Healthcare Data is Growing, But Are Health Plans Making the Most of It?
According to a report from Dell EMC, healthcare data is growing astronomically, at a rate of 48 percent per year. In today’s healthcare economy, payers are looking to leverage that data to provide better service, more customized plans, and improved care for their members. Data analytics enable payers to harness data insights to bring better focus and clarity to costs and utilization so they can improve the services they offer to members.
How can data analytics support your plan? We’ve outlined five ways to make the most of your data:
- Enhance member engagement and experience – As reimbursement shifts from volume to value, analytics tools can reveal the clinical opportunities that lead to healthier populations. St. Joseph Hospital, part of Covenant Health, leveraged MedeAnalytics Population Health to analyze their self-insured cost and utilization data. With those insights, they had the knowledge they needed to help improve the health and wellness of employees and their families while also reducing costs.
- Lower costs and improve affordability – With costs on the rise, it’s crucial for health plans to analyze healthcare economics to steer high-cost members toward quality care and pinpoint patterns that reveal opportunities for savings. With the help of our analytics platform, St. Joseph Hospital, gathered insights from their data and reduced total pharma costs by 20 percent and per member per month (PMPM) costs by 12 percent, saving nearly $2.5 million in 2016.
- Reduce operating costs and inefficiencies – Health plans are always looking to improve efficiency, grow revenue and reduce overall costs. With an intelligent analytics platform, health plans can increase value-based contracts and reduce outsourcing costs for quality reporting. Presbyterian Healthcare Services (PHS) uses MedeAnalytics in an effort to adopt a comprehensive analytics approach and establish a data driven-culture. With MedeAnalytics, PHS balanced their costs, utilization, quality, risk and outcomes.
- Improve client satisfaction and retention – Better employer communication leads to better client relationships. That’s why it’s important to foster a personalized, interactive dialogue. With analytics, your health plan can deliver highly tailored, automated reports to employers, increasing employer retention and improving client satisfaction.
- Increase profitability and revenue growth opportunity – Analytics provide health plans with the necessary tools to increase value-based contracts, allowing them to grow revenue by upwards of 25 percent. With MedeAnalytics, PHS achieved measurable ROI in clinical, operational and financial areas of their enterprise, realizing more than $11 million in savings.
The untapped data available to health plans is key to member satisfaction. Investing in an intelligent analytics platform can help uncover the valuable insights that help health plans achieve success in a new healthcare economy.
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.
Health IT Springs Into Action: What We Can Expect In Q2
Despite record-breaking snow storms covering parts of the country last week, spring is officially here! This winter was a busy one for the healthcare industry with another HIMSS conference, along with major news from companies including, CVS and Aetna to Amazon, JPM and Berkshire Hathaway. As the weather (hopefully) warms, the industry will continue to buzz with breaking announcements and happenings. We’ve outlined some of our predictions in the upcoming months.
Better Manage the High Costs of Healthcare
Despite U.S. healthcare costs nearly twice as high as other high-income countries, all of the money spent on healthcare in the U.S. is not paying off. A Harvard University report found that costs are largely attributed to prescription drug prices, administration costs and physician pay. As we head into spring, we expect vendors to showcase new solutions/technologies to combat these costs and for thought leaders to continue to bring this issue to center stage.
Consumer Big Data Applications
Data has played a critical role in healthcare for years, but as a recent Fortune piece highlights that data, including medical images, genetic profiles, how you sleep and more, is now more valuable than ever as it is being analyzed to drive change. The article explains:
These massive storehouses of information have always been there. But now, thanks to a slew of novel technologies, sophisticated measuring devices, ubiquitous connectivity and the cloud, and yes, artificial intelligence, companies can harness and make sense of this data as never before.
As data, especially patient specific data, comes top of mind, more data is being considered and granular details about an individual patient are making a difference when it comes to the care they receive. Over the next few months, we expect to see more of a focus on analyzing data to draw insights that can help improve outcomes and cut costs.
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.