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.
A Year In Review – Our Top Blogs from 2017
As snow starts to fall across the country and temperatures decline, winter and 2018 are here! 2017 was a busy year for the healthcare industry, from the new administration, ground breaking treatment advancements, the potential of artificial intelligence and most recently, the CVS and Aetna health merger. 2017 has also been a busy year for us at MedeAnalytics with new hires, customer announcements, speaking sessions and more! As we gear up for the new year, we’re looking back and highlighting our top three blog posts from 2017:
Meet MedeAnalytics’ new CEO, Paul Kaiser – In May, we were excited to announce our new CEO, Paul Kaiser, and in June, we had a chance to connect with him to learn more about his background, his company observations thus far and his future plans for the company. Our blog outlines the opportunities our CEO sees for Mede clients and how we can continue to support them amidst the everchanging healthcare landscape.
Enterprise Analytics and Beyond: A Q&A with our Vice President of Healthcare Provider Solutions – In March, our blog explored top provider concerns and offered insight from a Mede executive on the challenges that lay ahead and continued importance of investing in an Enterprise Analytics (EA) strategy. The post outlined proactive approaches for providers to take to ensure a seamless EA strategy, including training and educating clinical leadership, establishing realistic goals and empowering self-service. The post concluded by outlining how analytics’ role in reporting and identifying care and cost improvement opportunities will only grow in importance in the years ahead.
CHIME Series: Creating Value Out Of Your Analytics Investment
We are continuing to focus on the insights from our College of Healthcare Information Management Executives (CHIME) survey. This week we’re exploring the response to one of the questions asked: Do you feel that you have realized the full ROI of your data warehouse and analytics investment? The results to this survey question were astounding with close to 100 percent (95.7 percent) of respondents stating they have not realized the full potential of their investments.
In this blog post, we outline the necessary steps to take to ensure a return on your analytics investment. With nearly every healthcare organization somewhere along the value journey, it’s important to keep in mind that each step should be tailored to meet specific business objectives. Here are three guidelines to start:
- Offer Self-Service Access to Business Users: Although an investment has been made many organizations struggle to fully adopt the platform due to IT bottlenecks in reporting and analysis. By empowering business users with the ability to perform their own analysis to identify the root cause of trends, the speed from insight to action will increase.
- Find New Value in Existing Claims and Billing Data: Most data warehouses focus on aggregating clinical data from EMRs, but many healthcare organizations fail to recognize the potential in claims and billing data. Most data models are built on this type of data, so their value should not be underestimated.
- Achieve Quick Wins: Starting small is key. Sifting through and analyzing data can be a large and daunting task, so it’s important to remain focused at the start of your project and then expand. Focus on one or two small use cases such as medication adherence or hospital readmissions. Once those initiatives are deployed, set realistic metrics and timeframes to properly measure progress. If progress is being made, make sure to continue driving the initiative and look for additional growth opportunities.
With these best practices, healthcare organizations can begin to realize the value of their analytics implementation. To learn more, download our white paper here. If you’d like to partner with us – go to: medeanalytics.com/company/contact.
CHIME Series: The Value of Having a Dedicated Data Analytics Team
This week, we continue to explore the results of our College of Healthcare Information Management Executives (CHIME) survey and the need for data-driven teams. Our survey asked the question: With the shift to value-based care, have you considered creating a department dedicated exclusively to analytics for the enterprise? The results show that many organizations already have (32 percent) or are considering creating an analytics department (43 percent), while the remaining (25 percent) of organizations have not considered creating an exclusive data analytics team.
As healthcare continues to move towards value-based care, more organizations will need to create teams that focus exclusively on data analysis. An elite data-driven team understands that analytics is more than a data warehouse, and can help organizations make sense of data using predictive models, analysis of gaps in care, quality measure calculations and payer expertise. Breaking down these data silos will shed light on actionable insights that can be delivered to key decision-makers. Below are three best practices to ensure data teams are making an impact throughout the organization:
- Find departmental business leader and champions - data champions are the driving force that will integrate insight into their daily, monthly and/or quarterly management processes.
- Build trust with data governance – it’s important to provide reliable data that business leaders and champions can use to empower physician and clinical teams to reach their goals. To ensure data trust, there needs to be proper governance, documentation and data mapping to help build trust and transparency throughout the organization.
- Develop a data driven culture - data literacy and data democratization is the foundation for creating a data-driven culture. A key component in creating this is tapping data analysts whose sole job is to gather data and analyze it in a meaningful way to generate results. An example of this is with Presbyterian Healthcare Services (PHS), who gave their analysts the appropriate training and mentoring to ensure they were developing a consultative skillset that met the needs of their diverse organization.
With this strategy, healthcare organizations can ensure that their data-driven teams aren’t just understanding the data for their purposes but distributing it across the organization for success. To learn more about setting up a data-driven team, read more here. To get a better understanding of how PHS developed and made the best use of their data, click here. If you’re looking for guidance and assistance, make sure to contact us: http://medeanalytics.com/company/contact
CHIME Series: Are You Making the Most of Your Analytics Investment?
This week we are continuing to share our College of Healthcare Information Management Executives (CHIME) survey results with you. The focus is specifically around the question: Do you feel that you have realized the full ROI of your data warehouse and analytics investments? The results were telling – with close to 100 percent responding “no.” The healthcare industry continues to view data and analytics as top priorities to driving change. We have outlined best practices and strategies to ensure healthcare organizations receive the full potential of their IT investments while making strides to maximize value through the improvement of quality care and reduction in costs.
In partnering with our clients, MedeAnalytics works to ensure that the large hospital investment – both from a cost and organizational perspective – is realized. The key to achieving an overall best-practice strategy is to not only take data to insight but also into action. Below are five steps healthcare organizations can do to get their analytics investment on track:
- Identify enterprise champions – They will be the point-people to turn data into change as they will lead the entire organization’s attitude on data governance. Establishing authority will create a trickledown effect ensuring value is tracked and achieved.
- Find value in existing data – Organizations should leverage their core data set and claims data, but also pull in existing ancillary data to have a better understanding of their organization.
- Create a data-driven culture – An analytics department ensures that the entire business is standardizing and handling data consistently, but also encourages the new analytics department to champion a holistic approach towards data management.
- Outline and develop manageable goals – Instead of tackling all problems at once, start small. By setting a goal with real, manageable next steps, the organization can quickly perceive value in an enterprise initiative.
- Train, train, train – Repeated trainings and regular communications ensure long-term success. By holding teams accountable, while empowering them with resources to succeed, data sharing efforts across the enterprise are bound to improve.
An investment in analytics is the first step toward becoming a data-driven healthcare organization; however, the real change comes from leadership and education. To learn more about analytics best practices, download our whitepaper here. For success stories, access our case studies here. If you’re looking for guidance on how to make the most of your analytics investment – make sure to contact us: http://medeanalytics.com/company/contact