Developments in the Medical Technology and Devices Market
NEW YORK, September 28, 2017 /PRNewswire/ --
The medical technology industry is a crucial part of the healthcare sector. The 'medtech' industry includes medical devices, important innovative products designed to simplify the prevention, diagnosis and treatment of diseases. A research report by market research firm Evaluate, predicts that the global Medical Device and Technology market will grow at CAGR of 5% or more annually until 2022, reaching nearly $530 billion [https://twitter.com/intent/tweet?url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fbrucejapsen%2F2016%2F10%2F17%2Fmedical-technology-sales-to-hit-500b-within-five-years%2F&text=medical%20device%20and%20technology%20growth%20to%20be%20five%20percent%20or%20more%20annually%20until%202022%2C%20reaching%20nearly%20%24530%20billion ] . "The sector is already seeing a resurgence of smaller acquisitions on which start-ups, a significant source of disruptive new technologies, depend," Ian Strickland, EvaluateMedTech product manager said of the report according to Forbes. ORHUB, Inc. (OTC: ORHB), Veeva Systems Inc (NYSE: VEEV), Streamline Health Solutions, Inc. (NASDAQ: STRM), NantHealth, Inc. (NASDAQ: NH), Medical Transcription Billing Corp. (NASDAQ: MTBC)
According to the International Trade Administration, "The global medical devices market offers tremendous opportunity for U.S. manufacturers, as well as significant challenges, for government policymakers seeking to support U.S. export competitiveness in overseas markets. The U.S. medical device industry is highly diversified and produces a variety of products to diagnose and treat patients, ranging from tongue depressors to complex programmable pacemakers. The United States medical devices industry is known for producing high quality products using advanced technology resulting from significant investment in research and development. During the last decade, the United States medical device industry experienced unprecedented advancement in innovative and developed technologies, leading to the birth of new therapies and growth in overall healthcare industry."
ORHUB, Inc. (OTC: ORHB) announced earlier today that, "The Company has added one of Southern California's leading hospital system CEO's to the Company's advisory board, to empower management with valuable guidance, resources and insight as the Company emerges from early stage development company, to full-scale cutting edge service provider.
Dr Richard Afable's insight into the the evolution that is affecting health care in America is second to none. He has been an integral thought leader that has helped to weave the fabric of the trends in hospital care for the last 20 years. He now recognizes the dramatic changes that are rapidly casting themselves on American health care. They payors of health care, the government and the employers, no longer will accept the status quo. The can no longer expend unlimited resources on health care. They have decided to create limitations on what they are willing to pay. Consequently, the reimbursement for a unit of health care in a hospital or surgical center is going to be reduced. This trend will continue and the hospital system will need to develop new tools to allow it survive financially or they will become insolvent.
"ORHub is an innovative new system that can and will provide for us the kind of information and data analytics we need in order to take better care of patients, and do it more effectively and efficiently," stated Richard Afable, MD, when he was CEO and president of Hoag Memorial Hospital in Newport Beach, in 2010. In that position, Dr Afable enabled and encouraged the founders of ORHUB, a neurosurgeon and medical device representative, to develop their system in his world class hospital, collaborating with all aspects of the hospital system. This collaborative effort expanded at Hoag Memorial Hospital under the current CEO Robert Braithwate and resulted in a world class software system."
Veeva Systems Inc (NYSE: VEEV) is a leader in cloud-based software for the global life sciences industry. Recently the company announced that is helping a growing number of medical device and diagnostics companies improve quality and efficiency to meet new compliance standards. In less than one year, Veeva has seen nearly 25% growth in medical device and diagnostics customers as organizations prepare to meet rigorous compliance requirements from global health authorities and the international standards organization (ISO).
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge producing actionable insights that support revenue cycle optimization for healthcare enterprises. On August 31, 2017, the company and South Shore Hospital today announced the sale of Streamline's new cloud-based automated pre-bill code auditing technology, Streamline Health(R) eValuator(TM) to Chicago-based South Shore Hospital. With eValuator, Streamline Health is leading an industry movement to improve healthcare providers' financial performance by moving mid-to-late revenue cycle interventions upstream, optimizing coding accuracy for every patient encounter prior to bill submission. By improving coding accuracy before billing, providers can reduce revenue leakage, mitigate overbill risk, and reduce denials and days in A/R. This enables providers to turn unpredictable revenue cycles into dynamic revenue streams.
NantHealth, Inc. (NASDAQ: NH) is an evidence-based, personalized healthcare company enabling improved patient outcomes and more effective treatment decisions for critical illnesses. NantHealth has developed an adaptive learning system, which includes its unique software, middleware and hardware systems infrastructure that collects, indexes, analyzes and interprets billions of molecular, clinical, operational and financial data points derived from novel and traditional sources, continuously improves decision-making and further optimizes clinical pathways and decision algorithms over time. On August 7th NantHealth announced that GPS Cancer, a molecular test that helps guide cancer treatment strategies including choice of standard chemotherapy for oncologists, is now covered by Sistemas Medicos Nacionales, S.A. de C.V. (SIMNSA), a comprehensive healthcare service plan that provides quality care for patients in the cities of Tijuana, Tecate and Mexicali.
Medical Transcription Billing Corp. (NASDAQ: MTBC) is a healthcare information technology company that provides a fully integrated suite of proprietary web-based and mobile health solutions, together with related business services, to healthcare providers throughout the United States. Its integrated SaaS platform helps its customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. On August 22, 2017, the company announced that it has been selected by Infinity Diagnostic Labs, a full-service clinical and anatomical pathology laboratory as its healthcare IT and revenue cycle management vendor. MTBC first launched the laboratory division of its larger billing operations in 2014. Infinity Diagnostic Labs will serve as a cornerstone of its strategic laboratory and diagnostic billing expansion plans.
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