u201cWhen the patient\u2019s expectations are managed, and it is not a knee-jerk reaction to something sprung upon them,\u201d he said. \u201cThey have the time to prepare for the transition to cashless \u2014 and are able to do so.\u201d\n\u201cCashless doesn\u2019t have to be an all-or-nothing situation,\u201d he added. \u201cYou can really benefit as an organization from a cash reduction.\u201d\nThis gradual approach helps ease the transition and ensures no patient cohort is left behind.\nWhile the journey toward a cashless healthcare system is complex, involving both technological advancements and cultural shifts, and starting with cash reduction, Abtalion pointed out that the industry is closer to this goal than many might think.\nHe explained that Bank of America\u2019s acquisition of the AxiaMed platform, now known as Healthcare Payment Solutions (HPS), represents a step toward consolidating and centralizing payment processes in healthcare. This dedicated healthcare gateway aims to integrate multiple payment solutions into a cohesive system, simplifying vendor management, reducing data silos and enhancing overall efficiency.\nAbtalion added that the future of healthcare payments is also poised to benefit from emerging technologies like blockchain, which can enhance transparency and speed in billing processes. He said he envisions a system where blockchain technology facilitates real-time billing, reducing delays and improving price transparency for patients. Such innovations could streamline the patient experience, reducing the friction associated with healthcare payments.\nThe post The Road to Digital Healthcare Payments Starts With a Few Cashless Steps, Says Bank of America appeared first on PYMNTS.com.", "date_published": "2024-08-09T04:02:00-04:00", "date_modified": "2024-08-08T21:56:08-04:00", "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/2024/08/Bank-of-amerrica-healthcare.jpg", "tags": [ "Bank of America", "Digital Payments", "digital transformation", "digital wallets", "Featured News", "Healthcare", "Healthcare Payment Solutions", "Mobile Wallets", "News", "PYMNTS News", "pymnts tv", "Simon Abtalion", "Technology", "video" ] }, { "id": "https://www.pymnts.com/?p=2046338", "url": "https://www.pymnts.com/healthcare/2024/fabric-buys-walmarts-telehealth-business-and-stitches-ai-into-digital-healthcare/", "title": "Fabric Buys Walmart\u2019s Telehealth Business and Stitches AI Into Digital Healthcare", "content_html": "Telehealth has evolved from a niche service to a central element of healthcare, a shift accelerated by the COVID-19 pandemic. This evolution reflects a broader move toward digital health solutions that fundamentally change patient care.
\n\u201cWe\u2019re creating that on-demand experience for patients to get care through a more omnichannel lens,\u201d Aniq Rahman, founder and CEO of Fabric, explained to PYMNTS in an interview. \u201cWe want to give great care virtually so people don\u2019t have to leave their homes.\u201d
\nFabric\u2019s care enablement system integrates virtual and in-person services through conversational AI and adaptive interviews. This system, designed by clinicians, enhances care quality, accelerates workflows up to tenfold, reduces call center volume by 15%, and improves appointment slot utilization.
\nThe PYMNTS interview comes on the heels of Fabric\u2019s acquisition of Walmart\u2019s telehealth business, MeMD, in June. The acquisition adds 30,000 employers and 5 million members, enhancing Fabric\u2019s employer strategy.
\nPreviously, telehealth primarily involved video consultations, which, despite their innovation, did not fully address the need for a seamless consumer experience. Current efforts are focused on creating a more integrated, omnichannel approach that includes chat-based consultations, asynchronous interviews, and direct-to-consumer services such as RO, HIMSS, and Amazon Clinic .
\n\u201cPart of what we\u2019re trying to do is also help triage patients earlier to know if they may need to go to the emergency department or go to urgent care,\u201d Rahman noted.
\nLeveraging technologies like conversational AI, telehealth platforms now offer a more cohesive care experience by streamlining information transfer into virtual care platforms, reducing redundant data entry and enhancing accuracy.
\n\u201cWe\u2019re optimizing that experience and really streamlining it,\u201d Rahman said. \u201cOur average physician work time is only about a minute and a half to do most of those visits. So, it\u2019s really efficient and quick for the providers, and then it allows them to see more patients in a given day.\u201d
\nTelehealth technologies address the shortage of healthcare providers and nurses by improving operational efficiency and increasing patient throughput. This helps alleviate pressure on healthcare systems and ensures timely care.
\n\u201cWe\u2019ve built a product that allows a patient to go through and do their whole intake experience while they\u2019re sitting in the waiting room on their phone,\u201d Rahman explained. \u201cWe\u2019ve been fortunate. We\u2019ve grown through deep integrations with the tools that providers use.\u201d
\nA recent case study from WellNow, a major urgent care provider, demonstrated that telehealth increased productivity for video visits by 2.11 times compared to traditional methods, thus expanding patient access and enhancing provider performance.
\n\u201cTechnology can be a great enabler improving the patient experience, improving the provider experience, and improving operational throughput,\u201d Rahman said.
\nRahman\u2019s motivation for founding Fabric stemmed from a personal healthcare experience involving his father, which highlighted inefficiencies in the system. His prior success with Moat, a digital marketing analytics firm acquired by Oracle, provided a foundation for Fabric\u2019s development.
\n\u201cIt gave me an appreciation for the modern healthcare system,\u201d Rahman said. \u201cI saw some of the inherent complexity and chaos of the healthcare system.\u201d
\nFollowing Fabric\u2019s acquisition of Zipnosis last year, Rahman reported that it led to significant cost savings, with a reduction of $17 per member per month after 120 days of using the virtual care experience. \u201cIf you just imagine a plan with a million members, that\u2019s $17 million that you\u2019re saving on a monthly basis,\u201d he said.
\nAs the healthcare sector evolves, Fabric is working to integrate technological developments into patient care. \u201cWe\u2019re really focused on continuing to expand on our capabilities on the virtual care side and technology side,\u201d Rahman said.
\nThe post Fabric Buys Walmart\u2019s Telehealth Business and Stitches AI Into Digital Healthcare appeared first on PYMNTS.com.
\n", "content_text": "Telehealth has evolved from a niche service to a central element of healthcare, a shift accelerated by the COVID-19 pandemic. This evolution reflects a broader move toward digital health solutions that fundamentally change patient care.\n\u201cWe\u2019re creating that on-demand experience for patients to get care through a more omnichannel lens,\u201d Aniq Rahman, founder and CEO of Fabric, explained to PYMNTS in an interview. \u201cWe want to give great care virtually so people don\u2019t have to leave their homes.\u201d\nFabric\u2019s care enablement system integrates virtual and in-person services through conversational AI and adaptive interviews. This system, designed by clinicians, enhances care quality, accelerates workflows up to tenfold, reduces call center volume by 15%, and improves appointment slot utilization.\nThe PYMNTS interview comes on the heels of Fabric\u2019s acquisition of Walmart\u2019s telehealth business, MeMD, in June. The acquisition adds 30,000 employers and 5 million members, enhancing Fabric\u2019s employer strategy.\nPreviously, telehealth primarily involved video consultations, which, despite their innovation, did not fully address the need for a seamless consumer experience. Current efforts are focused on creating a more integrated, omnichannel approach that includes chat-based consultations, asynchronous interviews, and direct-to-consumer services such as RO, HIMSS, and Amazon Clinic .\n\u201cPart of what we\u2019re trying to do is also help triage patients earlier to know if they may need to go to the emergency department or go to urgent care,\u201d Rahman noted.\nLeveraging technologies like conversational AI, telehealth platforms now offer a more cohesive care experience by streamlining information transfer into virtual care platforms, reducing redundant data entry and enhancing accuracy.\n\u201cWe\u2019re optimizing that experience and really streamlining it,\u201d Rahman said. \u201cOur average physician work time is only about a minute and a half to do most of those visits. So, it\u2019s really efficient and quick for the providers, and then it allows them to see more patients in a given day.\u201d\nTelehealth technologies address the shortage of healthcare providers and nurses by improving operational efficiency and increasing patient throughput. This helps alleviate pressure on healthcare systems and ensures timely care.\n\u201cWe\u2019ve built a product that allows a patient to go through and do their whole intake experience while they\u2019re sitting in the waiting room on their phone,\u201d Rahman explained. \u201cWe\u2019ve been fortunate. We\u2019ve grown through deep integrations with the tools that providers use.\u201d\nA recent case study from WellNow, a major urgent care provider, demonstrated that telehealth increased productivity for video visits by 2.11 times compared to traditional methods, thus expanding patient access and enhancing provider performance.\n\u201cTechnology can be a great enabler improving the patient experience, improving the provider experience, and improving operational throughput,\u201d Rahman said.\nRahman\u2019s motivation for founding Fabric stemmed from a personal healthcare experience involving his father, which highlighted inefficiencies in the system. His prior success with Moat, a digital marketing analytics firm acquired by Oracle, provided a foundation for Fabric\u2019s development.\n\u201cIt gave me an appreciation for the modern healthcare system,\u201d Rahman said. \u201cI saw some of the inherent complexity and chaos of the healthcare system.\u201d\nFollowing Fabric\u2019s acquisition of Zipnosis last year, Rahman reported that it led to significant cost savings, with a reduction of $17 per member per month after 120 days of using the virtual care experience. \u201cIf you just imagine a plan with a million members, that\u2019s $17 million that you\u2019re saving on a monthly basis,\u201d he said.\nAs the healthcare sector evolves, Fabric is working to integrate technological developments into patient care. \u201cWe\u2019re really focused on continuing to expand on our capabilities on the virtual care side and technology side,\u201d Rahman said.\nThe post Fabric Buys Walmart\u2019s Telehealth Business and Stitches AI Into Digital Healthcare appeared first on PYMNTS.com.", "date_published": "2024-08-08T04:00:34-04:00", "date_modified": "2024-08-07T19:44:05-04:00", "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/2024/08/Fabric-telehealth.jpg", "tags": [ "AI", "Aniq Rahman", "artificial intelligence", "conversational AI", "digital transformation", "Fabric", "Featured News", "Healthcare", "MeMD", "News", "PYMNTS News", "telehealth", "walmart" ] }, { "id": "https://www.pymnts.com/?p=2022389", "url": "https://www.pymnts.com/healthcare/2024/spring-health-taps-ai-to-help-with-mental-health-care/", "title": "Spring Health Taps AI to Help With Mental Health Care", "content_html": "April Koh, at 31, stands as the youngest woman to lead a multi-billion dollar company as CEO of Spring Health, a mental health tech startup now valued at $3.3 billion.
\nKoh\u2019s journey began at Yale University, where personal experiences with mental health challenges sparked an idea. What started as an academic research project in 2016 has evolved into Spring Health, a platform serving over 10 million people through 450 directly contracted employers.
\n\u201cSpring Health started as an academic research project that sought to prove technology could help caregivers get people healthier faster,\u201d Koh said in a July 31 news release. This seed of an idea, born from firsthand frustration with the mental health care system, has attracted major clients like Microsoft, Target, J.P. Morgan Chase and Delta Airlines.
\nThe company\u2019s growth has been rapid and significant. In July, Spring Health announced a Series E funding round of $100 million, led by Generation Investment Management, with participation from existing investors, including Kinnevik, William K Warren Foundation, RRE and Northzone. This latest investment brought the company\u2019s valuation to $3.3 billion, a testament to its expanding influence in the mental health technology sector.
\nAt the core of Spring Health\u2019s offering is \u201cPrecision Mental Healthcare,\u201d which uses artificial intelligence (AI) to analyze patient data and match individuals with appropriate care quickly and effectively. This approach has resonated with employers seeking to improve mental health outcomes while managing healthcare costs.
\nThe company\u2019s AI-powered system leverages a range of data, including a patient\u2019s specific symptoms, socio-demographic information and other key factors. This comprehensive analysis aims to reduce the time it takes for a patient to be matched with a caregiver and begin successful treatment.
\nSpring Health\u2019s network now includes more than 10,000 care providers, demonstrating the company\u2019s scale. The platform\u2019s ability to rapidly connect employees with appropriate mental health resources has been a key selling point for employers grappling with workforce mental health issues, particularly in the wake of the COVID-19 pandemic.
\nKoh\u2019s vision extends beyond business success. \u201cBy providing world-class mental healthcare and decreasing overall employer spend on healthcare, we believe we\u2019re on track to build one of the world\u2019s most valuable companies,\u201d she said.
\nUnder Koh\u2019s leadership, Spring Health has continued to innovate and expand its offerings. Recent developments include the expansion of its Global offering, addressing the need for mental health support across international workforces. The company also launched Community Care, though details of this initiative were not specified in the available information.
\nAnother significant enhancement is SpringWorks, a program designed to support employers in creating cultures that prioritize mental health. This holistic approach reflects Koh\u2019s understanding that effective mental health care extends beyond individual treatment to encompass the entire work environment.
\nSpring Health says it became the first and only company in its category to earn external validation of net savings for customers, via Validation Institute. This underscores the effectiveness of the firm\u2019s approach in improving mental health outcomes and reducing overall healthcare costs for employers.
\nThe company also recently secured nationwide third-party accreditation for its quality care and crisis programs, further validating its approach to mental health care delivery.
\nHer leadership has impressed investors. Christian Scherrer, senior investment director at Kinnevik, noted in the press release that Spring Health has \u201csurpassed our expectations across all important metrics\u201d since its initial investment in 2021.
\nHowever, Koh\u2019s rapid ascent hasn\u2019t been without challenges. The mental health tech space is increasingly competitive, with numerous startups and established healthcare companies vying for market share. Scaling operations while maintaining care quality presents ongoing complexities, especially as the company expands globally.
\nAs a young, female, Asian-American leader in a field often dominated by older, male executives, Koh represents a new wave of diverse entrepreneurs tackling pressing societal issues with technological solutions.
\n\u201cOur continued growth trajectory means more people are getting the care they need,\u201d Koh noted in the funding announcement, \u201cand this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers.\u201d
\nAs Spring Health evolves, Koh\u2019s ability to navigate the company\u2019s next growth phase could significantly impact how mental health services are delivered and accessed globally. The company’s expansion into international markets and its focus on creating comprehensive mental health cultures within organizations suggest a broad vision for the future of workplace mental health support.
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post Spring Health Taps AI to Help With Mental Health Care appeared first on PYMNTS.com.
\n", "content_text": "April Koh, at 31, stands as the youngest woman to lead a multi-billion dollar company as CEO of Spring Health, a mental health tech startup now valued at $3.3 billion.\nKoh\u2019s journey began at Yale University, where personal experiences with mental health challenges sparked an idea. What started as an academic research project in 2016 has evolved into Spring Health, a platform serving over 10 million people through 450 directly contracted employers.\n\u201cSpring Health started as an academic research project that sought to prove technology could help caregivers get people healthier faster,\u201d Koh said in a July 31 news release. This seed of an idea, born from firsthand frustration with the mental health care system, has attracted major clients like Microsoft, Target, J.P. Morgan Chase and Delta Airlines.\nRapid Growth\nThe company\u2019s growth has been rapid and significant. In July, Spring Health announced a Series E funding round of $100 million, led by Generation Investment Management, with participation from existing investors, including Kinnevik, William K Warren Foundation, RRE and Northzone. This latest investment brought the company\u2019s valuation to $3.3 billion, a testament to its expanding influence in the mental health technology sector.\nAt the core of Spring Health\u2019s offering is \u201cPrecision Mental Healthcare,\u201d which uses artificial intelligence (AI) to analyze patient data and match individuals with appropriate care quickly and effectively. This approach has resonated with employers seeking to improve mental health outcomes while managing healthcare costs.\nThe company\u2019s AI-powered system leverages a range of data, including a patient\u2019s specific symptoms, socio-demographic information and other key factors. This comprehensive analysis aims to reduce the time it takes for a patient to be matched with a caregiver and begin successful treatment.\nSpring Health\u2019s network now includes more than 10,000 care providers, demonstrating the company\u2019s scale. The platform\u2019s ability to rapidly connect employees with appropriate mental health resources has been a key selling point for employers grappling with workforce mental health issues, particularly in the wake of the COVID-19 pandemic.\nKoh\u2019s vision extends beyond business success. \u201cBy providing world-class mental healthcare and decreasing overall employer spend on healthcare, we believe we\u2019re on track to build one of the world\u2019s most valuable companies,\u201d she said.\nInnovations and Achievements\nUnder Koh\u2019s leadership, Spring Health has continued to innovate and expand its offerings. Recent developments include the expansion of its Global offering, addressing the need for mental health support across international workforces. The company also launched Community Care, though details of this initiative were not specified in the available information.\nAnother significant enhancement is SpringWorks, a program designed to support employers in creating cultures that prioritize mental health. This holistic approach reflects Koh\u2019s understanding that effective mental health care extends beyond individual treatment to encompass the entire work environment.\nSpring Health says it became the first and only company in its category to earn external validation of net savings for customers, via Validation Institute. This underscores the effectiveness of the firm\u2019s approach in improving mental health outcomes and reducing overall healthcare costs for employers.\nThe company also recently secured nationwide third-party accreditation for its quality care and crisis programs, further validating its approach to mental health care delivery.\nHer leadership has impressed investors. Christian Scherrer, senior investment director at Kinnevik, noted in the press release that Spring Health has \u201csurpassed our expectations across all important metrics\u201d since its initial investment in 2021.\nHowever, Koh\u2019s rapid ascent hasn\u2019t been without challenges. The mental health tech space is increasingly competitive, with numerous startups and established healthcare companies vying for market share. Scaling operations while maintaining care quality presents ongoing complexities, especially as the company expands globally.\nAs a young, female, Asian-American leader in a field often dominated by older, male executives, Koh represents a new wave of diverse entrepreneurs tackling pressing societal issues with technological solutions.\n\u201cOur continued growth trajectory means more people are getting the care they need,\u201d Koh noted in the funding announcement, \u201cand this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers.\u201d\nAs Spring Health evolves, Koh\u2019s ability to navigate the company\u2019s next growth phase could significantly impact how mental health services are delivered and accessed globally. The company’s expansion into international markets and its focus on creating comprehensive mental health cultures within organizations suggest a broad vision for the future of workplace mental health support.\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post Spring Health Taps AI to Help With Mental Health Care appeared first on PYMNTS.com.", "date_published": "2024-08-05T13:59:06-04:00", "date_modified": "2024-08-06T22:24:48-04:00", "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/2024/08/Spring-Health-AI.jpeg", "tags": [ "AI", "April Koh", "artificial intelligence", "Featured News", "funding", "Generation Investment Management", "Healthcare", "Investments", "mental health", "News", "PYMNTS News", "Spring Health" ] }, { "id": "https://www.pymnts.com/?p=2017555", "url": "https://www.pymnts.com/healthcare/2024/humas-13-year-journey-to-creating-a-global-healthcare-network/", "title": "Huma\u2019s 13-Year Journey to Creating a Global Healthcare Network", "content_html": "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" ] } ] }