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Financing a Digital Shift in Healthcare

December 04, 2017, 07:00 AM
Topic: Healthcare

Healthcare is changing. A technology transformation has patients relying on mobile apps, seeking information online and becoming proactively engaged in managing personal health. This shift is pushing patients to demand more from service providers, and has organizations rethinking their overall customer service approach. As healthcare technology becomes more automated, service and delivery methods are becoming more patient-centric than ever before.

Today, healthcare organizations must find creative ways to do more with less, and require innovative solutions to keep pace with today’s digital industry shift. This shift is accompanied by the online convergence of the real and virtual worlds — known as the Internet of Things (IoT) — and makes data and information more readily available. To more effectively manage this data and use it to make smarter, more informed decisions, healthcare providers are looking to apply digitalization to their business models. According to Gartner, this means applying the use of digital technologies to change their business model and provide new revenue and value-producing opportunities. In order to grasp the competitive advantages of automation and digitalization that lie at the heart of this market shift, a substantial investment in next-generation equipment and digital platforms is required.

With innovative financing solutions, healthcare providers can advance their healthcare technology, equipment and infrastructure to meet today’s digital demands. Examples of positive benefits include the ability to service a wider footprint and gain additional access to larger patient groups, regardless of a provider’s physical location. Portable medicine is now being made available for patients through new mobile offered healthcare equipment. Improvements in diagnostic imaging technology could allow improved data connectivity across healthcare networks, and enable more accurate diagnoses through improved scan quality.

Siemens recently provided financing to one of the largest outpatient medical imaging providers and radiology practices in the United States. This financing enabled both providers to bring the latest in diagnostic imaging technologies to the communities they serve in an affordable and accessible way. The new equipment and technology that was financed provided many positive outcomes, including the automation of manual tasks, freeing up employees for more focused needs; higher imaging quality, to enable more accurate and earlier detection; improved spatial resolution to visualize scans in further detail; and additional connectivity of data and information to support better sharing across healthcare networks.  

When I share this story with others, I often underscore how financing was the enabler that allowed this project to commence. In this instance, the new equipment and technology improved the quality of this provider’s offerings. Private financing allowed this provider to further digitize their business processes and adapt to today’s industry shift. This provider now has a stronger, more customer-centric service model in place and is able to better serve their patients.

By investing in digital solutions, healthcare organizations are improving patient outcomes. Innovation requires investment, and  financial solutions enable organizations to innovate, while managing their bottom line. Whether it’s improved scanning capabilities or the implementation of new technology, digitalization has the potential to dramatically transform care delivery. These impactful technologies were on display at the Radiological Society of North America’s (RSNA) 103rd Scientific Assembly and Annual Meeting. I’m excited to see what’s in store and continue to share how financing is the digital enabler for today’s healthcare.

To gain more insights from Gary on today’s healthcare financing industry, please follow him on Twitter at @GaryAmosSFS.

Gary Amos
CEO | Siemens Financial Services Commercial Finance Americas
Gary Amos is Head of Americas for the Commercial Finance business unit of Siemens Financial Services (SFS). In this role, he is responsible for the P&L of an organization that includes SFS’s captive healthcare and industrial asset finance businesses, as well as the third-party vendor finance platform for the Americas. A member of the SFS Commercial Finance Global Leadership Team, which is composed of five regions and operates in 14 countries, Amos also evaluates additional country growth opportunities outside the U.S. that fall within the Americas Region.

Amos joined SFS in 2007 as vice president and national sales manager. A 20-year veteran of the leasing and finance industry, Amos has broad experience in the industrial, healthcare and technology sectors with a focus on providing structured large-ticket financing solutions and supporting vendor business platforms with funding alternatives.

Amos is an active member of the Equipment Leasing and Finance Association (ELFA) and is part of the steering committees for the ELFA's Healthcare Finance Summit and the Captive Lessors Forum. He also serves as Industry Advisor for ASCEND, the Pan-Asian Leaders student group at Penn State University's Smeal College of Business. Amos holds a B.S in Economics & Business from Penn State University.
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