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Financial times how smartphones are changing healthcare consultant analyst accenture

Financial times how smartphones are changing healthcare

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According to Traxler [ 4 ] such rapid uptake in mobile phone ownership has transformed many aspects of our lives, both in the Western world and just about everywhere else around the globe. It is impacting, he suggests, not only on the manner in which we communicate, but also on our sense of culture, community, identity and relationships.

Although encounters via mobile telephony are generally briefer than face to face interactions, there is evidence that for young people in particular, the number of daily contacts through text messaging can be very high [ 5 ].

Many older people also use mobile phones on a regular basis, to sustain contact with distant relatives and friends, and to converse on a daily basis, helped by call costs being generally distance independent. However, the mobile phone can undoubtedly be viewed as much more than a simple communication device [ 6 ]. It exerts a far reaching influence in society, because in effect, the mobile phone has enabled us to become 'distributed beings', due to the fact that mobile communication has unfettered us from our geographical boundedness [ 7 ].

Mobile phones appear therefore to be at the vanguard of a cultural shift where users are encouraged to constantly seek out new information and make connections with increasingly dispersed media content [ 8 ]. Whilst the demographic statistics may vary from country to country, the smartphone is a phenomenon that is here to stay, and one which will rapidly progress in its evolution in the years to come. There is therefore great scope to harness the potential of mobile telephony to improve many aspects of society, including healthcare.

Although the mobile phone has been widely used for several decades, smartphones are a more recent advance. They are mobile phones that offer not only the standard facilities such as voice and text communication, but also advanced computing and communication capability, including, for example, Internet access and geo-positioning systems. In comparison to earlier mobile phones, smartphones generally also have larger, higher resolution display screens.

Most of the newer generation of smartphones also incorporate other features such as on-board personal management tools, high quality cameras and recording devices. Some smartphones, such as the Blackberry, also incorporate small internal keyboards in their designs.

Recently, Apple's iPhone and Google's Android touch screen devices have increased smartphone ownership. They are popular because of their intuitive and tactile graphical user interfaces and natural gesture control.

The latest generation of smartphones are increasingly viewed as handheld computers rather than as phones, due to their powerful on-board computing capability, capacious memories, large screens and open operating systems that encourage application development [ 9 ].

The potential for the creation of simple and easy to download apps for smartphones has created a vibrant new industry. There is now an app for just about every social, entertainment and educational requirement [ 2 ]. Smartphones have now achieved such a pervasive presence in society that users find it easy to self-organise themselves across large geographical areas [ 10 ]. Many have adopted a culture where they are 'always connected' to their peer groups, communities of practice and information [ 11 ].

The mobile phone provides an essential 'any time, any place' portal into the entire world wide web of knowledge. Such continuous and pervasive social connectivity has important implications for society, and holds a lot of potential in particular for use in education, healthcare and medicine.

It is clear that the potential for mobile communication to transform healthcare and clinical intervention in the community is tremendous. Several previous studies have evaluated the use of mobile phones to support healthcare and public health interventions, notably in the collection and collation of data for healthcare research [ 12 ], and as used in support of medical and healthcare education and clinical practice in the community [ 13 ].

Some studies have highlighted the successful use of mobile phones to support telemedicine and remote healthcare in developing nations [ 14 ], with examples including their use in off-site medical diagnosis [ 15 ] and as information support in the treatment of HIV care in difficult to reach rural areas [ 16 ].

Studies assessing specific functionalities of smartphones have recently featured in the literature, including an examination of the use of on-board digital diaries in symptom research [ 17 ], the use of short message service SMS text in the management of behaviour change [ 18 ], in sexual health education [ 19 ], and to improve patients' adherence to antiretroviral treatment [ 20 ].

One study compared the use of mobile phone records against traditional paper based records in controlled drug trials [ 21 ]. Kailas et al.

Extensive reviews of the use of mobile phone and handheld computing devices in health and clinical practice can be found by Free et al. Free et al. Significant economic benefits have also been reported where mobile communication is employed in the provision of remote healthcare advice and telemedicine [ 28 ]. Patients, carers and clinicians' involvement is extensive throughout the prototype design, deployment and testing, and clinical trial phases of the project.

The main functionality of the eCAALYX Mobile Platform is to act as a seamless "informed" intermediary between the wearable health sensors in a 'smart garment' used by the older person and the health professionals' Internet site, by reporting to the latter but also to the patients alerts and measurements obtained from sensors and the geographic location via smartphone GPS of the user.

Additionally, the mobile platform is also able to reason with the raw sensor data to identify higher level information, including easy-to-detect anomalies such as tachycardia and signs of respiratory infections, based on established medical knowledge. A user interface is also provided, which allows the user to evaluate the most recent medical details obtained from sensors, perform new measurements, and communicate with the caretakers.

There are many challenges to the development of the mobile platform. Most importantly, the mobile platform must be seamless and autonomous in its operation e.

System and service reliability is also an important issue to take into account, firstly due to the possible negative sensation that the application may give to the user in the case of malfunctioning, and, secondly, due to the physical distance between the technical maintenance teams and the users. From an implementation point of view, the issues regarding the implementation of intelligent mechanisms in a mobile resource-limited device should also be considered.

Usability issues are further discussed in the following section. Usability is a critical issue for the target group of eCAALYX as, usually, users in this target group do not have any familiarity with technology and this is also often compounded by a range of physical e. Due to that fact, the eCAALYX Mobile Platform was designed to be completely transparent to the user, and the necessary interface functionality to be as accessible as possible. The usability design for this mobile platform caters for older users' needs in two main areas, namely physical handling and maintenance of the smartphone, and the usage of the phone software itself.

Regarding physical handling and maintenance, the following practical solutions were adopted:. This includes the supressing of all enquiries of the operating system, such as pin negotiation and the automation of all necessary processes;. The phone must therefore support prolonged periods of operation without the need to reboot the system;. The technological platform in the current prototype is the Google Nexus, running the Android 2.

From a software point of view, the internal structure follows a black-board architecture, in which several concurrent processes share information using the SQLite database provided in the Android Platform.

There are not yet any clinical trials or evaluation results of the eCAALYX Mobile App to report at the time of writing in January ; such details are expected to be available after project completion in July However, we think that the eCAALYX Mobile App we have briefly described here provides a unique opportunity to have a somewhat detailed 'under-the-hood' look at one current example from a rapidly growing class of smartphone apps for chronic disease management and telehealthcare.

The original CAALYX prototype similarly used a smartphone and one of the prototype's commercial exploitation barriers identified at that time was the relatively high cost of acquiring an Internet- and GPS-enabled smartphone with sufficient computing power and battery life to run the CAALYX mobile app plus the subscription costs to a suitable mobile phone data plan , particularly given the generally low income of target users older pensioners [ 34 ].

However, recent surveys of mobile phone uptake and penetration in the UK and other developing countries show that this affordability barrier might be gradually improving on the medium to long run, especially for the "younger" older generations and as smartphone prices and data plan costs continue to drop.

Smartphone ownership in the developed world is rapidly increasing. We might estimate therefore that between one fifth and one third of the UK population now has a smartphone. We can perhaps extrapolate from ownership of any mobile phone. Ownership varies by income group. Age is probably the major 'digital divide'. The Continuous Household Survey in Northern Ireland [ 40 ] provides a good indication of how mobile phone ownership is increasing.

This might not be quite as rapid as some might suggest, but, in the context of other social changes brought about by the development of technology, is a massive change. Jane Sarasohn-Kahn reports "How smartphones are changing healthcare for consumers and providers" [ 41 ]. Probably the quickest change is in the use of smartphones by professionals. The slightly slower, but possibly bigger, impact may be in the use of smartphones by lay consumers.

Producers of apps certainly think there is a market, as by February , some apps were available within the Apple App Store aimed at patient end-users, and Gartner named mobile health as one of its top ten applications for [ 42 ]. Considering that many apps now, especially those intended for chronic disease management, rely on the presence of an active Internet connection on the smartphone in order to function as intended, a question immediately arises about current Internet uptake levels among people with chronic diseases.

Fox and Purcell [ 43 ] report that in the USA, adults living with chronic disease are disproportionately offline. There are now many health promoting Internet interventions [ 44 ] but they will, by definition, only be used by those who have already reached a decision to try to change their behaviour.

Although many report successful behaviour change in those who continue to use such interventions, attrition is usually very high, and we can assume that those who drop out of using the online intervention have also dropped out of changing their behaviour.

It may be that smartphone technology, by its mobility and location awareness, may be able to achieve lower attrition rates, but given the demographics of current users it is likely to be for behaviour change amongst a relatively young and healthy population. Sarasohn-Kahn [ 41 ] had argued that medication adherence is a problem amongst patients with chronic conditions and suggested that technology can play an important role.

However, there is no strong evidence yet on the effectiveness of dispensing devices, and like behaviour change, this is likely only to benefit those willing to use such reminders and who are already smartphone users, unless apps running in specialised devices can be developed.

There are now hundreds of smartphone apps focusing on wellness, fitness, and nutrition. Mobile and home monitoring can be carried out with body-worn and ambient sensors communicating with smartphones as found, for example, in eCAALYX , including accelerometers measuring motion and gait, infrared detectors measuring body temperature and heart rate, and glucometers measuring blood glucose some sensors may also be built-into future smartphones.

However, Sarasohn-Kahn [ 41 ] describes how MedApps started as a mobile phone app, but given the low user base amongst chronically ill and older people they re-engineered it as a wireless handheld device, the HealthPal.

Users use their 'usual' devices such glucometers, spirometers, pulse oximeters, and scales, and the Bluetooth enabled Healthpal communicates results. Another rather obvious consideration in smartphone use for people who are chronically ill, is that most such people are at home, and unlikely to be 'out and about' using their mobile phone.

However, smartphones, especially newer ones with larger touch screens, are starting to replace conventional desktop and Wi-Fi access and some smartphones are both Wi-Fi and 3G mobile Internet enabled. At the moment, Sarasohn-Kahn [ 41 ] cites Eising of Mayo clinic mentioning their research that people use mobiles for 'action-oriented' information, and how they are not going to do in-depth research by mobile.

So smartphones will be used by people who are not acutely ill but who maybe want to find some location based information - such as the location and hours of a pharmacist - while on the move.

Whereas more detailed information, or communication with others may take place in the home. But as more people get smartphones and use them as their sole means of communication, this may change.

What other barriers to smartphone use in health does Sarasohn-Kahn [ 41 ] see? She is concerned that too much app development is carried out by technologists without the involvement of patients. She notes the problems of apps recommending particular products and also notes that in the USA if an app includes a sensor then the FDA US Food and Drug Administration may monitor it as a medical device.

She thinks that the challenges to continued rapid smartphone growth include finding the right business model and privacy issues.

Notwithstanding all of the benefits we should be aware that the use of the mobile phone in healthcare and clinical practice is not without its problems and limitations. In comparison to laptop computers, the small internal storage capacity, processing power and screen size of the mobile phone often requires apps that are running to be in reduced format [ 25 ].

However, the use of cloud computing resources which are external to the mobile device may obviate restrictive processing speeds and memory requirements in the future [ 25 ]. Never the less, mobile phones are smaller, more portable and less obtrusive than laptops, so it could be argued that this is a reasonable trade off.

Although much mobile phone communication is now conducted using text, voice communication still necessitates the securing of space within which vocal communication can be made in private [ 46 ]. The consideration of such a constraint may be vital to maintain the confidentiality of patient information if used in public spaces.

Other factors such as loss or theft of devices may impact upon the security of confidential digital health records or data held on mobile phones. The security of patient data held on mobile phones has been a concern for some time [ 47 ], while some studies warn of the security risks of using mobile instant messaging in healthcare [ 48 ].

When used as a method for monitoring the health status of remote patients, mobile phones should be applied only after due consideration to patient perceptions and feelings. One study in Italy revealed that patients with implantable cardioverter-defibrillators for cardiac resynchronisation therapy welcomed the use of mobile technologies for remote monitoring, but did not want them to replace their personal contact with health workers [ 49 ].

Other studies using mobile technology for remote monitoring of health conditions found similar results [ 50 , 51 ]. The Canadian study by Seto et al. Those for example who suffer from poor manual dexterity, failing vision or a predisposition to high levels of anxiety may not be able to operate the remote mobile monitoring tools.

These results are supported by similar findings from a study of older patients with disabilities in the USA [ 52 ]. It should also be acknowledged that prosaic issues such as remembering to recharge a device and the simple maintenance of equipment within a patient's home may be problematic. Kurniawan [ 53 ], Lorenz and Oppermann [ 54 ], and Gao and Koronios [ 55 ] provide detailed discussions of mobile app needs of older people, covering aspects such as ergonomics and user interface issues e.

However, senior citizens of tomorrow will include the young and middle aged of today, who are more familiar with, and reliant on computers, smartphones and the Internet than previous generations, and are increasingly well-versed in using these technologies on a daily basis for study, work and leisure. This might partially contribute in the long run to solving some of the smartphone app usability and learnability issues, which current generations of older people are facing.

According to a recent MobiHealthNews report published in November [ 56 ], from February to September of the same year, Google's Android smartphone saw a The number of health-related apps in BlackBerry's App World increased by However, Apple is still leading in terms of the absolute total number of health-related apps available on any platform. As of September , Apple's App Store offered the highest number of health-related apps at 7,, followed by Google Android at 1, and BlackBerry at Desk-based health researchers who rely on the telephone to gather their data are faced with a growing problem.

Increasingly, respondents are replacing their landlines with mobile telephones, and in so doing, they create a problem for the researcher. Legislation in some countries requires researchers to manually dial mobile phone numbers, thereby incurring significantly more cost in both time spent on calling and in call costs.

Further, calling a mobile phone on some tariffs may use up respondents' air time, and there may therefore be an ethical onus on the researcher to reimburse the costs incurred [ 58 ].

It is clear from their rapid proliferation and deep penetration into society, that there are significant opportunities to exploit the potential of smartphones in healthcare [ 27 ].

Mobile health m-health applications are on the rise, with many clinicians and allied health workers already adopting smartphones successfully in a diverse range of practices.

Patients too are accessing health information, actively participating in their own care participatory healthcare , and maintaining contact with their healthcare providers through smartphones [ 25 , 27 ]. Chronic conditions such as diabetes mellitus and cardiovascular disease have in particular always been perceived as a special 'niche market' for smartphone apps [ 59 - 63 ].

Some commentators [ 27 , 41 ] suggest that the natural progression for healthcare is to go mobile, because it is information intensive and smartphones can offer a convenient solution. Smartphones are useful to keep clinicians up to date with the latest medical techniques, and it is easy and cost effective to communicate updates, advice and guidelines to a distributed community of practice in this way.

As has also been demonstrated, mobile phones are useful for monitoring and diagnosing health conditions when clinicians are a distance from their patients.

Further, with the Internet playing an increasing role in medical education [ 64 ], it is likely that for itinerant health workers the most important access portal to this information will be handheld devices such as smartphones.

Indeed, Georgetown Medical School in the USA, for example, is now requiring every medical student to have an iPhone [ 65 ], and surgeons are finding the device and its apps very useful in improving their diagnostic skills and education [ 66 ]. Smartphones are therefore useful to the medical and health related professions because they are agile, handheld, easy to use and can be used on the move [ 41 ].

Later adopters of new technologies may not use them in the same way as early adopters. Developers of new smartphone health apps need to look 'at the margin', i. Although there are hundreds of smartphone apps at the moment, the successful ones are, currently, likely to be for younger and healthier populations. The adoption of smartphones by older people and people with chronic disease will come with time, but also as the relative cost comes down, as apps become easier to use, as there is a greater awareness of what smartphones can do, with the establishment of more 'community knowledge' to deal with the complexity of the new technology [ 67 ], and perhaps with apps moved to dedicated devices tailored for the specific needs of particular user groups and applications.

These changes will almost certainly happen, but probably not as quickly as producers may predict. Producers may need patience and to put more effort into making the technology easier and cheaper to use for all.

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Amerigroup eye doctors nj A user interface is also provided, which allows the user to evaluate the most recent medical details obtained from sensors, perform new measurements, and communicate with the caretakers. Markets Show more Markets. Markets Show more Markets. Accuracy ae not enough technologies with great promise fail to factor in real-world issues. Mobile app based on South African Vosho craze repurposed to tackle debilitating disease.
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Highmark keystone blue pebtf We use cookies and other data for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. The same study also found that the younger children are, the likelier they are to live in homes that only have wireless phones, suggesting that younger parents are becoming increasingly reliant on mobile phones even as they adjust from being single to a see more settled family lifestyle [ 1 ]. Regarding physical handling and maintenance, the following practical solutions were adopted:. Group Premium access for businesses and educational institutions. Free et al.
Nuance cpap supplies Markets Show more Markets. They are mobile phones that offer not only the standard facilities such as voice and text communication, but also advanced computing and communication capability, including, for example, Internet access and geo-positioning systems. US Show more US. Figure 4. Close drawer menu Financial Times Samrtphones Edition.
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In ExxonMobil's statement of changes in equity, the company also records activity for acquisitions, dispositions, amortization of stock-based awards, and other financial activity. This information is useful to analyze to determine how much money is being retained by the company for future growth as opposed to being distributed externally. An often less utilized financial statement, a statement of comprehensive income summarizes standard net income while also incorporating changes in other comprehensive income OCI.

Other comprehensive income includes all unrealized gains and losses that are not reported on the income statement. This financial statement shows a company's total change income, even gains and losses that have yet to be recorded in accordance to accounting rules.

Examples of transactions that are reporting on the statement of comprehensive income include:. Nonprofit organizations record financial transactions across a similar set of financial statements.

However, due to the differences between a for-profit entity and a purely philanthropic entity, there are differences in the financial statements used. The standard set of financial statements used for a nonprofit entity include:. The purpose of an external auditor is to assess whether an entity's financial statement have been prepared in accordance with prevailing accounting rules and whether there are any material misstatements impacting the validity of results.

Although financial statements provide a wealth of information on a company, they do have limitations. The statements are open to interpretation, and as a result, investors often draw vastly different conclusions about a company's financial performance. For example, some investors might want stock repurchases while other investors might prefer to see that money invested in long-term assets. A company's debt level might be fine for one investor while another might have concerns about the level of debt for the company.

When analyzing financial statements, it's important to compare multiple periods to determine if there are any trends as well as compare the company's results to its peers in the same industry.

Last, financial statements are only as reliable as the information being fed into the reports. Too often, its been documented that fraudulent financial activity or poor control oversight have led to misstated financial statements intended to mislead users. Even when analyzing audited financial statements, there is a level of trust that users must place into the validity of the report and the figures being shown.

The three main types financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues and costs, as well as its cash flows from operating, investing, and financing activities. Depending on the corporation, the line items in a financial statement will differ; however, the most common line items are revenues, costs of goods sold, taxes, cash, marketable securities, inventory, short-term debt, long-term debt, accounts receivable, accounts payable, and cash flows from investing, operating, and financing activities.

Financial statements show how a business operates. It provides insight into how much and how a business generates revenues, what the cost of doing business is, how efficiently it manages its cash, and what its assets and liabilities are. Financial statements provide all the detail on how well or poorly a company manages itself. Financial statements are read in several different ways.

First, financial statements can be compared to prior periods to better understand changes over time. For example, comparative income statements report what a company's income was last year and what a company's income is this year. Noting the year-over-year change informs users of the financial statements of a company's health. Financial statements are also read by comparing the results to competitors or other industry participants.

By comparing financial statements to other companies, analysts can get a better sense on which companies are performing the best and which are lagging the rest of the industry. It is the guidelines that explain how to record transactions, when to recognize revenue, and when expenses must be recognized.

Financial statements are the ticket to external evaluation of a company's financial performance. The balance sheet reports a company's financial health through its liquidity and solvency, while the income statement reports a company's profitability. A statement of cash flow tie these two together by tracking sources and uses of cash. Together, financial statements communicate how a company is doing over time and against its competitors. Financial Statements. Your Money. Personal Finance. Your Practice.

Popular Courses. Table of Contents Expand. Table of Contents. What Are Financial Statements? Understanding Financial Statements. Balance Sheet. Income Statement. Cash Flow Statement. Changes In Equity. Statement of Comprehensive Income. Nonprofit Financial Statements. Financial Statements FAQs. The Bottom Line. Corporate Finance Financial Statements.

Key Takeaways Financial statements are written records that convey the business activities and the financial performance of an entity. The balance sheet provides an overview of assets, liabilities, and shareholders' equity as a snapshot in time. Once expenses are subtracted from revenues, the statement produces a company's profit figure called net income. The statement of changes in equity records how profits are retained within a company for future growth or distributed to external parties.

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WebFinancial definition, pertaining to monetary receipts and expenditures; pertaining or relating to money matters; pecuniary: financial operations. See more. WebSynonyms for FINANCIAL: economic, fiscal, monetary, pecuniary, capitalistic, capitalist, commercial, dollars-and-cents; Antonyms of FINANCIAL: nonfinancial. WebJan 10, Financials news on Fox Business. Stripe slashes 14% of workforce. Stripe's cuts will reduce its headcount to a total of almost 7, people and impact multiple divisions.