Understanding the Political Healthcare Climate
The healthcare industry is abuzz with speculation about its future under the Trump administration and Republican-controlled Congress. While nothing is truly certain, let us help you understand healthcare policy intricacies that are sure to change the face of healthcare as we know it today.
Paul Ryan’s Healthcare Reform Proposal
Donald Trump and Republicans in Congress vow to repeal and replace the Affordable Care Act. In the absence of any details from Trump, we can look to a proposal released by Republican House Speaker Paul Ryan titled “A Better Way”. Here’s a synopsis of the 37-page proposal:
- Maintains the idea that everyone in the U.S. should have health insurance
- Includes tax credits to help people pay for insurance
- Protects those with existing illnesses and medical conditions from losing coverage
- Maintains that a market approach could reduce healthcare costs and improve efficiency
- Includes tax-free health savings accounts to help pay for deductibles and keep premiums down for young, healthy people
- Limits tax breaks for employer-based insurance to encourage cheaper, high deductible policies
- Offers high risk pools for people difficult to insure, like those with chronic illnesses
While dubbed “Obamacare light” by some, Ryan’s plan changes a key feature of Obamacare that spreads the cost of insurance across generations, with healthy and young people subsidizing older and sicker people who typically require more care. Ryan’s plan enables younger people to start saving for major health problems over time through health savings plans that would be partly funded by the government. Read the proposal.
A Year in Review: Top Analytics Stories of 2016
2016 has been a year filled with news and innovation around the convergence of data analytics within healthcare. From new predictions around the analytics’ market worth by 2025, to best practices and strategies to making big data actionable, we put together a list of the top five stories that are good reads in preparation for 2017.
- The Future of Health Care Is in Data Analytics – Mike Montgomery of Forbes highlights how meaningful analysis of patient data will advance better patient outcomes.
- How to Build a Successful Big Data Analytics Program in Healthcare – Jennifer Bresnick of HealthIT Analytics recommends aligning on organizational goals before diving into the granular strategy that deals with big data management.
- Healthcare predictive analytics market should hit $19.5 billion by 2025, research shows – Jeff Lagasse of Healthcare Finance News shares the market growth and key players in the area.
- How technology and data shape digital marketing in healthcare in an on-demand era – Paddy Padmanabhan of CIO notes that the consumerization of healthcare will increase demands for big data analytics to manage patient engagement and satisfaction.
- 3 Trends Driving Healthcare Data Analytics Over The Next 3-5 Years—Erica Garvin of HIT Consultant predicts that insights from data analytics will drive innovation in population health management and help healthcare organizations manage costs.
Interested in learning more about how data analytics can benefit your healthcare organization? Visit our solutions page, here. You can also access past webinars and whitepapers to gain additional insights, here.
How West Tennessee Improved its Revenue Cycle with MedeAnalytics
Last week, Bart Teague, executive financial director of patient financial services at West Tennessee Healthcare, connected with Joe Goedert of Health Data Management. In the article, Tennessee health system seeks revenue cycle improvement, Bart shares insight on how the MedeAnalytics partnership has aided the health system in their efforts to improve their revenue cycle. Bart highlights how analytics has allowed them to do the following:
- Analyze 4,000 record reviews
- Find $3.7 million in refunds owed
- Win $900,000 in payment appeals
He also discusses what the organization hopes to gain through the continued partnership. In particular, West Tennessee plans to leverage MedeAnalytics’ solutions to improve revenue cycle workflows and develop a more centralized process as patients move through the system. Analytics will also allow the organization to assess the process of creating HIPAA transactions and ultimately, improve point of service collections.
Population Health is Here, But More Needed in 2017
With 2017 right around the corner, MedeAnalytics is looking ahead to see what’s on the healthcare horizon. From now into the New Year, we will be focusing on the evolution of the industry – from value-based care to data.
Population health management is not a new concept for any healthcare provider. In fact, a Deloitte study predicted that having advanced analytics capabilities to improve population health initiatives was a top priority for providers in 2016. To succeed, more providers will need to adopt this initiative in a value-based care world.
We connected with Christian Wieland, vice president of product management at MedeAnalytics, to get his take on the key aspects to watch in 2017 as they relate to population health and the transition to value-based care.
1.) How important have population health initiatives been within healthcare organizations in 2016?
The simple answer: very important. In 2016, we saw population health initiatives become increasingly important and mainstream. Accountable Care Organizations, Bundled Payments, Pay-For Performance and Value Based purchasing are just a few of the many initiatives providers are now participating in within the population health domain that is increasingly its fiscal implications. With the shift towards both delivery reform and payment reform, population health has spread to providers as well, but initially only through the more progressive institutions.
A Day in the Life of a Data Scientist
The Harvard Business Review predicted a while back that a “data scientist” would be the “it” job of the 21st century. However, a lesser known side of data scientists is that their job can be less than glamorous. While the data scientist is expected to be a “unicorn” and do it all, there are major issues and roadblocks that arise when tackling any new data frontier.
Last month, our own predictive analytics scientist, Virginia Long, sat down with Katherine Noyes of CIO for her article: “Why being a data scientist ‘feels like being a magician.” Virginia shared what it’s really like being a data scientist, elaborating on her typical day, her favorite aspect of working with data, common roadblocks she encounters – and dispelled some common myths about her profession.
In the article, Virginia discussed her day-to-day responsibilities:
- Creating educational materials to explain how various data science techniques work
- Painting the big picture for companies and clients as to what their data means
- Managing the expectation of the data scientist, who is often expected to be a “unicorn”
Interested in learning more about the role and responsibilities of data scientists? Check out the full-piece on CIO here. If you’d like to learn how you can utilize data analytics to solve your most pressing issues, check out our solutions here.