According to a recent survey in January 2019 by NewVantage Partners, nearly 80% of healthcare execs are investing more in Big Data. In addition, they’re increasing investments in artificial intelligence (AI) as well. Over 70% of healthcare executives reported that their organizations are accelerating investments in Big Data analytics and AI, citing disruptive forces and industry competitors as major motivators for increasing spending.

These survey insights seem to be an accurate preview of the latest research study, titled, “Big Data Analytics in Healthcare Market.” In 2017, the Global Big Data Analytics in Healthcare Market was valued at $16.87 billion, and is projected to reach $67.82 billion by 2025, growing at a CAGR of 19.1% from 2018 to 2025.

Big Data’s commanding influence by key players include All Scripts, Cerner, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Microsoft, Optum, and Oracle Corporation.

The ‘Blockchain in Healthcare Today’ review board discussed their major predictions for the next 12 months. Based on their responses, here are 10 significant themes for the future of blockchain in healthcare.

1. Blockchain will become an essential part of consent management in healthcare

Currently, consent is stored in provider’s electronic health records and hospital record departments. Consent is procured for every procedure and/or at each patient visit. There are startup agencies who are innovating the consent process in a radical way —storing patient consent for data exchange, privacy

dis·rupt

verb

1. interrupt (an event, activity, or process) by causing a disturbance or problem.
2. drastically alter or destroy the structure of (something).

The evolution of healthcare is what it is today because of disruption. Innovators, inventions, trial and error, technology advancements, clinical trials — they all play a role in progressing as a global sector.

Behind the significant milestones within healthcare are people…the disrupters.

Here are six of the most influential people, drastically disrupting healthcare, as we know it today. This article highlights key influencers culled down from a much longer list of 100 influential people by Modern Healthcare.

The 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.

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.

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

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.

Last year we reported the disturbing rise of ransomware in healthcare, specifically within ASCs as well as explaining how employees are used as targets for identity theft. Organizations have been victimized by hackers who steal patient identities and disable access to key patient treatment and status records until ransom demands are met.

While it sounds like something out of a dramatic cinematic film, ransomware is very much a harsh reality. Traditional technology networks are vulnerable and lucrative to attacks. Small to medium-size health care facilities are marked as primary ransomware targets because their security infrastructure is often lacking.

Ransomware attacks have infested healthcare organizations for years. In 2017, the WannaCry ransomware targeted medical devices and caused extensive problems for healthcare companies. Earlier this year, SamSam ransomeware hit a number of healthcare organizations.

Ransomware attacks obviously concern healthcare IT professionals. According to a survey by security firm Imperva, a ransomware attack is the type of cyberattack that most worries healthcare IT professionals. Almost 10 percent of those surveyed had paid a ransom or extortion fee, while almost half didn’t know if they had paid a ransom or not. More than one-third of healthcare organizations have suffered a cyberattack within the last year, the survey found.

Healthcare-associated infections (HAIs) are a growing concern for everyone impacted within the field of healthcare — both patients and providers. The Centers for Disease Control and Prevention believes that every day, one in 20 patients will contract an HAI. Equally disturbing, the economic burden of HAIs is suspected to reach over $30 billion a year.

Hospitals are the perfect environment for infections to manifest. Being isolated in a small area, day after day, with many other people who also have suppressed immune systems, understandably leaves patients highly susceptible to infection.

There are a number of patient safety networks and associations who have joined forces to improve infection control and lower the number of patients who contract these conditions.

Methicillin-resistant Staphylococcus aureus (MRSA) infections, norovirus, and Escherichi coli — these are just some of the better-known bacteria and viruses responsible for HAIs, according to Beckers Hospital Review.