The Medical Technology applications and devices space has been one of the fastest growing segments of the global health and wellness industry. However, this industry has been facing serious headwinds lately in trying to maintain profitable and sustained growth. The emerging markets for existing low-end products to new market segments like home based devices and advanced sensor based diagnosis and monitoring solutions bring new opportunities and avenues for growth.
The challenges faced today by both software application vendors and medical device manufacturers in the Medical Technology industry are about understanding the dramatically changing regulatory environments, the impacts of new initiatives like ACA, ACO and mHealth and what it means to their business. They would also need to be able to compete with start-ups by making use of new technologies and finding out innovative ways of delivering healthcare to providers and patients. These challenges pose a threat for revenue growth, increase operating costs and result in higher investments with delayed ROI’s. The vendors and manufacturers also need to put up with pressure from clients to support integration, provide open source solutions and change business models from licensing / product sales to service models.
The Medical Technology industry can address these challenges by focusing on transformation of business functions like manufacturing and technology strategies and changes to the supply chain. The risk on investments can be managed by directing it towards growth areas like home based devices, e-consulting solutions and mHealth solutions. A research on technology and regulatory trends will help keep abreast of the radically changing technologies and compliance regulations. It would also be a good idea to develop a new set of sales and marketing metrics to measure the actual results.
Medical Technology Applications and Devices – A unique perspective from Netspective
Netspective offers end-to-end services and solutions covering the entire value chain for the Medical Technology industry in both the applications and devices segments. We bring decades of industry specific and technology experience to provide firms with significant and sustainable competitive advantage and business benefits.
Netspective enables medical organizations to redefine strategic business goals, better understand regulatory directions, streamline product development and integration and help bring in new features and technology. Our solutions helps our customers improve on their business objectives and goals for patient care which in return helps them develop better intimacy with their customers and create brands. Our solutions along with these features adhere to the privacy, security and regulatory compliance mandates. We also help firms transform their businesses from traditional models to newer models, positioning them as market leaders in their space.
Netspective’s Medical Technology Services and Solutions
Netspective brings a comprehensive approach to managing and transforming your products and services business, addressing current challenges and also laying a foundation that can easily support regulatory, clinical and business needs of the future. We help large and small Medical Technology firms with –
- Enabling and optimizing their business in a dynamically changing business environment by aligning it with Meaningful Use, ACO, PCMH and patient-centric healthcare models, new technology architectures and new ways of delivering value to healthcare providers and consumers
- Support for aligning regulatory requirements with their business and technology. We bring a unique perspective for our clients with our leadership role on many advisory boards for future regulatory standards.
- Enabling optimization of the Sales and Marketing business processes and providing modern CRM deployment support including social, web, mobility, etc. to align organization focus towards changing customer needs
- Technology deployment that provide greater emphasis on wellness management and preventive care, leading to differentiated operating models and helping develop business and technology strategy around these trends
Netspective offers several solutions and services bringing significant business impacts to Medical Technology firms. These include:
- Consulting Services – Our consulting services build exceptional strategies for your entire business along with the optimization of the business processes. We also manage your technology requirements and vendors in addition to providing industry and technology research. Our veteran team can also provide guidance on regulatory compliance and standards.
- Technology Services – Our technology services range from architecture design, development , testing and test test automation to deployment and management, analytics, cloud and mobility, web 2.0 and integration.
- Solutions – We provide solutions for integration with EHRs and also between medical devices. Our pre-built framework, Medigy, enables the smooth integration with EHR/EMR systems. Our framework, Fluent allows for M2M or inter-device connectivity. We also allow for the integration between medical technology applications and between applications and medical devices with our frameworks, Connect and Cloud Agent with Narthex.
Netspective offers the following benefits –
- Generating revenue through business and IT optimization.
- Minimize costs and optimize business to bring about operational efficiency.
- Business differentiator and enabler with characteristic information management and technology lifecycle management integration.
- Providing robust and secure solutions encompassing well defined architecture, ease of use and meeting privacy and compliance mandates.
- Risk management by planning ahead and creating contingency plans for mitigating risks in regulated environments
- Analytics and reporting capabilities for providers to improve decision process by providing information anytime, anywhere and on any device
- Services for various product categories from diagnostic to monitoring solutions, from critical care to home care, from imaging intensive to data intensive products and solutions, across class 1, 2 and 3.
- End-to-end IT solutions, including system integration solutions and application development through engineering support and testing solutions
- Hardware design development and testing services, embedded software development
- Verification and validation services, and system level architecture design and implementation services