15 Amazing Healthcare Technology Innovations In 2016

1) Nano-bots in Blood: Although Nano-bots are a long way from being used today, however, there is the possibility that we will see it in the future where these small robots can work like our own particular white blood cells and annihilate microscopic organisms and different pathogens. These miniature robots would work like their full-estimate equivalents with their own particular sensors and propulsion frameworks, and could perform little errands like conveying chemotherapy 1000 times more efficiently than utilizing drugs and it will not cause as many side effects as patient face in the present medications.

2) Mind Transfer and Head Transplants: Ever since the beginning of mankind, we have all needed to live everlastingly, and one day that may progress toward becoming reality with organizations like Google and Brainpreservation.org searching for approaches to expand life by curing infection, safeguarding our brains in stasis, or actually saving on PCs or another cerebrum.

While it might appear to be strange idea for a tech organization like Google to sign up and battle the healthcare fight, it makes perfect sense that that their CEO Larry Page might need to enhance his life and other’s around him thus they can understand life’s other intense difficulties in the upcoming future.

3) Robotic Surgery/Pilot training program/Flight Simulator: Roswell Park Cancer Institute is rapidly reaching on the position of surgical training pioneers. This progress was benefitted by the innovative joint effort between the University at Buffalo’s School of Engineering and Applied Sciences and RPCI’s Center for Robotic Surgery. Surgical methods have constantly required years of preparing, and up to this point, the vast majority of that preparations are done in a live environment. It might be more efficient to do robotic surgery in comparison of present practices.

4) Holographic Images: Hospitals are a place to go whenever any treatment is needed. However, it is strange that in the United States, more than 2 million individuals are affected by hospital-acquired contaminations consistently, and 100,000 individuals die due to these kinds of infections. Furthermore, it costs almost $20 billion to treat these contaminations. One thing that can help significantly is the capacity to input information without really touching physical gadgets, for example, keyboards, mouse, and so on. Holographic images will possess the ability to bring a complete revolution in this area.

5) Improved Blood-Test Experience: No one loves needles, particularly when you need to get pricked by an unpracticed phlebotomist. Awesome news! Organizations like Theranos have designed a perfect way for such people because if you want to run tests then you will just need micro-samples of blood which means that approximately 1/1,000th of normal blood will be drawn from your vein.

6) Mitochondrial DNA Transfer: It is also known as “three parent baby”, this procedure disposes of an assortment of conceivably fatal diseases such as heart and liver failure, and deafness. Albeit numerous moral and ethical questions encompass the current U.K. approval of this procedure, the potential implications for future eras is limitless.

7) Robotic Nurse Assistant: Unqualified or inefficient nurses can become problematic for patients. According to the survey, large portion of patients are harmed each year from moving or lifting in bed or due to the mishandling fall after surgery. There are numerous varieties from a full robot, for example, RIBA (Robot for Interactive Body Assistance) which has been developed by RIKEN and Tokai Rubber Industries and assisted hardware, for example, HAL (Hybrid Assistive Limb) robot suits conveyed by Cyberdyne.

8) Artificial Retinas: The United States commonly characterizes somebody as legitimately visually impaired when the individual’s focal vision has degraded to 20/200, or the individual has lost peripheral vision so he sees less than 20 degrees outside of focal vision. Typical vision is 20/20, and individuals can see up to 90 degrees with their peripheral vision. An expected, 1.1 million individuals in the United States are considered lawfully visually impaired.

Creating Financial Stability for Healthcare Providers

Tightening cash flows coupled with the likelihood of increased capital spending are a cause for concern among healthcare system executives. In a recent report by the Healthcare Financial Management Association entitled “Financing the Future”, some startling conclusions were reached regarding current capital spending:

o The deteriorating financial condition of hospitals are making capital access more difficult.

o The gap between “haves” and “have nots” are widening as to capital access, creditworthiness, and the ability to finance the future.

As for the predictions of future capital expenditures, the study compiled some interesting statistics:

o 72% of CFO’s expect capital expenditures to increase in the next five years.

o 85% of hospital CFO’s surveyed said they thought it would be more difficult f or their organizations to fund capital expenditures in the future

o 63% responded that they expected to be more dependent on cash from operations to fund capital needs.

Staying as up to date as possible with new equipment technologies and replacing aging plants are a key priority among health providers. These organizations also must spend money on cleaning up old liabilities and build outpatient facilities in order for their operations to be viable in the future. However, expenditures for updated equipment such as over $1 million for an updated PET scanner aren’t being matched by income. Reduced Medicare reimbursements haven’t covered costs. As a result, healthcare systems have had to make up the difference.

From the patient perspective, they don’t want to visit a facility that merely “keeps up”. Patients are paying more out of pocket expenses than ever before. As a result, they expect to be able to benefit from the technological advances they read about in the newspapers.

The gap between what patients need and what cash-starved healthcare providers can provide is ever widening. This gap is likely to remain in effect if factors such as the Medicare situation, escalating malpractice insurance premiums, and technology that is costly, continue to squeeze cash flows.

What should the provider do?

1. Work with financial service companies that really know healthcare. By that, I mean a company that can truly understand the provider’s goals and strategies as well as the particular needs of the patients. They need to work with companies that put forth financial solutions like equipment leasing that don’t sacrifice or compromise other segments of the business.

2. Shed assets that are a financial drain on the healthcare provider. They need to determine which real estate assets are productive for the future success of the business and which are not. For example, medical office buildings are difficult to maintain and manage. Selling the asset to a third party owner can relieve the provider not only the headaches of property management, but can free up cash and improve the balance sheet dramatically.

3. Control expenses and improve operational functions. Although many of the expenses of a hospital or practice are fixed in nature, there are still strategies that can be employed to improve the bottom line. One method is to periodically perform employee reviews to determine which staff members are productive and which aren’t. An untrained or simply incompetent nurse or other staff member can cost the facility a lot of money over time. The analyst should also review the purchasing policy of supplies and surgical instruments. Is the facility taking advantage of quantity discounts? Are competitive quotes received from other medical supply distributors?

4. Collections can likely be improved. When collection staff members follow up on both third party and self pay receivables, rather than just wait until they become considerably past due, days outstanding usually decrease. This can make a tremendous difference in the amount of available cash flow.

It is clear that capital struggles are likely to continue for the foreseeable future and it is critical that healthcare system executives must “think outside the box” to remain competitive and in some cases, survive.

Kent Harlan has been a CPA since 1984 and has provided consulting, accounting and financial services to several industries. He is the owner of Ozarks Capital Funding, LLC, a Springfield, MO based company offering financing in the areas of alternative financing for business and healthcare.