Most would consider analytics a science. The Glassbeam team considers analytics an art of combining impermeable truth from machine logs with deep healthcare domain expertise. As we expand our penetration of the healthcare market after spending years in the data center world, where the gold standard for machine uptime was 99.999 percent, we have recognized a huge opportunity since the acceptable machine uptime for medical equipment ranged from 90 to 97 percent. Many healthcare organizations are beginning to realize the power of machine data analytics in maximizing machine performance, revenues, and patient care. We are more than happy to continue to spread the word. Read on to hear about new reports on the importance of optimizing machine performance, company milestones and what we’re doing to educate healthcare professionals on the power of predictive and prescriptive analytics.
Healthcare Industry Recognizes Need for Predictive Maintenance
Artificial Intelligence (AI) is gaining traction in many industries, and healthcare is no exception. Glassbeam recently expanded its AI solution with anomaly detection for imaging equipment. Advanced healthcare equipment such as MRI machines and CT scanners include sophisticated hardware and software systems that generate valuable machine data signals in complex log formats, such as fan speed, water flow, and tube, water, and air temperature. Glassbeam uses AI to predict anomalies based on these data sets, empowering healthcare organizations to anticipate and prevent failures, make strategic, data-driven decisions and save millions of dollars per year in maintenance costs and reclaimed revenue.
The healthcare market was ripe for disruption. We have signed many new partners already this year and grew the Glassbeam footprint to include 42 healthcare facilities nationwide, including 8 providers and 4 independent sales organizations (ISOs) as partners.
FDA and Harbor Research Reports Highlight Importance of Analytics in Medical Machine Maintenance
If ever a sector of the economy needed smarter systems to enable optimization of business and operations processes, it’s healthcare. Global healthcare expenditures expanded to over $8 trillion dollars in 2016; capital expenditures for machines, devices, and equipment totaled over $350 billion. Harbor Research published a report in April that predicts leveraging complex machine data from healthcare imaging equipment will produce more than $11 billion of potential revenue value by 2022. The report clearly outlined the business case and specific use cases for a solution like Glassbeam after talking to several OEM, end users and ISO organizations.
In May, the FDA issued a report that focused on the quality, safety, and effectiveness of servicing of medical devices. It resonated extremely well with Glassbeam since we frequently use the catchphrase “Machines never lie.” The ultimate truth about machine health, performance, and usage is constantly recorded by sophisticated software running inside machines such as MRI, CT, ultrasound, x-ray and more. The report had many noteworthy findings; especially regarding the servicing of medical devices and the impact of highly accurate and timely data can have on optimizing equipment operations and providing high-quality care to patients.
Glassbeam Spreads Word About Power of Predictive Analytics
We are eager to spread the word about the power of predictive analytics and opportunities within the healthcare industry. We have contributed articles on new revenue opportunities via advanced AI and machine learning (ML) to industry publications. We have also exhibited and spoken at several key industry events and were thrilled to mingle with like-minded industry professionals who share our interests in optimizing medical equipment, like at the annual AAMI Conference and Expo, Association of Medical Service Providers (AMSP) conference, and California Medical Instrumentation Association (CMIA) events. We plan to continue the momentum throughout the rest of 2018.
If you’d like to connect for more information on the Glassbeam predictive analytics solution or to discuss the role of AI and ML in today’s medical equipment, please don’t hesitate to reach out.