ISG to Release Report Examining Digital Services in Healthcare, Life Sciences
Upcoming ISG Provider Lens study will look at new digital tools available in two industries facing pressure to change the way they do business
STAMFORD, Conn., Sept. 24, 2020 (GLOBE NEWSWIRE) -- Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining digital services available to the healthcare and life sciences industries.
The study results will be published in a comprehensive ISG Provider Lens report, called Healthcare and Life Sciences – Digital Services, scheduled to be released in February. The report will cover digital services available in the two industries as the COVID-19 pandemic puts pressure on them to become more efficient and patient-centric.
Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
The new report looks at digital services as health-related industries face new regulatory and competitive pressures, said Jan Erik Aase, director and global leader, ISG Provider Lens Research.
“The COVID-19 pandemic and public demand for more effective outcomes are pushing health-related industries to change quickly,” he said. “In addition, all segments of the industry are being compelled to comply with new regulations, integrate waves of competitive mergers and acquisitions, and adapt to the needs of an aging population.”
ISG has distributed surveys to 60 technology and service providers with a focus on the healthcare and life sciences sector. Working in collaboration with ISG’s global advisors, the research team will produce six quadrants representing the services and products the typical enterprise customer is buying in this space, based on ISG’s experience working with its clients. The six quadrants covered are:
- Payer Digital Transformation Services, assessing a service provider’s ability to deliver digital transformation services to payers, or insurance companies. Digital transformation services help payers progressively prioritize a digital-first pathway to improve patient care. The services should help these insurance companies reach and serve their members wherever they are, using computers, remote monitors, smartphones and other mobile devices. The services should also address operational processes for payers such as claims processing, member verification and enrollment.
- Provider Digital Transformation Services, looking at service providers that offer digital transformation services to healthcare providers such as hospital systems and independent healthcare providers. They should be responsible for processes and systems for patient relations and care such as intake, physician referral management, ambulatory and chronic care, and post-acute care. The services should also include employee systems such as information portals, scheduling and collaboration.
- Payer BPaaS Services, covering business process-as-a-service for end-to-end outsourcing of business processes across the technology stack to improve business outcomes. The service provider integrates services, processes, applications and infrastructure into a comprehensive service with a clear objective of cost control. Apart from cost savings, BPaaS also supports improved member and provider experience, operational insights, improved quality of care and regulatory compliance.
- Clinical Development Digital Transformation Services, assessing how service providers help pharmaceutical and medical device companies hasten the process of developing and bringing their products to market. Clinical trials are expensive and time consuming, with high failure rates. As development moves into clinical trials, companies need to find, monitor and manage the participant experience in an evolving landscape. Digital services accelerate many of these processes.
- Patient Engagement Digital Transformation Services, examining service providers that focus on life sciences customer services using supporting processes and platforms. Life sciences companies are engaging directly with patients to improve their products as well as patient outcomes. The end goal is to improve patient experience during the development lifecycle all the way through outcomes in collaboration with providers. With the COVID-19 pandemic, patient engagement increasingly is remote rather than in-person. Electronic enrollment while monitoring is through connected sensors in the home or care facility.
- Manufacturing Supply Chain Digital Transformation Services, looking at service providers that work with life sciences customers to improve the manufacturing supply chain. Disruptions in the supply chain because of the COVID-19 pandemic are now well known. For an industry dependent on materials from across the globe, the disruption of supply chains has come as a major challenge. Technology is helping manufacturers use sensors for monitoring equipment health and for predicting maintenance needs to reduce downtime. Many aspects of the manufacturing supply chain rely heavily on collaborative engagement between companies, and technology often provides the most effective mechanism to engage across incompatible systems or processes.
The report will cover the healthcare services markets in the U.S. and Germany, as well as the global market for life sciences services. ISG analysts Ron Exler, Rainer Suletzki and Frank Heuer will serve as authors of the report.