New Healthcare Finance Platform Created from Crest Capital and SOAPware Partnership
Written by Alyssa Clark
Teamwork certainly seems to be the recipe for success in this latest industry pairing—Crest Capital and SOAPware are making patients’ daily lives easier and easier concerning their medically-related financial needs.
Earlier this week, a new industry partnership was announced between leading software financing and leasing provider Crest Capital and well-known industry software developer SOAPware. With the goal in mind of better serving the healthcare industry’s ever-growing patient base and customer demands, both companies want to ensure patients with the best, and most suitable solutions to their everyday healthcare problems. Providing a solution for patients’ EHR-related software needs, the pairing of these two companies will allow SOAPware’s clientele to finance all their EHR-type software needs through Crest Capital.
"Adding SOAPware to our Vendor Program is a definite boon to both companies, as well as both industries as a whole," stated Adrian Ludwig, Senior Account Executive of Crest Capital. "Software has become the lifeblood of many industries, and in particular, the health care industry, especially when it comes to Electronic Health Records. Financing software is still a foreign concept to many, as it's not really 'tangible'. But Crest has always embraced software financing, and we're pleased that SOAPware can now offer it to their clients," added Ludwig.
Keeping an eye out on the “financial horizon” wasn’t always an easy or simple task for Crest Capital’s patients, but now SOAPware’s financial capabilities have made that dream a reality for Crest Capital’s executives. Continuing to rise to the occasion, these two companies are leaving no room for error in terms of best-serving their customer base. Specifically for SOAPware, this opportunity means maximizing its potential and solidifying its place within the industry as a multi-faceted machine.
"We've been asked about offering software financing in the past, and now we'll be able to provide it. And partnering with Crest Capital will help our customers in several ways. The obvious way is simply spreading out payments for EHR and Clinical Suite Software. But even more attractive is this software is Section 179 qualified. Financing such allows our clients to take full advantage of this generous tax code, with a minimal capital outlay”, said SOAPware Chief Operating Officer, Don Butcher.
Crest Capital is not one to turn away from hard work or responsibility, seeing as how it manages and works with multiple software developers and distributors, and they can provide all services in the area of software financing for end users. Crest Capital provides simple payment portals on specific developer’s websites as well as specific programs for specific products in order for the developers or distributors to have the ability to better market themselves within the industry.
About the Author
Alyssa Clark is the Editor of Healthcare Global
The challenges to vaccine distribution affecting everyone
While it is comforting to know that vaccines against COVID-19 are showing remarkable efficacy, the world still faces intractable challenges with vaccine distribution. Specifically, the sheer number of vaccines required and the complexity of global supply chains are sure to present problems we have neither experienced nor even imagined.
Current projections estimate that we could need 12-15 billion doses of vaccine, but the largest vaccine manufacturers produce less than half this volume in a year. To understand the scale of the problem, imagine stacking one billion pennies – you would have a stack that is 950 miles high. Now, think of that times ten. This is a massive problem that one nation can’t solve alone.
Even if we have a vaccine – can we make enough? Based on current projections, Pfizer expects to produce up to 1.3 billion doses this year. Moderna is working to expand its capacity to one billion units this year. Serum Institute of India, the world’s largest vaccine producer, is likely to produce 60% of the 3 billion doses committed by AstraZeneca, Johnson & Johnson and Sanofi. This leaves us about 7 billion doses short.
Expanding vaccine production for most regions in the world is complicated and time-consuming. Unlike many traditional manufacturing operations that can expand relatively quickly and with limited regulation, pharmaceutical production must meet current good manufacturing practice (CGMP) guidelines. So, not only does it take time to transition from R&D to commercial manufacturing, but it could also take an additional six months to achieve CGMP certification.
The problem becomes even more complex when considering the co-products required. Glass vials and syringes are just two of the most essential co-products needed to produce a vaccine. Last year, before COVID-19, global demand for glass vials was 12 billion. Even if it is safe to dispense ten doses per vial, there is certain to be significant pressure on world supply of the materials needed to package and distribute a vaccine.
It is imperative drug manufacturers and their raw material suppliers have clear visibility of production plans and raw material availability if there is any hope of optimizing scarce resources and maximising production yield.
It is widely known by now that temperature is a critical factor for the COVID-19 vaccine. Even the regions with the most developed logistics infrastructures and resources needed to support a cold-chain network are sure to struggle with distribution.
For the United States alone, State and local health agencies have determined distribution costs will exceed $8.4 billion, including $3 billion for workforce recruitment and training; $1.2 billion for cold-chain, $1 billion vaccination sites and $0.5 billion IT upgrades.
The complexity of the problem increases further when considering countries such as India that do not have cold-chain logistics networks that meet vaccine requirements. Despite India’s network of 28,000 cold-chain units, none are capable of transporting vaccines below -25°Celsius. While India’s Serum Institute has licensed to manufacture AstraZeneca’s vaccine, which can reportedly be stored in standard refrigerated environments, even a regular vaccine cold chain poses major challenges.
Furthermore, security will undoubtedly become a significant concern that global authorities must address with a coordinated solution. According to the Pharmaceutical Security Institute, theft and counterfeiting of pharmaceutical products rose nearly 70% over the past five years. As with any valuable and scarce product, counterfeits will emerge. Suppliers and producers are actively working on innovative approaches to limit black-market interference. Corning, for example, is equipping vials with black-light verification to curb counterfeiting.
Clearly, this is a global problem that will require an unprecedented level of collaboration and coordination.
Disconnected information systems
While it is unreasonable to expect every country around the world will suddenly adopt a standard technology that would provide immediate, accurate and available information for everyone, it is not unreasonable to think that we can align on a standard taxonomy that can serve as a Rosetta Stone for collaboration.
A shared view of the situation (inventory, raw materials, delivery, defects) will provide every nation with the necessary information to make life-saving decisions, such as resource pooling, stock allocations and population coverage.
By allowing one central authority, such as the World Health Organization, to organize and align global leaders to a single collaboration standard, such as GS1, and a standard sharing protocol, such as DSCSA, then every supply chain participant will have the ability to predict, plan and execute in a way that maximises global health.
Political influence and social equality
As if we don’t have enough stress and churn in today’s geopolitical environment, we must now include the challenge of “vaccine nationalism.” While this might not appear to be a supply chain problem, per se, it is a critical challenge that will hinge on supply chain capabilities.
In response to the critical supply issues the world experienced with SARS-CoV-2, the World Health Organization, Gavi, the Vaccine Alliance and the Coalition for Epidemic Preparedness Innovations (CEPI) formed Covax: a coalition dedicated to equitable distribution of 2 billion doses of approved vaccines to its 172 member countries. Covax is currently facilitating a purchasing pool and has made commitments to buy massive quantities of approved vaccines when they become available.
However, several political powerhouse countries, such as the United States and Russia, are not participating. Instead, they are striking bilateral deals with drug manufacturers – essentially, competing with the rest of the world to secure a national supply. Allocating scarce resources is never easy, but when availability could mean the difference between life and death, it becomes almost impossible.
Global production, distribution and social equality present dependent yet conflicting realities that will demand global supply chains provide complete transparency and an immutable chain of custody imperative to vaccine distribution.
The technology is available today – we just need to use it. We have the ability to track every batch, pallet, box, vile and dose along the supply chain. We have the ability to know with absolute certainty that the vaccine is approved, where and when it was manufactured, how it was handled and whether it was compromised at any point in the supply chain. Modern blockchain technologies should be applied so that every nation, institution, regulator, doctor and patient can have confidence in knowing that they are making an impact in eradicating COVID-19.