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Playing to Win in 2022 in Healthcare Finance: How to Tackle Lower Volumes, Higher Costs, and Big Competition

January 12, 2022

Posted In: Financial Empowerment

Regardless of COVID-19 vaccine efficacy and how long it takes risk levels to fall into less threatening ranges, many effects of the pandemic are here to stay. One area that will remain fundamentally altered is the business of delivering healthcare—the strategies and ins and outs of healthcare finance. COVID-19 has fueled new delivery models and new competition, as patients and clinicians are drawn to more convenient, less costly care (e.g., virtual care) and less stressful, more productive work environments.So, how can traditional providers adapt and thrive in this new healthcare landscape? They must start by recognizing the impending challenge as a business problem, not a technology or care problem. This means leveraging their CFOs and financial leaders to play a more collaborative role in empowering clinicians to make better decisions and operationalizing health systems’ key differentiator—data.

High-Value Data and Analytics: Bringing Critical Healthcare Insights into Focus

January 5, 2022

Posted In: Data and Analytics

A low-resolution photograph doesn’t show much detail about the image’s subjects and environment. Viewers can only guess about the scene or individuals they’re observing—are they familiar faces, happy or sad, or is there something usual in the background? Low-quality healthcare data and analytics works like a subpar photo. Users can see the most basic characteristics of a patient or trend but not enough detail to make informed decisions. For example, does a patient have comorbidities putting them at greater risk, or is a facility trending towards an increase in sepsis? For better view, high-quality data and analytics bring patients and health system operations into focus, showing a clear, comprehensive picture from the patient to facility level.

Why a Build-Your-Own Healthcare Data Platform Will Fall Short and What to Do About It

December 22, 2021

Posted In: Data and Analytics

Health system may have some compelling reasons for choosing to build a data platform versus partner with a healthcare analytics vendor on a commercial solution. However, while organizations may think they’re saving money, gaining control and security, and more by opting for a homegrown approach, they’ll more than likely encounter challenges, hidden costs, and limitations. In comparison to a commercial-grade, healthcare-specific platform from a vendor, build-your-own solutions fall short when it comes to domain-specific content, technical expertise, total cost of ownership, and more. Organizations that partner on a vended platform vastly improve their chances of optimizing and scaling their analytic investment over time and achieving measurable improvement.

Deliver Better Population Health by Avoiding 3 Mistakes

November 18, 2021

Posted In: Population Health

Despite the widespread use of population health as a solution to control rising costs and poor outcomes, healthcare organizations struggle to effectively achieve population health success. A common barrier to success is lack of access to data about a system’s most impactable patients, their interventions, and how said interventions impact a patient’s health. However, health systems can overcome the following all-too-common population health mistakes by leveraging detailed data about their most impactable patients and interventions:1. Lacking an effective solution for data-driven strategy.2. Using delayed analytic insight to understand performance and opportunities.3. Not tracking member-level data to measure intervention effectiveness.

COVID-19 Data and Analytics: Survey Reveals Long- and Short-Term Healthcare Industry Impact

August 11, 2021

Posted In: COVID-19 Response, Data and Analytics, Financial Empowerment

Was COVID-19 a wake-up call to prioritize healthcare analytics and merge them with other healthcare goals? Healthcare data and analytics have become inextricable from the pandemic response, proving to the industry it can’t save lives at scale without this information and insight. In a 2021 survey of healthcare leaders and professionals, nearly 80 percent of respondents report they plan to maintain pandemic-driven data and analytics shifts for the long term. And with most respondents recognizing gaps in their data and analytics and noting COVID-19-driven changes in the data and analytics landscape, the pandemic may likely catalyze a new, more robust era in healthcare technology and decision support.

Six Steps Towards Meaningful, Ongoing Healthcare Performance Improvement

May 13, 2021

Posted In: Clinical Quality Analytics, Data and Analytics

The long-term success of healthcare performance improvement relies on a sustainable infrastructure and strategic execution. Otherwise, improvement initiatives risk becoming one-off projects that don’t support ongoing advances in critical areas, such as critical areas, clinical outcomes, patient experience, and organizational cost.Healthcare organizations can follow six steps for a sustainable, impactful performance improvement program:1. Integrate performance improvement into strategic objectives.2. Use analytics to unlock data and identify areas of opportunity.3. Prioritize programs using a combination of analytics and an adoption system.4. Define the performance improvement program’s permanent teams.5. Use a best-practice system to define program outcomes and interventions.6. Estimate the ROI.

Healthcare Price Transparency: Understanding the Cost-Pricing Relationship (White Paper)

April 20, 2021

Posted In: Data and Analytics, Financial Empowerment

Healthcare consumers are demanding the same level of price transparency for medical care they have in other transactions—particularly as healthcare moves away from a fee-for-service model and patients are responsible for larger portions of their medical bills. Meanwhile, as of January 2021, federal regulation requires health systems to make their service charges publicly available. The healthcare industry, however, hasn’t historically succeeded with consumer-grade price transparency. Organizations must now figure out how to bridge the gap between their costs and patient charges. Doing so requires comprehensive understanding of all the costs behind a service and consumer-friendly explanation of how these expenses translate into prices

2021 Asia-Pacific Healthcare Trends: Growing Digitization, Universal Health Coverage, and More (White Paper)

March 30, 2021

Posted In: Clinical Quality Analytics, Data and Analytics

Along with the rest of the globe, 2021 healthcare trends across Asia-Pacific (APAC) countries will center on COVID-19 recovery and resuming the healthcare improvement journey. In the APAC region, however, a mix of developed and developing countries poses unique challenges, as healthcare access and basic infrastructure vary widely between urban and rural populations and economic levels. To shepherd healthcare out of the pandemic and enhance delivery overall in 2021, APAC nations will focus on increasing investment in digital health (including virtual care, machine learning, and EMR adoption), achieving universal health coverage, shifting more towards value, and improving payer-provider relationships.

2021 Healthcare Trends: What Leaders Need to Know from COVID-19 to New Administration Policies (White Paper)

February 10, 2021

Posted In: Financial Empowerment

While much of the healthcare industry was eager to put 2020 behind it, the new year brings its own challenges, concerns, and promises. Trends in the three main categories of new Biden administration policy, care delivery, and healthcare technology will shape 2021, with key issues including the long-term effects of COVID-19, future emergency preparedness, and the outlook for the Affordable Care Act (ACA). Healthcare leaders can prepare for this pivotal year by understanding critical areas to watch within these categories and how events, activities, and political appointments will affect the healthcare ecosystem.

The Healthcare Cybersecurity Framework: A Top Defense Against Data Breaches and Attacks (White Paper)

January 18, 2021

Posted In: Data and Analytics

Between 2017 and 2020, more than 93 percent of healthcare organizations experienced a data breach. While digital technology and connectivity is increasingly critical in meeting operational and clinical challenges, such as COVID-19, more integration also enables increased exposure to cyberattacks that can impact care delivery, safety, and privacy.In response to healthcare’s significant and growing cybersecurity threats, vendor organizations and their health system partners need a security framework. A defensible protocol holds vendors accountable to routine audits and compliance measures at a regular cadence, ensuring both parties keep cybersecurity programs active and optimized.

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