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HomeMy WebLinkAboutCardiocom 2011 Frost and Sullivan AwardBEST PRACTICES RESEARCH Enabling Technology of the Ye ar, Remote Patient Monitoring North America, 2011 Frost & Sullivan’s Global Research Platform th Frost & Sullivan is entering its 50 year in business with a glob al research organization of 1,800 analysts and consultants who monitor more than 300 industries and 250,000 companies. The Company’s research philosophy originates with the CEO’s 360-Degree Perspective,* which in turn serves as the foundation of its TEAM Research** methodology. This unique approach enables us to dete rmine how best-in-class companies worldwide manage growth, innovation and leadership. Base d on the findings of this Best Practices research, Frost & Sullivan is proud to pr esent the 2010 North American Enabling Technology of the Year Award in Remote Patient Monitoring to Cardiocom. Significance of the Enab ling Technology Award Key Industry Challenges A majority of Healthcare expenditure worl dwide comes from managing resources for treating patients with chronic diseases like heart failure, diabetes, chronic obstructive pulmonary disease, asthma, and obesity. It has been estimated that more than 47 million deaths globally in the next 25 years will be directly linked to improper management of chronic diseases. According to the Milken Institute in Santa Monica, CA, the cost of treating chronic disease and loss of productivity each year in the US is estimated to be $1.3 trillion, which could reach $6 trillion by 2050. The introduction of information and te lecommunication technologies, especially “Telehealth” has had a lasting impact in the delivery of Healthcare in recent years, shaping every aspect of the patient’s life whil e managing their diseas e in a better manner. Healthcare providers, including nurses, have been using these technologies due to the benefits received in the form of cost containment, increases in access to care, and the ability to cater to short-term increases in de mand of care from the aging population. Despite large-scale benefits offered by Telehe alth technologies over the past 10 years, their wide scale deployment is still limited. Liability, privacy, and confidentiality while ensuring better quality of care to the patients remain key barriers to implementing Telehealth solutions. In overcoming the tech nology barriers, Cardiocom has evolved as an end-to-end solution provider for all remote monitoring needs of the Healthcare community. Cardiocom’s products and soluti ons offer significant cost saving to the Healthcare continuum by adopting the role of an enabling technology provider. Products ® ® ® ® offered by Cardiocom such as COMMANDER , TELESCALE , AUTOLINK , GLUCOCOM and ® OMNIVISOR leverage advanced connectivity in both hardware and software technologies. Cardiocom's Integrated Nurse Services progra m is unique-in-the-industry. This program provides a turn-key solution with rapid ramp -up, predictable costs and proven outcomes. Cardiocom’s combination of ad vanced technologies, expert nurse services and vertical integration enable it to achieve a superior customer relationship and a competitive edge over other players in the market. 1 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH Key Benchmarking Criteria for Enabling Technology Award For the Enabling Technology Award, the follo wing criteria were used to benchmark Cardiocom’s performance against key competitors: • Enhances Current Products • Enables New Applications • Potential for Market Acceptance Decision Support Matrix and Measurement Criteria To support its evaluation of best practices across multiple business performance categories, Frost & Sullivan employs a customized Decision Support Matrix (DSM). The DSM is an analytical tool that compares companies’ performance relati ve to each other with an integration of quantitative and qualitative metrics. The DSM features criteria unique to each award category and ranks importance by assign ing weights to each criterion. The relative weighting reflects current market conditions and illustrates the asso ciated importance of each criterion according to Frost & Sullivan. F undamentally, each DSM is distinct for each market and award category. The DSM allows our research and consulting teams to objectively analyze each comp any's performance on each cr iterion relative to its top competitors and assign performance ratings on that basis. The DSM follows a 10-point scale that allows for nuances in performance evaluation; ratings guidelines are shown in Chart 2. Chart 2: Performance-based Ratings for Decision Support Matrix This exercise encompasses all criteria, lead ing to a weighted aver age ranking of each company. Researchers can then easily identi fy the company with th e highest ranking. As a final step, the research team confirms the ve racity of the model by ensuring that small changes to the ratings for a specific criterion do not lead to a significant change in the overall relative rankings of the companies. 2 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH Chart 3: Frost & Sullivan’s 10 Step Process for Identifying Award-Recipients Best Practice Award Analysis for Cardiocom The Decision Support Matrix, shown in Chart 4, illustrates the relative importance of each criterion for the Enabling Technology Awar d and the ratings for each company under evaluation. To remain unbiased while also protecting the interests of the other organizations reviewed, we have chosen to refer to the other key players as Competitor 1 and Competitor 2. Chart 4: Decision Support Matrix for Enabling Technology Award Measurement of 1–10 (1 = lowest; 10 = highest) Award Criteria Relative Weight (%) 35% 35% 30% 100% Cardiocom 9.5 9.7 9.5 9.57 Competitor 1 8.5 8.3 8.8 8.52 Competitor 2 8.1 8.5 8.1 8.24 Criterion 1: Enhances Current Products Since its inception, Cardiocom has aligned itse lf as a Healthcare service provider that offers vertically integrated remote monito ring solutions to end-users. The company’s COMMANDER telemonitoring devices are designed as an integrated system with a range of 3 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH Cardiocom developed peripheral biometric de vices to monitor weight, blood pressure, blood glucose, oxygen saturation, and peak flow. By manufacturing both the central telehealth platform and peripheral devi ces, Cardiocom delivers a seamless patient experience. Cardiocom's monitori ng devices also feature an intelligent clinical branching logic and an algorithm that selects questions based on the patient’s response to previous questions. Cardiocom has developed the al gorithm in a way that questions can be customized and changed remotely by the nurse attending a patient at any point of time to meet the needs of the specif ic program being used. Optional education content can be selected based on symptomatic patient respon ses. Blood pressure measurement has also been directly integrated into the COMMANDE R’s base system, which also enables voice- guided instruction (in both English and Sp anish) and measurement. This integrated approach features patient specific automatic in flation pressure and superior noise filtering for home use. The COMMANDER device embeds innovative features like automatic peripheral recognition, eight ports for connec ting peripheral devices, and internal surge protection. For those patients who do not have a POTS line, the COMMANDER has an internal cellular modem for cellular data transmission. TELESCALE comes with an integrated messagi ng and weighing system along with waist- height patient interface. The system is programmed to provid e instant feedback to users based on the weight level variance measured everyday. Telescale can weigh patients up to 500 lbs., with an accuracy and consistency of ±0.1 lb. AUTOLINK communicates with GLUCOCOM, Cardiocom's proprietary blood glucose meter, to measure blood glucose levels remotely. The trended information is then accessed through OMNIVISOR. Nurses can trend blood glucose levels to share with ph ysicians and patients in various actionable report formats. OMNIVISOR is a sophisticated ch ronic care management software system that facilitates efficient and effective clinical interventions. It includes monitoring a range of vital sign parameters including, blood pressure, weig ht, oxygen saturation, and other patient specific symptom management data. Unlike other patient management software that merely report vital sign readings, OMNIVISOR is designed to offer detailed analysis of daily vital signs and health status of pati ents. The software also embeds innovative features like patient demographics, healthca re and emergency contacts, medications, blood chemistries, functional labs, clinical notes, daily ob jective monitoring parameters, and symptom data. A key feature with OMNIVISOR is that it embeds an N-tier architecture that increases performance and scalability of the application. OMNIVISOR can exchange data with electronic medical records using in dustry standard interf ace methodologies. Criterion 2: Enables New Applications In addition to leveraging advanced R&D in designing its hardware and software products, Cardiocom provides expe rt clinical telehealth care services to its customers under its internal Nurse Call Center. Cardiocom's Nurse Call Center offers a co mprehensive chronic condition telehealth management program suitable for high-risk pati ents. According to conditions of the plan, an experienced telehealth nurse analyzes vital signs and symptoms data sent by Cardiocom's remote monitoring devices each da y. On notice of any discrepancy compared 4 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH to other pre-set parameters, a detailed ‘Excep tion Report’ is faxed to the designated physician’s office. As a proactive measure, th e Company's nurses follow up with patients to determine whether physician intervention ha s occurred. The goal of Cardiocom's Nurse Call Center is to provide timely interventi ons at the "teachable moment" to reduce hospitalization and ER visits. Criterion 3: Potential for Market Acceptance Cardiocom’s Nurse Call Center forms an inno vative monitoring service that the Company offers to its customers. Today, a majority of global telehealth providers offer either products or disease management services to patients, which doesn’t differentiate their offerings in terms of product value. On the contrary, Cardiocom has implemented a comprehensive, analytical approach incorpor ating an effective ca re management nurse services program to its products. By offering su ch a service, Cardiocom differentiates itself from other large players in the market. In th e company’s Nurse Call Ce nter, each nurse is capable of monitoring and coordinating care with 250 to 400 patients, delivering a highly efficient service at a low cost . Through their Nurse Call Center Service, Cardiocom is able to provide a wide array of clinical mana gement services including identification, stratification, enrollment, intake assessme nt, health survey screening, coaching, intervention, high-risk management and outcome reporting. Adopting Cardiocom’s range of solutions offers numerous benefits to value, creating opportunities in markets for accountable care organization, medical homes, health plans, hospitals, home health, and specialty care organizations. In summary, Cardiocom’s products and solutions provide superior ch ronic care management by addressing the nation’s demand to manage threats from Congestive Heart Failure, COPD, Asthma, Diabetes, Hypertension, and Obesity. Cardiocom periodically obtains feedback from customers, which forms a vital component for their strategic planning wh en developing or releasing a new product to the market. Such an activity is bound to create an enhanced value for Cardiocom’s programs. Based on Frost & Sullivan’s independent analys is of the North American Remote Patient Monitoring market, Cardiocom is being recogn ized with the 2011 Enabling Technology of the Year Award. The CEO 360-Degree Pers pectiveTM - Visionary Platform for Growth Strategies The CEO 360-Degree Perspective model prov ides a clear illustration of the complex business universe in which CEOs and their ma nagement teams live today. It represents the foundation of Frost & Sullivan's global rese arch organization and provides the basis on which companies can gain a visionary and strategic understanding of the market. The 360-Degree perspective is also a “must-have ” requirement for the identification and analysis of best-practice performance by industry leaders. The 360-Degree model enables our clients to gain a comp rehensive, action-oriented understanding of market evolution and its implications for their companies’ growth 5 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH strategies. As illustrated in Chart 5 below, th e following six-step process outlines how our researchers and consultants embed the 360-De gree perspective into their analyses and recommendations: Chart 5: How the CEO's 360-Degree Perspective Model Directs Our Research 6 “We Accelerate Growth” © 2011 Frost & Sullivan BEST PRACTICES RESEARCH Critical Importance of TEAM Research Frost & Sullivan’s TEAM Resear ch methodology represents th e analytical rigor of our research : it offers a 360-Degree view of in dustry challenges, trends, and issues process by integrating all 7 of Frost & Sullivan's research methodologies. Our experience has shown over the years that companies too ofte n make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Frost & Sullivan contends that th e successful growth st rategies are founded on a thorough understanding of market, tech nical, economic, financial, customer, best practices and demographic analyses. In that vein, the letters T, E, A and M reflect our core technical, economic, applied (financial and best practices) and market analyses. The integration of these research disciplines into the TEAM esearch methodology provide an R s evaluation platform for benchmarking indust ry players and for creating high-potential growth strategies for our clients. Chart 6: Benchmarking Performance with TEAM Research About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class posi tions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages almost 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com . 7 “We Accelerate Growth” © 2011 Frost & Sullivan