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Investment 101: Pinpointing the Type with the Least Risk

Investing wisely matters greatly, and Benjamin Franklin’s words hold true: “An investment in knowledge pays the best interest.” 

When it comes to your finances, understanding the connection between risk and return is essential, especially in 2023.

Beginners often ask, “Which investment type carries the least risk?” But a better question is, “Which investment type balances low risk with potential high returns?” Investments are crucial for financial growth. They allow your money to work for you, bringing you closer to financial freedom. While a 9-5 job won’t make you wealthy, smart investments can.

Investment

Recognize that all investments come with risk. Even selecting a bank for a savings account involves risk and return considerations. For instance, choosing Bank A with a 1% interest rate over Bank B with 3% means losing out on potential returns due to inflation.

In this blog, we’ll explore low-risk investment benefits and types, helping you find what suits you best. We’ll focus on a top answer to the risk-return dilemma: real estate. 

Read More: Investment Strategy for Doctors: Securing Long-Term Financial Stability

Choosing Low-Risk Investments for a Strong Investment Portfolio 

Congratulations if you’re just starting your investment journey! As a physician, investing is vital for financial freedom. Investing might feel overwhelming but don’t worry. Low-risk investments are a smart way to use your hard-earned money. They’re safe and steady, and we believe the best investment portfolios mix low-risk and high-risk options.

Low risk investments

While you gain confidence for riskier investments with potentially higher returns, low-risk options offer unique benefits for physician investors. These benefits include safety and stability. To spot low-risk investments, look for:

  • Options that protect your capital,
  • Choices that offer consistent, though modest, returns,
  • Opportunities with higher returns over a longer time.

Considering these factors, here are some top investment choices that balance risk and return effectively:

Types of Investments to Consider for 2023 Federal Income Tax Return

High to low risk Investments

1. Savings Account: A Secure Choice 

A savings account is a safe way to protect your money from inflation. It’s guaranteed by federal law and offers easy access to your funds with a debit or ATM card. You earn a fixed interest rate per year. In 2020, the best accounts offered a 1.10% to 1% annual percentage yield.

2. Fixed Deposits (FDs) or Certificates of Deposits (CDs): Balancing Risk and Return 

Similar to savings accounts, CDs are offered by banks with a slightly different risk and return rate. They have higher interest rates but require you to keep your money in the account for a specific time, usually six months to five years. With CDs, the risk and return depend on the time period. Returns range from 0.85% to 0.35% for one-year CDs.

3. Bonds: Different Types, Different Risks 

Government, corporate, and municipal bonds are the three main types. Government bonds are the safest, as you lend money to the federal government. Corporate bonds have higher returns but more risk tied to a company’s performance. Municipal bonds are issued locally and may be tax-exempt. The risk and return depend on bond type and maturity.

4. Mutual Funds: Long-Term Investing 

Investing in Mutual Funds over ten years reduces the impact of market fluctuations. These funds invest in various assets like stocks, bonds, and debt. It’s like entrusting a company to manage your investments.

5. Fixed Annuities: Guaranteed Returns 

Fixed Annuities provide a fixed, guaranteed risk and return. You start getting returns after a set date and can’t access your capital before the contract ends. Average annual returns range from 3.7% to 4%.

6. Real Estate Investments: Long-Term Potential 

Real estate investments can carry lower risk based on research. Options include apartment complexes, Real Estate Investment Trusts (REITs), and Real Estate Syndications. Real estate offers consistent returns and is favored by millionaires.

In the upcoming sections, we’ll explore the benefits of real estate investing and proven methods to help grow your wealth.

Exploring the Stability of Real Estate Investments 

Investing in real estate is a smart choice because its demand remains steady, no matter the current market conditions. This stability is due to the essential need for shelter. People buy homes for various reasons like job changes, family needs, or seeking a different living space. In 2019, the National Association of Realtors found that home prices increased slightly to a median of $257,000, with buyers typically purchasing homes for 98% of the asking price.

Read More: The Impact of New Tax Laws on US Physicians: An Overview

a. Growing Demand in Real Estate 

The demand for real estate continues to be strong. In 2019, both new and existing home sales increased, along with construction activity. Lower mortgage rates improved homebuilder sentiment and led to a 12% increase in building permits for new housing units. Housing starts and completions also saw growth.

b. Positive Trends in Home Sales 

Chief Economist Lawrence Yun from the National Association of Realtors (NAR) noted that falling interest rates are boosting home sales. Despite this, there is a shortage of lower-priced homes, causing an increase in home prices. Existing home sales, including single-family homes and condos, were up 2.5% in July 2019 compared to the previous year.

c. Commercial Real Estate as a Low-Risk Investment 

Investment type

Commercial real estate is another low-risk investment option. Even during the pandemic, commercial real estate transactions averaged $2.5 million in the second quarter of 2020. A study by CBRE Group Inc. in 2017 highlighted that tenants in commercial real estate opt for long leases to lock in prices, regardless of the market conditions. 

Limited availability of suitable properties also leads tenants to enter into long leases for larger spaces.

Still unsure? Here are more reasons why real estate deserves your attention when picking an investment with minimal risk

  1. You have a say in real estate deals, allowing you to control the risk by choosing how to invest.
  2. Investing in real estate offers moderate to high returns with less effort on your part.
  3. Real estate investment involves buying property, which provides stability and safety
  4. As a real estate investor, you can benefit from various tax advantages.
  5. Diversify your income by stepping beyond clinic work through real estate ventures
  6. Real estate investments can match or surpass your physician income, leading to lasting financial freedom.

Read More: Tax Planning for Medical Professionals: Year-Round Strategies

Bottom Line

At E.R.P.S Group, we guide physician entrepreneurs in building wealth through commercial real estate and rental property investments. We support physicians in becoming real estate investors. We have extensive knowledge about the Who, What, Why, and How of this journey.

Stay connected with us by subscribing to our newsletter. It will update you on our latest real estate ventures, offer investment opportunities to physicians, and provide valuable insights.

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What are the latest Healthcare Industry Trends?

The US healthcare market is growing fast, and it’s expected to reach a whopping 6 trillion USD by 2026. One big reason is the rise of new technologies transforming how we diagnose, treat, and manage diseases.

Remember the COVID-19 pandemic? It pushed us to the limit and sparked some fantastic innovations. We’ve got cool tech that disinfects, limits disease transmission, and detects its spread.

E-consultations and telemedicine are booming! You can get medical advice and treatment remotely, making life much easier.

Another big trend is precision medicine, which uses genetic analysis, clinical data storage, and big data analytics to personalize treatment plans for each patient. It’s like tailoring healthcare just for you!

Startups are doing some fantastic work too! They’re using real-time, remote monitoring devices to customize patient treatment plans.

Let’s remember artificial intelligence (AI), the Internet of Things (IoT), and data management. They’re making hospitals more innovative and efficient, streamlining workflows, and providing better clinical services.

Your medical practice must embrace these hot healthcare tech trends to stay ahead. Look for areas to improve and implement digital solutions for success.

This blog explores 8 of the biggest healthcare industry trends and opportunities to watch for in 2023 and beyond. Plus, we’ll show examples of companies driving these healthcare industry outlooks from 2023 forward.

Let’s get started!

1. Growing Artificial Intelligence in Health-care Industry 

You know, AI is shaking things up in the industry. Just like it’s changing other areas, it also significantly impacts healthcare.

Image Source – AI healthcare market size worldwide 2030 | Statista

For instance, have you heard of Your.MD? It’s a MedTech startup founded in 2012, and they’re doing some incredible stuff. They got a massive $67.3 million in funding, with a whopping $30 million coming in a Series A round in October 2020. What do they do? They use machine learning in their mobile app to give you relevant health info. It’s like having your health checker right in your pocket!

And it’s not just them. There’s another company called Alivecor. They’re making personal ECG devices that use AI to detect and predict heart rhythm problems. It’s like having your mini heart doctor!

Even healthcare providers are getting in on the AI action. They’re using what they call “augmented intelligence,” which is AI helping out medical pros instead of replacing them. For instance, Aidoc, an Israeli startup, uses AI to help radiologists spot issues in medical scans. And guess what? They raised a cool $27 million in funding to keep growing!

Check News- Aidoc Raises $27 Million to Expand Its Life-saving Artificial Intelligence Solutions.

The future looks bright for AI in healthcare. The global market for AI-enabled medical imaging is projected to shoot up from $404 million in 2018 to $9.61 billion in 2029. That’s some serious growth!

So, keep an eye on these trends because they’re changing the face of healthcare as we know it. It’s an exciting time to be alive!

2. Personalized Healthcare

One of the most fascinating developments is personalized healthcare (PHC). It’s all about tailoring medical treatments to suit each patient’s needs.

You see, PHC goes beyond just genetics and genomics. It includes all sorts of biological information that helps predict disease risks and how a patient will respond to treatments. The beauty of this approach is that it enables precision medicine, which improves health outcomes and cuts costs.

So, why is PHC gaining so much traction in the healthcare industry’s growth rate? A big part is thanks to new, low-cost genetic testing products. Remember 23andMe? Their DNA testing kits used to cost a hefty $999, but now they’re available for under $100! Talk about affordability!

And it’s not just DNA kits making waves. Everlywell offers home testing kits for hormone levels, allergies, food sensitivity, vitamin deficiencies, and more. Plus, the increasing popularity of wearable devices lets consumers keep a close eye on their health and habits.

These factors drive the healthcare industry trends toward a more personalized and accessible future. 

3. Wearable Devices Advancements and Lingering Concerns

You know those cool gadgets you can wear, like a watch or a fitness tracker? Well, they’re not just for fitness anymore!

Take the Oura Ring, for example. It’s a popular wearable fitness tracker during the early days of the COVID-19 pandemic. It teamed up with UCSF to try and detect early signs of the virus. 

Fitbit also jumped on the bandwagon, conducting its study with wearable tech. Even the FDA got on board and approved the Apple Watch for medical use. Now, the Apple Watch can run ECG tests and even detect atrial fibrillation, a type of heart condition.

Apple didn’t stop there! They partnered with Stanford University and had over 400,000 participants in a study on irregular heart rhythms. And recently, they joined forces with Johnson & Johnson to run another heart study focused on older adults.

Some people are concerned, though, about privacy and the potential for unnecessary medical treatments with all this real-time monitoring. Some tech companies need to improve at keeping user information private, which raises eyebrows. But despite that, people are still excited about the possibilities!

Apple’s CEO, Tim Cook, believes health will be their most significant contribution, and we’re getting closer to that reality every day.

So, while there are some valid concerns, wearable tech in healthcare is here to stay!

4.  Rise of Virtual Healthcare

One of the most exciting trends is the explosive growth of virtual healthcare, also known as telemedicine. 

It’s exploding and growing faster than ever! You won’t believe this, but telemedicine is already a massive $70 billion industry in the US in 2023.

People love the idea of accessing healthcare from the comfort of their own homes. Searches for “telehealth” are on the rise, and 62% of healthcare consumers prefer virtual healthcare options. That’s huge!

And it’s not just for minor stuff; 57% of folks would love remote monitoring for ongoing health issues, while 52% would happily opt for virtual care for their regular appointments.

Even when it comes to serious stuff like disease diagnosis, 42% of consumers would consider a virtual option if given a choice. Cool, right?

Nowadays, more and more health service providers like Babylon Health are jumping on the telehealth bandwagon. It’s not just them; payers are also stepping up their game. Did you know 42 US and Washington DC now require private insurers to cover telehealth? 

And you know what’s even more exciting? With a massive number of Baby Boomers entering or approaching retirement (71.6 million of them, to be precise), the healthcare system will face some severe demands. But fear not because telehealth offers a more efficient and hygienic way of treatment that can help ease that burden.

But wait, there’s more! 

Remote patient monitoring (RPM) programs are helping patients recover from surgery at home, reducing hospital admissions, and cutting down on those dreaded emergency room visits.

All these latest healthcare industry trends are shaping the ways we’ve never seen before. 

5. SDOH: Non-Medical Factors in Healthcare Disparities

One big trend that’s getting a lot of attention in the healthcare industry’s growth rate is the SDOH. It’s all about how factors beyond medicine can affect our health.

For instance, research shows that minorities often face more barriers to healthcare and might get lower-quality care compared to Caucasians. It’s a real problem and especially noticeable in some communities.

The Affordable Care Act (ACA) has tried to address these disparities, but there’s still work to be done. Take lead exposure, for example. The CDC says African-Americans, refugees, and internationally adopted kids are at higher risk.

Now, will everything get perfectly solved in 2023? Well, probably not. But the good news is that healthcare providers and policymakers are giving these issues more attention now, which means significant changes are on the horizon.

 6. Rising Focus on Behavioral Medicine

One primary focus these days is mental health, as many chronic conditions stem from our behaviors. Things like overeating, smoking, and lack of exercise are significant factors behind health issues in developed countries. Surprisingly, almost half of all US deaths are related to preventable causes, like these behavioral issues.

It’s alarming, but about one-third of adults meet the criteria for a behavioral health disorder. So, the spotlight is now on behavioral medicine, which blends psychology, occupational therapy, preventive medicine, and biofeedback, among other things. It’s all about how mental health connects with physical health.

The thing is, not enough people with mental health disorders get the treatment they need. And guess what? 70% of adults with behavioral health disorders also have physical health conditions. That’s why the American Hospital Association (AHA) is pushing for policy changes to improve access to behavioral healthcare. 

7. Direct Corporate Partnerships and Innovative Services

Did you know that over one-tenth of big American companies have started direct partnerships with healthcare providers? But guess what? They’re not stopping there!

Take Amazon, for example. In 2020, they introduced Amazon Care, a telehealth service, exclusively for their employees in Seattle. 

Check News – Amazon Rolls Out Amazon Care Telehealth to Seattle 

And now, rumors are floating around that they might be getting ready to launch it publicly.

You remember Amazon’s PillPack, right? The medication delivery service they acquired for a massive $753 million in 2018? Well, that was just the beginning. They want to explore the healthcare market further.

Sam’s Club, a rival retailer, has also entered the healthcare game. In 2019, they announced healthcare bundles for the public, covering prescriptions, dental services, vision exams, and even prepaid health debit cards!

And that’s not all. Google’s parent company, Alphabet, has been busy too. They helped launch a clinic called Cityblock and have been working on a project called Medical Digital Assist, aiming to create a cutting-edge clinical visit experience.

So, as you can see, many big players are making bold moves in the healthcare industry trends. It’s an exciting time for healthcare, and we can’t wait to see what’s next!

8. Unbundled Healthcare and the Growing Popularity of Urgent Care Centers 

One interesting trend is “unbundled healthcare.” Instead of traditional plans, some companies like Bind offer “on-demand healthcare.” This means you can pick and choose exactly what coverage you want from a menu of options, and you’re not limited to a specific network of providers.

It can lower costs since you only pay for what you need and can compare prices between different doctors. However, it may also expose patients to financial risks, especially during emergencies.

Another option some people choose is high-deductible insurance with health savings accounts to offset the risk. There are also healthcare cooperatives like Christian Healthcare Ministries, where people pool their money to help each other with medical bills.

Urgent care centers are gaining popularity too. MedExpress and CityMD are some of the major players in this segment. They provide after-hours medical attention for critical but non-life-threatening issues at a much lower cost than emergency rooms, helping cut back on unnecessary ER visits.

Conclusion 

So, that’s a wrap on our list of the latest healthcare industry trends for 2023 and beyond. Exciting times are ahead!

Competition is pushing health insurers and healthcare providers to get creative. Consumers have more control thanks to technology like automation, analytics, and EHR. Plus, optimizing medical device supply chains and improving medical professionals’ efficiency.

The future remains uncertain, but organizations embracing these trends will have a great shot at thriving as the industry keeps evolving. So, here’s to a promising future in healthcare!

FAQs

Ques: What are the healthcare industry technology trends for 2023?

Ans: The healthcare industry is focusing on telehealth expansion, AI integration, and patient-centric care in 2023.

Ques: What is the growth rate of the healthcare industry?

Ans: The healthcare industry’s growth rate varies but is projected to grow steadily in the coming years.

Ques: What is the outlook for the healthcare industry in 2022?

Ans: In 2022, the healthcare industry will witness advancements in digital health solutions and value-based care models.

Ques: Can you provide a healthcare industry SWOT analysis?

Ans: The healthcare industry’s strengths include technological advancements, but it faces challenges related to regulatory changes and rising costs.

Ques: What are the healthcare staffing industry trends for 2022?

Ans: Healthcare staffing trends 2022 included increased demand for specialized roles and a shift towards remote and flexible work arrangements.

Ques: What are the emerging trends in the healthcare consulting industry trends?

Ans: The healthcare consulting industry is seeing a rise in demand for data analytics and strategies to optimize healthcare delivery.

Ques: What do the healthcare industry employment statistics show?

Ans: Employment in the healthcare industry has been steadily growing, offering various opportunities in both clinical and non-clinical roles.

Ques: What are the upcoming healthcare industry growth projections?

Ans: The healthcare industry is expected to experience robust growth due to an aging population and advancements in medical technology.

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Revolutionising Pharma Industry Operations: Thriving in the Future

In the past, pharmaceutical companies didn’t give much attention to their operations. But now, things are changing! With the COVID-19 pandemic, inflation, geopolitics, and work methods, it’s time for them to carefully rethink. They need to re-strategize their sourcing, manufacturing, and supply chain decisions.

This is the perfect moment to focus on operations strategy, especially after two intense years. Succeeding in pharma means excelling in operations under these challenging conditions.

Instead of just continuous improvement, operational leaders should now address long-term external challenges. It includes problems like high inflation and increasing complexity and risk. These factors can have interconnected effects.

By shifting focus, pharma operations leaders can bring more value to their organizations. But they need to act fast to tackle industry challenges.

In this article, we’ll explore the challenges that pharma leaders face. Also the steps they can take to develop a more strategic, long-term approach to operations. 

Pharma Industry’s External Challenges

The pharma industry is currently facing a lot of challenges from external factors. The demand for medications all over the world is going up, especially with the urgent need for COVID-19 vaccines and treatments. It’s pretty impressive how they managed to respond and provide vaccines, but dealing with this increasing global demand is a big long-term challenge.

On top of that, the product landscape is changing day-by-day. New approaches like cell and gene therapy and mRNA vaccines are becoming more important in drug development. This means they have to deal with new technologies, supply chains, and product life cycles.

This is causing increased costs for labor, raw materials, and transportation, which is putting a strain on their profit margins. And to make matters worse, state interventions like protectionist trade policies are also adding pressure on manufacturing networks. It’s definitely a tough situation they’re facing!

Source – Mc&Kinsey Company

Changing Landscape for Pharma Operations

Pharma companies face six major implications in the future:

  1. Rising operational complexity
  2. Increasing risks (ESG expectations and skills gaps)
  3. Shift in capability requirements (new modalities and digital acceleration)
  4. Higher capital expenditure needs (new sites and digital infrastructure)
  5. Variable-cost increases (raw materials, transportation, attrition, and salaries)
  6. Opportunities for savings (ESG commitments and digital implementation)

Strategic Domains to Accelerate and Scale Pharma Operations: 

When it comes to transforming the pharma industry, there are 4 strategic domains to focus on. 

a. Network and resilience

b. Digital strategy 

c. Operating model and ecosystem

d. Talent strategy.

1. Building Resilient Supply Chains: Plan for the Future 

Recent supply chain disruptions have taught us the importance of resilience. Instead of just reacting with short-term solutions like building inventory, pharmacos can make a real impact by considering long-term actions, like network design and dual sourcing.

2. Embracing Digital Transformation: Scaling for Success ‘

Digital solutions have proven their worth in pharma operations, but scaling them is the challenge. Although it requires substantial investment, the payoff is enormous. It includes cost savings, improved quality, and increased resilience. 

The move towards network-wide and end-to-end digitization is already underway. As many companies are recognizing for their advanced use of digital technologies.

3. Collaborating for Greater Success: End-to-End Partner Ecosystems 

Shifting from traditional hub models to strategic partnerships can yield significant benefits. More and more companies are intensifying collaborations with other industry players, creating ecosystems to foster innovation. Pfizer and BioNTech, AstraZeneca and Huma, are examples of successful partnerships. 

4. Strategic Workforce Planning: Unlocking Talent Potential 

The shortage of talent in the pharma industry calls for new approaches. By focusing on reskilling, upskilling, and automation, companies can tackle talent gaps and retain valuable employees.

5. Beyond Attractive Salaries: Long-Term Talent Solutions 

Increasing wages may not be enough to solve talent shortages. Companies must invest in long-term reskilling and upskilling programs. Innovative strategies like Roche’s operations rotational program and Novartis’s “choice with responsibility” policy can improve overall employee experiences.

Let’s discuss some of the top trends that are shaping future of Pharma Industry: 

1. Patients as Advisors: 

Let’s put patients in charge! Digital health is empowering people to take control of their well-being. So why not involve them in shaping the future of healthcare? Pharma companies should create advisory boards with real patients, giving them a voice in decision-making. Knowing their exact needs will lead to innovative products and a future-proof healthcare system.

2. Digital Health Beyond Pills: 

Pharma’s not just about pills anymore! Embrace technology to build patient-support programs. These solutions go beyond drugs and can improve patient outcomes. Take the example of mySugr, a diabetes management app that turned health into a game. Patients loved it, and Roche saw the potential, acquiring the startup to continue its growth.

3. Digital Pills for Better Adherence: 

Ever heard of digital pills? These little wonders have embedded circuits, helping patients stick to their medication schedules. The pill sends Bluetooth signals to an app, ensuring doctors and caregivers know when it’s taken. It’s a game-changer, especially for those dealing with severe conditions like schizophrenia.

4. In Silico Trials: 

Say goodbye to old-fashioned animal testing! In silico trials use computer simulations, saving time and costs while avoiding harm to animals and humans. These virtual trials can replicate human research effectively, and with COVID-19 pushing us forward, they’re gaining more acceptance.

5. VR Therapy for Pain Relief: 

Virtual Reality isn’t just for gaming; it’s making waves in healthcare too! Hospitals are using VR to help patients manage chronic pain and reduce stress. Instead of relying solely on painkillers, pharma companies should explore the potential of VR therapy. Soon, you might even see VR pharmacies with specialists prescribing personalized VR treatments!

6. Precision Medicine: Personalized Meds Based on Genes and Lifestyle:

Have you heard of precision medicine? It’s the new big thing in healthcare!

Picture this: doctors treating diseases based on your unique genes, lifestyle, and environment. No one-size-fits-all approach anymore! In the pharma world, this means something called pharmacogenomics. It’s all about studying how your genes influence how drugs work in your body. Turns out, not all meds are equal for everyone!

Take cancer, for example:

Scientists are developing drugs that go straight to those nasty cancer cells, leaving healthy ones unharmed. Awesome, right? Also, they want to make targeted therapies just for you! To get this right, some experts suggest a genetic test before prescribing certain meds, like Warfarin.

7. 3D-Printed Meds: The Future of Pharmacy

The Future of Pharmacy Hold on tight! We’re entering the era of 3D-printed drugs. Researchers are busy printing tiny organs and even custom heart tissues. It’s like sci-fi coming to life in a hospital!

UK’s FabRx predicts that within 5-10 years, we’ll have printed tablets in our local pharmacies. Imagine that! But wait, it gets crazier. Maybe one day, we’ll all have 3D printers at home, spitting out meds whenever we need them. Who needs a pharmacy down the street then?

8. AI in Pharma: Revolutionizing Drug Discovery and Treatment Plans
The Doctor’s Super Assistant Artificial Intelligence is here to revolutionize healthcare, and it’s starting with the pharma industry. Brace yourself – AI can dig through mountains of medical data, design treatment plans, and even cook up new drugs! No kidding, it’s making drug discovery faster and cheaper.

You won’t believe this – it takes an average of 12 years and $2.9 billion to launch a drug! But with AI, we’re talking about slashing those numbers big time! It’s like having a genius assistant who can accelerate progress in healthcare.

9. Pharma Regulations: Need for an Upgrade to Embrace Innovations
Picture this: regulations that govern drug production and digital health gadgets are stuck in the past. Time for an upgrade, don’t you think? With so many cool innovations popping up, old rules just can’t keep up.

Take the #wearenotwaiting movement, for example. Diabetic patients started using artificial pancreas devices without waiting for the FDA’s green light. They needed it, and they knew it worked! But hey, regulators gotta catch up to avoid dangerous DIY solutions.

Even those cool genetic testing kits faced a tough time. The FDA put the brakes on 23andme’s health info services, saying it was confusing. But now they’re back in action, revealing your susceptibility to certain diseases.

10. Augmented Reality: Enhancing Medication Understanding and Experience

With AR, you can see how your meds work in 3D, right in front of your eyes. No more deciphering long, confusing descriptions. It’s like magic! Nurses already use AR to find veins easier, and now it’s making its way to pharma. Get ready to see your meds like never before.

Conclusion: 

In conclusion, the pharma industry has done an incredible job delivering COVID-19 vaccines and meeting demands, but there are challenges ahead. Rising costs, complexity, and risks are putting companies to the test. It’s crucial for companies to rethink their operational strategies and stay competitive. This will need strong and innovative leadership, but if they embrace change and implement new strategies, they can seize the opportunities in this rapidly growing industry. Now is the time to take action and thrive in the future of pharma!

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Chatbots in Healthcare: Revolutionizing Patient Care and Engagement

Chatbots are remodeling healthcare with the aid of using revolutionizing affected person engagement. These AI-powered conversational agents streamline administrative tasks, deliver personalized support, and reshape the healthcare experience.

Chatbots in Healthcare

Find out how they affect making appointments, reminding people to take their medications, sorting symptoms, and getting reliable health information. This blog explores the benefits, challenges, and future potential of chatbot technology in improving patient care and outcomes.

Understanding Chatbots in Healthcare

Chatbots are becoming more and more important in the healthcare business. This is because of the COVID-19 pandemic, which caused a rise in the need for medical care, and the improvement of the artificial intelligence (AI) that powers the technology.

As has been widely reported, the pandemic has made it so that there are a lot of patients and a lot of paperwork for doctors and nurses, but at the same time, people have less access to healthcare because of quarantines and social distance. A few years ago, some parts of the healthcare industry started using chatbots, also called “conversational assistants,” to remind patients to take their medicine, collect insurance or health information, or give pretty general information about disease symptoms, nutrition, or treatments.

The COVID-19 pandemic has given the health care business even more chances to use chatbots. These include making it easier for patients to fill out paperwork at doctors’ offices, setting up appointments, giving mental support to people who are in quarantine, and even helping patients decide if their COVID-19-like symptoms are serious enough to warrant a trip to the doctor.

Early chatbots used pre-written conversation and didn’t do well when users went off script. Today’s chatbots, on the other hand, use AI to get better the more they are used. Natural language processing (NLP) is a key part of AI chatbots. It lets a robot better understand a patient’s written or spoken questions and pull out important information from the conversation.

In the past few years, virtual helpers and conversational chatbots driven by artificial intelligence (AI) have become very popular. They can be found in hospitals, labs, pharmacies, and even nursing homes. And with good cause. In this age of digital customer experience, people expect transactions to be quick and easy. In fact, a large study by Verified Market Research found that the healthcare chatbot market is worth USD 194.85 Million in 2021 and is expected to hit USD 943.64 Million by 2030, growing at a CAGR of 19.16% from 2022 to 2030.

Benefits of Chatbots in Healthcare

Chatbots allow healthcare organizations to reach more people by letting them have interactive talks that can help find symptoms, manage medications, and keep an eye on long-term health problems. At this point, the goal of virtual assistants is not to fully diagnose patients. Instead, the goal is to help patients find the right tools and help doctors and nurses better understand what a patient needs.

The following are some of the benefits that healthcare apps offer both doctors and their patients:

  • Chatbots are always and immediately available. This includes having access to medical information 24 hours a day, 7 days a week, and getting instructions to take medications.
  • They make it easy to get to health records quickly. Chatbots can help groups and patients keep track of records by getting information from patients and updating them right away. So, doctors and nurses can get the latest information and better plan how to care for their patients.
  • They know a lot of languages. Many patients and potential patients can communicate with chatbots in their own languages, and the chatbots can then translate what they say for the doctors and nurses. Chatbots can help reach groups that don’t get enough help.
  • They can be counted on. Chatbots are a better and more reliable option to online searches that patients do to try to figure out what’s wrong with them.
  • They are good value for money. Juniper Research found in a 2018 report that if chatbots were used in retail, banking, and healthcare, businesses would save $11 billion per year by 2023, mostly because they would spend less time on customer and patient service questions.

 Applications of Chatbots in Healthcare

Here are some of the most common applications of chatbots in the healthcare industry:

Chatbots in Healthcare applications

1. Set up Appointments

The chatbot can designate a doctor, contact the doctor with patient details, and create a space in both the patient’s and the doctor’s schedule. This makes online appointment scheduling easy for patients.

2. Check Symptoms

Healthcare chatbots can instantly assess symptoms and severity. The chatbot then estimates a diagnosis and suggests treatments. Patients don’t have to re-enter their information when updating because the chatbot remembers it. This function lets patients easily assess symptoms, measure severity, and get individualized advice.

3. Provide Support

Healthcare chatbots can handle common patient questions. Healthcare practitioners can focus on more difficult concerns with an intelligent chatbot answering these questions. Chatbots can also provide patient information.

4. Insurance and Claims

Chatbots can simplify medical claims and save patients time. Healthcare chatbots can help patients file claims, check coverage, and track claims using natural language. Patients may easily access essential information and avoid repeated calls to healthcare providers. Doctors can also use healthcare chatbots to pre-authorize billing payments and other requests from patients or healthcare authorities by accessing patient information and enquiries.

5. Improving Patient Experience

Chatbots make doctors available 24/7. Chatbots can help patients and answer their questions 24/7 with a 99.9% uptime.

6. Help with Therapy

Psychiatric patients can get help from therapist robots. These chatbots help out qualified professionals in mental health. Cognitive behavioral treatment can be done by chatbots that can have conversations.

7. Prescriptions

Healthcare chatbots urge patients to take their meds and track their compliance. They can also explain prescription adverse effects and precautions. 

Challenges and Considerations

Some of the problems that come up when healthcare workers use a chatbot. 

Giving the Wrong Medical Information

There is a chance that a robot could give the wrong information about health care. The main reason for this is that robots might not know enough about a patient’s medical problem and could give a dangerously wrong diagnosis.

medical healthcare chatbots

Weaknesses in User Privacy

When hospitals use AI chatbots for healthcare, this software tool gets all the information from the patients and stores it. If there are security problems that lead to a cyberattack, the patient’s information could get into the wrong hands.

The Lack of In-Person Contact

There are some people who wouldn’t want to talk to a bot about their health problems. They might want to talk to the doctor in person. But now that robots are around, this has become a very big problem. This makes the patient feel bad, which hurts their health in the long run. So, chatbots are one reason why people feel like they aren’t connected to their doctors and nurses.

The Future of Chatbots for Healthcare

Conversational AI is still in its early stages and has a long way to go before it can be fully used in business.  This is one of the main things that makes it hard for chatbot technology to catch on. With more time and training, these health bots will get better at what they do and be able to take on more tasks, which will help the industry accept them.

healthcare United states

But here are some real hopes for the future of these health chatbots:

  • Soon, they will be able to check on people’s health in real time and automatically send help requests during a crisis, just like gadgets can check on people’s health while they’re on the go.
  • They will help people deal with long-term health problems, mental health issues, and fitness issues. They will also help control behavioral and mental disorders.
  • Most diseases that are common today could have been stopped if they had been found early. Early detection helps stop further damage to your body before it happens. Soon, healthcare chatbots will be able to help find symptoms ahead of time, check a patient’s medical background, look for similar cases from the past, and suggest the best course of action for the future.
  • Chatbots can be used as virtual helpers and help people take care of themselves.

Conclusion

Chatbots are transforming healthcare by revolutionizing patient engagement. From streamlining administrative tasks to delivering personalized support, these AI-powered conversational agents offer numerous benefits. To explore more about the applications and benefits of chatbots in healthcare, visit our website at ERPS Group. Discover how chatbots can revolutionize your healthcare practice and enhance patient experiences. Embrace the future of patient engagement with chatbot technology.

Frequently Asking Questions:

1.How are chatbots used in healthcare?

Answer: A well-made healthcare chatbot can schedule meetings based on when the doctor is free. Also, chatbots can be set up to talk to CRM systems so that they can help medical staff keep track of patient visits and follow-up meetings and have the information ready to use in the future.

2.How can chatbots improve healthcare?

Answer: Adding a chatbot to the care you give your patients – Capacity

Chatbots in healthcare make it easy for people to get health information and services. Patients can talk to clever bots in a way that feels natural to them. And that makes it natural to ask questions and look for answers. This can make people feel like they have a bigger say in how their health care is run.

3. What is an example of a health care chatbot?

Answer: GYANT is a health chatbot that asks people about their complaints and then sends that information to doctors, who use it to make diagnoses and give medicine right away.

4. Which algorithm is used for healthcare chatbots?

Answer: The SVM algorithm is used in several medical robots because it works with data that can be separated in a linear way. Kernel functions are used for data that can’t be separated in a linear way.

5. What are the top chatbots examples?

Answer: 26 Best Real Life Chatbot Examples

The best chatbot examples in 2022 are:

  • Lyro customer support AI.
  • Kuki AI Companion.
  • Meena by Google.
  • BlenderBot by Facebook.
  • Rose AI Chatbot.
  • Replika: AI Friend.
  • Eviebot by Existor.
  • Tay by Microsoft.

Editor’s Choice:

Hospitals And Health Systems Can Earn More Tax Exemption
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The Impact of New Tax Laws on US Physicians: An Overview

Understanding the implications of tax laws is crucial for physicians, as recent changes in the United States have brought potential tax savings for doctors across various specialties. This blog explores the impact of these changes on physician income and provides insights into strategies for maximizing tax savings. From variations in tax rates to deductions for specific specialties and the potential benefits of pass-through income, we delve into the details to help physicians navigate the complexities of the new tax landscape.

Tax Savings Vary Across Medical Specialties:

Anesthesiologists 

Estimated tax savings of 4.4% with an average salary of $269,600.

Anesthesiologists, with an average salary of $269,600, can expect a tax savings of approximately 4.4% due to the new tax laws. These savings result from changes in tax brackets and reduced tax rates, allowing anesthesiologists to retain a higher portion of their income.

Pediatricians 

Estimated tax savings of 11.5% with an average salary of $184,240.

Pediatricians, with an average salary of $184,240, are expected to experience significant tax savings of approximately 11.5%. The new tax laws, which include reduced tax rates and revised tax brackets, contribute to these substantial savings, allowing pediatricians to benefit from a lower overall tax liability.

Family Doctors

Expected tax cut of 8.9% with an average income of $200,810. Family doctors, with an average income of $200,810, can anticipate a tax cut of around 8.9% due to the recent tax law changes. The reduced tax rates and modified tax brackets under the new legislation result in a lower tax burden for family doctors, enabling them to keep more of their earnings.

Personal Perspectives on Tax Changes

Physician on Fire

An anesthesiologist estimated $8,000 in savings due to reduced tax brackets, emphasizing the substantial impact on personal finances. The new tax legislation enabled the physician to attain financial independence at an early age.

Passive Income M.D

A higher-earning physician predicted potential tax increases for physicians earning over $600,000, highlighting the effects of deductions phased out at higher income levels. This demonstrates the varying impact of the tax changes on different income brackets.

The Benefit of Pass-Through Income Reduction

Understanding Pass-Through Income: Explaining how self-employed physicians can benefit from tax reductions on pass-through income. Pass-through income refers to earnings that are “passed through” the business to the individual as personal income, taxed at the individual tax rate rather than a corporate tax rate.

Deducting 20% of Revenue: Providing a detailed breakdown of the potential 20% deduction for owners of pass-through businesses, illustrating the financial advantage for self-employed physicians. This deduction allows a substantial portion of revenue to be excluded from taxable income, resulting in significant tax savings.

Impact on Career Decisions: Insights from experts suggesting that reduced taxes on pass-through income may drive more physicians towards self-employment. The tax savings offered by pass-through deductions can incentivize physicians to consider establishing their own practices or businesses.

Considerations and Complexity

Individual Eligibility

Exploring factors that affect eligibility for deductions, such as marital status, income thresholds, and additional income sources. The complexity of the tax laws requires physicians to carefully assess their individual circumstances and consult with tax professionals to determine eligibility for specific deductions.

Seeking Professional Guidance 

Emphasizing the importance of consulting financial advisors and tax professionals to navigate the complexities of deductions, phaseouts, and different business structures. Professionals can provide personalized advice tailored to each physician’s unique financial situation, ensuring compliance and maximizing tax savings.

Conclusion

The recent tax law changes in the United States offer potential tax savings for physicians, with varying implications across specialties and income levels. By understanding the nuances of the new tax landscape and seeking professional advice, physicians can maximize their tax savings. While pass-through income reductions present opportunities for self-employed doctors, it is essential to consider individual circumstances and eligibility requirements. By staying informed and proactively managing their tax strategies, physicians can optimize their financial well-being and make the most of the evolving tax environment. Remember to consult with tax professionals to ensure accurate and up-to-date guidance tailored to your specific circumstances.

To further explore this topic and gain comprehensive guidance on maximizing tax savings as a physician, visit our website at ERPS Group. Our team of experts is dedicated to helping healthcare professionals navigate the intricacies of tax planning and achieve their financial goals. Take charge of your financial future and make the most of the latest tax law changes. Visit our website today for personalized assistance and resources tailored to physicians’ unique tax needs.

Editor’s Choice:

How Blockchain Technology is Revolutionizing Supply Chain Finance
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How Blockchain Technology is Revolutionizing Supply Chain Finance

In recent years, blockchain technology has been getting a lot of attention because it has the ability to change many different industries. Supply chain management is one area where blockchain has the ability to make a big difference.

At its core, blockchain is a decentralized, distributed ledger that makes it possible to make deals that are both safe and clear without the need for middlemen. In other words, it keeps a permanent record of all events that can’t be changed and that anyone with access to the network can look at and check.

This can be helpful in many ways for managing the supply line. For example, it can make supply chain operations more clear, cut down on fraud and fakes, and make it easier to track goods from their source to their final destination.

In this blog post, we’ll talk about how blockchain technology could be used in supply chain management and the benefits it could bring to companies that work in this area.

Blockchain’s Role in Supply Chain Management 

Definitely! There have been problems in the supply chain management business, such as a lack of transparency, security problems, and inefficiency. But now that blockchain technology is here, there is a chance to change the way functions are managed throughout the system.

Here are the benefits of blockchain for managing the supply chain. 

(a) Better Tracking 

Blockchain creates a record of transactions that can’t be changed or tampered with. This makes it easier to watch how goods move through the supply chain. It helps make things more open and accountable and lowers the risk of scams and fake goods.

(b) Increased Efficiency 

By giving all parties in the supply chain a single transaction, blockchain can help to speed up operations and cut down on mistakes and delays. It makes the process go faster and work better, saving money and making customers happier. 

(c)Better Security

Blockchain uses advanced cryptography to protect the security and privacy of data, making it less likely that data will be stolen or used in a hack. This helps keep private information, like trade secrets, safe and protects the supply chain’s integrity.

(d) Trust has Grown

Blockchain makes it easier for people in the supply chain to trust each other because it keeps a clear and auditable record of all interactions. As a result, it cuts down on disagreements and makes it easier for people to work together. This makes ties between suppliers, manufacturers, and customers stronger.

(e) Better Customer Satisfaction

Blockchain also helps improve customer satisfaction by making the supply chain more open and clear. It cuts down on delays and mistakes and improves the quality of the result.

(f) Better Data Analytics 

Because blockchain provides a single, standard source of data for the whole supply chain, it makes data analytics better and gives insights into how the supply chain is doing. Businesses can find ways to improve and make their supply chain processes run as smoothly as possible.

How Blockchain Will be Used in the Future in Supply Chain Management

Blockchain technology will continue to change and improve as time goes on. The more people use blockchain, the more processes will be standardized. New blockchain-based supply chain systems will pop up, and more attention will be paid to sustainability.

Here are some ideas about how technology will keep changing supply chain management in the future.

  • Increased Adoption: More enterprises will utilize blockchain technology for supply chain management as they discover its benefits. More users will standardize procedures and improve supply chain transparency and efficiency.
  • New Platforms: As this technology grows, there is a chance that new blockchain-based supply chain platforms will appear. These tools will give businesses more advanced ways to integrate.
  • More focus on sustainability: A blockchain-based system for managing the supply chain. Can do a lot to encourage sustainable practices. In the future, we can expect companies to put more emphasis on sustainability. And use blockchain technology to cut down on waste, improve efficiency, and reduce the damage. Supply chain operations do to the environment.
  • Use of smart contracts: Smart contracts are agreements that automatically go into effect. Because the terms of the deal are written straight into code. As the use of blockchain technology in supply chain management grows, smart contracts will be used. More and more to simplify and speed up processes.
  • Integration with advanced technology: As other new technologies. The Internet of Things (IoT) and artificial intelligence (AI), grow quickly. We can expect to see these technologies combined with blockchain technology in supply chain management. It can lead to more changes in the way work is done.

Examples of Blockchain in Supply Chain Management from the Real World:

Blockchain technology is used in many different fields because it is safe and open. Check out these examples of how blockchain is used in supply chain management in the real world:

(a) Nestle: Nestle is the largest food and drink company in the world. It uses this technology to find out where the ingredients in its goods come from. It lets Nestle track every part of the supply chain, from the farm to the plant. This makes Nestle more open and honest.

b) Walmart: Walmart is one of the biggest stories in the world, and it has put in place a blockchain-based system to track the supply line of its fresh food. It lets Walmart know where each item they make came from and when and where each step in the supply chain happened. It also lets buyers know what’s going on and helps cut down on food waste.

c) Unilever: In order to make it easier to track palm oil, Unilever has added blockchain to its supply chain. Its goal is to promote sustainability by making information about the product and how to make it easy to find.

d) Maersk: TradeLens is a blockchain-based tool that was made by Maersk and IBM. Maersk is the largest container shipping company in the world. The platform helps to streamline the global shipping industry by giving a safe and clear way. To watch goods as they move through the supply chain, from the factory to the port to their end destination.

Five Ways in Which Blockchain is Revolutionizing Supply Chain Management

Blockchain technology is revolutionizing the supply chain business in many different ways. Here are five of the most important ways that blockchain is changing how supply chain management is done:

  1. Enhanced Transparency and Traceability with Blockchain in Supply Chains

Blockchain revolutionizes supply chains by enhancing transparency and traceability. Every transaction and event is securely recorded, reducing fraud and improving accountability. Walmart’s collaboration with IBM showcases this through a blockchain-based system tracking food supplies. Transparency ensures consumer safety and informed decision-making. With blockchain, supply chains gain integrity, efficiency, and customer satisfaction.

2. Streamlined Inventory Management with Blockchain

Blockchain revolutionizes inventory management by providing real-time visibility and precise tracking. Through IoT integration, supply chain participants receive instant updates on inventory levels, storage conditions, and delivery status. This reduces stockouts, overstocks, and waste. Maersk and IBM’s TradeLens is a prime example, offering real-time visibility and digitizing shipping documentation. Blockchain-powered inventory management ensures efficiency, optimized inventory, and proactive decision-making. Embrace blockchain for streamlined inventory management and transform your supply chain operations.

3. Safe and Effective Management of Suppliers 

Blockchain technology has made it easy and safe to handle suppliers. Smart contracts are self-executing contracts that are saved on the blockchain. They can be used to automate adding a new supplier, verifying a supplier, and settling payments. Smart contracts get rid of the need for agents, cut down on administrative costs, and make it easier for customers and suppliers to trust each other.

The Chinese e-commerce giant Alibaba came up with the Food Trust Framework, a blockchain-based system that aims to improve food safety and supply chain openness. The technology lets food products be tracked from where they are made to where they end up. This makes sure that suppliers follow the law and that customers can get true information about the goods they buy.

4. Preventing Counterfeit Goods Across the Supply Chain with Blockchain Technology

Blockchain is revolutionizing the fight against counterfeit goods. By creating a transparent digital trail. And verifying product authenticity, blockchain thwarts attempt to alter or fabricate information. This ensures customers receive genuine products and protects the brand’s reputation. LVMH’s collaboration with ConsenSys and Microsoft on AURA exemplifies this. Blockchain’s effectiveness in combating counterfeit luxury goods. With blockchain, supply chains gain transparency and trust. Businesses to protect customers and maintain integrity.

5. Improved Supply Chain Financing

Better Supply Chain Financing Blockchain technology can be used. To improve and speed up supply chain financing procedures. By digitizing information about the supply chain, like buy orders, invoices, and shipping information. Blockchain gives lenders access to transaction data in real-time. This openness helps the cash flow of the whole supply chain. Because it makes it easier for suppliers to get working capital and reduces the risk for lenders.

The Singapore-based trade finance company Dltledgers uses blockchain technology. To make supply chain financing easier. By digitizing trade papers and automating procedures. With smart contracts, the technology makes sure that suppliers can get safe and effective financing. Because of this, cash flow speeds up, financing costs go down, and businesses can get operating capital more easily.

Conclusion

Blockchain technology revolutionizes supply chain finance with transparency, security, and efficiency. It verifies transactions, reduces fraud, and provides real-time visibility. Smart contracts automate processes and make finance accessible. Initiatives like AURA protect luxury brands. As blockchain advances, interoperability and decentralized finance offer more opportunities. Embrace blockchain for resilient supply chains and competitive advantages.

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Maximizing Tax Savings: 14 Essential Tax Deductions for Doctors

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