Telemedicine Remote Patient Monitoring for Healthcare Industry Significantly Improving Patient Results
The technology of the telemedicine market makes it easy for both physician and patient to use. But the healthcare provider must first be set up to use it AND the patient must know that AND want to utilize it! However, this is a situation where both ends are heading towards each other. Patients want easy access and coverage, and physicians see the diagnostic and administrative virtues of adopting telemedicine services. Today however, numerous technological advancements in telecommunications network is the major factor that will drive the telemedicine market to new heights. The market is still in its growth phase in developing countries. Although in its infant stage in developing nations, the market has huge growth potential as increasing number of people are adopting advanced technologies. Active companies in the markets this week include: Premier Health Group Inc. (CNSX:PHGI.CN) (OTCPK:PHGRF), Reliq Health Technologies Inc. (TSXV:RHT.VN) (OTCQB:RQHTF), TELUS Corporation (TSX:T.TO) (NYSE:TU), Teladoc Health, Inc. (NYSE:TDOC), International Business Machines Corporation (NYSE:IBM).
An article in Global Market Insights sees the market's growth to continue to rise. It said: "Telemedicine Market size was valued over USD 38.3 billion in 2018 and is expected to witness more than 19% CAGR from 2019 to 2025. Telemedicine market will witness a significant growth in the near future due to rising geriatric population, growing demand for accessible healthcare services especially in remote areas, and advent of technological improvements related to mobile and internet. Telemedicine has enabled healthcare professionals to access patient's medical data including electrocardiogram, X-rays, computed tomography scans and other imaging data remotely, thereby boosting the market growth. Telemedicine is rapidly transforming the healthcare industry, and in the next few years, it is expected to become the most accepted and used method of diagnosis and prescription. Various healthcare platforms are bolstering revenues by constantly adding new services to their existing portfolio. Another factor responsible for the massive growth of the market is greater application by the business/working community that enable them to discuss their medical condition with the doctor, without even leaving the premises of work."
Premier Health Group Inc. (CNSX:PHGI.CN) (OTCQB:PHGRF) (Frankfurt:6PH) BREAKING NEWS: Premier Health Group, a Company focused on developing innovative approaches that combine human skill-based expertise with emerging technologies for the healthcare industry, is pleased to announce it is working with IBM (NYSE:IBM) to help build and integrate Watson AI into its patient centric telemedicine app.
According to studies done by the American Medical Informatics Association and Research Gate respectively, activities that have nothing to do with patient care consume over half (51%) of a nurse's workload and nearly a fifth (16%) of physician activities. Artificial intelligence (AI) based technologies, such as voice-to-text transcription, can improve administrative workflows and eliminate time-consuming non-patient-care activities.
Watson is IBM's suite of enterprise-ready AI services, applications, and tooling. Watson capabilities include natural language processing, text, signal and image processing, machine learning, and other AI capabilities to help free employees from repetitive tasks, allowing them to focus on more creative, higher-value work. The companies would like to develop a solution in which IBM can help build and integrate Watson Assistant as a virtual Medical Office Assistant (MOA) for Premier's 4600 healthcare professionals servicing 3 million patients. It will initially focus on building conversational interfaces that will allow patients to interact with their medical office while enabling office staff to spend less time on the phone. A few examples include assistance with booking appointments, helping patients know what they should do to prepare for their next appointment and, eventually, help to triage patients to ensure those with medical emergencies will get the medical attention they require much faster.
"The future of health is being transformed with technologies like AI, and we are thrilled to be working with the experts at IBM," said Dr. Essam Hamza, CEO of Premier Health. "As a doctor and previous clinic owner, I understand the frustrations patients have connecting with overstretched clinic staff. In addition, inefficient use of resources amount to increasing challenges in primary care. Our new initiative is curated for medical clinic owners and operators to reduce the burdensome overhead associated with day to day logistical operations while also improving patient care. The key for the future sustainability of healthcare is efficient and streamlined workflows and with the use of IBM's cutting-edge AI technology, we have the power to completely disrupt and revolutionize the delivery of healthcare." Read this and more news for Premier Health Group at: https://www.financialnewsmedia.com/news-phgi/
Recent developments in the healthcare, biotech industries:
International Business Machines Corporation (NYSE:IBM) - Advances in digital health and promoting efforts around fairness and bias is taking shape at IBM Watson Health. To help promote health equity, IBM Watson Health is committed to being purposeful and transparent about eliminating bias in our data, analytics, AI and services: >> We've made a clear Commitment to AI Principles of Purpose, Transparency, and Skills in Healthcare. >> Health equity is one of the areas of focus of IBM Watson Health's research collaborations with two academic centers - Brigham and Women's Hospital, which is a teaching hospital of Harvard Medical School and Vanderbilt University Medical Center - to help advance the science of AI and its application to major public health issues. >> IBM Research has developed AI Fairness 360, a comprehensive open-source toolkit of metrics to check for unwanted bias in datasets and machine learning models, using state-of-the-art algorithms
In a recent article released, virtual care platform, Akira Health, which offers a healthcare app, as well as in-person healthcare clinics, has been acquired by Telus Health of TELUS Corporation (NYSE:TU) (TSX:T.TO). Terms of the deal were not disclosed. Akira announced that the acquisition had been finalized in a letter to its customers on August 8. As part of the deal, Akira's employees and its healthcare providers will officially join the "extended" Telus Health network. The transition is set to happen within the next few months.
The healthtech startup will continue to operate under the Akira brand, and there are no planned changes to its staff, business premises, or operations. Akira, which opened an in-person tech-enabled clinic in Toronto, in April, also stated that it will continue to operate its current clinical and office teams. Moving forward, Telus Health will collaborate with Akira and explore partnership opportunities that will bring mental health and diagnostics to Akira's virtual care platform. The healthtech company also plans to continue developing its own products.
Teladoc Health, Inc. (NYSE:TDOC) the company recently revealed the results of a new international study into workplace mental health reveal the extent to which workplace stigma around the topic is impacting both medical outcomes and employers' bottom lines. The research exposes the true scale of mental health problems in the workplace, the magnitude of under reporting of mental health conditions, and what might be preventing people from seeking the support they need. The study of 3,894 employees across four major international markets including the US, Canada, Australia and the UK was conducted by Ipsos MORI and commissioned by global virtual care experts Teladoc Health.
"While society is generally promoting the conversation about mental health, the data show that employees don't want to and don't know how to talk about it at work. Not surprisingly, stigma is the biggest obstacle in obtaining help for mental health problems." "The belief is pervasive and persistent that raising your hand for help with problems like depression, bipolar, post-traumatic stress disorder or other mental health issues will only be career limiting," added Dr. Oldham. "We've seen it first-hand with our own global workforce; employees want leaders to lead, to set the dialogue in motion around mental health and normalize the conversation. For employers and employees alike, there is substantial health and economic value in getting individuals the right diagnosis, action plan and support needed to be well and productive in life and at work."
Reliq Health Technologies Inc. (TSXV:RHT.VN) (OTCQB:RQHTF) a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, recently announced that it has signed contracts with six new clients in Texas.
"We are pleased to announce that Reliq is continuing to add new clients in Texas, and at an accelerating pace," said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. "The Company signed six new contracts this week with a mix of clients including Physician Practices, Home Health Agencies and Adult Medical Day Care Organizations. All six new clients will go live this month. Our Implementations team in Texas has been busy onboarding new patients in Hidalgo County, Laredo, Dallas and Houston. It is particularly gratifying to see such rapid uptake of our new Adult Medical Day Care solution, which we just launched in July. We are very excited about the continued expansion of our client and patient base into new communities across the state of Texas. With our existing contracts and a solid pipeline of new clients throughout the US and beyond, the Company remains on track to achieve cash flow positive in Q4 of this calendar year."
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