Finding Success with Big Data Analytics in Healthcare
The healthcare industry is in a state of flux, but one thing that remains constant is the focus on cost and quality. To achieve success in value-based care, healthcare organizations need to invest in the right tools. In fact, a recent study found that 70 percent of healthcare leaders believe health IT tools are essential for growth.
MedeAnalytics client Soyal Momin, vice president of data and analytics of Presbyterian Health Services (PHS), recently connected with Jennifer Bresnick of HealthIT Analytics during HIMSS18. They discussed the challenges of balancing cost and quality, and Momin outlined a step-by-step plan that helps his organization make the best use of their data and analytics investment.
Momin noted that PHS found it increasingly difficult to oversee its entire business—eight hospitals, a statewide health plan and a growing multi-specialty group—from one integrated view. Balancing the organization’s costs, utilization, quality, risk and outcomes became a challenge. But by following the step-by-step plan, PHS achieved measurable ROI in all clinical, operational and financial areas of their enterprise while reducing redundancies and achieving quick wins. By extending analytics across the enterprise and eliminating point solutions, PHS saved more than $11 million.
HIMSS18 Series: Artificial Intelligence Will Boom in the Next Five Years
Last week’s HIMSS18 conference, the world’s largest health IT conference, brought together 40,000+ of the smartest minds in healthcare to collaborate, showcase new ideas and work together to solve some of the industry’s biggest issues. Similar to last year, Artificial Intelligence (AI) was top of mind at this year’s event. In honor of this trending theme, we connected with our Chief Technology Officer, Tyler Downs, on why AI is such a big focus and what we can expect in the next five years.
If you looked at the HIMSS lineup, most exhibits, sessions and symposiums revolved around this emerging technology. The reason AI is making such a big splash is due to its potential with data. The healthcare industry has endless amounts of data that health systems, both small and large, are dealing with. As reported in the Medical Futurist:
“The amount of available digital data is growing at a mind-blowing speed, doubling every two years. In 2013, it encompassed 4.4 zettabytes, however by 2020 the digital universe – the data we create and copy annually – will reach 44 zettabytes or 44 trillion gigabytes.”
AI helps to properly manage and make use of all this information and that’s why it will hold continued importance in the next five years. Today, we see maybe one percent of the population analyzed with AI. However, in the future, the industry will be able to make sense of larger data sources from various entities to get a holistic picture of the patient. This 360-view will help users make more informed clinical and coverage decisions based on patients’ needs at a broader scale.
HIMSS18: Top Trends and Themes
Another HIMSS18 conference has come and gone and we finally have a chance to sit back, relax and reflect on this past week. From the constant social chatter, major industry announcements to hours spent connecting with some of the best and brightest in healthcare, this year’s HIMSS was definitely one for the books. As we look back, here are some of the trends and themes that were top of mind throughout the week:
“Get to the cloud. Run to the cloud”
HIMSS18 kicked off with a keynote address from former Alphabet executive chairman and Google CEO Eric Schmidt who laid out a secret formula for healthcare innovation: data + cloud + powerful networks + reinforcement learning = significant improvements in care. Could this formula change the future of healthcare? We’ll be keeping an eye out to see how Schmidt’s talk inspires the industry over the next few months.
CMS & The White House Put Interoperability on Center Stage
The healthcare industry has long struggled with data sharing with various stakeholders trying to move it forward. Now, CMS and the White House are proposing a solution. “We’re changing to a new era of empowered consumers. We are about putting patients first and making sure patients have access to their healthcare data. You’re hearing that from the White House too,” CMS Administrator Seema Verma shared during a HIMSS presentation. The new initiative, MyHealthEData, aims to get healthcare information into the hands of patients faster and will ensure that patients receive a copy of their EHR electronically via program interfaces or APIs. CMS is also taking steps to ensure hospitals are not involved in data blocking. Will both CMS and the White House push this initiative forward? Time will tell.
Big Tech Comes to Healthcare
Over the past few months, tech companies have been making headlines for their efforts in breaking into healthcare. At HIMSS, this trend continued as Google announced a new tool to help health institutions pull together important data in an effort to nudge the industry forward when it comes to the lack of interoperability between companies. Google Cloud is trying to address this by launching a new API that can ingest all the important health-care data types and is already announcing partnerships with hospital groups, like Stanford School of Medicine.
HIMSS18 Series: PHS Shares How to Drive Enterprise ROI at the Largest Health IT Conference
Starting on Monday, March 5 more than 40,000 healthcare industry experts will land in Las Vegas for the HIMSS conference, the largest health IT event in the U.S. There are thousands of speaking sessions and showcases to see that will teach you everything from how to build APIs to making sense of genomics.
We’re especially excited to attend and hear our own MedeAnalytics’ customer, Soyal Momin, Vice President of Data and Analytics at Presbyterian Healthcare Services (PHS), present an educational session at the conference. The session titled, Driving Enterprise ROI by Eliminating Data Silos, will take place from 11:30-12:30 p.m. PT on Tuesday, March 6 at the Venetian Convention Center in Palazzo D. Soyal will address how after three years and many resources invested in an enterprise data warehouse, PHS needed an action plan and analytics solution that could turn raw data into business value. Soyal will discuss how PHS adopted a data-driven culture that allowed the health system to save more than $11 million and outline best practices to achieve this level of success, including:
- Creating business value from enterprise wide data and analytics strategy and execution
- Assembling an infrastructure around people, process and technology to drive a data-driven culture
- Discussing stakeholder buy-in and organizational-wide support by leveraging change management tools and creating a culture of inclusion across the enterprise
Can’t make the session? Make sure to download the presentation and review the materials on your own here. We’ll also be at HIMSS so don’t miss out on a chance to chat with us – you can schedule a meeting with us here. To achieve similar success as PHS, check out our enterprise analytics solution: http://medeanalytics.com/solutions/enterprise-analytics.
Health IT Headlines for 2018
2018 is already off to a strong start with the J.P. Morgan Healthcare Conference and StartUp Health Festival making headlines last week. As 2018 progresses, we want to share the trends that we expect to make headlines this year:
- Mega merger and acquisition activity – 2017 was filled with notable M&A activity including CVS and Aetna, Humana and Kindred and Optum and AMGA, to name a few. We expect to see this activity continue throughout 2018 as payers, providers, pharmacies and more look for ways to innovate, meet consumer demands and ultimately improve the quality and cost of care. Bruce Carver, associate vice president of payer services at MedeAnalytics, shares additional thoughts on recent merger activity in our blog.
- Consumerization of healthcare – With consumer-facing companies outside of the traditional healthcare space making moves to enter the industry (like Amazon, Apple and Google), consumer focus is critical. In 2018, this focus will only increase as consumers continue to demand user-friendly and easy to use platforms and interfaces. With all the competition in the industry, healthcare organizations will have to ensure they are keeping the consumer top of mind to stay ahead.
- Emerging technologies, like AI, will take the stage – In 2017, the adoption of AI technology made headlines across all industries, healthcare included, as organizations looked for innovative ways to leverage this new tool. As we head into 2018, companies like Google will continue to lead the pack by working with startups that are focused on finding ways to leverage this technology to improve care. We recently sat down with our CTO, Tyler Downs, to discuss trends in AI in healthcare and to hear how companies can use AI to power data and analytics.
- Clarity around industry uncertainty and policy changes – With the Trump administration and new faces in prominent health IT positions, the industry saw major shifts in 2017. According to a recent poll, healthcare is the one topic keeping both Democrats and Republicans up at night. 2018 will hopefully bring some clarity to the shifting tide as policies get ironed out and the state of Obamacare is decided. Regardless of these policy changes, providing patients with the best quality care should remain the industry’s top priority.
With all the new trends, emerging innovations, policy changes and more, is your organization prepared? Check out our solutions page to learn how MedeAnalytics can help you find success in the new year or contact us for additional information.