2016 North American Healthcare Data Interoperability Visionary Innovation Leadership Award
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1 2016 North American Healthcare Data Interoperability Visionary Innovation Leadership Award 2016
2 Contents Background and Company Performance... 3 Key Industry Challenges Addressed by the Award Recepient... 3 Focus on the Future and Best Practices Implementation... 4 Conclusion... 6 Significance of Visionary Innovation Leadership... 7 Understanding Visionary Innovation Leadership... 7 Key Benchmarking Criteria... 8 Best Practice Award Analysis for Validic... 8 Decision Support Scorecard... 8 Focus on the Future... 9 Best Practices Implementation... 9 Decision Support Matrix The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices About Frost & Sullivan Frost & Sullivan We Accelerate Growth
3 Background and Company Performance Key Industry Challenges Addressed by the Award Recepient The digital health revolution has resulted in a dynamic and constantly-evolving paradigm where the use of connected medical devices and data interoperability platforms are becoming imperative to improving health outcomes and the access to care. The cost of healthcare is rising globally and becoming an unsustainable burden, driven to a large extent by the expense of chronic disease care and reoccurring hospital readmissions. As a result, both providers and payers are beginning to leverage remote monitoring tools in order to avoid high-cost catastrophic events and to improve treatment outcomes for chronically-ill patients. With the digital healthcare boom in full effect, a growing number of consumers are leveraging smart, in-home medical devices, health wearables, smart bands, and smartphones with mhealth applications for continuous health tracking. Enlightened providers and payers are already devising ways to bring this information into analytics platforms and patient dashboards that can remotely track and identify those at risk of poor health outcomes. One of the primary challenges facing the healthcare industry is finding a single, comprehensive digital health connectivity suite that facilitates the simple, secure, and end-to-end acquisition and integration of data from disparate medical and consumer devices. Given the exploding number and variety of devices coming to the market each week globally, ingesting and integrating data can be a difficult task for healthcare organizations who are trying to efficiently manage the already extensive list of regulatory, financial and stakeholder demands. Many healthcare organizations rely on multiple point solutions for data acquisition and aggregation, resulting in complex application workflows, lack of standardization and poor process management. Although some healthcare organizations have built their own interfaces to ingest data from a variety of devices, they have found it impossible to keep up with market advances and the evolving demands of the individuals they are serving. Another critical challenge is the large presence of legacy and non-interoperable or datalocked medical devices in the home healthcare setting. These devices do not electronically transfer data, thereby requiring manual data entry into a notebook or log, which can introduce errors or, more often, result in a complete lack of data tracking for analysis. Real-time health tracking from outside the clinical environment has been limited and challenging due to fragmented data siloes within non-integrated healthcare infrastructure. Therefore, a company that addresses the connectivity and standards challenges with a robust data interoperability framework is best equipped to offer innovative digital health solutions to healthcare stakeholders and to help them scale their own solutions and initiatives for wider device connectivity as the number of devices continues to expand. Frost & Sullivan We Accelerate Growth
4 Focus on the Future and Best Practices Implementation Focus on Unmet Needs In the current healthcare environment, thousands of clinical in-home devices, consumer wellness apps, and life-tracking wearables are generating data in disparate formats around 150 data formats are available resulting in complex data processing. To effectively use patient-generated data from personal health devices, both the infrastructure and data transfer reliability are of the utmost importance. Realizing the huge opportunity that exists in the digital health space, Validic developed its Digital Health Platform as means to seamlessly provide healthcare organizations with access to secure and actionable patient data. Validic s innovative cloud-based data interoperability platform enables the smooth exchange of data from smartphones, wearables, and medical devices to key healthcare stakeholders, providers, payers, wellness companies, pharmaceutical companies, and contract research organizations (CROs). Validic s Connect solution is designed to bridge the gap between healthcare companies and less pervasive digital health technologies offering more detailed clinical insights. Meanwhile, Validic Mobile enables secure and easy data acquisition from various Bluetooth-enabled digital health devices as well as non-connected, in-home legacy medical devices. Through Validic Connect and Validic Mobile, the company has overcome the market s data capture obstacles by developing application program interfaces (APIs) and mobile libraries to integrate data from wearables, clinical-grade medical devices, and healthcare applications on smartphones. As a key component to Validic Mobile, its newest technology addition, VitalSnap addresses the challenge of collecting and integrating data from non-connected, legacy medical devices. VitalSnap enables real-time health data to be transferred from nonconnected or locked medical devices to health information technology (IT) systems. Users can capture health data from their legacy devices using their smartphone s camera and send the data to an electronic health record (EHR), patient portal or clinical dashboard. The process of VitalSnap is similar to, and as simple as, depositing a check within a banking application. Frost & Sullivan s extensive research confirms that Validic s Digital Health Platform enables data to be captured and integrated from nearly any digital health device, wearable, or application, thereby making it the most comprehensive and advanced connected health solution presently available in the market. Converging Health System and Individual Health Goals and Data Streams Since the launch of its Digital Health Platform in 2010, Validic has established itself as the industry leader and de facto standard in health data interoperability. It has also entered into key collaborations with various and prominent health entities and stakeholders. Three Frost & Sullivan We Accelerate Growth
5 major global shifts have converged to pave the way for Validic s success in the healthcare market. Firstly, digital health data capture has exploded as the Internet of Things (IoT) accelerates in healthcare. Secondly, mhealth applications have emerged, driven by high smartphone and tablet penetration. Finally, recognition of the value of telehealth, telecare and remote monitoring initiatives is growing. The Triple Aim for healthcare is a fundamental concept articulated in the Affordable Care Act (ACA), which aims to manage a defined population's health, continually improve the experience of care, and control the per capita costs of healthcare by moving to more accountable care. Validic s all-encompassing data acquisition solution acts as a key enabler, aligned to the Triple Aim objectives, by empowering individuals to take greater ownership of their health and by connecting key healthcare stakeholders to collectively manage the health and well-being of individuals through shared data platforms. Superior Ownership Experience Validic has a global customer base, with a physical presence across 47 countries, more than 270 device and application integrations, and supports a client population scaling to more than 223 million. The company s digital health technology platform is proving to be disruptive to the market and has the potential to transform the enterprise health data connectivity industry. Healthcare organizations from startups and emerging companies to global enterprises who have deployed Validic s scalable digital health solution find the company easy to work with and the product easy to use and implement. Because Validic s solution is meant to enhance and not replace the existing user interface or application workflows, stakeholders are able to transition at their own pace without compromising performance in the care setting. Perhaps the most important value-added attribute of Validic is its customer-centric approach which is the backbone of its overall success in the healthcare market. Design Validic s Unique Digital Health Platform Unlike most of the existing health IT systems in the North American market, Validic s modular design allows the system workflows to be modified to fit specific end-user needs. Validic s solution is systematically designed to simplify digital health implementation and data integration with existing healthcare applications, portals, dashboards and IT systems. Deploying Validic s technology platform in existing healthcare infrastructure is a quick and straightforward process. The Validic Digital Health Platform readily adapts to new and upcoming technologies and can be easily upgraded to the latest iterations. Validic s digital health solution is certified as Food and Drug Administration (FDA) Class I medical device data systems (MDDS) and is Protected Health Information (PHI)- and Health Insurance Portability and Accountability Act (HIPAA)-compliant. Brand Equity Frost & Sullivan We Accelerate Growth
6 Frost & Sullivan s competitive benchmarking reveals that despite tough competition from industry-leading vendors offering end-to-end healthcare interoperability solutions, Validic s Digital Health Platform has proven to be a solid market differentiator in an increasingly crowded and competitive landscape. The company s early entry into the mhealth and digital health data integration sectors has established a strong footprint for the company in the healthcare industry for both providers and payers. The company is now expanding its presence in the CRO sector to support remote patient data integration for clinical trials. This has made the Validic brand synonymous with digital health and the remote patient data interoperability market. Conclusion Validic has firmly established its visionary leadership excellence through its superior, adaptable digital health platform. Its strategic approach to health information exchange from a multitude of device data sources puts patients at the center of the ecosystem and helps power the transition to value-based care models. Hence, Validic s efforts have far outpaced many of its competitors in this space. The company has shown exceptional foresight in understanding the importance of empowering patients in order to transform the quality of healthcare outcomes. However, future market prospects for digital health products and services will be determined not only by quality and flexibility, but also by the ability to offer scalable, real-time, and connected health solutions to improve clinical outcomes. Validic, with its insightful digital health strategy, has the potential to integrate any new digital health devices and applications that are developed, deployed, and consumed by end users. In addition to the Validic Digital Health Platform, the robust, yet extremely user-friendly features and functionalities of Validic Connect, Validic Mobile, and Validic s VitalSnap are impressive. In general, Validic has successfully aligned its product development roadmap to a number of key Mega Trends that are reshaping the healthcare industry. With its strong overall performance, Validic has earned Frost & Sullivan s 2016 Visionary Innovation Leadership Award. Frost & Sullivan We Accelerate Growth
7 Significance of Visionary Innovation Leadership A visionary innovation leadership position enables a market participant to deliver highly competitive products and solutions that transform the way individuals and businesses perform their daily activities. Such products and solutions set new, long-lasting trends in how technologies are deployed and consumed by businesses and end users. Most important, they deliver unique and differentiated benefits that can greatly improve business performance as well as individuals work and personal lives. These improvements are measured by customer demand, brand strength, and competitive positioning. Understanding Visionary Innovation Leadership Visionary Innovation is the ability to innovate today in the light of perceived changes and opportunities that will arise from Mega Trends in the future. It is the ability to scout and detect unmet (and as yet undefined) needs and proactively address them with disruptive solutions that cater to new and unique customers, lifestyles, technologies, and markets. At the heart of visionary innovation is a deep understanding of the implications and global ramifications of Mega Trends, leading to correct identification and ultimate capture of niche and white-space market opportunities in the future. Frost & Sullivan We Accelerate Growth
8 Key Benchmarking Criteria For the Visionary Innovation Leadership Award, Frost & Sullivan analysts independently evaluated two key factors Focus on the Future and Best Practices Implementation according to the criteria identified below. Focus on the Future Criterion 1: Focus on Unmet Needs Criterion 2: Visionary Scenarios through Mega Trends Criterion 3: Growth Pipeline Criterion 4: Blue Ocean Strategy Criterion 5: Growth Performance Best Practices Implementation Criterion 1: Vision Alignment Criterion 2: Process Design Criterion 3: Operational Efficiency Criterion 4: Technological Sophistication Criterion 5: Company Culture Best Practice Award Analysis for Validic Decision Support Scorecard To support its evaluation of best practices across multiple business performance categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool allows our research and consulting teams to objectively analyze performance, according to the key benchmarking criteria listed in the previous section, and to assign ratings on that basis. The tool follows a 10-point scale that allows for nuances in performance evaluation; ratings guidelines are illustrated below. RATINGS GUIDELINES The Decision Support Scorecard is organized by Focus on the Future and Best Practices Implementation (i.e., the overarching categories for all 10 benchmarking criteria; the definitions for each criteria are provided beneath the scorecard). The research team confirms the veracity of this weighted scorecard through sensitivity analysis, which confirms 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. Frost & Sullivan We Accelerate Growth
9 The results of this analysis are shown below. To remain unbiased and to protect the interests of all organizations reviewed, we have chosen to refer to the other key players as Competitor 2 and Competitor 3. DECISION SUPPORT SCORECARD FOR VISIONARY INNOVATION LEADERSHIP AWARD Measurement of 1 10 (1 = poor; 10 = excellent) Visionary Innovation Leadership Focus on the Future Best Practices Implementation Average Rating Validic Competitor Competitor Focus on the Future Criterion 1: Focus on Unmet Needs Requirement: Implementing a robust process to continuously unearth customers unmet or under-served needs, and creating the products or solutions to address them effectively Criterion 2: Visionary Scenarios through Mega Trends Requirement: Incorporating long-range, macro-level scenarios into the innovation strategy, thereby enabling first to market growth opportunities solutions Criterion 4: Growth Pipeline Requirement: Best-in-class process to continuously identify and prioritize future growth opportunities leveraging both internal and external sources Criterion 3: Blue Ocean Strategy Requirement: Strategic focus in creating a leadership position in a potentially uncontested market space, manifested by stiff barriers to entry for competitors Criterion 5: Growth Performance Requirement: Growth success linked tangibly to new growth opportunities identified though visionary innovation Best Practices Implementation Criterion 1: Vision Alignment Requirement: The executive team is aligned on the organization s mission, vision, strategy and execution Criterion 2: Process Design Requirement: Processes support the efficient and consistent implementation of tactics designed to implement the strategy Criterion 3: Operational Efficiency Requirement: Staff performs assigned tactics seamlessly, quickly, and to a high quality standard Frost & Sullivan We Accelerate Growth
10 Criterion 4: Technological Sophistication Requirements: Systems enable companywide transparency, communication, and efficiency Criterion 5: Company Culture Requirement: The executive team sets the standard for commitment to customers, quality, and staff, which translates directly into front-line performance excellence Decision Support Matrix Once all companies have been evaluated according to the Decision Support Scorecard, analysts can then position the candidates on the matrix shown below, enabling them to visualize which companies are truly breakthrough and which ones are not yet operating at best-in-class levels. DECISION SUPPORT MATRIX FOR VISIONARY INNOVATION LEADERSHIP AWARD High Validic Competitor 2 Best Practices Implementation Competitor 3 Low Low Focus on the Future High Frost & Sullivan We Accelerate Growth
11 The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degree-view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often, companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry players and for identifying those performing at bestin-class levels. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS Frost & Sullivan We Accelerate Growth
12 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan awards follow a 10-step process to evaluate award candidates and assess their fit with select best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify award recipient candidates from around the globe Conduct in-depth industry research Identify emerging sectors Scan multiple geographies Pipeline of candidates who potentially meet all best-practice criteria 2 Perform 360-degree research Perform comprehensive, 360- degree research on all candidates in the pipeline Interview thought leaders and industry practitioners Assess candidates fit with best-practice criteria Rank all candidates Matrix positioning all candidates performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates Confirm best-practice criteria Examine eligibility of all candidates Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles Brainstorm ranking options Invite multiple perspectives on candidates performance Update candidate profiles Final prioritization of all eligible candidates and companion bestpractice positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders Share findings Strengthen cases for candidate eligibility Prioritize candidates Refined list of prioritized award candidates 6 Conduct global industry review Build consensus on award candidates eligibility Hold global team meeting to review all candidates Pressure-test fit with criteria Confirm inclusion of all eligible candidates Final list of eligible award candidates, representing success stories worldwide 7 Perform quality check Develop official award consideration materials Perform final performance benchmarking activities Write nominations Perform quality review High-quality, accurate, and creative presentation of nominees successes 8 Reconnect with panel of industry experts Finalize the selection of the bestpractice award recipient Review analysis with panel Build consensus Select winner Decision on which company performs best against all bestpractice criteria 9 Communicate recognition Inform award recipient of award recognition Present award to the CEO Inspire the organization for continued success Celebrate the recipient s performance Announcement of award and plan for how recipient can use the award to enhance the brand 10 Take strategic action Once licensed, company may share award news with stakeholders and customers Coordinate media outreach Design a marketing plan Assess award s role in future strategic planning Widespread awareness of recipient s award status among investors, media personnel, and employees Frost & Sullivan We Accelerate Growth
13 About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions 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 Frost & Sullivan We Accelerate Growth
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