Manifold modern day treatments & patient monitoring interventions combined with the changing regulatory & sociological paradigms are altering & recreating the healthcare systems across the world, but the biggest transformation happening today is the tenacious shift from volume to value. Until recently, revenue in the healthcare industry would generally be the summation of the number of products and services provided. But the Affordable Care Act (ACA, US) has changed the equations by placing the entire focus on the outcomes of treatments. Now holistic & proactive wellbeing of the patient is fast becoming the ultimate objective of all healthcare policies & regulations driving drastic changes in healthcare industry’s business models.
Driving forces in healthcare today
Understanding & taking care of individual risks as well as the risks within the population calls for quick data & insights. Healthcare providers will now be able to draw revenues only for the value they offer and for this they will have to assess if they are able to deliver the patient outcomes that are anticipated from them, and gauge the degree to which they are holistically managing the risks of the patients for whom they are taking the liability.
One more key aspect impacting the healthcare industry is the shift in demographics. We are now catering to the needs of the totally heath conscious, treating the wide-ranging diseases of an aging population and dealing with an array of chronic diseases. This entails a different continuum of care. We are witnessing ground-breaking changes in the way healthcare is provided & paid for. At the same time, there are more incentives for the healthcare providers who offer all-rounded patient care.
Changing Healthcare Paradigms
Several researches have suggested that around a third of the nearly $3 trillion the United States spends on healthcare is unexploited. Not just US, but the whole world is facing this concern. As the healthcare industry is seeing the shift from volume- to value-based reimbursement, this implies that the healthcare providers who are well geared to detect and reduce healthcare gaps will stay ahead. Now it is well acknowledged that analytics can help companies achieve the next level of efficiencies required —whether it’s detecting & deducting needless use of interventions, reducing mishaps & mishandling or managing patient care more effectively.
Following are the major changes being witnessed by the Healthcare Industry across the world:
- Outpatient care and the care continuum: The definitions of treatment are also now changing, with more focus being given to outpatient care and the care continuum. These changes signify great opportunities for enhancing the quality of care, as consistency is required across manifold settings, and for cost saving.
- Eradicating redundancy in diagnostics and treatment: Eliminating redundancy in the patient care processes and identifying health hazards earlier would result in more focused & cost effective treatment. Heath providers need to improve their process flows to reduce redundancy & ensure timely treatment.
- Advent of new technologies: New technologies such as wireless sensors and advanced mobile devices are producing trillions of data which has to be captured & analyzed in an extensive spectrum of care settings
- Explosion of data: Many industry studies show that about 80 % of all data remains unstructured. Unstructured Data is now finding critical space within Advanced Analytics adding tremendous value to the process of clinical diagnosis. The real challenge lies in tapping the potential of the walloping explosion of this data.
From compliance to value creation
Today all advancements in treatment and reimbursement greatly rely on the technology for analytics, efficient use of electronic records as well as effective monitoring of the patients outside the hospital. The more information is available about the patient, the better is the analysis of interventions, medications & treatments that will be most potent. In healthcare industry, information is a strategic asset, and it should be utilized speedily to drive the medical processes, because the costs should be reduced while the value imparted to the patient must steadily increase.
Our Advanced Healthcare Analytics is a Cognitive Decision Support tool that assists physicians and practitioners in improving clinical outcomes. We enable & enhance heath care providers’ ability to:
Recommend Treatments: We provide real evidence guidelines based on actual Patient Data, to assist practitioners in treatment pathways & medication.
Decipher doctor notes: We help the healthcare providers to leverage structured data, as well unstructured data in doctor’s notes & narratives, to provide more cognitive insights in diagnosis & treatment.
Decode patient’s social behavior: We enable them to improve treatment regimen by applying patient behavioral insights, based on social media feeds.
Connect to EMR: We integrate directly with leading EMR systems so that the healthcare providers can improve patient outcomes and compliance, and thus bring more value to the treatment.