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
CHIME Series: Are Self-Insured Providers the Future of Healthcare?
As healthcare’s future continues to be battled on The Hill, we recently conducted a College of Healthcare Information Management Executives (CHIME) survey that outlined several questions around the various data-challenges facing healthcare organizations in the transition to value. This week’s blog focuses on the survey question: With the shift to value-based care, has your health system considered becoming or adopting parts of an integrated healthcare system (i.e., becoming a provider and a payer)? The results show that more than half (61.7 percent) of respondents have considered moving towards this model. As the U.S. healthcare spend continues to rise, with average healthcare costs close to $10,000 and the national level equaling more than 3 trillion, the need to better manage expenses is a top priority. One way to do this is through the cohesion of payers and providers, along with the use of data analytics as a guiding light.
At MedeAnalytics, we’ve worked with two healthcare organizations who have created an integrated healthcare system and utilized their valuable data resources to create analytics platforms that break down barriers and lead to lower costs and higher quality care.
Covenant Health: Covenant Health (Covenant), a self-insured hospital, uses data analytics to adopt an innovative approach to population health to drive down costs and engage in preventative care initiatives. Using a data analytics approach they achieved the following:
- Identified healthcare utilization to improve care for employees and their families
- Designed benefit plans
- Reduced overall health spend
By drawing insights from population health data, they strategically identified at-risk patients and proactively managed their care. Covenant determined that employee healthcare costs were more than 10 percent higher than the general population. Overall, just 9 percent of the highest risk employees were found to be responsible for 40 percent of employee health plan costs. The insights found in the data enabled them to proactively manage their employee population to identify exactly where money was being spent.
Presbyterian Healthcare Services: Presbyterian Healthcare Services (PHS), is an integrated healthcare provider and payer organization, looking to improve quality and reduce costs. Using data analytics, they strategically differentiated themselves and have added value within their integrated model. To achieve their success, PHS focused on three distinct categories:
- Created Value for Key Stakeholders
- Integrated Payer and Provider Analytics
- Promoted a Data-Driven Culture
PHS achieved ROI in its clinical, operational and financial areas within their enterprise. Additionally, PHS recognized operational efficiencies by replacing seven analytics vendors with MedeAnalytics, reducing redundancies and achieving quick wins with business stakeholders. More so, PHS expects to save millions in 2017 by improving collection for Medicaid encounters and increasing business development revenue.
To learn more about Covenant’s success, check out their case study here. For insights on PHS’ journey with data analytics, click here. If you’re looking for ways to become an integrated system or want to learn more, reach out to us: http://medeanalytics.com/company/contact.
Looking Ahead: Analytics for Tomorrow’s Healthcare Economy
While there’s still a lot of uncertainty in the healthcare atmosphere, tracking towards value-based care (VBC) will remain an unchanged goal, according to Rick Pollack, president and CEO of the American Hospital Association who spoke at the 18th Annual Citi Not-for-Profit Health Care Investor Conference. Healthcare organizations that are cognizant of this journey to value are beginning to invest more in data analytics to help support them. In fact, by 2021 the healthcare analytics market is projected to reach $24.55 billion according to a Research and Markets report.
With the continued focus on value, it’s no surprise that at the recent HFMA ANI conference, many speakers on the agenda addressed just that, as well as highlighted the role data and analytics will play. In fact our very own customer, Wise Health System presented on their revenue cycle and compliance analytics partnership. Beyond the fruitful insights provided from the show, we’ve outlined three general themes that are resonating in the healthcare market:
- The steps to value – At HFMA ANI topics ranged from finding the path to value to simply growing your value. The topics – like providers’ readiness for the transition– vary widely. According to a HealthLeaders Survey, providers are still in the very early stages of the transition. If they haven’t begun the transition already, the time to start is now. The journey may seem arduous, but with the help of analytics tools, providers can understand where they stand in the process and how best to prepare for the steps ahead.
- Reimbursement under value – Providers will need to implement supporting payment programs. In a recent blog post, we outlined how providers feel unprepared for the implementation of programs like MACRA, citing time and complexity as the top concerns. Similarly, some providers may find themselves unaware of the other payment options available. For example, the often-forgotten MIPS-APM track helps physicians shift to VBC without taking on too much financial risk – but this track isn’t as well known, and thus not as frequently utilized. To succeed under value initiatives, providers ultimately need a good understanding of their clinical, financial and operational data. Revenue cycle data analytics helps providers understand these areas, all while minimizing their reimbursement risk.
- Approaching value holistically, not piece-meal – Take for example quality improvement programs. Hospitals implement these programs hoping to reduce their hospital readmission rates, and in turn save money. However, just implementing one quality program isn’t enough. A new study from the Journal of the American Medical Association shows that quality improvement programs don’t necessarily translate into big financial savings. Providers need to see the entire picture of their organization to pinpoint where revenue improvement opportunities lay. Implementing analytics can help organizations figure out if they’re on track to overall financial value, or not.
Regardless of the changes and the in-flux state of healthcare now, tracking towards value-based care will remain a constant initiative. Providers must have a holistic view of their enterprise to figure out where they can mitigate risk and optimize value. To learn more about the analytics tools that can support you in your transition to value-based care, visit our solutions page here. If you are interested in learning about additional ways to amplify your analytics journey check out our latest white paper here.
Meet MedeAnalytics’ new CEO, Paul Kaiser
Last month, Paul Kaiser was appointed as the new CEO. In his first few weeks, he focused on meeting with our teams and clients. We caught up with Paul to hear more about his background, what he’s observed so far and what he hopes to accomplish in the year ahead:
Can you share more details about your experiences prior to Mede?
Over the past 14 years, I’ve held several roles on the provider (Cerner), payer (TriZetto) and middle (TriZetto Provider Solutions) sides of healthcare. This afforded me a unique first-hand view of the healthcare value-chain, and where that chain diverges and converges. Having both perspectives is enormously important in a market where these sides come together to administer better healthcare in a value-based reimbursement market. Mede has long served both markets so I’m thrilled that I get to share my experience as well.
In the first month that you’ve been at Mede, what have you seen and what are you most excited about?
The commitment of our team is unparalleled. The desire to make a difference and contribute to our client’s success is nothing like I’ve ever seen. This is what makes Mede a truly exciting place. When you combine really smart people with a commitment to make a difference, the possibilities are endless.
It has also been incredible to see and hear about the immense value we’re driving for our clients. The feedback about our technology, the business impacts we are having within our client’s organizations and the future vision for how they will be using MedeAnalytics to create analytics-driven culture change is overwhelmingly positive. We have an incredible client base. It’s very exciting to see the value in the data we’re providing clients and how that is helping them cross the chasm to performance-based management cultures.
Finally, the product and technology teams’ work to develop a world-class big data platform is amazing. The amount of data we process and turn into value-driving data visualizations and actionable workflow is incredible. To be at a company capable of making such material contributions to our clients’ success is energizing.
What do you see as the biggest opportunity for Mede clients?
From my years seeing both the provider and payer perspectives, it is clear to me that very few organizations are driving their businesses and operations from an enterprise, data-driven level. For example, you often see C-suite leadership in a hospital or health system establish a vision for the enterprise and from that direction, teams will create initiatives designed to achieve those goals. But once goals are established, there is little real-time intervention or progress monitoring. This means that organizations typically don’t realize something is off-course until the reporting phase. However, if an organization can tie data analytics from across the enterprise together, it can observe and influence results in real-time, allowing the organization to course-correct and deliver on initiatives from the department to the individual level. Data-driven performance management is the only route to optimal success in today’s market.
What are Mede’s top priorities in the coming year?
We work with the largest healthcare solution providers and health systems in the country, and they are depending on us. We need to be stellar and deliver on our commitments.
We also want to ensure scalability and stability for our clients via our platform. As we look towards Mede’s next phase, our focus will be to continue delivering a high-performing technology platform that can scale in the market. We also want to enable client-led innovation by extending configuration and integration layers to our clients as well as third-party certified business partners.
How do you see MedeAnalytics growing and/or evolving to support clients amidst an everchanging healthcare landscape?
Change is the one constant in healthcare. Whether it is through government or regulatory shifts, moving away from fee-for-service to alternative payment models or performance-based reporting with MACRA and MIPS, change is certain. Whenever an organization tries to respond to change and create new business strategies, it needs data and analytics to make smart decisions. Organizations also need to be more performance oriented to optimize health outcomes based on real data. Mede can be a part of that. Regardless of whether the government decides to keep the Affordable Care Act in place or implement some other version, from a data analytics perspective, we are in a great positon to support our clients with the tools to be nimble and make strong, smart, data-driven decisions.