The idea that technology can be configured to drastically improve the delivery and usability of finance began taking off following the financial crisis of 2008, when consumer distrust for traditional banks combined with the increasing popularity and functionality of smartphone apps. Although fintech, short for “financial technology”, originally began as a back-end system where businesses […]
Category: Technology
I’ve mostly looked at demand driven components of health economics in previous articles. Now though, I will look at an aspect of health economics that flips the equation on its head. Organ donation has a fairly steadily increasing rate of demand, but the rate of organ donations has not risen in tandem. Therefore, there is […]
In part one of my series about health economics I gave an overview of the drivers of demand in the medical care market. In this post, I will go beyond a general interpretation of demand and give you an in-depth overview of a specific and expensive issue: the rising cost of public liability insurance. Public […]
This post is the first in a series of articles exploring concepts of one of the lesser known fields of economic study – health economics. When one thinks of economics their mind usually turns to concepts of trade, resource allocation, and other similarly business-related concepts. However, ideas of supply and demand have gone beyond traditional […]
Back in 1985 when Back to the Future II was first released, we all thought hoverboards and flying cars would be our future. Flash forward over 30 years, much of the tech that the film predicted has come true. But one thing it didn’t get right was the flying cars; instead, the closest thing we […]
Right now, we are surrounded by technology that allows us to access information about anyone and anything with the click of a mouse. Large organisations use technology to store data for accessibility and efficiency but because of this, can be brought to their knees and resort to using pen and paper after a deadly cyber-attack. […]
“Data scientists, fast computers, and advanced software are replacing traditional decision-making processes and disrupting tried-and trusted traditional consulting methodologies, with Big Data being one of the main forces of disruption” (Tras, 2015). The words “big data” have become a “buzzword” in the business industry. It is a concept that revolutionised old-school industries, gave birth to […]
Even though unmanned aerial vehicles (drones) have been around for a decent amount of time, we don’t see many in the sky or many industries using them yet. This could be because of the perception that drones are expensive and only used for fun and outdoor activities. However, drones are no longer just toys. These […]
In recent years, players in the healthcare industry have strived to create more effective systems in order to improve overall patient outcomes. Traditional ‘fee-for-service’ business models have seen America spend more on healthcare than any other nation and are no longer producing the results that patients need. How to break out of the old model? […]
The modern day organisation faces a major concern that its predecessors did not: massive, widespread globalisation. Large businesses are past the days where their sole customer base existed in their home country; in order to stay competitive, bigger companies must expand overseas while still managing their customer base on their home turf effectively. Blitzscaling This […]
Does a hospital really need a branding strategy? If you had asked that exact question 15-25 years ago most hospital administrators would have said: “No.” That was arguably because patients were going to their nearest hospital not necessarily choosing a specific location. Years ago, being a physician meant you were most likely one of a […]
As the American health system continues to find ways to improve care and do so at a lower cost, one of the most costly aspects for the healthcare industry is high administrative costs due to low healthcare literacy. According to the United States Department of Health and Human Services, health literacy is “the degree to […]
Over the last several years there has been an increase in the number of outpatient visits at hospitals throughout the U.S. Outpatient services encompass medical procedures (minor surgeries and chemotherapy) and diagnostics (MRI, CT, and lab tests) performed in a medical center that doesn’t require a patient to stay overnight. The American Hospital Association (AHA) […]
The cloud – which refers to storing, managing, and processing data via a network of remote servers instead of locally on a server or personal computer – is quickly becoming a critical source for innovation. Without a robust cloud strategy, an organization’s pace and breadth of innovation is likely to be hampered. Here are five […]
Artificial intelligence (AI) is no longer the stuff of science fiction. Stanford Professor Andrew Ng has stated that “AI is the new electricity”.[1] In other words, it is a technology that has the potential to completely transform every major industry. Similarly, Executive Chairman of Alphabet Eric Schmidt has declared that “we are in the process […]
Your website is live and you’re ready to sell, but you just can’t seem to attract enough customers. Even when you get shoppers to your site, they’re just not converting. Sound familiar? Don’t give up hope for a bustling business. Here are 7 e-commerce marketing techniques to boost your online sales. 1. Leverage Email Email […]
Blockchain – the underlying technology first used in Bitcoin – is a new type of distributed consensus system that enables transactions to be quickly validated and securely maintained through cryptography, computational power, and network users, removing the need for a trusted centralized authority. The blockchain provides an immutable record and audit trail of transactions and […]
In the past few years, there has been a lot of hype around blockchain. Investors have been blindly investing exuberant amounts of money without clearly understanding the viability of blockchain based business models. VC funding for blockchain start-ups has consistently grown, with venture investment reaching around $1 billion in 2017 (and likely to be more […]
Last week we introduced how artificial intelligence is defined as well as how it is currently being used in the medical arena. This week, in the second installment of this two-part series, we will consider the potential future role of artificial intelligence (AI) in healthcare. Introduction Recently, the American Medical Association (AMA), published a policy […]
Digital disruption is touching every aspect of the consumer market, including the insurance industry. Traditionally, the insurance industry has lagged behind other sectors in the shift into digital technologies, its business model proving to be remarkably resilient. But it too is beginning to feel the effect of digital, as its slow-to-adapt mentality puts it at […]
This two part blog series will delve into arguably the two most important vowels in healthcare: A-I. This first part will discuss what artificial intelligence (AI) is and how it is currently being used to improve clinical care, while part 2 of this series will take a peek into what the future holds for AI. […]
The blockchain revolution continues…next stop: healthcare! Blockchain has shown the ability to streamline and revolutionize a number of industries and sectors and its ability to have a sizeable impact on the healthcare industry will be no different. Being able to capitalize on this unique technology could potentially connect fragmented clinical information in such a way […]
As tech firms play larger roles in more peoples’ lives, they attract the attention of regulators. Around the world, enquiries and court cases are underway, scrutinising everything from data protection to anti-competitive behaviour, and even – most notably – the role of tech firms in election interference. In my last post, I disaggregated the ‘tech’ […]
Based on a recent study by Global Industry Analysts, the global market for wearable medical devices is projected to eclipse $4.5 billion by 2020.1 In the United States, the predominant market in this space, it is estimated that roughly 20% of Americans currently own a wearable fitness device.2 As questions on how to rein in increasing healthcare […]
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Role of Big Data in Healthcare
The healthcare industry generates a large amount of data. The retention of this data is driven by the need to meet intricate compliance and regulatory requirements.1 Electronic health record (EHR) data is at times so massive that it can be difficult to manage with the usual data management tools that hospitals and physicians currently use.2 According to […]
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Drug Pricing in the United States
The pricing of prescription drugs has been a hotly debated topic for the last several years with it reaching a crescendo in the U.S. during the 2016 state, congressional, and presidential elections. Over the last decade, the money generated by prescription drug companies from sales in the U.S. has doubled. Estimates show that U.S. consumers […]
Imagine being a patient in a hospital bed, and you slip on a headset that visually illustrates your current and historical health status allowing you to track your progress towards recovery. If you’re a medical student, imagine being able to sit in an empty classroom on campus, put on a headset, and be able to […]
As a startup, the pressure is always on for getting new clients, hitting sales goals, and building trust in a new market. The same holds true when it comes to mobile app development. Whether you’re building apps for clients, releasing them in the competitive app stores, or using them internally, here are 5 key tips […]
The financial services industry has seen drastic technology-driven change over the past few years, and digital has fundamentally reshaped consumer behaviour in banking. According to Oliver Wyman, a global management consulting firm, 90% of Canadian banking customers use digital channels and more than 30% are now banking exclusively virtually. In response, banks worldwide are making […]
Before we dive into why AI is the solution for the banking sector, let’s first explore what big tech companies have in common, how many of them have grown successfully, and what banks can learn. The three ingredients that have contributed to the massive success of big tech firms might be described as: Identify big […]
It is cliché to talk of Airbnb as the hotel company with no properties, or Uber as the taxi company with no cars. In 2018, marketplace platforms – products or services that mediate transactions in other products and/or services between two or more groups – are ubiquitous in many industries. Marketplace platforms create value by […]
The massive benefits seen in Australia from the development of digital technology include increased living standards, shrinking distances through telecommunications, improved efficiency for businesses and government, as well as a larger workforce. The digital era is here to stay and the Internet of Things (IoT) will play a major role in driving future economic growth. […]
The past few years have been filled with news of the progress major technology companies are making on the autonomous vehicle front. Companies such as Google, Tesla, Uber, Lyft, and Waymo are making major strides in the space. One tech company, however, that has remained surprisingly aloof, is Apple. Despite a heated race, Apple seems […]
As the price of cryptocurrencies skyrocketed in late 2017 and early 2018, there was rampant speculation about whether blockchain and cryptocurrencies are the future. They have potential to replace gold as a store of wealth or even fiat currencies for daily transactions. Bitcoin may be pilfering some gold demand, but gold and fiat currencies will […]
In this day and age of hospitals working to provide better care and outcomes for a cheaper price, one of the ways to gauge the impact that the implemented changes are having is through measuring patient satisfaction. Hospitals, health systems, and some private practice groups are working actively and diligently to improve patient satisfaction scores. […]
The ‘UBER’ fever has caught North America. There has been an emergence of the “gig” economy, which is essentially an economy characterized by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs. UBER and Air-BNB are the companies who have perfected this model and have radically democratized the taxi and hotel […]
The recent and shocking news that one of Uber’s self-driving vehicles struck and fatally wounded a pedestrian is making the rounds. In camera footage, it appears the vehicle did not slow down, and the safety driver — who wasn’t actually in control of the vehicle — looked down briefly before the accident. It’s disturbing, of […]
Bitcoin and other blockchain-based cryptocurrencies are revolutionary thanks to their decentralized and unregulated nature. Not tied to any central bank or government, these virtual currencies have begun to redefine the fintech sector in a number of ways, but their iconoclastic properties mean they inhabit a murky stretch of legal landscape. As virtual currencies that permeate […]
‘Big Data’ is one of the biggest buzzwords in business at the moment. Yet for many people it remains a concept that is difficult to grasp – how do firms even gather data about us and how does it really affect our daily transactions? Undoubtedly, Big Data helps firms to understand their customers better. This […]
There is Bitcoin, there is Ethereum, and there are now literally hundreds of other cryptocurrencies. In fact, as of late March 2018, there were almost 1,600 cryptocurrencies listed on CoinMarketCap. Admittedly, the majority of these are thinly traded, and only a few of them are serious contenders for first place. Before 2017, most people had […]
At the CES 2018 held in Las Vegas, Steve Koenig, Senior Director of Market Research at Consumer Technology Association, presented on tech trends to watch. Outlining the big picture, he described 2018 as the beginning of the “data era of consumer tech”, with the heralds of that coming age being 5G, AI, and AR. While […]
The rise of artificial intelligence has received widespread discussion in recent times and has been predicted to play a huge role in business and financial institutions in 2018. However, its impact is likely to go well beyond the business world with AI expected to play an important role in international relations and warfare. The rise […]
What is Blockchain? Blockchain is a decentralized network of computing units called nodes that facilitate peer to peer transactions without the need for a third party or a larger centralized server to facilitate or validate those transactions. Currently, a trusted third party like a bank,lawyer or a government body is required to validate transactions, such […]
As an aspiring consultant, it is easy to see what you stand to gain from this career choice: high salary, high status, strong networking opportunities, and attractive exit options. But a more productive question might be, what do you plan to contribute? With the arrival of the internet, we entered an age of hyper competition […]
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The Promise and Peril of Big Data
‘Big data’ is a term that describes the vast amounts information being collected and processed as the world’s technological prowess grows at an astonishing rate. What differentiates big data from regular old data is the three v’s, velocity, variety, and volume. Velocity describes the speed at which the information is initially received, transferred, and processed […]
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Blockchain Entertainment
While the global banking behemoths rush in to the blockchain space, many industry verticals beyond banking are also exploring applications for this technology. This starts with insurance but also extends to supply chain management and shipping. However, there is a new vertical that has almost overnight started using the technology, learning how to make money […]
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Facebook Censors Free Speech?
On Friday, 22 September at 11.25pm, I shared the article below on Facebook. It attracted one like and a comment, to which I replied. I thought nothing further of it. The next day, I happened to glance at my Facebook page. The post had vanished! How strange. On closer enquiry, I found that the post still existed […]
Just this week, JP Morgan Chase CEO Jamie Dimon came out strongly against Bitcoin. Calling it a “fraud“, claiming that “it is worse than tulip mania”, and declaring that he will fire any employee who trades the cryptocurrency for being “stupid”. (While somewhat amusingly admitting that his daughter invests in Bitcoin.) Also this week, several China-based Bitcoin […]
As I have been writing in this space of late, the days of the Wild West for cryptocurrency are absolutely at an end. The writing has been on the wall all summer. The latest news to hammer the point home? As September dawned last week, six more major banks joined a UBS-led effort to create […]
The regulation of the Bitcoin industry is getting even stranger. Not only are Initial Coin Offerings (ICOs) and token sales now subject to federal securities laws, in late August the SEC announced the temporary suspension of trading of First Bitcoin Capital Corp (BITCF). The trading ban on the Canadian company will be in effect until […]