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Innovative Healthcare Startup Kermit Leverages Mendix-built Analytics Platform to Expand Services Nationwide

Vlad Poptamas

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Mendix, a Siemens business and the global leader in low-code and no-code application development for the enterprise, today announced that Kermit, the first spend-management platform for hospitals in the area of implantable medical devices, is announcing plans to expand their services nationwide. Kermit’s innovative analytics platform, enabling hospitals to track and manage contracts, billings, and vendor compliance, was built with a single Mendix developer in less than a year. Today’s announcement underscores the fact that low code technology from Mendix is ripe for implementation within the healthcare industry.

As knee, hip, and cardio implants move from package to patient, the Mendix-built platform captures data and provides end-to-end visibility into a supplier category known for its notoriously opaque pricing and batch invoicing. With Kermit, the accurate cost and use of each medical device is captured on handheld devices as the medical item moves from point-of-service in the operating room, accurate patient billing and vendor invoice payment, and finally aggregated for contract negotiations by healthcare executives. The data-driven analytics platform transforms a hospital’s previously siloed, paper- and spreadsheet-based data collection system into a cost-savings tool that flags supplier trends, optimizes workflows and spending, and provides quick dashboard reporting that has been proven to save hospitals millions of dollars.

“We are thrilled to announce our plans to expand the Kermit services nationwide,” says Richard Palarea, CEO and co-founder of Kermit, whose company now manages 40% of the total implant spend transacting in Maryland. “Our goal is not only to provide better data and save money for resource-strapped hospitals. We also want to shine a light on fraud and abuse within the medical device marketing industry and align value and spend management initiatives for the people that dedicate their lives to saving others. Our customers are now seeing significant savings in their medical device spending category. We wouldn’t have been able to achieve all this had it not been for Mendix. We built our platform using Mendix, and I attribute a large portion of our success to the ease of using Mendix’s low-code platform.”

Providing transparency and control

Fraud and abuse often run rampant in the sales and marketing of drugs and medical devices and is difficult to track across the healthcare industry’s siloed or proprietary data warehouse systems. Kermit provides a transparent analytics platform for surgeons, supply chain managers, and healthcare executives that connects medical device data to robust visualization and analysis, empowering the full team to make quality decisions on behalf of the patient. For surgeons, the platform provides an easy and transparent way to review the costs of implantable medical devices while discussing options with patients. Kermit also ensures fair and accurate billing by keeping cases, contracts, and devices updated and organized for supply chain managers. Additionally, Kermit pulls in external business intelligence such as supplier spending trends, contract compliance, and FDA recalls of medical devices. Such items, flagged for healthcare executives and procurement managers, provide knowledge and insight on device-related inefficiencies, equipping hospital to better navigate the ever-changing reimbursement environment.

Saving hospitals millions

Hospitals are working under immense pressure to manage costs and increase savings, with many operating on profit margins of 3 percent or less. Kermit’s founding principle is to return the balance of power back to the hospital by exposing ways to eliminate millions of dollars per year in the category of medical device spending and improving patient care. The University of Maryland Medical System, which has used the Kermit analytics platform over the course of two years, has achieved upwards of $30 million in savings, with greater visibility to vendor activity and collaboration between supply chain and surgeons. Hospitals in the mid-Atlantic region that have adopted Kermit report saving 30% on average of their total implant spend per year.

Built in nine months

Palarea cites Mendix’s flexible approach to rapid application development as a key competitive differentiator. “Without Mendix, it would have taken us nearly twice as long to develop our product and required us to hire five to ten developers instead of one,” he says. “We would have lost the window of being first to market this innovative approach.”

Mendix’s cloud-native capability enables Kermit to bypass hospital firewalls for additional time and efficiency gains. “Hospital IT departments can be bottlenecks,” Palarea admits. “Enterprise solutions can take between one to three years to implement. However, our customers access our Mendix-built platform via web browsers and connectivity. This lets Kermit bypass IT involvement and deploy our solution in less than seven days.”

The healthcare industry’s digital transformation depends on healthy data. “To leverage the inherent promise of big data analytics in the healthcare supply chain of medical devices is only achieved with a deep understanding of what customers and end users truly need and use on a daily basis,” says Jon Scolamiero, Mendix manager, architecture and governance. “Mendix’s application development tools are designed to foster collaboration between business experts and professional developers. Working together, they can build and deploy responsive, mission-critical applications that quickly make an impact.”

Palarea agrees. “Mendix has allowed us to be extremely nimble and flexible,” he says. “We are literally innovating in the midst of our hospital customers who are unaccustomed to seeing value delivered so rapidly and well below the expected budget numbers.”

Artificial Intelligence

Plant Asset Management Market (PAM) Worth $9.4 Billion by 2024 – Exclusive Report by MarketsandMarkets™

Vlad Poptamas

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According to the new market research report Plant Asset Management Market (PAM) by Offering (Software and Services), Deployment Mode (Cloud-based and On Premises), Asset Type (Production Assets and Automation Assets), End-user Industry (Process and Discrete), and Geography – Global Forecast to 2024″, published by MarketsandMarkets™, the Plant Asset Management Market is projected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Major factors fueling the market growth include surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss, and growing need for real-time data analytics.

Ask for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8606975

“Services to lead plant asset management market by 2024”

The deployment of PAM software is a costly process and a one-time activity, whereas PAM services that include maintenance needs, software upgrades, and personnel training are demanded by end-user industries continuously. Hence, PAM services have a more significant contribution to generating more revenue than PAM software solutions. Further, market players are focusing on offering industry-specific services to meet the ever-changing demands of different industries.

“Production assets to hold largest share of PAM market during forecast period”

Rising adoption of PAM solutions for monitoring rotating and reciprocating equipment, among others, across various industries is expected to drive the growth of the PAM market during the forecast period. Moreover, incidents of unplanned shutdowns or slowdowns due to equipment failures lead to high financial loss in terms of damage to equipment, production losses, and unscheduled maintenance. However, real-time health and performance insights encourage informed actions and decisions to improve plant efficiency minimizing risks of equipment failure, thereby reducing the wastage of valuable finances. Hence, the demand for PAM solutions is high to manage these production assets.

Browse in-depth TOC on “Plant Asset Management Market

109 – Tables

52 – Figures

178 – Pages

Asia Pacific to be largest market for PAM during forecast period”

Asia Pacific presents a substantial market for PAM. The PAM market in APAC is growing rapidly due to several advancements and technological innovations in different manufacturing industries. The adoption of PAM solutions is high in APAC due to the growing manufacturing sector in the region. Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor cost and availability of a skilled workforce. These manufacturing units are using asset management solutions for the improvement in the overall manufacturing processes, which is expected to drive the growth of the PAM market in the region.

Enquiry Before Buying:

https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=8606975

Major players in the PAM market are Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Siemens (Germany), and SKF Group (Sweden).

Please Explore Relevant Reports:

Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography – Global Forecast to 2024

Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), Industry, and Geography – Global Forecast to 2024

 

SOURCE MarketsandMarkets

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Artificial Intelligence

Happy Lunar New Year! Canada Post celebrates Year of the Rat

Vlad Poptamas

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Year of the Rat stamp

 

Canada Post has issued two stamps celebrating the Year of the Rat – representing the first year in the Lunar New Year cycle and the final issue in a second 12-year series honouring the annual festival.

The Year of the Rat begins on January 25, 2020, and ends on February 11, 2021. A symbol of fertility and intelligence, the rat is said to confer great cunning, tact and vitality on those born under its sign.

Designed by Albert Ng (O.Ont.) and Seung Jai Paek, of Albert Ng and Associates, the stamps portray the traditional story of the rat’s daughter’s wedding in the style of folk art known as Chinese farmer painting. The Permanent™ domestic-rate stamp depicts the bride on route to her nuptials, while the International-rate stamp reveals the happily married couple.

The Year of the Rat stamps will be available tomorrow, January 17, in Permanent domestic- and International-rate booklets, as well as a gummed pane of 25 domestic-rate stamps framed by four Chinese blessings. Philatelic collectibles include an unsealed, International-rate Official First Day Cover suitable for use as a “money envelope” for traditional gift-giving.

Follow these links for high-resolution images and additional information in Details magazine.

 

SOURCE Canada Post

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Artificial Intelligence

Announcing the Anti-Human Trafficking Intelligence Initiative and Honoring Human Trafficking Awareness Month

Vlad Poptamas

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Assisting the Fight  
Across the United States, human trafficking exists everywhere, even in your local town square.  The horrifying statistics drove Aaron Kahler to found the Anti-Human Trafficking Intelligence Initiative, a non-profit dedicated to partnering with financial institutions, corporations and law enforcement to combat human trafficking.

“ATII will deliver innovative solutions to disrupt human trafficking networks by assisting financial gatekeepers in identifying, reporting and terminating relationships with associated customers,” says Aaron Kahler, CEO of ATII.

For example, nestled into a pristine part of the Poconos, Stroudsburg is an idyllic borough in Pennsylvania, a vibrant town, a vacation haven.  Last week in Stroudsburg, the US Attorney’s Office in Pennsylvania announced that Sirvonn Taylor, was sentenced to 20 years’ imprisonment for heading-up a conspiracy that forced women to engage in prostitution. In this bucolic town, “Females were ‘sexed-in’ to the gang, forced to engage in sex with members and recruited to engage in prostitution.” PR 1.6.2020

Technological Outreach
ATII will disrupt the way traffickers operate around major events nationwide starting at this year’s Super Bowl in Miami, FL with the release of a human trafficking awareness and victim outreach mobile application. The application allows victims to scan a QR code where necessary help can be accessed in her primary language.

Driving Corporate Social Responsibility 
Relying on technology/data partnerships and corporate social responsibility leadership, ATII has been able to curate initiatives and provide resources to organizations including:

  • High Risk Trafficking Data that can be leveraged through any transaction monitoring, sanctions or onboarding technology
  • E-learning that can be utilized by institutions to comply with anti-money laundering regulatory requirements

Networking and Partnerships Extend the Battle Against Human Trafficking 
Leveraging ATII’s programs, best practices, data, technology and reporting mechanisms in as many financial institutions as possible will directly result in Suspicious Activity Reports (SARs) being filed on human trafficking and ultimately save lives while bringing traffickers to justice.

 

SOURCE Anti-Human Trafficking Intelligence Initiative

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