Physicians' Perspective on EHRs
In cooperation with the Robert Wood Johnson Foundation, the New England Journal of Medicine conducted a study in 2008 to determine national electronic medical record (EMR) adoption rates, satisfaction with chosen systems, anticipated barriers to adoption, and perceived effect on quality of care. The survey drew 2,758 responses. At the time of the survey, 17% of the physicians surveyed used EMRs in their office practices, and 26% planned to acquire EMRs in the next two years. Those who had adopted EMRs had had successful experiences. The physicians overwhelmingly reported the following as the most important features of EMRs. Collectively, all of these improvements reflect positive changes in patient care and practice operations.
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Value in Electronic Medical Records
Electronic health record (EHR) is a computerized patient-centric history of an individual’s health care record that includes data from the multiple sources of care that the patient has used. Generally, EHR refers to the combination of the medical record created by the medical care system and personal health information. Because they are interoperable (can be accessed across networks by computers using a variety of operating systems and software), they can be accessed at any authorized point of care.
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Innovation in Healthcare
The healthcare industry, along with the pharmaceutical industry, is undergoing a period of disruptive innovation. This disruption is occurring due to shifting paradigms in seven major areas: an increasing burden of chronic disease with an aging population; control of the practice of healthcare by policy-makers and payers; the focus of payers on pharmacoeconomic performance and outcomes; the blurring of boundaries between medical disciplines as new advances are made in personalized medicine; the significant growth in emerging economies; the increasing government interest in preventive medicine; and regulatory skepticism of innovation. Meanwhile, the global submission and approval rates for new drug candidates have fallen since 2005, while research and development expenditures have risen. Wall Street analysts predict the pharmaceutical giants will lose more than $140 billion in annual sales by 2016 as patents for major blockbuster drugs are scheduled to expire. The old business model paradigms require re-design in order for companies to survive.
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Crowd Sourcing and Innovation
Crowd sourcing has become one of the marketing industry buzz words over the past few years, but what exactly is meant by the term “crowd sourcing”? In layman’s terms, crowd sourcing is the act of taking a job traditionally performed by a designated employee and out-sourcing it to a large group of people in the form of an “open call.”
Many companies and organizations see crowd sourcing as problematic and as a poor source for innovation. A common view point is that if you share a problem with the masses, you will receive hundreds, maybe even thousands of responses, most of which are completely unusable and not applicable to the problem at hand. Granted, there may be a few innovative ideas that result, but it is extremely time consuming to extrapolate the most useful information and ideas from a true “open call.”
So, if there’s a chance that companies will receive unusable information and ideas, why would companies and corporations ever use crowd sourcing? The answer is quite simple. If done correctly and efficiently, crowd sourcing can be overwhelmingly successful.
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Volumetric Modeling - Impact on Innovation
Innovation is necessary in keeping up with current trends, developing new products, and staying ahead of the game. Innovation is not possible without first knowing what your market is and is not, and where it is and is not. Volumetric Modeling is being used to aid innovation by simulating real world consumer purchasing behavior. Volumetric research is usually carried out via surveys of customers and potential customers with the goal of finding out just how much , and how often they use a product or product genre, and how much they are willing to pay for it. Keeping up with current trends, volumetric research can easily and cost effectively be conducted through use of the Internet.
The goal with volumetric research is to identify the marketing variables in these realistic scenarios, and be able to identify which variable may be hindering the product. Using the research data, a company can determine whether their new innovative product is up to market standards. If it is not, volumetric research eases the process of innovation by taking the guesswork out what is hindering your product/service from potentially doing well in the market, even before market entry. Thus, this process saves costs down the road by making corrective action in development stages, as compared to after product placement.
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