Open source healthcare, mobile banking

Posted on Mon, Jul 19, 2010 – 05:17 am at |

Back in the early days of the HIMSS Medical Banking Project’s Cooperative Open-source Medical Banking Architecture & Technology (COMBAT) Initiative, the late John Hardin and I began exchanging emails with Tim O’Reilly, a bastion of the open source movement, arguing the case for the intersection of open source, open standards and medical banking technologies. Today, healthcare is a major theme of his open source connection, OSCON 2010, which runs July 19-23, 2010. Andy Oram has an excellent track summary over at his O’Reilly radar blog which I will not recreate here.

Those interested in mHealth will note from the healthcare track especially that Teddy Bachour will address Microsoft clinical documentation and patient records sharing APIs and open source tool kits, and Roni Zeiger will report on how Google Health’s API facilitates interactions with mobile devices. In addition, there is a track dedicated entirely to mobile sessions, where, in part, one will learn "why Android is so important, and the crucial role that web standards will play in mobile." The track covers Android and iPhone, as well as others.

The adoption rate of the Google open source handset operating system, Android, is still dwarfed by that of the iPhone, but Javelin notes that it "is growing at an astronomical rate."

"Android and iPhone owners by far are the biggest users of mobile banking. They are typically younger, on-the-go consumers who use smartphones as their primary tool for communication – including monitoring their bank accounts and making mobile payments," said James Van Dyke, Javelin President and Founder. “While mobile banking stalled in 2010 as consumers expressed concerns about security and financial institutions focused their attention on the fallout from the economy, the increase in smartphone usage bodes well for the future of mobile banking."

Of interest to Cisco fans is that while Android does not factor into its HealthPresence offering, it does in regard to the recently announced Cius.

Smart Phone Electronic Medical Record / Mobile Contactless Payment / Remote Monitoring, Developments Toward…

<ed.note>Since vendors are looking at remote monitoring for disease management I should list those as well. I’ll also be on the look out for sensors which are car-based now that wi-fi is available in automobiles. There are some parallel developments which I guess I should mention: Major League Baseball and other event vendors as well as transportation providers and social networks are putting the cell phone closer to the center of their business models. ( Robert Neelbauer on social graphs here — cells will eventually be tracked by them. ) Of course, on the other end of the spectrum is home automation.</ed.note>

Phillips (still using POTS lines)
Nokia’s Intellisync Call Connect for Cisco

Shout out to who usually gets these stories before anyone else.

The Tech Scene: Banking by Cell Phone – This Time It’s for Real?,
Use of Mobile and Wireless Technology Jumps in Hospitals,

iPhone ? ? ? ( Remember Osirix ), icefirst, liferecord, Access, aKos, ARANZ Medical, Asia eHealth presentations, Banco do Brasil, Blackberry [2], Diebold, Docobo, ebay VOIP (Skype), Gemalto, Google [2][3][4], INSIDE Contactless, J/Speedy, mBlox, mFoundry, Microsoft, m-Wallet, Obopay, payWave, Mayo Clinic InTouch, NTT DoCoMo, PayPal Credit Card, Privium, Samsung, telSpace, Telzuit’s Bio-Patch PDA,
Telemedicine & eHealth Directory 2005, Verisign, ViVOtech, FeliCa, [2], Mifare [2], NFC Forum, Blackberry, Ubuntu mobile, Globe Telecom and Smart Communications

HR-XML Adds Support for Healthcare Savings Accounts

post here:

Health care spending account (HSA) support. Under the U.S. tax code, an HSA is a tax-exempt account established exclusively for the purpose of paying qualified medical expenses. A requirement for an HSA is for the account beneficary to be covered by a high-deductible health plan — a plan type supported by the USTierCoverage component of HR-XML’s enrollment schema. See the revised Enrollment documentation for details, but the HSA support involved relatively minor changes to the USTierCoverage component. Several changes also were made to the USSpendingAccountCoverage component to better handle other types of spending account enrollments (healthcare reimbursement accounts, flexible spending accounts (FSAs), dependent care spending accounts, etc.).

Navigant Capital Advisors Healthcare Services “Quarterly Dialogue”

<ed.note>I met Brad at a Medical Banking Project function and he has been kind enough to keep me in the loop:</ed.note>

2007 continues to be a strong period for the healthcare sector on top of a record year in 2006 as over 250 transactions were announced in Q1. Due to continued liquidity and a buoyant lending market, private equity groups have gained further purchasing power in the marketplace in pursuit of high growth sectors, such as healthcare services and healthcare information technology. Notable first quarter transactions include:

  • In the information services sector, The Blackstone Group’s $3.3 billion cash acquisition of Cardinal Health’s Pharmaceutical Technologies and Services business unit;
  • In the alternate site sector, Texas Pacific Group’s announcement to acquire HealthSouth’s Surgery Division for $945 million; and
  • In the long-term care sector, Formation Capital and JER Partners’ $1.3 billion buyout of Genesis Healthcare.

In addition to the volume of healthcare M&A transactions, underlying valuations continue to be lofty, as numerous transactions were completed at acquisition multiples in excess of 10.0x TTM EBITDA. Further, public equity returns through Q1 were equally impressive; 12%-15% returns enjoyed in the healthcare distribution, healthcare information technology and long-term care segments. Given these factors and the overall market performance within the healthcare services sector, we expect significant transaction volumes for the remainder of 2007.

In response to these market trends and our sole focus on serving the middle market, the Investment Banking Group at Navigant Capital Advisors has enjoyed significant success having completed more than $1.7 billion of merger, acquisition, divestiture, and recapitalization transactions over the past year. In combination with our cadre of dedicated restructuring professionals, the NCA Investment Banking team now numbers more than 50 professionals, led by seasoned deal professionals focusing on the middle market transaction needs of companies, private equity groups, lenders, and management teams competing in the Healthcare, Business Services, Consumer Products & Specialty Retailing, Industrial Growth, and Insurance sectors.

We welcome your comments and hope that you continue to find our Quarterly Dialogue informative.

Best regards,
Brad Burkett