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CarePassport Award Write Up

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2017 North American Patient Engagement Solutions Visionary Innovation Leadership Award

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CarePassport Award Write Up

  1. 1. 2017 North American Patient Engagement Solutions Visionary Innovation Leadership Award NORTH AMERICAN PATIENT ENGAGEMENT SOLUTIONS VISIONARY INNOVATION LEADERSHIP AWARD 2017
  2. 2. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 2 “We Accelerate Growth” Contents Background and Company Performance ........................................................................3 Industry Challenges..............................................................................................3 Focus on the Future and Best Practices Implementation............................................4 Conclusion...........................................................................................................6 Significance of Visionary Innovation Leadership .............................................................7 Understanding Visionary Innovation Leadership .............................................................7 Key Benchmarking Criteria ....................................................................................8 Best Practice Award Analysis for CarePassport ...............................................................8 Decision Support Scorecard ...................................................................................8 Focus on the Future..............................................................................................9 Best Practices Implementation...............................................................................9 Decision Support Matrix ......................................................................................10 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices .................................................................................................................11 The Intersection between 360-Degree Research and Best Practices Awards.....................12 Research Methodology ........................................................................................12 About Frost & Sullivan ..............................................................................................12
  3. 3. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 3 “We Accelerate Growth” Background and Company Performance Industry Challenges The digital health revolution has made a connected health ecosystem and a collaborative care approach imperative to improving health outcomes. Patients can no longer rely on outdated technologies to stay connected with healthcare providers. While standard telephonic interactions and short messaging services (SMS) can still be valuable, they simply are not enough—especially among millennial (age 21–34) and Generation X (age 35–51) patients who expect convenient and stress-free access to electronic health records, clinical reports, lab results, medical images, and wellness information—as well as the ability to track medications and schedule appointments—over the Internet or via smartphones and tablets. One of the major goals of Meaningful Use (MU) efforts in the United States is to advance patient engagement and ownership of their own health records, for example by making it easier for them to view their health records online. But patient access to their own data remains limited. Electronic medical record vendors’ control of the market makes it difficult for health systems to create and implement patient engagement solutions that are efficient in multi-vendor/multi-tenant environments. Healthcare providers and health systems have a responsibility to assist patients through their care journey; however, they face increased pressure to contain costs, reduce hospital admissions and readmissions, and effectively engage chronically ill patients remotely. In this context, healthcare systems are looking for a well-coordinated, individualized approach to developing more meaningful interactions and long-term relationships with patients. Older patients, who are prone to having multiple health conditions, are often the most challenging and time-consuming for providers: They are more likely to reach out via telephone and seek same-day physician appointments for visits, and require extended hospitalizations. Providers need diverse communication strategies and digital touch-points to meet the needs and expectations of all patients. Physician-patient interactions before, during, and after care episodes play a significant role in decisions that guide patients along their care pathways. Three major factors hinder providers’ effective clinical engagement strategies: Logistic processes—long patient wait times, time-consuming manual processes, and unorganized appointment scheduling and reminder systems Outdated technology—a lack of sophisticated technology, such as Web-based patient portals, mobile apps, and vendor- and device-agnostic universal healthcare systems Lack of coordination—disconnected processes across healthcare organizations that confuse patients In response to these challenges, many healthcare organizations have chose to build their own homegrown solutions to facilitate patient interactions. However, the vast majority have found it impossible to keep up with technological advances, integration needs, and patient demands. Other organizations have chosen to rely on their electronic health record (EHR) vendor to supply this functionality, but those operating in a multi-vendor health IT
  4. 4. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 4 “We Accelerate Growth” environment have quickly realized the limitations of this approach. The primary technical challenge confronting healthcare providers is finding a comprehensive patient engagement solution that can integrate with all health information systems that are used to acquire, aggregate, and normalize patient data across the care continuum in order to provide patients with a holistic view of their health context. A company that can offer a platform that is sophisticated yet easy to deploy, universal yet sub-specialized, has the opportunity to address this growing unmet need of health systems and encourage patients to take a more active role in their care. Focus on the Future and Best Practices Implementation Massachusetts-based CarePassport is an innovation-driven provider of universal clinician and patient engagement solutions that addresses these challenges. The CarePassport app allows patients to access and gain full control over their health information from a wide range of points of care. The company aspires to consolidate the complex clinical engagement process through its innovative app that provides patients a secure, convenient, single point of access to their healthcare information—on any device and at any time. Focus on Unmet Needs CarePassport was founded in 2016 and quickly earned a solid reputation for its innovative, vendor-neutral, and highly customizable cloud-based solution that takes clinician and patient digital engagement to a new level of efficiency. With an innovative technology roadmap focused on patient and clinician empowerment and automation, the app provides a holistic view of a patient’s health status by gathering data from multiple healthcare provider organizations, mobile apps, and wearable devices. With the industry-wide push for healthcare mobility solutions and bring-your-own-device and -application strategies in the care setting, concern is mounting over how to best provide universal platforms to access and view data on any device at any time. CarePassport’s feature-rich and user-friendly mHealth app covers the full spectrum of communication and clinical collaboration in any care setting. It is a software-as-a-service (SaaS)-based solution that can consolidate insights from multiple databases, clinical repositories, picture archiving and communication systems, mobile apps, and health wearables for physicians and patients to access and view. It offers multi-modality image viewing and image sharing capabilities, and can be used to find nearby clinics, schedule appointments, and electronically file registration forms. It can even sync with smartphone navigation apps and allow users to book rides. Keeping in mind healthcare’s unique security and privacy requirements, the CarePassport app is compliant with Fast Healthcare Interoperability Resources (FHIR) and health-level seven (HL7), digital imaging and communications in medicine (DICOM), Protected Health Information (PHI) and Health Insurance Portability and Accountability Act (HIPAA) systems, and with the latest IT security standards. Frost & Sullivan's benchmarking exercise confirms that CarePassport’s patient engagement solution is unique from the standpoint of its product development roadmap
  5. 5. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 5 “We Accelerate Growth” and its overall value proposition for its focus on meeting the emerging challenges of the future while addressing the unmet needs of today. Visionary Scenarios through Mega Trends Frost & Sullivan research finds that CarePassport’s visionary leadership has identified and addressed several Mega Trends that affect the healthcare industry today: • The need to engage providers and patients. Patients must work with their providers throughout the care journey to become more accountable and responsible for managing their health. Digital engagement is rapidly gaining momentum, resulting in a cultural shift across the healthcare industry and a new urgency to create care teams that focus on the individual. • The rise of healthcare data analytics and Big Data. Smarter healthcare is not just about digitizing and connecting disparate data from various sources, but also enabling the intelligent application of data via advanced analytics. The explosion in the volume of healthcare data from medical records, connected medical devices, health wearables, and mHealth apps creates an opportunity to derive new insights to improve care delivery and health outcomes. • Value-based reimbursement. The move to financially reward providers based on clinical performance standards and health outcomes drives healthcare organizations to deploy technology that integrates real-time patient data into care coordination. • Care communities and collaborative care. This unique approach creates a holistic perspective of the various influences on the health of individuals and populations, including socioeconomic factors. Vision Alignment to Empower Future Clinician and Patient Engagement The company has uniquely blended its CarePassport app with cutting-edge digital technology to ensure that a wide variety of impeding challenges are being addressed with a broad and rich scope of healthcare content management, from medical images using CareRad for DICOM image exchange to multimedia files and laboratory reports. The app features state-of-the-art patient data privacy and security specifications. Three major global shifts have come together to pave the way for CarePassport’s success in the digital health market: Healthcare digitization efforts have accelerated clinician and patient digital engagements; mHealth apps and health wearables have emerged, driven by high smartphone and tablet penetration in healthcare practices; and recognition of the value of telehealth and telecare enabling technologies is increasing. The Triple Aim for healthcare is a fundamental concept articulated in the Affordable Care Act, which aims to manage population health, continually improve the experience of care, and control the per capita costs of healthcare by moving to more accountable care. The CarePassport app aligns with the Triple Aim objectives by empowering individuals to take greater responsibility for their own health and by connecting key healthcare stakeholders to collectively manage health and well-being through shared data platforms.
  6. 6. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 6 “We Accelerate Growth” Implementation Excellence through Simplified Process Design The CarePassport app’s integration framework is a suite of solutions designed to help healthcare organizations realize more value from existing clinical information systems. The application platform can be personalized by providers for their specific use cases. The app features an open architecture-based modular design capable of establishing ad-hoc interfaces with any third-party system to break down data silos, which is a critical need in any healthcare facility. The platform-based offering and SaaS-based business model via native mobile apps makes CarePassport’s solution scalable and reliable for enterprise expansions. App deployment in any healthcare infrastructure is quick and straightforward. The platform readily adapts to new technologies and can be easily upgraded to the latest iterations. The company has engineered the app so that government healthcare agencies, community health centers, and diverse health systems can access sensitive health data that had remained siloed for years. The benefits for health systems and accountable care organizations are a loyal and engaged patient population and better-managed interactions that reduce appointment no-shows or last-minute cancellations. Conclusion In 2016, CarePassport embarked on a mission to address critical challenges confronting the consumer healthcare industry. CarePassport has firmly established its visionary leadership through its data-driven patient engagement solution that helps patients and clinicians better collaborate and make more informed decisions. The CarePassport app offers an array of impressive capabilities to serve the complex and dynamic needs of healthcare organizations of every category, already outpacing many of its competitors in this space. The company has shown exceptional foresight in understanding the importance of empowering patients. Frost & Sullivan's independent analysis of the patient engagement solutions market clearly shows that an unwavering commitment to visionary innovation makes CarePassport the ideal vendor partner to facilitate a transformation to the healthcare system of the future. With its strong overall performance, CarePassport has earned Frost & Sullivan’s 2017 Visionary Innovation Leadership award.
  7. 7. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 7 “We Accelerate Growth” Significance of Visionary Innovation Leadership A Visionary Innovation Leadership position enables a market participant to deliver highly competitive products and solutions that transform the way individuals and businesses perform their daily activities. Such products and solutions set new, long-lasting trends in how technologies are deployed and consumed by businesses and end users. Most important, they deliver unique and differentiated benefits that can greatly improve business performance as well as individuals’ work and personal lives. These improvements are measured by customer demand, brand strength, and competitive positioning. Understanding Visionary Innovation Leadership Visionary Innovation is the ability to innovate today in the light of perceived changes and opportunities that will arise from Mega Trends in the future. It is the ability to scout and detect unmet (and as yet undefined) needs and proactively address them with disruptive solutions that cater to new and unique customers, lifestyles, technologies, and markets. At the heart of visionary innovation is a deep understanding of the implications and global
  8. 8. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 8 “We Accelerate Growth” ramifications of Mega Trends, leading to correct identification and ultimate capture of niche and white-space market opportunities in the future. Key Benchmarking Criteria For the Visionary Innovation Leadership Award, Frost & Sullivan analysts independently evaluated two key factors—Focus on the Future and Best Practices Implementation— according to the criteria identified below. Focus on the Future Criterion 1: Focus on Unmet Needs Criterion 2: Visionary Scenarios through Mega Trends Criterion 3: Growth Pipeline Criterion 4: Blue Ocean Strategy Criterion 5: Growth Performance Best Practices Implementation Criterion 1: Vision Alignment Criterion 2: Process Design Criterion 3: Operational Efficiency Criterion 4: Technological Sophistication Criterion 5: Company Culture Best Practice Award Analysis for CarePassport Decision Support Scorecard To support its evaluation of best practices across multiple business performance categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool allows our research and consulting teams to objectively analyze performance, according to the key benchmarking criteria listed in the previous section, and to assign ratings on that basis. The tool follows a 10-point scale that allows for nuances in performance evaluation. Ratings guidelines are illustrated below. RATINGS GUIDELINES The Decision Support Scorecard is organized by Focus on the Future and Best Practices Implementation (i.e., These are the overarching categories for all 10 benchmarking criteria; the definitions for each criterion are provided beneath the scorecard.). The
  9. 9. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 9 “We Accelerate Growth” research team confirms the veracity of this weighted scorecard through sensitivity analysis, which confirms that small changes to the ratings for a specific criterion do not lead to a significant change in the overall relative rankings of the companies. The results of this analysis are shown below. To remain unbiased and to protect the interests of all organizations reviewed, we have chosen to refer to the other key participants as Competitor 2 and Competitor 3. Measurement of 1–10 (1 = poor; 10 = excellent) Visionary Innovation Leadership Focus on the Future Best Practices Implementation Average Rating CarePassport 10 9 9.5 Competitor 2 8 8 8.0 Competitor 3 7 8 7.5 Focus on the Future Criterion 1: Focus on Unmet Needs Requirement: Implementing a robust process to continuously unearth customers’ unmet or under-served needs, and creating the products or solutions to address them effectively Criterion 2: Visionary Scenarios through Mega Trends Requirement: Incorporating long-range, macro-level scenarios into the innovation strategy, thereby enabling “first-to-market” growth opportunity solutions Criterion 3: Growth Pipeline Requirement: Best-in-class process to continuously identify and prioritize future growth opportunities leveraging both internal and external sources Criterion 4: Blue Ocean Strategy Requirement: Strategic focus on creating a leadership position in a potentially “uncontested” market space, manifested by stiff barriers to entry for competitors Criterion 5: Growth Performance Requirement: Growth success linked tangibly to new growth opportunities identified though visionary innovation Best Practices Implementation Criterion 1: Vision Alignment Requirement: The executive team is aligned along the organization’s mission, vision, strategy, and execution. Criterion 2: Process Design Requirement: Processes support the efficient and consistent implementation of tactics designed to implement the strategy.
  10. 10. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 10 “We Accelerate Growth” Criterion 3: Operational Efficiency Requirement: Staff performs assigned tactics seamlessly, quickly, and to a high-quality standard. Criterion 4: Technological Sophistication Requirements: Systems enable companywide transparency, communication, and efficiency. Criterion 5: Company Culture Requirement: The executive team sets the standard for commitment to customers, quality, and staff, which translates directly into front-line performance excellence. Decision Support Matrix Once all companies have been evaluated according to the Decision Support Scorecard, analysts then position the candidates on the matrix shown below, enabling them to visualize which companies are truly breakthrough and which ones are not yet operating at best-in-class levels. High Low Low High BestPracticesImplementation Focus on the Future CarePassport Competitor 2 Competitor 3
  11. 11. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 11 “We Accelerate Growth” Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan Awards follow a 10-step process to evaluate Award candidates and assess their fit with select best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify Award recipient candidates from around the globe • Conduct in-depth industry research • Identify emerging sectors • Scan multiple geographies Pipeline of candidates who potentially meet all best- practice criteria 2 Perform 360-degree research Perform comprehensive, 360-degree research on all candidates in the pipeline • Interview thought leaders and industry practitioners • Assess candidates’ fit with best-practice criteria • Rank all candidates Matrix positioning of all candidates’ performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates • Confirm best-practice criteria • Examine eligibility of all candidates • Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles • Brainstorm ranking options • Invite multiple perspectives on candidates’ performance • Update candidate profiles Final prioritization of all eligible candidates and companion best-practice positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders • Share findings • Strengthen cases for candidate eligibility • Prioritize candidates Refined list of prioritized Award candidates 6 Conduct global industry review Build consensus on Award candidates’ eligibility • Hold global team meeting to review all candidates • Pressure-test fit with criteria • Confirm inclusion of all eligible candidates Final list of eligible Award candidates, representing success stories worldwide 7 Perform quality check Develop official Award consideration materials • Perform final performance benchmarking activities • Write nominations • Perform quality review High-quality, accurate, and creative presentation of nominees’ successes 8 Reconnect with panel of industry experts Finalize the selection of the best-practice Award recipient • Review analysis with panel • Build consensus • Select recipient Decision on which company performs best against all best-practice criteria 9 Communicate recognition Inform Award recipient of Award recognition • Present Award to the CEO • Inspire the organization for continued success • Celebrate the recipient’s performance Announcement of Award and plan for how recipient can use the Award to enhance the brand 10 Take strategic action Upon licensing, company is able to share Award news with stakeholders and customers • Coordinate media outreach • Design a marketing plan • Assess Award’s role in future strategic planning Widespread awareness of recipient’s Award status among investors, media personnel, and employees
  12. 12. BEST PRACTICES RESEARCH © Frost & Sullivan 2018 12 “We Accelerate Growth” The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan’s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degree-view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry players and for identifying those performing at best-in-class levels. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages more than 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from 45 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS

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