24 February 2016 | News | By BioSpectrum Bureau
Smart Financing key to sustainable growth of the healthcare sector: SFS study
The qualitative research was conducted with healthcare providers across 13 countries
Siemens Financial Services (SFS) commissioned and released a new research report on 'Smart Financing in the Healthcare sector' and reveals how it is set to be a game-changer for Healthcare and related industries.
The qualitative research was conducted with healthcare providers across 13 countries which revealed that organizations are facing four common pressures: demographic change; shifting patient expectations; requirement to reform and the rising tide of healthcare technology trends.
Digitalization and Smart Financing have been recognised as the ultimate remedy for the increasing pressures in healthcare. Over half of healthcare CFOs surveyed are already using a range of financing techniques, among which asset finance is the most popular.
The study highlights that healthcare professionals regard new-generation technology as critical in enabling their organizations to transform. Moreover, more than half of the CFOs interviewed said investment in new-generation technology is 'an urgent priority'.
Digitalization and automation are seen as vital cogs to enable the transition, particularly with the move to early detection, value-based reimbursement models and population health management. In this respect, respondents cited three new-generation technology investment priorities: imaging and diagnostics; IT and electronic patient records management; surgery and surgical automation.
The research reveals that smart finance - such as leasing and renting-based packages - is seen as critical to healthcare organizations' ability to manage the changing demands in workflow and also to avert crisis. Flexible financing techniques are becoming an increasingly important part of the healthcare CFO's financial toolkit, as healthcare organizations face global pressure to change despite the constraint of financial resources.
"With the healthcare industry facing pressures due to demographic change; shifting patient expectations; requirement to reform and the rising tide of healthcare technology trends and digitalization CFOs of healthcare organizations are prioritizing where valuable funds are directed. Smart financing techniques are increasingly critical in enabling organizations to acquire the new-generation, digitalized technology that is so fundamental in managing pressures to change" said Mr Sunil Kapoor, CEO, Siemens Financial Services (India).
Chief Financial Officers in healthcare organizations were interviewed by telephone in a qualitative research study between August and October 2015. The interviewees came from public and private healthcare institutions in the following countries: India, China, Finland, France, Germany, Norway, Poland, Russia, Spain, Sweden, Turkey, UK and USA.
Respondents were asked to give their views on the pressures to change faced by their institutions (their nature and severity), the role played by new-generation technology (particularly, but not exclusively, digitalized technology) in enabling effective change, and the use of a range of financing techniques to enable that technology acquisition.