New Technology Trends Top 2015 Predictions from Jump Technologies, Inc.

Eagan, MN – November 19, 2014 – According to Jump Technologies®, provider of innovative cloud-based inventory management solutions for hospitals and healthcare organizations, 2015 will accelerate technology advancements and enable supply chain improvements. Hospitals will sharpen their focus on improving business processes while lowering costs, and as a result, will work to identify new technology solutions that more cost-effectively support their businesses.

“As healthcare supply chain solutions continue to lag behind other industries, hospital leaders are recognizing the need to implement more cost effective, best-in-class solutions that can deliver value quickly,” said John Freund, CEO, Jump Technologies, Inc. “With cloud-based technology becoming more widely leveraged, hospitals will begin to demand greater value from their solution providers, through faster implementation speeds, lower investments in new hardware and easier, more rapid adoption of new solutions. Healthcare providers simply can’t afford to spend 6- to 12-months implementing new technology.”

The 2015 Predictions List:
1) We will see an upsurge in the importance of the supply chain in addressing the budget impact of the Affordable Care Act (ACA). From a 2014 survey completed by healthcare consultant, researcher and thought-leader Jamie C. Kowalski, CEO of Jamie C. Kowalski Consulting, LLC, 91 percent of hospital C-level executives and supply chain leader respondents agreed that supply chain management is one of the top three expense reduction strategies hospitals will use to the meet the challenge of healthcare reform.1
2) Hospitals will change their inventory management approach from “one size fits all” to select approaches that meet both clinical and supply chain management requirements. A supply chain leader at a Pennsylvania medical center recently noted approximately 75-80 percent of the supplies purchased by his organization cost under $20 each, yet hospitals spend millions in software, labor and cabinets to track and replenish even the most inexpensive item. Toward the goal of reducing these costs, a “two bin” (also known as Kanban) approach – long embraced for supply management by lean manufacturing – will rapidly gain acceptance for management of medical-surgical supplies, as hospitals will look for streamlined, lower cost methods of inventory management for their most frequently consumed supplies.2 Using a two bin approach can drastically reduce costs compared to cabinet or open shelving solutions, and with available reporting tools, can provide supply chain executives with much-needed velocity visibility while simultaneously increasing nursing satisfaction.3
3) More progressive organizations will make mobile business intelligence their users’ primary experience, not just an occasional convenience. Business users will demand access to information throughout the natural flow of their day, not waiting until they are back at their desks. In healthcare, access and adoption of mobile technology has grown significantly but has not yet begun to deliver high value. In 2015, more adoption of mobile will enable users to access intelligence about their business while they go about performing tasks around the hospital.
4) Building on the prediction of greater adoption of mobile technology, in 2015 Information Technology (IT) leaders in hospitals will turn to mobile- and cloud-based solutions to free internal IT resources to manage their highest priority projects. For example, hospitals will adopt mobile- and cloud-based supply chain and inventory management technology solutions, so in turn, IT staff can focus on completing key projects such as implementing electronic medical records and meeting regulatory requirements.
5) The cost of supply chain and inventory management solutions will decline. Hospitals have been overcharged for inventory management solutions that have not yet proved their value, with high up front and operating costs, even for managing extremely low cost supplies. Hospitals will demand more cost-effective approaches, which require less investment in hardware, more rapid adoption, greater utilization and faster time to return on investment.
6) There will be increasing pressure on hospitals to generate data and analysis that drives understanding of cost, quality and outcomes (CQO). As the ACA increases regulatory requirements, hospitals need more visibility to data about their results, and supply chain is a key link among the three CQO components. At the most fundamental level is visibility to product usage, a major building block to understanding CQOs. In 2015, there will be adoption of technology and business processes to drive visibility to utilization of supplies, propelling hospitals closer to understanding CQOs.

“Hospital supply chain leaders are well-positioned to drive change and financial stability in the industry. Today, we see growing acceptance of best practices that have been proven in other industries. Great change has occurred in recent years, both inside hospitals and with available technology solutions, but even more is needed to deliver real value,” said Freund. “New technology is going to help healthcare provider organizations increase the momentum of cost-effective change.”

References
(1) Jamie C. Kowalski Consulting, LLC, 2014 Executive Survey
(2) http://www.jumptech.com/content/introducing-jumpstock-2bin-inventory-man...
(3) Nurses in the Emergency Department of a Pennsylvania medical center were surveyed and ranked satisfaction with their original cabinet-based supply management system at 10 percent. After implementing a 2Bin system, the same team of nurses surveyed expressed 92 percent satisfaction. Link to video

# # #
About Jump Technologies, Inc.
JumpTech is the first provider of cloud-based inventory management solutions for hospitals and healthcare organizations, which are easy to implement, adopt and manage, using mobile devices such as tablets and smart phones. Eliminating extensive investments in hardware, implementation time and training, solutions from JumpTech are guaranteed to deliver immediate return on investment. Easy-to-use interfaces and accurate, timely reports help drive compliance, reduce training, save hard dollars and reduce staff time. For more information about Jump Technologies and its products, visit www.jumptech.com or call (888) 373-7226. Follow the company on LinkedIn, Twitter @JumpTechNews and on Google+ at google.com/+JumptechInc.