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Software as a Medical Device (SaMD) is revolutionising healthcare, offering precision, operational efficiency, and new revenue avenues. SaMD operates purely through software, aiding diagnosis, monitoring, and treatment. Dive in to understanding its business value, how it impacts revenue, and how Montar can help you leverage its potential.
The right healthcare IT solution can supercharge operations, improve outcomes accuracy and boost patient interactions. So, it’s not surprising that integrating software with care delivery has the undeniable potential to enhance revenues as well.
While the terms "medical device software" and "software as a medical device" (SaMD) often seem interchangeable, they have distinct differences vital for healthcare software development. Medical Device Software is embedded within specific medical equipment, enhancing its functionality, like pulse oximeters or digital thermometers. In contrast, Software as a Medical Device (SaMD) operates independently, serving direct medical purposes such as diagnosis, remote monitoring, treatment or process automation without being part of any hardware.
In short, while medical device software works in tandem with physical devices, SaMD functions purely through software.
Delve into medical device software development and see how it can revolutionise patient care. Get the inside scoop from our latest blog.
When building digital health solutions, advances in SaMD development streamlined processes with improved efficiency and accuracy - which has benefited revenue cycles for stakeholders, let’s take a deeper look at how they do so!
“ Now, let's talk numbers. Improved care delivery isn't just beneficial for patient outcomes—it's profitable. When patients feel they're receiving expert care bolstered by cutting-edge technology, like SaMD, they're more likely to remain loyal to that healthcare provider. Retention rates soar, but it doesn't stop at patient loyalty. Enhanced care delivery can also translate to fewer readmissions, more accurate diagnostics, and swifter treatment plans—all of which positively impact the bottom line,” says Dr Aakash Doshi, CEO of Montar.
Let’s break down how using these software solutions can give healthcare organisations a good return on their investment.
SaMD enhances the precision and accuracy of healthcare decisions. Consider automated diagnostics that analyse a patient's symptoms and medical history, then suggest a preliminary diagnosis. Consider a dermatology software detecting melanomas; it not only facilitates early interventions but also reduces costly complications or treatments down the line. Satisfied patients are more likely to return and refer, increasing patient volume and, by extension, revenue.
SaMDs play a crucial role in simplifying complex processes. Consider a teleconsultation SaMD that integrates patient history, current medications, and real-time patient-doctor video interaction. A cardiologist can then remotely monitor a patient’s heart rhythms in real-time, immediately addressing any concerning changes. Tools that streamline patient-doctor interactions, as with the cardiologist example, can allow doctors to see more patients in a given day, thus increasing billable consultations and services.
SaMDs empower professionals with actionable insights drawn from vast datasets. For instance, a SaMD might analyse thousands of MRI scans to detect patterns, assisting radiologists in identifying rare conditions that might be overlooked by the human eye alone. Accurate diagnostics can decrease liability costs and increase the volume of successful treatments, thus elevating the facility's reputation and attracting more referrals.
SaMDs open doors to previously unexplored avenues. A primary care practice might employ a SaMD offering telehealth consultations, thus reaching patients in remote areas without immediate access to clinics, thereby expanding their patient base.
SaMDs offer a unique edge: Being at the forefront of technology attracts a broader clientele seeking the latest options. For example, a rehabilitation centre using a SaMD that provides virtual physiotherapy sessions using AR/VR technology can set them apart by offering more engaging recovery exercises for patients.
Efficiency often translates to cost-effectiveness. A hospital might adopt a SaMD to remotely monitor post-operative patients remotely, reducing the need for prolonged hospital stays and thereby decreasing associated costs.
SaMDs designed to sync with various healthcare systems are gold. Consider a SaMD that pulls data from wearable heart rate monitors and in-house ECG machines, consolidating this data for a comprehensive view of a patient's cardiac health. This streamlined process means professionals can attend to more patients or tasks, maximising their service billing potential.
Medtronic transformed patient care with its digital heart monitoring service, FocusOn™, achieving 50% IT budget savings and an 80% decrease in the amount of data clinicians had to review while successfully managing over 450,000 monitoring sessions.
Integration is critical for seamless care delivery. Find out how to bridge the gap between medical devices and software for a unified healthcare system in our latest blog.
SaMDs often elevate the overall patient journey. A diabetes management SaMD, for instance, that offers holistic care can potentially introduce subscription models or premium features. Additionally, enhanced care quality can lead to patient loyalty, ensuring consistent revenue from returning patients and their referrals.
By incorporating protocols to assess patients' technical readiness, providing multilingual instructions, and utilising a technology platform, Mayo Clinic's large-scale COVID-19 Remote Patient Monitoring Program achieved a high patient engagement rate of 78.9%
For healthcare organisations venturing into SaMD, it's crucial to strategise effectively to get the best return on investment:
Do you want to understand the nitty-gritty of building SaMD and medical device software? Dive deeper into the 'how-tos' with our comprehensive guide that peels back the layers of this intricate process.
As the healthcare sector evolves, Software as a Medical Device (SaMD) is not just riding the wave — it's making them! Smart integration of SaMD can be a game-changer for healthcare providers, not just in patient care but also in financial returns. In a world where tech meets health, those who leverage SaMD smartly will see their care—and cash flows—go further.
Looking to Harness the Power of SaMD? Montar Healthtech, with its proven expertise in healthcare IT and software development, is your ideal partner. Contact us to learn more!
