The Global
Hospital Capacity Management Solutions Market is set to
witness an healthy growth rate of 18% in the next 5 years. Growing
burden of diseases, a corresponding rise in patient volumes, the need for
better capacity management in hospitals, adoption fueled by benefits offered by
hospital capacity management solutions, the introduction of IoT-enabled devices
and technologically advanced solutions, Covid-19, and need to reduce growing
healthcare costs are some of the key factors driving the market’s growth.
However, concerns related to data security and privacy is likely to impact the
growth of the global market.
Over the years, there has been an exponential rise in the
number of patients and number of diseases globally, which has placed a huge
burden on the healthcare sector. To offer better care, curtail escalating
healthcare costs and deliver an incomparable patient experience, several
hospitals are either deploying hospital capacity management solutions or
seeking services of hospital capacity management service providers.
Hospital capacity management includes software and services
offered by players that empower hospital executives, administrators and
clinical staff with real-time hospital capacity planning and asset tracking.
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Covid-19 Triggers Increase in Demand for Hospital
Capacity Management Solutions Market
The Covid-19 pandemic adversely impacted health services
globally and demanded large and rapid changes for patient care. Taking care of
Covid-19 patients alongside patients with other conditions was a complex
capacity planning challenge. The global medical community faced an unparalleled
strain on its facilities and its resources in the wake of overcrowded
hospitals, lack of oxygen cylinders, dearth of hospital beds, difficulty
maintaining adequate staffing and supporting staff, extended waits for test results,
shortages of critical supplies, materials, and logistic support and an
expanding black market for drugs. The situation lead to increase in costs for
hospitals, decreased revenues and posed as a threat to their financial
viability. To address these concerns, hospitals embraced hospital capacity
management solutions that helped hospitals to better monitor patient services
and make optimum utilization of its resources to generate more revenue.
IoT-based Healthcare Capacity Management Solutions Opens
New Growth Opportunities
For making decisions concerning long-term planning, facility
performance and patient care & satisfaction, hospitals are increasing
becoming reliant on data related to equipment assets, bed availability,
workflows, patient/staff interactions, and safety compliance. Emergence of
various IoT-enabled devices and real-time location systems (RTLS) has automated
data collection on medical equipment location, usage and staff and patient
interactions within all healthcare environments. This has helped facilities enhance
compliance reporting, staff safety and shortage, workflow, hand hygiene and
patient throughput by gathering meaningful data. Integrating RTLS data with
electronic health records and computerized maintenance management systems
generates comprehensive information around asset utilization and clinical
workflow across the healthcare enterprise which in turn drives improvements for
healthcare facilities and patients. There are several occupancy sensors also
available in the market that monitor waiting areas and alert staff when
approaching capacity so that critical patients can be diverted to other
hospitals.
Introduction of IoT platforms that integrate smart sensors
over a cloud-based network has also enabled hospitals to monitor cold storage
and other aspects of their operations that must be maintained at specific
conditions for safe patient care.
Hospital Capacity Management Solutions Benefits Fuels
It’s Market Demand
Due to advancements in technology and interoperability,
hospital capacity management software offers several benefits which is driving
its adoption.
- The
software automates patient room and staff assignments, which in turn
reduces waiting time and crowding in the hospital
- The
software increases bed turnover capabilities by communicating bed status
automatically, allowing another patient to be treated quickly
- It
decreases waiting times and time spent in the hospital which in turn
lowers the risk of patient developing hospital acquired infection
- It
helps in appropriate resource allotment by integrating real-time patient
flows with business analytics
- It
enables speedy communication between hospital staff, patients and
caretakers
- Provides
real-time visibility of patient location and status
- User-friendly
dashboards ensure better time management and error reduction
“Hospital capacity management solutions follows a
proactive approach for accurate demand forecasting. Bed management solutions,
asset management solutions and patient care solutions allow hospitals to
monitor patient services, makes optimum utilization of its resources and
promotes better hospital risk management.” - Director, Leading
Hospital Capacity Management Software Provider, United States
Organic and Inorganic Growth Strategies Adopted by
Players to Establish Their Foothold in Hospital Capacity Management Solutions
Market
The hospital capacity management solutions market is marked
by the presence of both established and new players. Players operating in the
market adopt both organic and inorganic growth strategies such as new product
launches, and partnerships to garner market share. For instance,
- In
October 2021, GE Healthcare partnered with Apprise Health Insights to
launch nation's first automated statewide hospital bed management solution
in Oregon. Oregon is the first state in the U.S. to launch a new statewide
command center software solution for hospital capacity and critical
resource management developed by GE Healthcare.
- In
April 2020, TeleTracking Technologies, Inc., introduced a new enterprise
COVID-19 capacity and census dashboard to equip health systems with the
critical information needed to prepare for and respond to the COVID-19
patient surge. The dashboard provides real-time information related to
patient census, bed availability, confirmed and possible COVID-19
patients, patients in need of ventilation, capacity of specialized
treatment areas such as negative pressure and ICU rooms and patients by
age.
The global hospital capacity management solutions market is
a booming market that is expected to gain further momentum in the coming years
due to growing prominence of digitalization, automation tools and data-driven
solutions that utilize predictive analytics, AI, and ML. These tools are
increasing being used for:
- Streamlining
resource allocation in medical facilities.
- Doctors
and care managers can outline populations, target their most complex
patients, and identify rising-risk patients.
- Managing
patient load and assisting in capacity management - Allocating emergency
rooms based on the severity of the illness, and reducing patient service
turnaround time.
- Streamlining
insurance claim process that costs the hospitals significant labor hours.
The technology also assists in checking eligibility and subsequent data
migration, quickly and effectively.
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Competitive Landscape Analysis: Hospital Capacity
Management Solutions Market
The hospital capacity management solutions market is marked
by the presence of players such as Cerner, McKesson, HealthStream, Stanley
Healthcare, Infosys, Teletracking Technologies, WellSky, Simul8 Corporation,
among others.
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research
& insights firm. Our clients include Fortune 500 companies, blue-chip
investors & hyper-growth start-ups. We have completed 100+ projects in
Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma
Services in the areas of market assessments, due diligence, competitive
intelligence, market sizing and forecasting, pricing analysis &
go-to-market strategy. Our methodology includes rigorous secondary research combined
with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply
side decision-makers.
Contact:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
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