Connect with us

Technology

Hospital PMI® at 51.9%; October 2024 Hospital ISM® Report On Business®

Published

on

TEMPE, Ariz., Nov. 7, 2024 /PRNewswire/ — Economic activity in the hospital subsector grew in October for the 14th consecutive month after contracting twice in the previous four-month period, with 35 consecutive months of growth prior to that, say the nation’s hospital supply executives in the latest Hospital ISM® Report On Business®.

The report was issued today by Nancy LeMaster, MBA, Chair of the Institute for Supply Management® (ISM®) Hospital Business Survey Committee: “The Hospital PMI® registered 51.9 percent in October, a 3.1-percentage point decrease from the September reading of 55 percent, indicating a 14th consecutive month of growth. October’s Hospital PMI® reading is the lowest since a contraction in August 2023 (47.5 percent). The Business Activity Index moved into contraction territory after expanding for 13 straight months. The New Orders Index returned to contraction after two consecutive months of expansion, and the Employment Index also moved back into contraction territory in October after expanding for five straight months. The Supplier Deliveries Index remained in expansion (which indicates slower delivery performance) for the 14th consecutive month. The Prices: Pharmaceuticals Index went into contraction (or ‘decreasing’) territory for the first time since Hospital ISM® Report On Business® data collection began in April 2018.

“The Case Mix Index expanded in October after contracting in the previous month and expanding for four consecutive months prior to that, registering 52 percent, 3.5 percentage points higher than September’s figure of 48.5 percent. The Days Payable Outstanding Index returned to contraction in October, registering 45.5 percent, down 6.5 percentage points from the 52 percent reported in September. The Technology Spend Index reading of 61 percent is an increase of 4.5 percentage points compared to the 56.5 percent recorded in September. The Touchless Orders Index returned to expansion territory in October, registering 50.5 percent, up 3.5 percentage points from the 47 percent reported in September.”

LeMaster continues, “Two hurricanes in less than two weeks in late September and early October reminded everyone of the fragility of the health-care supply chain. The Baxter IV solutions plant in North Carolina was significantly damaged, and the B. Braun plant in Florida sustained minor damage. In addition, supply deliveries were interrupted, and there were widespread elective procedure cancellations. The federal government is working to quickly provide emergency authorization for importation of IV fluids from other countries. The North Carolina facility also manufactured peritoneal dialysis fluids and bags used by pharmacies to compound fluids. It is unclear how much of the reduction in the Employment Index was related to a decrease in demand versus budget constraints and turnover.” 

Hospital PMI® History

Month

Hospital PMI®

Month

Hospital PMI®

Oct 2024

51.9

Apr 2024

53.5

Sep 2024

55.0

Mar 2024

52.3

Aug 2024

58.6

Feb 2024

56.6

Jul 2024

53.3

Jan 2024

61.5

Jun 2024

55.8

Dec 2023

62.5

May 2024

58.4

Nov 2023

59.8

Average for 12 months – 56.6

High – 62.5

Low – 51.9

 

About This Report
The information compiled in this report is for the month of October 2024.

The Hospital PMI® was developed in collaboration with the Association for Health Care Resource & Materials Management (AHRMM), an association for the health care supply chain profession, and a professional membership group of the American Hospital Association (AHA).

The data presented herein is obtained from a survey of hospital supply executives based on information they have collected within their respective organizations. ISM® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation
The Hospital ISM® Report On Business® is based on data compiled from hospital purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Employment, Supplier Deliveries, Inventories, Prices, Prices: Pharmaceuticals, Prices: Supplies, Backlog of Orders, Imports, Inventory Sentiment, Case Mix, Days Payable Outstanding, Technology Spend, and Touchless Orders), this report shows the percentage reporting each response and the diffusion index. Responses represent raw data and are never changed. Beginning in January 2021, the Report On Business® staff and consultants are gathering market information to better validate the Exports Index. Exports Index data are still being collected.

The Hospital PMI® is a composite index computed from the following, equally weighted indexes: Business Activity, New Orders, Employment and Supplier Deliveries. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Hospital PMI® index reading above 50 percent indicates that the hospital sub-sector is generally expanding; below 50 percent indicates that it is generally declining. For the sub-indexes, except Supplier Deliveries, an index reading above 50 percent indicates that the sub-index is generally expanding; below 50 percent indicates that it is generally contracting. A Supplier Deliveries Index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.

The Hospital ISM® Report On Business® survey is sent out to the Hospital Business Survey Panel respondents the first part of each month. Respondents are asked to ONLY report on U.S. operations for the current month. ISM® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM® then compiles the report for release on the fifth business day of the following month.

ISM ROB Content
The Institute for Supply Management® (“ISM”) Report On Business® (Manufacturing, Services, and Hospital reports) (“ISM ROB”) contains information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, “Content”) of ISM (“ISM ROB Content”). ISM ROB Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM ROB Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM ROB Content (excluding any software code) solely for your personal, non-commercial use. The ISM ROB Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM ROB Content.

Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including, but not limited to tables, charts, data streams, time-series variables, fonts, icons, link buttons, wallpaper, desktop themes, online postcards, montages, mashups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM ROB Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You shall not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you shall not build a business utilizing the Content, whether or not for profit.

You shall not create, recreate, distribute, incorporate in other work, or advertise an index of any portion of the Content unless you receive prior written authorization from ISM. Requests for permission to reproduce or distribute ISM ROB Content can be made by contacting Rose Marie Goupil in writing at: ISM Research, Institute for Supply Management, 309 W. Elliot Road, Suite 113, Tempe, AZ 85284-1556, or by emailing rgoupil@ismworld.org; Subject: Content Request.

ISM shall not have any liability, duty, or obligation for or relating to the ISM ROB Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM ROB Content, or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages, arising out of the use of the ISM ROB. Report On Business®, PMI®, Manufacturing PMI®, Services PMI®, and Hospital PMI® are registered trademarks and trademarks of Institute for Supply Management®. Institute for Supply Management® and ISM® are registered trademarks of Institute for Supply Management, Inc.

About Institute for Supply Management®
Institute for Supply Management® (ISM®) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM empowers and leads the profession through the ISM® Report On Business®, its highly-regarded certification and training programs, corporate services, events, and assessments. The ISM® Report On Business®, Manufacturing, Services, and Hospital, are three of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. For more information, please visit: www.ismworld.org.

The text version of the public Hospital ISM® Report On Business® is posted on ISM®’s website at www.ismrob.org on the fifth business day* of every month at 10:00 a.m. ET.

The next Hospital ISM® Report On Business® featuring November 2024 data will be released at 10:00 a.m. ET on Friday, December 6, 2024.

*Unless the New York Stock Exchange is closed.

Contact:

Rose Marie Goupil

Report On Business® Analyst

ISM®, ROB/Program Manager

Tempe, Arizona

+1 480.752.6276, ext. 3005

Email: rgoupil@ismworld.org 

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/hospital-pmi-at-51-9-october-2024-hospital-ism-report-on-business-302297657.html

SOURCE Institute for Supply Management

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

REPLY: COVU Transforms Customer Experience with Amazon Connect, Partnering with Storm Reply

Published

on

By

CHICAGO, Nov. 7, 2024 /PRNewswire/ — Storm Reply, an AWS Premier Consulting Partner and member of the Reply network, has successfully implemented Amazon Connect for COVU, a leader in AI-native services for insurance agencies. This integration empowers COVU to enhance its customer experience, scale operations with a growing number of AI solutions, and drive business growth with a robust and flexible contact center platform.

COVU’s contact center, the core of its operations, manages customer calls, text messages, web inquiries, and emails for numerous client agencies. As the company grew, COVU sought to replace its legacy system, which had limitations in visibility and call management. To further elevate its telephony capabilities, gain deeper insights into essential metrics like average wait times and abandonment rates, and build a foundation for rapidly developing new AI solutions, COVU partnered with Storm Reply to implement Amazon Connect, a cloud-based contact center system.

Storm Reply implemented several AI-driven features, including real-time call transcription, automated redaction of personally identifiable information (PII), and AI-powered call summaries. Additionally, sentiment analysis was integrated to help agents and supervisors proactively manage customer satisfaction.

Since implementing Amazon Connect, COVU has boosted efficiency and scalability, using AI-driven insights to handle more interactions without raising costs. Enhanced call routing and real-time insights have cut call abandonment rates by 20% and helped meet service level agreements, setting the stage for scalable growth. The integration of AWS telephony and SMS technology has further positioned COVU to quickly expand its AI capabilities, including the development of an AI voice agent that answers calls when human agents are busy, and creates tickets for operations staff, enhancing service efficiency. As a result, agent satisfaction has increased by over 250%.

Amin Zarshenas, Cofounder and Chief Product Officer at COVU  shared, “With Amazon Connect’s ability to seamlessly integrate with other AI services, we are poised to quickly launch new AI applications, drive operational efficiencies to foster business growth, and ensure success for our clients. This shift allows my leadership team and me to move beyond operational challenges and focus on strategic initiatives that fuel our company’s growth.”

Don Mishory, Managing Partner at Storm Reply, added, “By implementing Amazon Connect, we’ve empowered COVU to achieve remarkable efficiency and scalability. With AI-driven insights and advanced call routing, COVU has enhanced customer interactions while keeping operational costs steady. The integration of AWS technology has also paved the way for innovative solutions like an AI voice agent, significantly improving service efficiency and agent experience.”

Learn more about how COVU enhanced its customer experience here.

Reply

Reply [EXM, STAR: REY] specializes in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialized companies, Reply defines and develops business models enabled by the new models of AI, big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organizations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com

Storm Reply

Storm Reply is a global leader in cloud-based solutions and services, specializing in the design and implementation of innovative Cloud infrastructures. As an AWS Premier Consulting Partner, Storm Reply supports businesses in implementing cloud systems, including Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS). Storm Reply helps enterprises leverage the cloud to drive business transformation and growth.

COVU

COVU is a tech-enabled partner for independent insurance agencies, offering an AI-powered platform that combines advanced technology with licensed support staff, market access, and expert advice. COVU’s all-in-one solution helps insurance agencies focus on strategic growth, improve customer service, and future-proof their operations.

Press contact:

Reply
Fabio Zappelli
f.zappelli@reply.com
Tel. +390117711594

Anusha Shankar
a.shankar@reply.com
Tel. +1 3129980306

View original content to download multimedia:https://www.prnewswire.com/news-releases/reply-covu-transforms-customer-experience-with-amazon-connect-partnering-with-storm-reply-302298256.html

SOURCE Reply

Continue Reading

Technology

Therap Enhances Person-Centered Data Collection Tools and Expands Data Submission Window to Improve Individual Service Plans and Long-Term Care within the Human Services Sector

Published

on

By

TORRINGTON, Conn., Nov. 7, 2024 /PRNewswire/ — Therap Services, the forefront provider of HIPAA-compliant electronic documentation solutions for organizations and agencies in Long-Term Services and Supports (LTSS), Home and Community-Based Services (HCBS), and broader human services sectors, has recently expanded its ISP Data submission window and introduced key enhancements to its data collection and reporting features. These updates offer significant benefits to service providers by enhancing the management and tracking of goals and objectives, helping to improve overall care and outcomes.

A major improvement is the extension of the ISP Data submission window from six months to 13 months. This expanded time frame offers greater flexibility for providers to submit, update, and adjust data as necessary, ensuring that documentation stays up-to-date even in complex or evolving care scenarios. This longer window allows for more comprehensive data collection and reporting, ultimately leading to more accurate tracking of individual progress.

In addition to the extended submission window, Therap has made some other enhancements to the ISP Data module, designed to make the data collection process more streamlined and user-friendly. These improvements focus on simplifying the entry of key information, enabling staff to record data more efficiently and accurately. With these updates, service providers can better monitor individual progress, make more informed decisions, and adjust care plans as needed.

The reporting features within the ISP Data module have also been enhanced to provide more meaningful and actionable insights. By improving report generation and search functionality, providers can more easily track trends, measure outcomes, and ensure compliance with regulatory requirements. These updates support providers in delivering higher-quality services by offering clearer visibility into the effectiveness of their programs.

Overall, the expanded ISP Data submission window and enhanced features empower providers to deliver better care, improving outcomes for vulnerable populations.

For more information on Therap’s comprehensive eSolution for Person-Centered services, please visit https://www.therapservices.net/products/comprehensive-esolution-for-person-centered-services/

About Therap

Therap’s comprehensive and HIPAA-compliant software is used in human services settings for documentation, communication, reporting, EVV and billing.

Learn more at www.therapservices.net

Related Links
http://www.therapservices.net

View original content:https://www.prnewswire.com/news-releases/therap-enhances-person-centered-data-collection-tools-and-expands-data-submission-window-to-improve-individual-service-plans-and-long-term-care-within-the-human-services-sector-302298909.html

SOURCE Therap Services

Continue Reading

Technology

TD Integrates with TouchBistro to Provide Payment Solution to Canadian Restaurant Owners

Published

on

By

TouchBistro POS and restaurant management system enables restaurant owners to manage orders, reservations, staffing, floor plan, and reconcile bills on one platform

TORONTO, Nov. 7, 2024 /CNW/ – TD Bank Group (TD) is pleased to announce a collaboration with independent software vendor, TouchBistro, enabling Canadian restaurant and food service entrepreneurs to consolidate all management and payment services into one, easy to use POS and restaurant management system. Available to all TD customers, TouchBistro provides restaurateurs with everything they need to drive sales and streamline operations through their comprehensive suite of front of house, back of house, and guest engagement technology.

“Collaborating with TouchBistro gives our merchants the ability to integrate their TD payment devices and benefit from the restaurant POS functionality and features that TouchBistro has to offer,” says Alec Morley, Senior Vice President, Canadian Small Business Banking at TD. “In turn, Merchants have the peace of mind being supported by a bank and software vendor that they know and trust, helping entrepreneurs feel at ease while managing their restaurant business.”

When it comes to paying for meals, TouchBistro’s 2024 Canadian Diner Trends Report found that 84 percent of Canadian diners prefer to settle up by using either a credit or debit card, and 76 percent of patrons prefer using a handheld payment terminal that is brought to the table.

“Offering merchants the ability to integrate their TD payment device directly with a restaurant management tool allows them to deliver what Canadian diners are looking for – ease of payment combined with enhanced customer service,” says Morley. “When things like reservations, managing orders and floor plans, plus the ability to reconcile bills are offered in one platform, restaurant staff can focus their attention on diners and delivering the quality customer service that we know Canadians are looking for.”

“TouchBistro is constantly evolving to offer best-in-class solutions to operators, and we are excited to work with TD as one of our integrated payments providers,” said Samir Zabaneh, Chairman and CEO of TouchBistro. “As we continue to be the most comprehensive all-in-one POS and restaurant management system, this collaboration is a natural fit as we expand our portfolio to offer diverse solutions that cater to Canadian operators’ unique needs.”

Offering an integrated payment solution allows merchants to improve efficiencies, generate insights about their business, ensure that payment data is secure and provide a pleasant customer experience.

For more information on the TD-integrated payment solution with TouchBistro please visit: https://www.touchbistro.com/tdintegration/

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world’s leading online financial services firms, with more than 17 million active online and mobile customers. TD had $1.97 trillion in assets on July 31, 2024. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

About TouchBistro

TouchBistro is an all-in-one POS and restaurant management system that makes running a restaurant easier by providing essential front of house, back of house, and guest engagement solutions on one powerful platform. TouchBistro helps restaurateurs streamline and simplify their operations, drive sales, and deliver a great guest experience. For additional information, visit TouchBistro.com.

SOURCE TD Bank Group

Continue Reading

Trending