Patient care is moving from a uniquely product-centric industry towards incorporating solution-oriented services. Advances in technology and the ability to collect, manage and analyze more data through sensors and devices, has allowed new types of business models to become part of the healthcare industry revolution.
Product-as-a-service is one of these models. Products are wrapped up as compounded solutions and services to give patients access to round-the-clock monitoring while hospitals free up resources for their outpatient services.
Value-based contracting is another business model that allows providers to pay according to the manufacturer’s product performance and usage metrics.
Such services are heavily reliant on transparent data.
Having data that is accurate, safe, secure, comprehensive and compliant means cost savings and increased revenue for manufacturers and better healthcare for patients and their providers.