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Intel-GE Care Innovations_Frost & Sullivan Position Paper

Intel-GE Care Innovations_Frost & Sullivan Position Paper

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    Intel-GE Care Innovations_Frost & Sullivan Position Paper Intel-GE Care Innovations_Frost & Sullivan Position Paper Document Transcript

    • 50 Years of Growth, Innovation and Leadership A Frost & Sullivan Position Paper www.frost.com Competitive Strategy Leadership – Remote Patient Monitoring–Intel GE Care Innovations™
    • Frost & Sullivan CONTENTS Significance of Competitive Strategy Leadership in Remote Patient Monitoring........... 3 Best Practices Award Analysis for Intel-GE Care Innovations............................................ 3 Remote Monitoring Segments and Analysis......................................................................... 3 Personal Emergency Response Systems (PERS).................................................................. 4 Home Remote Monitoring................................................................................................... 4 Medication Management..................................................................................................... 5 Activity Monitoring............................................................................................................... 5 Senior Digital Wellness and Fitness...................................................................................... 5 Growing Evidence of the Efficacy of Remote Patient Monitoring..................................... 5 Care Innovations Execution of Competitive Strategy........................................................ 6 Conclusion............................................................................................................................... 7
    • Competitive Strategy Leadership – Remote Patient Monitoring–Intel GE Care Innovations™ 3Frost.com “Creating a product line that is both diverse yet focused to target the correct market opportunities is no small feat in remote monitoring. Care Innovations has accomplished this through its current line of product and service offerings, singling it out as a leading competitor in the market.” Frost & Sullivan SIGNIFICANCE OF COMPETITIVE STRATEGY LEADERSHIP IN REMOTE PATIENT MONITORING Remote patient monitoring product offerings can be both confusing and unclear to customers, but the idea behind these offerings is simple:using information technology and communications for effective remote healthcare delivery. Frost & Sullivan aggressively investigates how remote patient monitoring adds value to providers and geriatric patients. Industry forecasts reveal a possibility of this technology being less profitable over the next five years. It, therefore, falls upon the industry to create innovative products and business strategies to maximize growth and capture new sources of revenue. Remote patient monitoring has historically been fragmented but is becoming more concentrated with an increase in M&A activities as the number of capitalized companies begins to shrink. Nevertheless, Frost & Sullivan feels the entity that can provide the most simplified product portfolio with the highest end-user value will earn market share and resulting revenue in this high-growth market. Remote patient monitoring is the utilization of advanced communication technologies to provide medical care and health services from any location and has proven itself to be a core component of patient engagement in the medical home concept. Several of these activities have been available for decades, such as Holter ECG monitoring. Remote patient monitoring is quickly transitioning to a reliable technology demanded by professionals and patients alike. Unfortunately, opportunities in remote patient monitoring are confusing and many times misunderstood. Moreover, the step in understanding competitive strategy, where it can be used to differentiate business, is imperative during this growth phase of market maturation. BEST PRACTICES AWARD ANALYSIS FOR CARE INNOVATIONS The 2012 Frost & Sullivan Competitive Strategy Leadership Award is presented to Care Innovations in recognition of the company’s creative and forward-thinking product development in its remote patient monitoring offerings. The remote monitoring market has begun to see declining growth from the application of outdated business models and limited consumer value offerings in this fast-paced healthcare market. In order to sustain growth in the remote monitoring market,progressive business strategies and creative technology applications are needed. Care Innovations has repeatedly addressed both criteria by scientifically advancing the traditional home remote monitoring methods and providing a precise,yet unique portfolio of remote monitoring products. REMOTE MONITORING SEGMENTS AND ANALYSIS Remote monitoring historically has addressed the needs of the elderly and continues to play a significant role in the overall evolution of telehealth products and services. In the past, technology has been the largest barrier for consumer-focused use and proliferation of telehealth products and services. This barrier is decreasing as growth in the Medicare-eligible (age 65+) segment population demographic creates demand for home-centered technologies and use of mobile devices.
    • Frost & Sullivan 4 Frost.com Market opportunities can be categorized and further explored by looking at the resulting integrated systems, products, and programs associated with different areas in remote monitoring, as illustrated in Figure 1 below. Figure 1 - Independence Spectrum, North America, 2012 PROGRAMS APPLICATIONS/ PRODUCTS INTEGRATED SYSTEMS • Consumer Phone • ConsumerTablet • Personal Computer • Customized Phone • CustomizedTablet • Specialized •Tabletop Hub • Self-Reporting/Logbook • Queries and Questionnaires • PERS • Medication Management • Activity Monitoring • Remote Monitoring • Bedside Fall Detection • Video Consultation • Social and Fitness Programs • Health andWellness Programs • Disease Management Programs • Home Healthcare Programs • Independent Living •Assisted Living Source: Frost & Sullivan analysis As a result, Frost & Sullivan has identified five distinct market segments for remote monitoring business development opportunities: • PERS • Home Remote Monitoring • Medication Management • Activity Monitoring • Senior Digital Wellness and Fitness Personal Emergency Response Systems (PERS) The most basic personal emergency response system/service (PERS) consists of a pendant or other type of button notification device and a base station with a call-center component. This system design has been in existence for more than 30 years. Technological progression is advancing, but at a slow pace. A recent innovation is the introduction of fall detection technologies, added as a supplement to the traditional PERS configuration. The sub-market is dominated by direct-to-customer service relationships, similar to home security systems, with limited direct equipment sales. Recently, this niche market received increased attention, as it has created a direct-to-consumer market opportunity. Home Remote Monitoring Home healthcare and disease management programs utilize remote patient monitoring technology, allowing healthcare providers to monitor and interact with patients who are at home. Both the home healthcare and the disease management sub-markets stand out among patient monitoring markets. While most patient monitoring markets are very mature and established, the remote monitoring sub-market is among the few emergent market spaces and has drawn attention as a result.
    • Competitive Strategy Leadership – Remote Patient Monitoring–Intel GE Care Innovations™ 5Frost.com Medication Management Medication compliance remains a significant issue in healthcare. This market is still in an early phase and most solutions consist of digital pill boxes with alert functionality. These products vary dramatically in technology capability and price. Higher-end solutions focus on large,senior- living communities or complex, post-surgical transplant drug regimens. More cost-effective solutions balance lower price points with opportunities presented with routine antibiotic regimens of daily blood sugar monitoring for diabetes patients. New lower-end solutions focus more on simple reminders and patient health information gathering. These technologies are often used as add-ons to larger enterprise health-management platforms. Activity Monitoring Activity monitoring uses sensors to scan and digitally record the physical movement and activity of patients in the home. The goal is to understand and map daily physical and cognitive activity and then provide alerts when deviations to this pattern occur. This allows caregivers to respond to potentially urgent situations, such as an imbalance in electrolytes, which is a common cause of falls. Further analysis of data captured by activity monitoring presents endless opportunities to customize home health and wellness programs. Senior Digital Wellness and Fitness A small but rapidly growing area of interest for the Aging in Place concept can be found in digital wellness and fitness technologies targeting geriatric patients.These systems concentrate on wellness-focused disciplines, such as exercise, cognitive fitness, and social interactions, and target elderly users, immediate family members and caregivers. These solutions are also being explored in retirement communities with some possible retail executions in large community centers and pharmacies (Walgreens, CVS). There are also specific solutions targeting assisted and independent living facilities, or other areas of the continuum of facility care. The specific needs presented by the customers in this sub-segment result in different product offerings that can provide competitive differentiation between elderly care facilities through offerings that attract and retain patients. GROWING EVIDENCE OFTHE EFFICACY OF REMOTE PATIENT MONITORING St.Vincent Health in Indianapolis, Indiana, in an attempt to prepare itself for the Centers for Medicare and Medicaid Services’ (CMS) upcoming fiscal penalties for costly congestive heart failure (CHF) readmissions and in an attempt to keep chronic obstructive pulmonary disease (COPD) patients out of the emergency room, introduced a Readmissions Reduction Program. The health system chose the Intel-GE Care Innovations Guide™ to provide the interactive platform allowed for remote access and monitoring of multiple biometric tests for CHF patients. This capability created a digital bridge between providers and recently discharged cardiac patients recovering at home. St.Vincent Health was able to provide patients discharged with COPD and CHF nurse care and monitoring through the Care Innovations™ Guide remote care management module.The hospital observed a 75 percent reduction in hospital readmissions based on preliminary results.
    • Frost & Sullivan 6 Frost.com “Personal emergency response systems are a core aspect of revenue for most remote monitoring companies and are almost a necessity for any product line. While activity monitoring is still an emergent sub-market, Frost & Sullivan is of the opinion that Care Innovations has one of the best activity monitoring systems available with QuietCare.” Frost & Sullivan This documented success for St.Vincent is empirical evidence of the potential value remote patient monitoring holds for high-cost and high-utilization cases with focus on chronic and degenerative diseases in geriatric or Medicare populations for other similar hospitals and health systems. This methodology will include remote monitoring applications for diabetes, pneumonia, stroke, acute myocardial infarction (AMI), and heart failure (HF) patients. Beyond the more serious clinical applications, remote patient monitoring also offers great opportunities for medical homes and accountable care organizations (ACOs) in their efforts to improve population health, and provide greater access and ensure quality of care while reducing the per capita costs for healthcare. The introduction of remote patient monitoring holds great potential as well for pending expansion of Medicaid enrollment, for all states, as a mandate of the Affordable Care Act. CARE INNOVATIONS EXECUTION OF COMPETITIVE STRATEGY Competitive strategy starts with a product needs solution and a value proposition. Care Innovations is a mature market participant in remote patient monitoring, and has become astutely aware of the diverse needs and challenges it faces in remote patient monitoring. Through the various vetted and established products of its parent companies, Intel and GE, Care Innovations is able to leverage a wealth of industry knowledge and experience. However, while unique products in and of themselves provide a competitive offering, a best practice in competitive strategy must be built around them to sustain growth. Presently, there is much duplication of products in this industry by an ever-growing number of entrepreneurs.This has led to a variety of offerings that are complex and confusing to new and existing customers. As a result,the sector has become increasingly competitive and fragmented. While still striving to retain its level of value to the user, Care Innovations has set itself apart by using its strong brand and competitive strategy leadership to create a precise and well-targeted product portfolio of diverse products and services, thereby positioning the company for further sustained growth.
    • Competitive Strategy Leadership – Remote Patient Monitoring–Intel GE Care Innovations™ 7Frost.com Figure 2: Market Segmentation, North America, 2012 REMOTE MONITORING MARKET SEGMENTS PERS Home Remote Monitoring Activity Monitoring Medication Management Senior Digital Wellness & Fitness Source: Frost & Sullivan analysis While competitors try to introduce ill-defined products into multiple remote environments, Care Innovations has soundly developed distinct products for each potential customer and end-user environment. Care Innovations offers a remote care management platform, the Care Innovations Guide, and an activity monitoring system, Care Innovations™ QuietCare®. While activity monitoring is still an emerging market, Frost & Sullivan is of the opinion that Care Innovations has one of the best activity monitoring systems available with Care Innovations™ QuietCare®. Care Innovations not only provides technology solutions, but also offers consulting and change management support. This expertise includes areas of remote care management solution deployment, and enables senior living facilities to extend their reach further into the surrounding community. CONCLUSION Care Innovations has the foresight necessary to deliver solutions for market and customer needs at this critical stage of market growth.The company also recognizes that in order to create a sustainable business model, it must have well-defined, well-positioned products with clear consumer value propositions.With this strategic oversight and brand positioning, Care Innovations is well-poised for growing market share by offering some of the most cutting-edge products and services with simple, yet effective messaging. Based on the aforementioned efforts in Competitive Strategy Leadership, Frost & Sullivan proudly presents Care Innovations with the 2012 Competitive Strategy Leadership Award.
    • 877.GoFrost • myfrost@frost.com http://www.frost.com ABOUT FROST & SULLIVAN Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.For more than 50 years,we have been developing growth strategies for the Global 1000,emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact Us: Start the Discussion For information regarding permission, write: Frost & Sullivan 331 E. Evelyn Ave. Suite 100 MountainView, CA 94041 SiliconValley 331 E. Evelyn Ave. Suite 100 MountainView, CA 94041 Tel 650.475.4500 Fax 650.475.1570 San Antonio 7550 West Interstate 10, Suite 400, San Antonio,Texas 78229-5616 Tel 210.348.1000 Fax 210.348.1003 London 4, Grosvenor Gardens, London SWIW ODH,UK Tel 44(0)20 7730 3438 Fax 44(0)20 7730 3343 Auckland Bahrain Bangkok Beijing Bengaluru Bogotá Buenos Aires Cape Town Chennai Colombo Delhi / NCR Detroit Dhaka Dubai Frankfurt Hong Kong Iskander Malaysia/Johor Bahru Istanbul Jakarta Kolkata Kuala Lumpur London Manhattan Mexico City Miami Milan Mumbai Moscow Oxford Paris Pune Rockville Centre San Antonio São Paulo Seoul Shanghai Shenzhen SiliconValley Singapore Sophia Antipolis Sydney Taipei Tel Aviv Tokyo Toronto Warsaw Washington, DC