Last week, the three co-founders of Medely – Waleed, Khaled, and Angie – headed to San Francisco for J.P. Morgan’s 37th Annual Healthcare Conference in San Francisco, California. The exclusive invite-only event is touted as the world’s largest and most informative healthcare conference in the industry, drawing a crowd of 40,000 leading professionals from around the globe.
It was an action-packed week, making for the perfect opportunity to kickoff the New Year focused on current and emerging healthcare trends to pave the way for innovation in 2019. Attendees were well-represented from companies ranging from startups in stealth mode to well-established organizations with more than $300 billion in market cap.
Here’s what we learned about 2019 healthcare trends and how we plan to use this information:
- AI, machine learning, and big data are the hottest buzzwords in healthcare.
Anywhere you went at the conference, you were bound to hear one or all three of these words: “AI,” “machine learning,” and “big data.” These tech buzzwords have made their way through several industries (e.g., retail, advertising, banking) and healthcare is up next. In today’s digital age, we have a bounty of research and data – all which can be leveraged for proactive prevention, evidence-based medicine, improved patient care, and decreased spending.
Perhaps more than any other factor, financial concerns are driving the demand for big data. As a McKinsey report states, “After more than 20 years of steady increases, healthcare expenses now represent 17.6 percent of GDP —nearly $600 billion more than the expected benchmark for a nation of the United States’s size and wealth.” The race is on to see who can make the biggest impact (or biggest dent in their bottom line) by leveraging big data and applied analytics.
Medely is continually using the latest consensus data from the government to predict healthcare staffing needs in the future. This gives visibility into staffing requirements and insight into how to get the right person at the right time. Most companies use past data so they actually end up overstaffing, whereas leveraging current data gives a much more accurate picture of how much staff a facility really needs.
- The healthcare industry is evolving and going through a tech transformation, to an extent.
With technology and connectivity paving the path for innovation, the healthcare industry is undoubtedly going through an evolution right now. But, it has been relatively slow to adopt new technologies in comparison to other industries.
While the introduction of technology has been welcomed and embraced in some ways, the concept of virtual care is still foreign to most. People still value face-to-face patient care and aren’t comfortable with being treated virtually… yet. When a room of healthcare professionals was asked who would be comfortable with their mother being treated virtually, nobody raised their hand.
But, there is certainly an expanding space for technology in healthcare considering how facilities operate, professionals practice medicine, and patients receive treatment. Take Medely for example. The JCAHO Certified tech company built a platform for on-demand staffing, leaving expensive agency fees and onerous processes behind. Half of all healthcare expenditures are labor, and Medely contributes to reducing that. This technology empowers controlled spending with upfront flat fees, and helps decrease labor costs by up to 40%.
- It’s not enough to offer a product – companies have to offer a platform.
As Dan Michelson (CEO of Strata Decision Technology) writes about in Becker’s Hospital Review, there is a huge shift happening right now where healthcare companies need to move away from being a product to offering a platform. He makes an analogy to cell phones: a Blackberry is a product, but Apple is a platform offering iPhones and more. Michelson goes on to prove that all well-known platforms (like Amazon, Google, and Apple) have all started with a very small niche, built an audience, built trust, then added other offerings to the mix.
Medely has done exactly that. First, we started with a very small niche: solving staffing challenges so administrators don’t waste countless hours trying to tap into their float pool and spend piles of money on agency fees. Then, we built an audience which has grown to 20,000+ professionals and 5,000+ facilities. Next, Medely built trust by getting JCAHO Certified and receiving a net promoter score of over 60 (which is deemed as excellent) by matching healthcare facilities with top quality, pre-screened professionals.
Now we’re in the phase of adding other offerings to the platform. What started as an app to request nurses for jobs at surgical centers is now part of so many administrators’ daily routines when it comes to scheduling healthcare professionals at all types of facilities – for both per diem longs and multi-week assignments. And we’re only getting started.
We are so excited to watch these trends play out in real-time over the course of 2019 and see what outcomes these advancements bring. It is an exciting time to be in healthcare, and we are thrilled to be a part of it. One of the biggest highlights of all for our co-founders was simply talking to people who use Medely and were incredibly enthusiastic about it. Adoption of our platform has been promising – and the technology is truly need-based, proving that Medely is a trend that is here to stay.
Cheers to big things ahead in 2019!
Medely is an app that directly connects healthcare facilities with healthcare professionals to book per diem jobs and short-term assignments, without the need for onerous processes or staffing agency.
For healthcare professionals who work with Medely, our app empowers flexible scheduling and a fresh new way to earn more money. For healthcare facilities, we help save valuable time, resources, and money. As a result, patient care and outcomes improve due to ample coverage and better patient-to-professional ratios.
Medely’s mission is to modernize the way healthcare facilities staff and the way healthcare professionals find work. When it is easy and reliable, everyone is happy and healthy.