Post on 09-Apr-2017
2016 Global Innovative Software SolutionsTechnology Innovation Award
2016
BEST PRACTICES RESEARCH
© Frost & Sullivan 2016 2 “We Accelerate Growth”
Contents
Background and Company Performance ........................................................................ 3
Industry Challenges .............................................................................................. 3
Technology Attributes ........................................................................................... 3
Conclusion........................................................................................................... 8
Significance of Technology Innovation .......................................................................... 9
Understanding Technology Innovation .......................................................................... 9
Key Benchmarking Criteria .................................................................................. 10
Best Practice Award Analysis for Oneview .................................................................... 10
Decision Support Scorecard ................................................................................. 10
Technology Attributes ......................................................................................... 11
Future Business Value ......................................................................................... 11
Decision Support Matrix ...................................................................................... 12
The Intersection between 360-Degree Research and Best Practices Awards ..................... 13
Research Methodology ........................................................................................ 13
Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices ................................................................................................................. 14
About Frost & Sullivan .............................................................................................. 15
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Background and Company Performance
Industry Challenges
Technological advances in adjacent areas to healthcare, such as information and
communication technologies (ICT) have derived in unparalleled progresses in patient care
quality and economic savings during the past five years. ICT-based solutions constitute a
growing customer niche for an impressive number of companies in the present decade.
Among the key challenges faced in adopting such technological advancements, include
complexity management and difficulty in integrating these technologies within different
business processes. There is no scope of automated improvements in the healthcare
domain, which directly implies that the risk of malfunctioning in any of these processes
directly impacts the quality of patient care. In other words, the implementation of
healthcare management systems has an important wave effect on a broad spectrum of
clinical, support, and also impacts the business operations around patient care.
Thus, it is essential to address these challenges and understand the allied benefits
associated with such technological advancements in healthcare management such that
patient care is optimally prioritized and economic sustainability is ensured. Technology
adoption must be done strategically and suitably aligned with an organization’s mission
and goals. In this respect, most companies establish important strategies around the
implementation of their technology in different institutions that meet the technology
selection process assessment and thereby enable to evolve the technology support
infrastructure according to the varying customer needs.
In such a situation, it is important to highlight the role of independent, multi-hospital
clinical engineering organizations and biomedical engineering companies, as well as their
evolution during the past decades. In fact, clinical engineering has switched its focus from
using traditional equipment safety and control to healthcare technology management
around a patient-centric perspective. Therefore, most challenges faced by the market
participants comprise a broader range of aspects ranging from cost management to
outsourcing decisions, encompassing the changes in the medical device industry.
Technology Attributes
Industry Impact
Oneview offers innovative software solutions to empower hospital’s information and
communication technology systems with the integration of a high performance technology
platform. Oneview’s point-of-care access (PoCA) solutions endow a broad spectrum of
systems and end user devices such as bed-side terminal, Television, monitors, tablets and
smartphone devices with exceptional capabilities. This allows patients, clinicians and care
providers access enriching healthcare services. Oneview’s proprietary platform facilitates
hospitals and healthcare centers to offer optimized assistance by increasing patient
commitment, clinical results and enhances the workflow proficiency.
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In an attempt to identify the most innovative solution that enables smart healthcare, Frost
& Sullivan regarded Oneview as a distinguished provider of innovative software solutions,
embedded with one of the most remarkable technologies available in the market.
Moreover, Oneview is presently exhibiting an outstanding business performance, and also
focusing to expand its operations worldwide.
Product Impact
The present demand for novel solutions to address the escalating workloads, handle the
fluctuating regulatory environments in Europe and address the increasing patient demands
constitutes a critical issue for the clinical community. In such a challenging scenario, the
access to vital information and clinical workflow at the point-of-care, needs to be optimally
guaranteed. To address this concern, Oneview designed a set of innovative solutions to
help care providers deliver optimal care in a cost and time-effective manner. Indeed,
Oneview’s proprietary high performance, proven healthcare technology platform
successfully integrates with a hospital’s information and communication technology,
thereby providing point-of-care access to patients throughout all end-user devices. Over
this platform, different services and applications can be developed, including software
packs, add-on solutions, mobile apps and access to third-party content, in order to
provide a flexible and robust, point-of-care technology platform. This attempts to enrich
the patient experience, while stimulating care providers to deliver real-time, cost-efficient
solutions. In fact, Oneview Patient Engagement and Clinical Workflow Solution is presently
the most innovative Interactive Patient Care system available in the market.
Scalability
The scalability feature of Oneview’s products and services has been exceptional. In less
than a decade, Oneview experienced an outstanding growth, which can be perceived not
only in terms of revenue, but also in terms of installed facilities and geographic expansion.
In 2016, Oneview’s operational achievements have been remarkable, with 11 new
facilities live and installed, involving the delivery of point-of-care innovative solutions to
1,671 beds, in addition to other 12 facilities contracted, not installed, entangling 3,291
beds, as well as 7,439 beds under request for proposal (RFP) process, and other 2,836
beds in contract negotiation.
Such strong operational achievements have helped the company register a revenue
growth of 493% as personal contract purchase (PCP) framework in one year (in 2016),
displaying recurring revenue of 69%, and headcount of 104%, representing an increment
of 29%, 65%, and 39%, in live and installed beds, beds contracted, not installed and beds
in RFP, respectively. These achievements have further enabled Oneview to successfully
complete an Initial Public Offering (IPO) on the Australian Stock Exchange (ASX) in March
2016, raising a significant $A 62.4 million (€42.3 million) and valuing the company initially
at A$208 million. Since listing the stock has increased in value by a further 80%.
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Other achievements of the company in 2016 comprise the 374 bed contract with NYU
Langone, with contractual commitment for a further 2,000 end points, equivalent to 1,000
beds; three proof of concept contracts with US healthcare systems; and the establishment
of new North American HQ in Chicago.
Visionary Innovation
Oneview’s focus on point-of-care access is depicted largely through its core software
solution platform and it clearly marks a paradigm shift over the prevailing industry
situation at present. Oneview has objectively envisioned a fully connected, smart acceded
world, on the basis of which the company has founded the base of an unparalleled growth
strategy.
The company aims to enhance its market scope by tapping existing as well as new market
opportunities. Among the existing market potential, the company plans to continue rolling
out to related healthcare facilities. This helps the company to consolidate its position and
leverage success garnered across the Epworth, Westmead, Cairns and Iowa hospital
networks. In addition, Oneview is performing up selling activities with existing customers.
Additional features and functionalities are being incorporated by a number of existing
hospitals. In terms of product development and innovation, Oneview is promoting its
Oneview Connect initiative (planned for launch in Q4 2016) throughout its existing
hospital client base, while expanding its Mediclinic installation. Similarly, bring your own
device (BYOD) on iOS and Android operating systems initiatives by the company have
been scheduled for Q1 2017, with an aim to encompass future user needs and continue
leading the market with cutting-edge software solutions.
Oneview is also foreseeing new market opportunities in the sectors of medical tourism,
assisted living and senior living. In this regard, the company is currently discussing further
assessments with hospital operators in South East Asia. In agreement with that, Oneview
was a noted participant in the HIMMS South East Asia Conference in Bangkok from August
23rd - 26th, 2016.
The potential completion date for launching products in the assisted living and senior
living markets has been slated for Q1 2017, involving effort from a dedicated product and
development team. In accord with this strategy, over 2,500 beds are currently in the RFP
process. Finally, Oneview is in late stage negotiations for initial entry into the United
Kingdom, an attempt to strengthen its penetration in the European market.
Application Diversity
Oneview has foreseen a decentralized, community-based healthcare model, in which the
delivery of healthcare is distributed within hospitals, community clinics as well as home.
Accordingly, Oneview's application diversity manifests its commitment to empower care
providers and patients with point-of-care, connected solutions that enable more
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independency and sense of freedom, in addition to providing vital solutions in a timely and
effective manner.
Oneview Patient Experience has been designed to strengthen patient commitment with a
proactive treatment approach, which shall consequently help improve healthcare
surveillance, while reducing re-admission costs. Patient satisfaction is also improved by
introducing daily targets and healthcare education programs, and electronic-based
communication with care teams or healthcare networks. Oneview has pioneered the
introduction of best-in-class entertainment content, establishing the opportunity to
communicate with friends and family from the hospital bed and, for example, integrating
with Microsoft's Xbox platform for pediatric patients.
Furthermore, Oneview has developed a series of add-on modules aiming to enhance the
existing products. Oneview Add-On Modules help to further enhance the patient
experience. Add-on solutions are designed to dramatically reduce the healthcare costs. For
instance, Oneview Wayfinding consists of a series of 3D maps with key locations and
routes within a hospital, which can be accessed through a user-friendly interface at kiosks
throughout the hospital or through the smartphone. Similarly, digital signage and
scheduling systems are designed to help smooth and accelerate the admission processes.
On the other hand, Oneview's Data Analytics platform was designed to provide real-time
statistical analysis, significantly enhancing care delivery management and the decision-
making aptitude of healthcare providers.
Financial Performance
Oneview demonstrated an exceptional financial performance, especially in 2015-2016.
Headquartered in Dublin, Ireland, Oneview has expanded internationally in less than a
decade, establishing new offices in the US, Australia, and the Middle East, while discussing
potential expansion opportunities in South East Asia in the future. The noted technology
partners who have further helped the company demonstrate strong financial performance
include HP, Microsoft and Dell. Revenue for the first half of 2016 amounted to €4,991,968,
exhibiting a significant increase of 493% from that of the same period in 2015.
Comparably, recurring revenues for the same period corresponded to €511,812, in
comparison to €302,751 of 2015, indicating a surge of more than 69%.
One of the most notable financial activities in 2016 was the listing of Oneview on the ASX,
wherein the company issued 17,430,340 new shares of €0.001 each, at an IPO price per
share of A$3.58 (€2.43) valuing the company on listing at A$208 million.
Customer Acquisition
Considering the incremental, well-defined strategic approach that the company follows
across its increasing customer base, the revenue growing trend of Oneview is expected to
grow in a consistent manner. In 2016, Oneview concentrated on providing services to
Epworth HealthCare, who own and operate nine hospitals in Melbourne, Australia; The
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Sydney Children’s Hospital Network at Westmead in Sydney; and The University of Iowa
Children’s Hospital in Iowa City, US. Oneview expects to be contracted with 6 of the top
15 ranked hospitals1 in the United States by Q1 2017.
Technology Licensing
Oneview delivers support models tailored for every customer need. Oneview outsourced
model is highly appropriate for hospitals looking for complete outsource support across
the entire institution. Oneview solutions consist of a fully managed 24x7x365 help-desk
dedication for every solution provided; including remote monitoring, on-site calling,
license management, hardware and software support, updates and upgrades under a
guaranteed service level agreement. Oneview also provides the option of a hybrid model
that combines existing support infrastructure with hardware solution on-site support.
Large healthcare centers requiring full time developments and on-site support services
can accede to the Oneview full service model.
Oneview licenses integration services, which can address interoperability issues across
hospital systems and connect systems to automate workflows. Integrated data may come
from electronic health records, alert management and security databases, ambulatory
infrastructure and assistive technologies, ordering systems and calls, among many others.
Brand Loyalty
As a distinct example of the impact of Oneview’s core technology in the industry, and the
brand loyalty expressed by its customers, Epworth HealthCare has recently achieved a
99th percentile ranking for patient satisfaction at its Epworth Eastern facility, the highest
ranking in Australia. Frost & Sullivan emphasizes the exceptional commitment of Oneview
during the launch of its point-of-care initiative, which involved a significant cultural change
for the company, along with a whole transformation in its workflows. This achievement
simply demonstrates the strong dedication of Oneview in the delivery of real world
solutions that effectively helps its customers like Epworth HealthCare to exceed their
customer’s expectations.
Human Capital
After the completion of its IPO, Oneview has significantly invested in attracting world-class
employees across each of its primary office locations spanning four regions of the world,
doubling the headcount to 104 personnel as at 30 June 2016 from that of 51 in 30 June
2015. The coveted areas which have attracted employees include sales and marketing,
implementation and deployment, and research and development. To distinctly
demonstrate its ability to expand by increasing the headcount, Oneview also announced
the opening of a new US headquarter in Chicago which is slated to open in September,
2016.
1 As ranked by US News and World Report Honor Roll, August 1st, 2016
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Conclusion
Headquartered in Dublin, Ireland, with offices in Sydney and Melbourne, Australia; and
Chicago, US; and Dubai, UAE, Oneview has excelled in the development of innovative
software solutions with the objective of empowering healthcare institutions to leverage
leading-edge information and communication technology to propel cost and time-efficient
improvements in clinical outcomes and enhanced patient satisfaction. Consistently
committed to excel in healthcare economics and quality of life for patients and care
providers, Oneview exhibited an impressive growth in less than a decade, by developing
innovative, patient engagement solutions platforms for healthcare providers.
With its strong overall performance, Oneview Healthcare PLC has earned Frost & Sullivan’s
2016 Technology Innovation Award.
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Significance of Technology Innovation Ultimately, growth in any organization depends upon finding new ways to excite the
market, and upon maintaining a long-term commitment to innovation. At its core,
technology innovation or any other type of innovation can only be sustained with
leadership in three key areas: understanding demand, nurturing the brand, and
differentiating from the competition.
Understanding Technology Innovation Technology innovation begins with a spark of creativity that is systematically pursued,
developed, and commercialized. That spark can result from a successful partnership, a
productive in-house innovation group, or the mind of a singular individual. Regardless of
the source, the success of any new technology is ultimately determined by its
innovativeness and its impact on the business as a whole.
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Key Benchmarking Criteria
For the Technology Innovation Award, Frost & Sullivan analysts independently evaluated
two key factors—Technology Attributes and Future Business Value—according to the
criteria identified below.
Technology Attributes
Criterion 1: Industry Impact
Criterion 2: Product Impact
Criterion 3: Scalability
Criterion 4: Visionary Innovation
Criterion 5: Application Diversity
Future Business Value
Criterion 1: Financial Performance
Criterion 2: Customer Acquisition
Criterion 3: Technology Licensing
Criterion 4: Brand Loyalty
Criterion 5: Human Capital
Best Practice Award Analysis for Oneview
Decision Support Scorecard
To support its evaluation of best practices across multiple business performance
categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool
allows our research and consulting teams to objectively analyze performance, according to
the key benchmarking criteria listed in the previous section, and to assign ratings on that
basis. The tool follows a 10-point scale that allows for nuances in performance evaluation;
ratings guidelines are illustrated below.
RATINGS GUIDELINES
The Decision Support Scorecard is organized by Technology Attributes and Future
Business Value (i.e., the overarching categories for all 10 benchmarking criteria; the
definitions for each criteria are provided beneath the scorecard). The research team
confirms the veracity of this weighted scorecard through sensitivity analysis, which
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confirms that small changes to the ratings for a specific criterion do not lead to a
significant change in the overall relative rankings of the companies.
The results of this analysis are shown below. To remain unbiased and to protect the
interests of all organizations reviewed, we have chosen to refer to the other key players
as Competitor2 and Competitor3.
DECISION SUPPORTSCORECARDFOR TECHNOLOGY INNOVATION AWARD
Measurement of 1–10 (1 = poor; 10 = excellent)
Technology Innovation
Technology Attributes
Future Business Value
Average Rating
Oneview 9.8 9.8 9.8
Competitor2 5.5 4.7 5.1
Competitor3 4.4 3.4 3.9
Technology Attributes
Criterion 1: Industry Impact
Requirement: Technology enables the pursuit of groundbreaking new ideas, contributing
to the betterment of the entire industry
Criterion 2: Product Impact
Requirement: Specific technology helps enhance features and functionality of the entire
product line for the company
Criterion 3: Scalability
Requirement: Technology is scalable, enabling new generations of products over time,
with increasing levels of quality and functionality
Criterion 4: Visionary Innovation
Requirement: Specific new technology represents true innovation based on a deep
understanding of future needs and applications
Criterion 5: Application Diversity
Requirement: New technology serves multiple products, multiple applications, and
multiple user environments
Future Business Value
Criterion 1: Financial Performance
Requirement: High potential for strong financial performance in terms of revenues,
operating margins and other relevant financial metrics
Criterion 2: Customer Acquisition
Requirement: Specific technology enables acquisition of new customers, even as it
enhances value to current customers
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Criterion 3: Technology Licensing
Requirement: New technology displays great potential to be licensed across many sectors
and applications, thereby driving incremental revenue streams
Criterion 4: Brand Loyalty
Requirement: New technology enhances the company’s brand, creating and/or nurturing
brand loyalty
Criterion 5: Human Capital
Requirement: Customer impact is enhanced through the leverage of specific technology,
translating into positive impact on employee morale and retention
Decision Support Matrix
Once all companies have been evaluated according to the Decision Support Scorecard,
analysts can then position the candidates on the matrix shown below, enabling them to
visualize which companies are truly breakthrough and which ones are not yet operating at
best-in-class levels.
DECISION SUPPORTMATRIX FOR TECHNOLOGY INNOVATION AWARD
High
Low
Low High
Future Business Value
Technology Attributes
Oneview Healthcare
Competitor2
Competitor3
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The Intersection between 360-Degree Research and Best Practices Awards
Research Methodology
Frost & Sullivan’s 360-degree research
methodology represents the analytical
rigor of our research process. It offers a
360-degree-view of industry challenges,
trends, and issues by integrating all 7 of
Frost & Sullivan's research methodologies.
Too often, companies make important
growth decisions based on a narrow
understanding of their environment,
leading to errors of both omission and
commission. Successful growth strategies
are founded on a thorough understanding
of market, technical, economic, financial,
customer, best practices, and demographic
analyses. The integration of these research
disciplines into the 360-degree research
methodology provides an evaluation
platform for benchmarking industry players and for identifying those performing at best-
in-class levels.
360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS
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Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan Awards follow a 10-step process to evaluate award candidates and assess
their fit with select best practice criteria. The reputation and integrity of the Awards are
based on close adherence to this process.
STEP OBJECTIVE KEY ACTIVITIES OUTPUT
1 Monitor, target, and screen
Identify award recipient candidates from around the globe
• Conduct in-depth industry research
• Identify emerging sectors • Scan multiple geographies
Pipeline of candidates who potentially meet all best-practice criteria
2 Perform 360-degree research
Perform comprehensive, 360-degree research on all candidates in the pipeline
• Interview thought leaders and industry practitioners
• Assess candidates’ fit with best-practice criteria
• Rank all candidates
Matrix positioning all candidates’ performance relative to one another
3
Invite thought leadership in best practices
Perform in-depth examination of all candidates
• Confirm best-practice criteria • Examine eligibility of all
candidates • Identify any information gaps
Detailed profiles of all ranked candidates
4
Initiate research director review
Conduct an unbiased evaluation of all candidate profiles
• Brainstorm ranking options • Invite multiple perspectives
on candidates’ performance • Update candidate profiles
Final prioritization of all eligible candidates and companion best-practice positioning paper
5
Assemble panel of industry experts
Present findings to an expert panel of industry thought leaders
• Share findings • Strengthen cases for
candidate eligibility • Prioritize candidates
Refined list of prioritized award candidates
6
Conduct global industry review
Build consensus on award candidates’ eligibility
• Hold global team meeting to review all candidates
• Pressure-test fit with criteria • Confirm inclusion of all
eligible candidates
Final list of eligible award candidates, representing success stories worldwide
7 Perform quality check
Develop official award consideration materials
• Perform final performance benchmarking activities
• Write nominations • Perform quality review
High-quality, accurate, and creative presentation of nominees’ successes
8
Reconnect with panel of industry experts
Finalize the selection of the best-practice award recipient
• Review analysis with panel • Build consensus • Select winner
Decision on which company performs best against all best-practice criteria
9 Communicate recognition
Inform award recipient of award recognition
• Present award to the CEO • Inspire the organization for
continued success • Celebrate the recipient’s
performance
Announcement of award and plan for how recipient can use the award to enhance the brand
10 Take strategic action
Upon licensing, company may share award news with stakeholders and customers
• Coordinate media outreach • Design a marketing plan • Assess award’s role in future
strategic planning
Widespread awareness of recipient’s award status among investors, media personnel, and employees
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