2019: The Year of Artificial Intelligence in Healthcare

2019: The Year of Artificial Intelligence in HealthcareThe buzz words in healthcare, “Big Data,” have been a hot topic for years now, and they aren’t going anywhere…anytime soon.

The volume of available data in healthcare is forecasted to increase at a compound annual growth rate of 36%, as IDC stated in a recent report, outpacing the growth rate of nearly every other major industry.

Over the course of 2018, an immense need to ensure these data assets are accurate, trustworthy, timely, accessible, and secure was the driving force behind big investments in new infrastructure, innovative partnerships, and workflow optimization initiatives.

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Clinical Integration of Artificial Intelligence — A Look into the Future

Artificial intelligence in Healthcare Artificial Intelligence (AI) is undeniably gaining momentum within healthcare. Case studies and beta testing is proving valuable for longterm integration inside clinical settings.

In a survey conducted by Intel and Convergys Analytics, half of the participating professionals reported that widespread adoption of AI is imminent — predicting that it will be common practice within five years.

Nearly 20% believe that AI will be completely adopted in less than two years.

The poll found that 37% of respondents are already using artificial intelligence within their organizations in some capacity.

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How to Achieve The Triple Aim

Triple AimThe Institute for Healthcare Improvement (IHI) launched the Triple Aim initiative in 2007. IHI defines the Triple Aim as a “framework for optimizing health system performance.” It was created for healthcare organizations to enhance a patients’ experience (i.e. quality, access, and reliability) while reducing the per capita cost of care.

The three objectives include:

  1. Improving the patient experience of care
  2. Improving the health of populations
  3. Reducing the per capita cost of health care

It is evident that most recent healthcare reform initiatives by the government regarding healthcare policy and funding, is fueled by the Triple Aim.

The three aims are not a new concept per se, but it wasn’t until government mandated healthcare reform, i.e Obamacare, that the Triple Aim became a sought-after goal for health organizations.

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Health Equity: The Forgotten Aim

Health Equity: The Forgotten Aim

In our blog earlier this month, we discussed the “Triple Aim” — an initiative launched in 2007 by The Institute for Healthcare Improvement (IHI). It was created for healthcare organizations to enhance a patients’ experience (i.e. quality, access, and reliability) while reducing the per capita cost of care.

However, prior to the Triple Aim’s evolution, The Institute of Medicine (IoM) identified six “Aims of Improvement” in 2001.

  1. Safe
  2. Effective
  3. Patient-Centered
  4. Timely
  5. Efficient
  6. Equitable

The IoM defines Equitable as providing care that does not vary in quality because of personal characteristics such as gender, ethnicity, geographic location, and socioeconomic status.

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The Triple Aim: Improving the Patience Experience & Reducing Cost of Care

Triple AimThe Institute for Healthcare Improvement (IHI) launched the Triple Aim initiative over 10 years ago, back in 2007. It was created for healthcare organizations to enhance a patients’ experience (i.e. quality, access, and reliability) while reducing the per capita cost of care.

Following these three Triple Aim objectives enables healthcare organizations to recognize and solve problems such as poor coordination of care and excessive use of medical services. It also encourages organizations to focus attention on and redirect resources to action that produce the most considerable impact on health.

  1. Improving the patient experience of care
  2. Improving the health of populations
  3. Reducing the per capita cost of health care

Why the Triple Aim?

 The United States healthcare system is the most costly in the world, accounting for 17% of the gross domestic product with estimates that percentage will grow to 19.9% of GDP by 2022.

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2018 Business Savings: Calculating Section 179 Tax Deductions

10_23_18_532377729_itb_560x2921As discussed in our Auxo Medical blog earlier this month, the Section 179 Tax Deduction is intended to motivate businesses to stay competitive by purchasing needed equipment, and writing off the full amount on their taxes for the existing year. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

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2018 Updates: Leveraging the Section 179 Tax Deduction

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Due to the passage of recent Stimulus Acts and Congressional Tax Bills, there are several notable updates to the Section 179 deduction. The specific impact that these Stimulus Acts have had on the Section 179 deduction is related to the dollar limits of the deduction and bonus depreciation increasing.

As the year-end is fast approaching, many healthcare businesses are considering purchases, including medical equipment. Understanding and utilizing available tax incentives should be a consideration for these purchasing decisions.

Section 179: How to Cash In on Tax Savings

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Section 179 Tax Codes Debunked: How to Save Money on Medical Equipment

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It is a safe assumption to make that medical equipment buyers want to save money. In 2018, now more than ever, hospitals, ASCs, and other healthcare institutions are under tremendous pressure to cut costs. But, many buyers do not necessarily think about Section 179 when shopping for equipment.

The Section 179 deduction is actually not a complicated tax code and is surprisingly a lot simpler than most realize. The IRS tax code, Section 179, permits businesses to subtract the full purchase price of qualifying equipment purchased or financed during the tax year. In other words, if you buy a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and reinvest in growing their business.

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Patients Seek Pricing Transparency in Their Healthcare Costs

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Earlier this month, we looked into the topic of healthcare pricing transparency, and discussed why its relevant.

Today we dive into how pricing transparency affects our healthcare decisions and costs.

The average consumer, consciously or subconsciously, price shops on a daily basis — checking out which gas station has the cheapest price per gallon, which grocery store has the most affordable produce, and which Amazon wholesaler has the cheapest gadget.

But when it comes to our healthcare, that’s an entirely different ballgame.

The unfortunate truth is that consumers in the United States do not necessarily know the cost that they pay for healthcare because those financial implications by insurers and providers have historically been kept under wraps.

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The Road Ahead: Why Value-Based Health Care Is Shining a Spotlight on Pricing Transparency

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In this month’s newsletter, we are taking a closer look into value-based care’s pricing model and how transparency plays an important role for patients.

Transparency Can Lead to Confusion

Value-based care (VBC) is a healthcare delivery model in which providers, including hospitals and physicians, are paid based on patient health outcomes.VBC differs from a fee-for-service approach, in which providers are paid based on the amount of healthcare services they deliver.

Value-based purchasing (VBP) incentivize providers to enhance the caliber of their care by offering financial rewards (or penalties) based on their outcomes. Price transparency initiatives entice patients to select “higher-value” providers by offering price information.

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