On the heels of a great event and presentation along with Rick Gaylord, our healthcare solution specialist, at the 2018 CEAI Conference, I want to continue the conversation about the far-reaching impacts of machine data and artificial intelligence for healthcare technology.
It is well known that margins in the medical device industry are eroding, partly due to the fact that nearly all health care providers are involved in some type of group purchasing organization (GPO) and that GPOs account for nearly three-quarters of provider purchases.
Most would consider analytics a science. The Glassbeam team considers analytics an art of combining impermeable truth from machine logs with deep healthcare domain expertise. As we expand our penetration of the healthcare market after spending years in the data center world, where the gold standard for machine uptime was 99.999 percent, we have recognized a huge opportunity since the acceptable machine uptime for medical equipment ranged from 90 to 97 percent.
The Association for the Advancement of Medical Instrumentation (AAMI) Conference and Expo is a big stage for conversations about innovation, advancements and security for medical equipment. Our team recently attended the 2018 expo in Long Beach, CA, and we were thrilled to mingle with like-minded industry professionals who share our interests in the advancement of medical instrumentation.
Capital expenditures for healthcare equipment totaled more than $350 billion in 2016, according to Harbor Research. Healthcare organizations and Independent Service Organizations (ISOs) are now turning to AI and machine learning to predict and prevent equipment failures and reduce operational costs.
Glassbeam loves its customers. Customer development is an integral part of Glassbeam. Our healthcare/clinical customers are telling us how the newly launched Glassbeam CLinical Engineering ANalytics (CLEAN) Blueprint is creating immense value by analyzing machine log data and presenting deep insights about machines in their clinical environment.
We are exhibiting at MD Expo April 4-6, a leading high tech medicine (HTM) trade show and conference. It will be held at the Renaissance Nashville Hotel, 611 Commerce Street. We hope you will stop and visit us at booth #119.
In my role as the Healthcare Solutions Specialist for Glassbeam I've had the opportunity to meet with a wide range of Glassbeam customers and partners. I've spoken to members of the C-Suite, Directors of Clinical Engineering, and Field Service Engineers/Imaging Service Engineers (FSEs/ISEs) on the frontlines of imaging system service.