As a provider in the healthcare industry, your top goal is to improve value for the end user—the patient—toward the triple aim of better health, better experience, and better value. Failing to improve in these categories or failing to track your progress are key signs that you need help with clinical analytics. Improving value without increasing costs is no easy task. In fact, not only is the total health care spending in the United States higher than in any other country ($3.2 trillion) but it has also grown faster than the rate of the total US economy from 1995 to 2015. Additionally, Forbes reports that “patient payments now account for 35% of provider revenue… By comparison, in 2000 patients paid just 5% of healthcare provider revenue. This trend is expected to continue, with patients bearing a growing portion of the financial responsibility for their care.” This means that healthcare expenses are taking a significantly greater chunk out of each patient’s wallet than ever before!
As the healthcare industry adjusts to a value-based care model, delivery systems that were formed under the fee-for-service era will have to be updated, but a recent survey by Change Healthcare of “more than 2,000 healthcare leaders” revealed that a quarter of the healthcare leader respondents believe “their current analytics efforts have not been effective for improving population health.”
Clinical Analytics, the Next Big Thing
Clinical analytics is seen as the next big thing in healthcare because it can lead to lower costs and increased revenues (without compromising value-based outcomes), reduced errors, and lower physician and nurse burnout by way of real-time augmented decision making, streamlined processes and newfound workflow efficiencies.
Patients are expecting higher quality care, and clinical analytics can provide them with high quality personalized care through the insights generated from medical data in real-time. If you are a healthcare provider, and you plan on surviving as the healthcare model shifts toward lower costs and improved quality of care, clinical analytics is an integral part of your overall data analytics strategy.
The Amitech Solution
At Amitech, we take a holistic approach to building out data governance and analytics strategies for our clients. We set up our clients to thrive in the ever-changing healthcare market by working with them now to develop their key business goals and implement processes that stick. Let us know how we can help you and your clinical analytics strategy by simply reaching out here.
