"Virtual wards" are being promoted by the British government as a key technological solution to helping the National Health Service out of a care crisis.
Health Secretary Steve Barclay said online wards with patients being “treated at home with technology and wrap-around care” would help to prepare the UK’s National Health Service for the summer and winter.
Mr Barclay announced the plans during a House of Commons speech after a weekend emergency meeting at Downing Street looking for answers to the care crisis that has gripped the UK this winter.
Doctors and health leaders have warned that the NHS is in crisis with patients being treated in cupboards, hospitals running out of oxygen canisters, and growing waiting times.
Virtual wards could be a key way to free up hospital beds, Mr Barclay said.
“Last week at Watford General Hospital I saw how patients who had been in hospitals were treated at home through a combination of technology and wrap-around care, where patients released sooner were often much happier knowing they were receiving clinical supervision and always have the safety of being able to quickly return to hospital should their condition deteriorate," he said.
“There is scope to expand this to many more conditions and many more hospitals in the months ahead.
“That innovation is still at an early stage of development but has the potential to be significant in reducing pressure on bed occupancy in hospitals.”
Mr Barclay said the emergency recovery plan for the NHS was designed to tackle three areas: the immediate crisis; preparing for next winter; and longer-term prevention of ill health to protect the system.
“First, steps to support the system now given the immediate pressures we face this winter,” he said.
“Second, steps to support a whole of system response this year to give better resilience during the summer and autumn, because as we saw with the heatwave this summer and the levels of Covid, pressure is now sustained throughout the year, not just as in the past to an autumn and winter period.
“Third, our work alongside these two areas on prevention, to maximise the step change potential of proven technology such as virtual wards and the wider adoption of innovations such as operational control centres and machine-reading software to treat more conditions in the community away from reaching emergency departments in the first place.”
To tackle the immediate problems, the government plans to book 2,500 extra care home beds to ease pressure on available NHS beds.
The NHS is being given funds to urgently upgrade hospital capacity in and around emergency departments.
Mr Barclay also said frontline staff would not have to take quality control inspections over the coming weeks.
For the longer-term recovery of the NHS, he referred to new schemes such as an arrangement with pharmaceutical company BioNTech aimed at providing access to cancer vaccines.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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