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PA Cyber introduces hybrid of virtual and self-paced online courses

8 Aug

finally fastTechnology news from the Finally Fast team

“FLEX” courses, a hybrid model combining some of the best features of self-paced and virtual online instruction, are being offered this year at the high school level by the Pennsylvania Cyber Charter School.

The new FLEX curriculum is a hybrid of the self-paced Lincoln Interactive and real-time Virtual Classroom (VC) courses, said Dr. Michael J. Conti, CEO of PA Cyber.

“FLEX is a great option for students who do not want to commit to a full-time VC class, but who can benefit from the structure and live teacher interaction of synchronous instruction,” said Dr. Conti.

FLEX courses available in grades 9-12 for the 2012-2013 school year are English 10, American History, World Cultures, Earth Science, Biology, Spanish 1, French 1 and German 1. More courses are to be offered in the FLEX model if it proves to be as effective and popular as the school’s curriculum developers anticipate.

In FLEX courses, students will meet with their teacher and classmates live online one day per week (Tuesday or Thursday) for 90 minutes in Blackboard Collaborate, the online meeting program used for VC classes.

On the remaining four days, students will be required to independently complete one lesson each day in Schoology. Schoology is a secure online learning management system used by PA Cyber to create and share academic content.

Jennifer Shoaf, PA Cyber director of curriculum and instruction, said the FLEX option provides students with more structure and real-time teacher interaction than self-paced Lincoln Interactive courses, while allowing the student to work and study independently on the course material. FLEX teachers will be available for individual tutoring on a regular weekly schedule.

Because they are so new, FLEX courses are not listed in the school’s 2012-2013 course catalog. Shoaf said instructional supervisors are sharing information about FLEX courses with students and their parents, so that they can then make the best decision about which model of instruction matches the student’s learning style and educational goals: self-paced Lincoln Interactive, Virtual Classroom or FLEX. FLEX courses are available to all PA Cyber high school students with the consent of their instructional supervisors.

Every independent day begins with the student viewing a short introductory video from the teacher explaining the day’s lesson. Lessons may include working on projects, doing research, participating in discussion groups, and other tasks. Each self-paced lesson is designed to take approximately 50 minutes.

Each day’s lesson will be available at 8 a.m. If the lesson contains an assignment, the assignment will have a due date that may be that same day or a different day. The student has until midnight of the due date to turn in the assignment.

“Courses offered in the FLEX model keep students on pace,” said Shoaf. “The schedule and calendar for FLEX will be the same as for our Virtual Classroom courses, in which students start school on a certain day and end on a certain day.”

“PA Cyber continues to lead the way in educational innovation,” said Dr. Conti. “Our teachers and curriculum staff deserve credit for introducing an exciting new option in online learning.”

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Class Action Lawsuit On Behalf Of Homeowners Against Bank Of America Alleging Abuses In Its Force-Placed Flood Insurance Program Allowed To Proceed In U.S. District Court

18 Jul

Finally FastWorld News from the Finally Fast team

On Wednesday, July 11, 2012, Judge Michael Simon of the United States District Court for the District of Oregon issued a ruling that permitted the Plaintiffs’ breach of contract claims to proceed in a nationwide class action alleging that Bank of America (NYSE: BAC) improperly force-placed high-premium flood insurance policies on homeowners across the United States.

In their Complaint, Plaintiffs Ronda and Larry Arnett allege that Bank of America has a practice of force-placing flood insurance coverage above the amounts required by borrowers’ mortgage contracts and by federal law.  Bank of America asked the Court to dismiss the case, asserting that its mortgage contracts with borrowers permit it to force-place high premium flood insurance coverage in any amounts that it deems necessary.  The Court denied Bank of America’s motion to dismiss and decided that Plaintiffs’ claims alleging breach of contract and conversion of funds should proceed to trial.

“When it comes to flood insurance, Bank of America and other companies in the mortgage servicing industry have engaged in a classic bait-and-switch, in which borrowers are informed of one set of flood insurance requirements at closing and then, later, Bank of America demands additional, unwarranted flood insurance coverage,” said Shanon Carson of Berger & Montague, P.C., one of the lead attorneys for the Plaintiffs.  “Through this scheme, Bank of America has harmed tens of thousands of consumers by force-placing excessive and unnecessary flood insurance at extraordinarily high prices.  Moreover, each time Bank of America force-places flood insurance policies on its borrowers it receives a kickback from the flood insurance companies with whom Bank of America has an exclusive relationship.”

“All homeowners in the United States with mortgage loans serviced by Bank of America who have been force-placed with flood insurance policies are potentially affected by the Court’s decision in this case,” added Brett Cebulash, another of the Plaintiffs’ attorneys.  “By virtue of this decision, they will now have their day in court.”

A similar case, brought on behalf of Bank of America borrowers with home equity lines of credit (“HELOCs”), that also alleges abuses in the force-placement of flood insurance, has been brought by the same group of plaintiffs’ attorneys and is also pending before Judge Simon in the United States District Court for the District of Oregon.

Borrowers who have been subjected to force-placed insurance policies and customers of Bank of America who are potentially affected by this decision can obtain additional information by calling Shanon J. Carson, Esq. at (215) 875-4656 or Patrick F. Madden, Esq. at (215) 875-3035, both of the law firm, Berger & Montague, P.C.  Mr. Carson and Mr. Madden can also be contacted by email at scarson@bm.net or pmadden@bm.net.

The Plaintiffs in this case, Arnett, et al. v. Bank of America, N.A., Civil Action No. 11-cv-1372 (D. Or.), are represented by the law firms of Berger & Montague, P.C., Taus Cebulash & Landau LLP, and Stoll Stoll Berne Lokting & Shlachter P.C.

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Carnegie Mellon and Lehigh Lead in Launch Of New Program To Bolster Manufacturing Innovation

27 Jun

Finally FastBusiness news from the Finally Fast team

Carnegie Mellon University in collaboration with Lehigh University will manage a new $1 million manufacturing and innovation development program to help foster a renaissance in Pennsylvania manufacturing globally.

“Manufacturing adds more than $75 billion in value each year to our state’s economy, and it is paramount that we do all that we can to grow that sector of our economy,” said Pennsylvania Governor Tom Corbett. “Through partnering with our world-class research institutions, we can provide the tools needed for Pennsylvania companies to create jobs and compete in the global economy.”

The Research for Advanced Manufacturing in Pennsylvania program (RAMP) is funded through the Department of Community and Economic Development’s Discovered in PA – Developed in PA (D2PA) program. The D2PA program, created by the Corbett administration, is designed to build capacity to better support Pennsylvania’s businesses and to spur creativity and innovation in the allocation of economic development services.

The RAMP program is designed to tap the research and innovation capabilities of both CMU and Lehigh and provide technical and economic benefits to the state’s small-, medium- and large-sized manufacturing companies by enabling knowledge transfer, the discovery of new technologies and retention of highly skilled students, according to Matthew A. Sanfilippo, executive director of CMU’s Institute for Complex Engineered Systems (ICES).

RAMP will operate as a competitive funding program that provides small incentive grants (one to one and one-half years in duration) to faculty-led teams at both CMU and Lehigh that engage in short-term innovation projects in cooperation with a Pennsylvania manufacturing company. Each successful RAMP proposal will be awarded between $25,000 and $75,000 to help support graduate students working with successful participating companies.

“This program is designed to help Pennsylvania companies invent and develop advanced manufacturing capabilities to compete in a global marketplace,” said Gary Fedder, ICES director and a professor in the Electrical and Computer Engineering Department and the Robotics Institute.

“Additionally, RAMP will build off the successful history at Lehigh and CMU of partnering with Pennsylvania’s companies and provide a gateway for these companies to tap into the unique technical capabilities that are available at these research universities,” added Richard Sause, director of Lehigh’s ATLSS Engineering Research Center.

The new program falls on the heels of the U.S. government’s tack to forge new ways to collaborate on discovery, commercialization and the building of workforce skills to ensure that advanced manufacturing creates jobs in the United States.

CMU research has shown that moving manufacturing overseas to developing countries can reduce the economic viability of emerging technologies.

“We find that in the case of early-stage industries with immature processes that when U.S. firms shift production from the U.S. to countries like China, the most advanced technologies that were developed in the U.S. no longer pay,” said Erica Fuchs, an assistant professor in the Department of Engineering and Public Policy at Carnegie Mellon. “With changes in the innovation ecosystem over the last few decades, policy and other funding mechanisms to support manufacturing, technology development and commercialization activities by these small- and medium-sized enterprises may be of growing importance to regional and national economic development.”

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Trayless Dining on Campus Reduces 15 Million Pounds of Food Waste

27 Apr

Finally FastTechnology news from the Finally Fast Team

While Earth Day is celebrated once a year, at campuses throughout North America served by ARAMARK, Every Day is Earth Day, thanks to ongoing sustainable practices focused on reducing waste, conserving resources, purchasing responsibly and operating environmentally friendly spaces.

One initiative, trayless dining (removing trays from college dining halls), is having a measurable impact on reducing waste and conserving natural resources.  According to a national survey conducted by ARAMARK Higher Education, trayless dining reduces waste by approximately two ounces per person, per meal. As of spring 2012, more than 300 colleges and universities served by ARAMARK throughout North America have removed trays from their dining halls, diverting more than 15 million pounds of food waste from landfills this year, while reducing trash hauling needs, decreasing water and chemical use, and reducing electricity consumption.

“Trayless dining is just one high impact example of how engaging an entire community can yield significant results for the environment,” said Christopher Stemen, Associate Vice President of Sustainability, ARAMARK Higher Education.  “Our goal is to involve the campus community in sustainable practices that they can incorporate into their daily lives. By making Every Day Earth Day, we can positively impact our campuses, local communities and planet all at the same time.”

Throughout Earth Week, ARAMARK is hosting several campus events that highlight the importance of environmental stewardship, including:

  •  Weigh the Waste-What’s in Your Garbage.  Learn how to identify types, quantities, and origins of waste and understand opportunities for waste reduction, recycling and composting.
  • Meatless Monday.  By cutting out meat once per week at a single meal, you can help reduce your impact on the environment
  • Know Your Recyclables Speed Recycling Game. Play and understand how to properly dispose of waste and avoid contamination.
  • Dim or Turn Off the Lights.  Save energy and generate awareness about the importance of reducing energy consumption.  Energy consumption currently accounts for approximately 39 percent of all greenhouse gases emitted, a major impact to the environmental footprint on campus.
  • Get Caught Green Handed.  A game that instantly rewards students, faculty, employees, staff and guests who are spotted participating in sustainable practice
  • Farm 2 Fork Meal. Local farmers will be on campus to talk about where food comes from during a special meal that features more local, seasonal, vegan and vegetarian offerings.

Beyond campus events, ARAMARK partners with the Student Conservation Association (SCA), a nationwide conservation force of college and high school students who protect and restore America’s parks, forests, refuges, seashores and communities.

During the month of April, ARAMARK and SCA will host several volunteer events throughout the country where hundreds of our employees will complete conservation service projects at natural resource management areas nationwide, including urban parks and green spaces.  Projects include habitat and riparian restoration, tree planting, trail building and maintenance, and more.

Additionally, in partnership with SCA, ARAMARK is offering career opportunities to young professionals through its Environmental Sustainability Internship Program. The program provides participants with hands-on environmental job experience as they help implement solutions for clients at schools, universities, businesses and other locations across the country.

ARAMARK Higher Education is committed to protecting and improving the environment. We strive to develop innovative environmental stewardship programs within the areas of Sustainable Food; Green Buildings; Blue Cleaning; Waste Stream Management; Responsible Procurement; Energy and Water Conservation; and Transportation.

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Genes Identified for Common Childhood Obesity

10 Apr

Finally FastTechnology news from the Finally Fast team

Genetics researchers have identified at least two new gene variants that increase the risk of common childhood obesity.

“This is the largest-ever genome-wide study of common childhood obesity, in contrast to previous studies that have focused on more extreme forms of obesity primarily connected with rare disease syndromes,” said lead investigator Struan F.A. Grant, Ph.D., associate director of the Center for Applied Genomics at The Children’s Hospital of Philadelphia. “As a consequence, we have definitively identified and characterized a genetic predisposition to common childhood obesity.”

The study, by an international collaborative group, the Early Growth Genetics (EGG) Consortium, appeared online today in Nature Genetics.

As one of the major health issues affecting modern societies, obesity has increasingly received public attention, especially given a rising prevalence of the condition among children. Research indicates that obese adolescents tend to have higher risk of mortality as adults. Although environmental factors, such as food choices and sedentary habits, contribute to the increasing rates of obesity in childhood, twin studies and other family-based evidence have suggested a genetic component to the disease as well.

Previous studies have identified gene variants contributing to obesity in adults and in children with extreme obesity, but relatively little is known about genes implicated in regular childhood obesity.

“The Center for Applied Genomics at The Children’s Hospital of Philadelphia has recruited and genotyped the world’s largest collection of DNA from children with common obesity,” said Grant. “However, in order to have sufficient statistical power to detect novel genetic signals, we needed to form a large international consortium to combine results from similar datasets from around the world.”

The National Institutes of Health partly funded this research, which analyzed previous studies supported by many other European, Australian and North American organizations.

The current meta-analysis included 14 previous studies encompassing 5,530 cases of childhood obesity and 8,300 control subjects, all of European ancestry. The study team identified two novel loci, one near the OLFM4 gene on chromosome 13, the other within the HOXB5 gene on chromosome 17. They also found a degree of evidence for two other gene variants. None of the genes were previously implicated in obesity. “The known biology of three of the genes,” added Grant, “hints at a role of the intestine, although their precise functional role in obesity is currently unknown.”

“This work opens up new avenues to explore the genetics of common childhood obesity,” said Grant. “Much work remains to be done, but these findings may ultimately be useful in helping to design future preventive interventions and treatments for children, based on their individual genomes.”

The co-first author of the paper, Jonathan P. Bradfield, is from The Children’s Hospital of Philadelphia. Two senior investigators from Children’s Hospital, Hakon Hakonarson, M.D., Ph.D., director of the Hospital’s Center for Applied Genomics, and Robert I. Berkowitz, M.D., director of the Weight and Eating Disorders Research Program, were also among the study co-authors.

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Increased Worry Among Retirees Doesn’t Equate to Action

2 Apr

Finally FastEconomy news from the Finally Fast team

While American retirees are more concerned about retirement risks than in previous years, a new study by the Society of Actuaries (SOA) shows there has been little change in their risk management strategy over the past two years and concern among the survey researchers that many may be at risk of running out of assets.

“The 2011 Risks and Process of Retirement Survey,” sponsored by the SOA, is the sixth biennial study of post-retirement risks and offers insight into Americans’ awareness of retirement risk, how their awareness has changed over time, and how these perceptions have affected the way they manage their finances.

The survey of 1,600 adults, ages 45 to 80 (800 retirees and 800 pre-retirees), found the greatest retirement planning concerns include protection against inflation, the ability to pay for healthcare, and the cost of long-term care.

“Except for health coverage, insurance products such as annuities and long-term care insurance are not seen as major components of retirement planning,” said actuary and retirement expert Anna Rappaport, FSA, MAAA, who serves as chairperson of the Society of Actuaries’ Committee on Post-Retirement Needs and Risks. “As a result, many retirees continue to be at risk of running out of assets and having to rely solely on Social Security.”

The retirement risks that most concern both retirees and pre-retirees are:

  • Keeping the value of their savings and investments up with inflation (69 percent of retirees, 77 percent of pre-retirees)
  •  Having enough money to pay for adequate health care (61 percent of retirees, 74 percent of pre-retirees)
  •  Having enough money to pay for long-term care (60 percent of retirees, 66 percent of pre-retirees)
  •  Being able to maintain a reasonable standard of living for the rest of their life (59 percent of retirees, 64 percent of pre-retirees)
  • Varying income as a result of changes in interest rates (57 percent of retirees, 64 percent of pre-retirees)
  • Depleting their savings (54 percent of retirees, 63 percent of pre-retirees)

“Notwithstanding this increased concern, retirees and pre-retirees are no more likely than in previous years to report they have used the various risk-management strategies examined in the survey,” said actuary and retirement expert Carol Bogosian, ASA.  “However, retirees are more likely than in 2009 to report they have cut back on spending, saved as much money as they can, and purchased a product or chosen an employer plan option that provides them with guaranteed income for life.”

A major concern is that many people have a shorter planning horizon than their future expected lifetime, according to the SOA. Despite this, retirees are more likely than in 2009 to say their planning horizon is at least 10 years (34 percent, up from 23 percent), while pre-retirees are more likely to say it is at least 20 years (19 percent, up from 13 percent).  Meanwhile, more than one in three pre-retirees feel retirement will not apply to them due to finances or a desire to continue working.

Still, Bogosian points out while more people expect to delay retirement, the “how” and “when” people retire remain key factors pre-retirees need to carefully consider. And, many pre-retirees may be ignoring the possibility of involuntary early retirement.

“There is a major disconnect between when people say they plan to retire and when they actually do,” Bogosian said. “The survey found half of retirees had retired from their primary occupation before age 60. And, though other studies show an increase in the percentage of people over age 65 who are employed, many who lose jobs in their 50s and early 60s experience more difficulty finding new employment than younger people.”

If they were to live five years longer than expected, retirees indicated they would be more likely than in 2005 to:

  • reduce their expenditures significantly (64 percent, up from 53 percent)
  • dip into money that might otherwise have gone toward an inheritance (49 percent of retirees, up from 42 percent), and
  • deplete all of their savings (45 percent, up from 35 percent).

Pre-retirees show no significant change from 2005 in the consequences they anticipate should they live five years longer than expected. In fact, only one-third (35 percent) of pre-retirees have a plan for financing their retirement. Meanwhile, nearly six in 10 retirees (57 percent, up from 44 percent in 2005) report they have a plan for how much money they will spend each year in retirement and where that money will come from.

Since this question was last asked in 2005, the increase in reported prevalence of plans for retirement is encouraging; however, the percentage without plans indicates there is still a long way to go, according to actuary and retirement expert Cindy Levering, ASA, MAAA, EA.

“Retirees who use all of their assets or accumulate debt they cannot realistically expect to repay may face major difficulty,” said Levering. “This can be particularly troublesome for the survivor of a couple after the spouse’s death.”

Planning to use home equity to finance retirement is a precarious strategy, especially in times of reduced housing prices, considering the illiquid nature of real estate, Levering added.

Both retirees and pre-retirees are significantly more concerned about inflation than in 2007, the year the question was previously asked, said Levering. More than four in 10 retirees (43 percent) and pre-retirees (47 percent) report they think inflation will affect the amount of money they will need in retirement a great deal.

“Although Federal policy and unemployment have worked to keep overall reported inflation low in the last few years, retirees feel seriously affected by increases in health care costs, their share of these costs, and by food and energy prices,” Levering said.

The survey also found maintaining a healthy lifestyle is preferred to the purchase of insurance as a means of managing health and long-term care costs. About four in 10 own or plan to buy long-term care insurance, while, just one in 10 indicate they have turned to or will turn to a continuing care retirement community.

“The survey results continue to show the importance of earlier and better planning as well as a more systematic approach to managing all aspects of retirement risk,” Rappaport said.

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AT&T Launches $250 Million Aspire Initiative to Boost Graduation Rates, Pennsylvania Groups Urged to Apply

27 Mar

finally fastBusiness News from the Finally Fast team

AT&T has announced the launch of a new $250 million, 5-year financial commitment aimed at helping more students graduate from high school with the skills they need to succeed in college and careers. The funding for AT&T Aspire – already among the most significant U.S. corporate educational initiatives, with more than $100 million invested since 2008 – will be available for organizations and institutions with a proven track record of success that are looking to use technology to connect with students in new and effective ways. Between now and April 18, 2012, AT&T is encouraging Pennsylvania organizations to apply for funding through the Local High School Impact Initiative Requests for Proposals (RFPs).

“AT&T Aspire works toward an America where every student graduates high school equipped with the knowledge and skills to strengthen the nation’s workforce,” AT&T Chairman and CEO Randall Stephenson said while announcing the extended commitment during a keynote address at the second annual Building a Grad Nation Summit.

The Washington, D.C., event convened by America’s Promise Alliance (http://www.americaspromise.org/), Civic Enterprises (http://www.civicenterprises.net/home.html), The Everyone Graduates Center at Johns Hopkins University (www.every1graduates.org/), and the Alliance for Excellent Education (http://www.all4ed.org/) brings together nearly 1,200 U.S. leaders to discuss progress and challenges in ending the high school dropout crisis.

“This is a significant investment in preparing the next generation of Americans to succeed in the increasingly competitive global economy,” said J. Michael Schweder, president of AT&T Pennsylvania.  “We hope organizations across Pennsylvania with a passion for dealing with this problem and a proven track record of success in increasing graduation rates will apply for funding.”

AT&T is looking to fund local programs that have strong, evidence-based practices grounded in the What Works Clearinghouse Dropout Prevention: A Practice Guide and data-driven outcomes demonstrated to improve high school graduation rates.

Pennsylvania organizations interested in getting additional information or applying will find complete details on the RFP process at http://www.att.com/education-news by clicking on the “Aspire Local Impact RFP” option.  Applications will be accepted between now and April 27. AT&T Aspire is already among the most significant U.S. corporate educational initiatives with more than $100 million invested since 2008.  The initiative has impacted more than one million U.S. high school students, helping them prepare for success in the workplace and college.

Through Aspire, AT&T has invested $1,077,900 in Pennsylvania since 2008. Organizations that have benefited include the Netter Center for Community Partnerships at the University of Pennsylvania; Communities In Schools of Pittsburgh/Allegheny County; Girl Scouts of Eastern Pennsylvania; Junior Achievement of Western Pennsylvania; the Philadelphia’s Children First Fund; and the United Way of York County, among others.  In collaboration with Junior Achievement, students across Pennsylvania also have participated in job shadowing events at AT&T facilities in the state, giving students a chance to make the connection between school and the workplace.

Drop-out rates are a serious issue in the United States. According to a report issued today by Civic Enterprises, the Everyone Graduates Center, America’s Promise Alliance and the Alliance for Excellent Education, one in four students in the U.S. – more than 1 million each year – drops out. (AT&T is the lead sponsor of this report.)

Education experts believe that the lack of a high school degree significantly worsens job prospects, particularly in the challenging science, technology and math sectors. On average, a high school dropout earns 25 percent less during the course of his or her lifetime compared with a high school graduate and 57 percent less than a college graduate with a bachelor’s degree.

Although the problem is serious, there are signs of progress according to the report:

  • The high school graduation rate increased by 3.5 percentage points nationally from 2001 to 2009.
  •  In 2001, the rate was 72.0 percent; by 2009, it had risen to 75.5 percent. From 2002 to 2009, six states experienced large gains in their graduation rates; 14 states made moderate gains; and four states made modest gains

(Note: 2002 was the first year that state data became available.)

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Emerging Electronic Health Information Exchange Systems Fail to meet Patient Needs

15 Mar

Finally FastTech News from the Finally Fast team

Health care organizations need to do more to help patients realize the full benefits of electronic data from emerging health information exchange systems, according to a new study commissioned by Consumers Union that appears in the March 2012 Health Affairs.  The study examines how well five major California health care organizations are meeting the needs of patients and communities in the use of their electronic data and offers important lessons for the rest of the country.

“Electronic health information exchange holds great promise for improving patient care and outcomes,” said Mark Savage, senior attorney for Consumers Union, the nonprofit advocacy arm of Consumer Reports.  “Health care organizations are making progress developing these systems but they must provide patients with greater access to their electronic medical data and the ability to monitor who is accessing this information to maximize benefits and limit potential privacy risks.  Patient and public health must be at the center of these efforts.”

 

The study was funded by the California HealthCare Foundation and assesses the extent to which these efforts are meeting the needs of patients and communities based on a set of principles developed by California organizations representing consumers and patients.  The independent study was carried out by Robert H. Miller, Ph.D., a health economist and faculty member at University of California, San Francisco.

In June 2010, Consumers Union joined fifteen other organizations representing California patients and consumers to develop nine principles for electronic health information exchange.  The principles aim to improve patient and population health care by increasing the availability and use of patient data while protecting patients’ privacy.

The consumer principles balance patients’ various needs—for example, coordinating health care and information among the patient and diverse providers in multiple organizations; ensuring the security and privacy of personal health information; designing systems that can be easily used by non-English speakers and person with disabilities; and accessing safety and quality data about providers and treatments.

The 2009 stimulus bill passed by Congress provided up to $27 billion in incentives for physicians and hospitals to adopt electronic health record systems.  The law also provided an additional $2 billion for activities that encourage meaningful use of electronic health information exchange.  It set a strategic goal of achieving electronic health records for every person in the United States by 2014.

In theory, electronic health information should enable a patient’s providers to share information about the patient’s health status and current medications and to remind themselves about services the patient needs.  The patient should be able to review health records via a web-based patient portal; possibly correct or add information; communicate with providers; view reminders of needed services; and access educational materials tailored to various health issues.  Despite its potential benefits, electronic information sharing can entail risks for patients, especially loss of privacy and misuse of data.

The study examined five different health care organizations that collectively serve a full range of California patient populations:  Kaiser Permanente, Nautilus Health Care Management Group, Santa Clara Valley Hospital and Health System, Inland Empire Health Plan, and the Santa Cruz Health Information Exchange.

Each organization is considered a health information technology leader for the patient population it serves.  The study found that the organizations relied on different approaches and were at different stages of developing their systems, which provided varying benefits to both providers and patients.

Overall, exchange of electronic data among a patient’s providers in different organizations was limited, which limited benefits to patients from the use of that data for their care.  Moreover, of the five health care systems evaluated, only Kaiser and Nautilus had patient portals that enable patients to review some of their health record data.  But neither organization had done much to inform patients — particularly in their own language — about patients’ personal health information rights, remedies, and responsibilities.  Patients of the five health care organizations examined had little ability to monitor who was accessing their data.

The study found that a lack of clear “rules of the road,” including behavioral norms for health information exchange participants, legal agreements, and technical standards, was preventing quicker implementation of health information exchange systems that could benefit providers and patients alike.  Little progress has been made when it comes to using electronic health information to improve the health of the public and communities at large.

The study recommends a number of policies to end the marginalization of patients and consumers in current health information exchange efforts.  For example, launching campaigns to increase health information technology literacy could increase patients’ demand for health information exchange, forcing organizations to respond better to their needs.

In addition, the study calls on state and federal governments to enact new policies that set timetables for organizations to offer patient-friendly web-based portals; create rules that enable consumers to easily understand who has accessed their information and correct data; and fund and publicize timely evaluations of health information exchange systems, including the benefits and risks for patients.

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Bank Customer Switching Rates Rise Again

2 Mar

Finally FastBusiness news from the Finally Fast team

Consumer backlash against bank fees, coupled with poor service and unmet customer expectations, has fueled increases in defection rates among customers of large, regional and midsize banks, according to the J.D. Power and Associates 2012 U.S. Bank Customer Switching and Acquisition Study.

On the heels of “Bank Transfer Day” on November 5, 2011, the beneficiaries of the increased exodus from larger banks are primarily smaller banks and credit unions. Acquisition of new customers by smaller banks and credit unions has increased by 2.2 percentage points to an average of 10.3 percent in 2012 from 8.1 percent in 2011. Among big banks, regional banks and midsize banks(1), switching rates average between 10.0 and 11.3 percent, while the defection rate for small banks and credit unions averages only 0.9 percent, a significant drop from 8.8 percent in 2011.

The study, which examines the bank shopping and selection process, finds that 9.6 percent of customers in 2012 indicate they switched their primary banking institution during the past year to a new provider. This is up from 8.7 percent in 2011 and 7.7 percent in 2010.

The study finds that, not unexpectedly, fees are the main reason customers shop for a new primary bank. In particular, one-third of customers of big and large regional banks cite fees as the main shopping trigger.

“When banks announce the implementation of new fees, public reaction can be quite volatile and result in customers voting with their feet,” said Michael Beird, director of the banking services practice at J.D. Power and Associates. However, according to Beird, customers weigh the price they pay against the value of their experience.

“It is apparent that new or increased fees are the proverbial straws that break the camel’s back,” said Beird. “Service experiences that fall below customer expectations are a powerful influencer that primes customers for switching once a subsequent event gives them a final reason to defect. Regardless of bank size, more than one-half of all customers who said fees were the main reason to shop for another bank also indicated that their prior bank provided poor service.”

In capturing customers who are shopping for a new bank, several of the more successful banks achieve higher acquisition rates through the use of promotions and cash incentives. At one of the highest-performing big banks, 19 percent of customers indicate these promotions were the reason they selected their new bank. However, according to Beird, doing a good job for customers is not just about dollars, but also about loyalty and retention.

“Only 32 percent of customers who selected a new bank because of promotional offerings said they definitely would not switch banks again in the next 12 months,” said Beird. “In comparison, 46 to 51 percent of customers who chose the new bank because of either good service experience or positive recommendations say they definitely will not leave within the next year.”

For customers thinking about switching banks to find one that is better aligned with their expectations and needs, J.D. Power and Associates offers the following tipss:

  • Shop around to compare terms and service before deciding on a bank, the same way you might before buying a vehicle. Don’t forget about direct online banks, as their competitive fees and rates may offset any inconvenience due to lack of physical branches.
  • Don’t be swayed by promotion gifts/cash alone. It is more important to ensure the bank that you are selecting offers the right products to meet your needs and that the fees associated with the products are in line with what you are willing to pay.
  • Read account brochures and disclosures carefully and don’t be afraid to ask questions about the products you are about to open. It is important to fully understand how fees are charged and how fees can be avoided.

The 2012 U.S. Bank Customer Switching and Acquisition Study is based on multiple evaluations from 5,062 customers who shopped for a new banking account or new primary financial institution during the past 12 months. The study was fielded in November and December 2011, and includes Bank of America; Bank of the West; BBVA Compass; BB&T; Capital One; Chase; Citibank; Comerica Bank; Fifth Third Bank; Harris National Bank; HSBC; Huntington National Bank; KeyBank; M&I Bank; M&T Bank; PNC Bank; RBS Citizens; Regions Bank; Sovereign Bank; SunTrust Bank; TD Bank; U.S. Bank; Union Bank; and Wells Fargo.

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U.S. Hospitals Ramp Up Use of Electronic Health Records

28 Feb

Finally FastTechnology News from the Finally Fast Team

According to Harvard researchers, as of 2009, it was estimated that approximately 90 percent of U.S. hospitals had implemented many of the various clinical IT systems that underlie the core functionality that comprise electronic health records (EHRs). However, only around 12 percent of hospitals were using what could be considered either a basic or advanced EHR, and only 2 percent of those hospitals were using EHRs in a way that would qualify for Meaningful Use. Since 2009, hospitals’ interest in EHRs has skyrocketed, primarily due to financial subsidies provided by the U.S. government’s Health Information Technology for Economic and Clinical Health (HITECH) Act, as well as myriad other factors contributing to a dramatically changing reality for all healthcare providers. The rate of hospital EHR adoption is expected to expand significantly over the next several years, particularly for advanced EHRs designed to meet Meaningful Use criteria.

New analysis from Frost & Sullivan’s U.S. Hospital EHR Market, 2009-2016: Charting the Course for Dramatic Change research finds that the market earned revenues of $973.2 million in 2009. Total market revenues are expected to peak at $6.5 billion in 2012, primarily due to new licensing and upgrades as hospitals scramble to get certified EHR systems in place. Revenues are expected to retrench some after 2013 due to increased market saturation and growing price competition.

The core hospital EHR market is considered to be mature and dominated by a handful of well-established, relatively entrenched vendors.  However, it is still a highly dynamic market in the sense that increasing provider consolidation, customer dissatisfaction with high prices and poor usability, and uncertainties around the financial and logistical impact of healthcare reform do present new opportunities (and risks) for both existing vendors serving the market as well as new vendor entrants with niche products or services.

The HITECH Act of 2009 allocates around $30.0 billion dollars to drive various efforts around health IT. The Patient Protection and Affordable Care Act (PPACA) of 2010 is designed to reform health insurance and improve access to care for millions of Americans by 2014. In addition, new federal rules around electronic data interchange (EDI), patient privacy laws (HIPAA), and disease classification and coding (ICD-10) all have near-term deadlines that add to healthcare providers’ need to purchase various new IT products and services. Healthcare providers of every type and size are installing new IT systems or upgrading legacy systems to prepare for a new environment that puts greater emphasis on quality-based reimbursement, coordinated care, and growing patient engagement with health IT.

In order to comply with Meaningful Use as stipulated by HITECH, hospitals must install new certified EHR systems or upgrade legacy systems in order to qualify for subsidies and avoid financial penalties scheduled to begin in 2015.

“It is hard to precisely gauge how beneficial the actual stimulus funds will be for individual hospitals,” said Frost & Sullivan Industry Analyst Nancy Fabozzi. “Most hospitals may end up paying more than they earn. However, the prospect of Medicare penalties is very significant, especially in light of numerous other financial constraints facing hospitals today. The majority of hospitals have little choice but to do their best to adopt EHRs, and do so rather quickly. It is this reality that is driving dramatic growth in the market today.”

EHRs will occupy a central role as the entire U.S. healthcare system undergoes sweeping structural changes that will impact every aspect of the way we pay for and deliver health services. IT solutions like EHRs are key tools that will help enable this transformative change. Innovative health IT solutions promise to improve patient safety and reduce many of the financial and operational inefficiencies that have plagued the system for so many years.

While the expanding use of EHRs is expected to continue to provide diverse and robust opportunities for many market participants, continued success is not a given—even for well-established vendors. As health IT use grows, so too does customer sophistication and market competition.

“Continually connecting solutions and services to customers’ needs is crucial, particularly during the near-term when many customer challenges will be most pronounced,” said Fabozzi. “While many hospitals have already picked their key clinical systems vendors, it does not necessarily mean they will stay with these vendors and it does not mean opportunities do not exist for other market participants. Vendor displacements will be a natural side effect of changes in provider ownership and management.”

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