Periodic Reporting for period 1 - HEMACONN (ENTERPRISE RESOURCE PLANNING (ERP) SOLUTION INTERCONNECTING DEPARTMENTS’ SOFTWARE IN HEALTHCARE FACILITIES)
Reporting period: 2016-08-01 to 2016-11-30
Most healthcare software applications are incompatible with one another, which makes it extremely difficult to efficiently plan and distribute material and resources through ERP systems. Currently, there are no solutions capable to automatically integrate the input from all software sources. This reduces the efficiency of the management process and increases the necessary time that highly specialized professionals have to invest in purely administrative tasks.
HEMACONN will offer the first smart and ultra-compatible ERP system that is adapted to for the needs of the healthcare industry. It will feature an innovating engine to automatically manage data exchange with third party software. It will also use A.I. algorithms to anticipate the needs of the facilities, while also monitoring the consumption of resources through RFID connections with a complex IoT network. The goal is to anticipate the demands of every sector of the HCF, from the different medical departments to the pharmaceutical stock and medical equipment. Through these outstanding features, HEMACONN allows any HCF to reduce its costs by 50% and improve its administrative efficiency by 80%. HEMACONN will allow public administrations and private entities to redirect funds to the core needs of the sector, thereby optimizing healthcare spending and consequently improving the quality of the services provided for all citizens.
During the Phase 1, we have performed a complete Feasibility Study, covering all the necessary technical tasks to bring HEMACONN from its current TRL6 to a final TRL9. We have also carefully defined the product’s Business Plan and financial forecast, covering also the best possible path to commercialization as well as the ensuing expansion strategy across the EU.
HEMACONN will offer the first smart and ultra-compatible ERP system that is adapted to for the needs of the healthcare industry. It will feature an innovating engine to automatically manage data exchange with third party software. It will also use A.I. algorithms to anticipate the needs of the facilities, while also monitoring the consumption of resources through RFID connections with a complex IoT network. The goal is to anticipate the demands of every sector of the HCF, from the different medical departments to the pharmaceutical stock and medical equipment. Through these outstanding features, HEMACONN allows any HCF to reduce its costs by 50% and improve its administrative efficiency by 80%. HEMACONN will allow public administrations and private entities to redirect funds to the core needs of the sector, thereby optimizing healthcare spending and consequently improving the quality of the services provided for all citizens.
During the Phase 1, we have performed a complete Feasibility Study, covering all the necessary technical tasks to bring HEMACONN from its current TRL6 to a final TRL9. We have also carefully defined the product’s Business Plan and financial forecast, covering also the best possible path to commercialization as well as the ensuing expansion strategy across the EU.
During the Phase 1 execution, we have defined a technical viability plan for all the distinctive features of our product (healthcare verticalization, “Plug-In-and-Go” architecture, AI and RFID features), including a complete risk analysis with mitigation and contingency measures. This technical viability also included a full study of the possible third party platforms and solutions that could support several of our features (e.g. IoT or AI).
We have also detailed the commercialization plan, with a complete analysis of our entry and expansion strategy. This analysis covers segmentation, countries, commercial actions, resources, penetration and commercial risks across EU countries, according to different scenarios. We have also researched and shortlisted the possible partners both at a technical and functional level, for each targeted country. A Business Plan was elaborated to define out price and cost structure, the necessary investment and the expected return.
Finally, a full Freedom-to-Operate study was also conducted in order to evaluate the corresponding IP risks and come up with the best IPR exploitation options for our developed software and features.
We have also detailed the commercialization plan, with a complete analysis of our entry and expansion strategy. This analysis covers segmentation, countries, commercial actions, resources, penetration and commercial risks across EU countries, according to different scenarios. We have also researched and shortlisted the possible partners both at a technical and functional level, for each targeted country. A Business Plan was elaborated to define out price and cost structure, the necessary investment and the expected return.
Finally, a full Freedom-to-Operate study was also conducted in order to evaluate the corresponding IP risks and come up with the best IPR exploitation options for our developed software and features.
Through our ultra-compatible system, hospitals will reduce by 50% additional project expenses to connect the ERP management with individual data sources. By automating a large part of the administrative process, HEMACONN will also attenuate the risk of human errors and their corresponding financial costs. The optimized demand forecasting and smart stock management through AI and RFID monitoring will reduce the probability of shortages, improve the logistical process and finally contribute to reducing the operating costs of healthcare facilities.
The automated data collection mechanisms will also convey a reduction of costs through an increased personnel efficiency. Administrative redundancies will be eliminated through the automatic communication of data between HEMACONN and other data sources. Remote data readings via IoT and RFID devices will also contribute to create a completely paperless system with minimum direct human interaction. Nurses and doctors will therefore no longer need to spend 15% of their time filling up lengthy forms regarding administrative and logistical issues, such as medicine consumption or clinical material usage. The efficiency gain on administrative tasks has been estimated to be in the 80% range.
By automatically taking care of most administrative tasks, it will leave more time for direct patient care. This will directly impact the quality of the medical attention, the diagnostic process and the outcome of the treatments.
The automated data collection mechanisms will also convey a reduction of costs through an increased personnel efficiency. Administrative redundancies will be eliminated through the automatic communication of data between HEMACONN and other data sources. Remote data readings via IoT and RFID devices will also contribute to create a completely paperless system with minimum direct human interaction. Nurses and doctors will therefore no longer need to spend 15% of their time filling up lengthy forms regarding administrative and logistical issues, such as medicine consumption or clinical material usage. The efficiency gain on administrative tasks has been estimated to be in the 80% range.
By automatically taking care of most administrative tasks, it will leave more time for direct patient care. This will directly impact the quality of the medical attention, the diagnostic process and the outcome of the treatments.