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U.S. RFID Markets for Healthcare
Frost & Sullivan, Sep 2004
Ability to Eliminate Supply Chain Inefficiencies Spurs RFID Solutions Market
Most healthcare institutions in the United States have no effective way of tracking all the assets they possess. As a result, quality time is wasted in searching for equipment and the expenses on replacing misplaced equipment increase. In addition, there is mounting pressure on doctors to offer patients timely care within the life critical setting. Tracking systems such as radio frequency identification (RFID) are a powerful way to overcome such supply chain inefficiencies. Implementing RFID tags can help staff locate equipment and provide ready information on when the object was last used.
Frost & Sullivan’s recent research on the U.S. RFID markets for healthcare provides a comprehensive synopsis of the current market scenario. The research gives a technical overview with in-depth information on industry infrastructure and clinical integration. The analysis also offers a snapshot of the RFID application - analyzing equipment management and patient management.
RFID Aids in Combating Issues Posed by Increasing Patient Population
Rapidly increasing patient volumes are highlighting the need to streamline operations in healthcare facilities. Healthcare institutions - faced with an acute shortage of space and lack of nurses and clinical staff - are unable to provide efficient and timely healthcare solutions to a rapidly growing patient population, says the analyst of this research. RFID can help healthcare providers overcome this growing challenge by lowering administrative costs by enabling greater organization within clinical workflow processes.
Heightened Awareness Helps RFID Gain Market Share in Healthcare Industry
Despite the hesitance faced toward information technology (IT) products in the healthcare industry, RFID has expanded its presence through increasing levels of awareness within the clinical community.
RFID’s tremendous value proposition and substantial cost benefit structure has ensured that sufficient hype in the provider community has been created, states the analyst. Though implementation is still within early or pilot phases for some applications, an increasing number of hospitals are showing interest in revamping their supply chain processes by means of solutions such as RFID. In short, vendors are likely to find the transition from interest in the application to actual penetration and adoption a smooth one.
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