Analytics also creates an opportunity for payors and providers to be more closely aligned regarding incentives and shared objectives. And those objectives in a value-based contract are for the patient to be healthy and for them to be treated preventatively and proactively to minimize cost of care.
Utilizing analytics to accelerate the path to value requires an advanced cloud-native analytics platform, AI and machine learning capabilities, and automation of configuration, calculation, and delivery of insights. Unfortunately, many health systems lack the financial resources for the kind of capital investment required for an in-house system. Even if they were willing to invest in an in-house platform, the time and effort required for staffing, development, pilot, implementation, training and maintenance likely would be prohibitive.
For many hospitals and health systems, it makes sense to partner with an experienced healthcare technology solutions vendor whose platform has been successfully implemented by other providers. This would enable them to benefit from what the vendor has learned through working with other health systems. Current best practices, the most effective analytics models, and experienced support immediately would be available to hospitals and health systems that choose the right partner.
An analytics platform offers the insights that will enable provider organizations to deliver quality care while optimizing resources and controlling costs. By turning to technology and business experts to build a healthcare platform that enables value-based care, health systems can focus on their core competency, which is providing care for their patients.
About the author: Sheila Talton is president and CEO of Gray Matter Analytics, which she founded in 2013. Prior to launching Gray Matter, Sheila was the VP/Globalization Officer for Cisco Systems in China and South America, President of EDS’ Business Processing Information Services and a Senior Managing Partner at Ernst & Young/Cap Gemini.
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