It might be challenging to pitch data analytics solutions to those concerned with ROI, but in fact, there are clear benefits.
As health care makes the transition from fee-for-service to value-based care with no immediate ROI on the horizon, it may be a challenge to convince your C-suite that there’s a business case for investing in data analytics to support value-based care. But it will pay dividends. Unlike in the fee-for-service world, where basic reports on throughput may suffice, value-based care focuses on the quality of the output and requires far more advanced data sets and analytics. So how do you measure return on investment for preventative care and quality improvement initiatives?
First, you need to accept the fact that embracing value-based care is no longer an option Fee-for-service models already have a host of quality indicators that affect reimbursement. So better to participate in programs such as the Alternative Payment Model (APM), a payment approach that adds incentive payments for providing high-quality and cost-efficient care. The opportunities for shared savings are enormous. We believe that Emergency Medicine can take the lead in changing the paradigm for unscheduled acute care from quantity to value.
With health care organizations (HCOs) working hard to reduce costs and tighten budgets, it might be a challenge to justify more analytics tools when massive investments in Electronic Health Records (EHRs) are not meeting their ROI promises. There is no need to seek a new EHR provider just because you can’t get the data you want out of it. The best course of action is to find a partner who can access the data in your EHR and blend it with other data sources required for value-based care.
In order to be relevant as the health care landscape changes, data analytics leadership must change too. In addition to revitalizing existing infrastructure, the right partner can help convert initiatives that have not generated an ROI into initiatives that deliver positive results and a financial return. It’s also critical to work with business intelligence experts who have a track record of helping their clients achieve an ROI in this space.
Here are some points to help you make your case.
Point #1: IT Resources
HCO IT experts — especially those with expertise in data science and big data, as well as in the clinical domain — are scarce and expensive. This supply-and-demand issue can severely impact an HCO’s pace when implementing analytics that convert data into meaningful information. This doesn’t have to be the case.
d2i’s prebuilt data extract scripts for all EHRs are easy for your IT department to implement and activate. Once d2i has your data, our solution serves as an accelerator for many of your strategic initiatives — putting you in a position to quickly and broadly benefit from d2i’s cloud-based analytics suite.
Point #2: Expense of Data Analytics Software
Another obstacle is the perception that data analytics tools require a significant financial investment. Since d2i is a Software-as-a-Service (SaaS) solution, there are no software or hardware capital requirements. And, because d2i works with the data you already have in your source systems and your enterprise data warehouse, our data analytics solutions have a fast time-to-value.
We take care of all the work performed by your most expensive and least available IT resources so they can focus their energy on strategic IT infrastructure initiatives such as data security and interoperability.
Point #3: Successful Installations
Our case studies prove that ROI can exceed expectations, even in the first year. d2i’s data analytics solutions can rapidly help optimize performance across your department because the best practices that we’ve developed over the past 20 years of working in the health care field already are embedded in our dashboards and analytic workflows.
For example, d2i delivered a customized performance dashboard and analytics to Stony Brook University Hospital (SBUH) within a few weeks of receiving data from hospital IT and Cerner. The Long Island-based SBUH serves as the region’s only tertiary care center and Level 1 Trauma Center, with 603 beds, more than 1,200 physicians, and 98,000 annual ED visits.
d2i’s performance dashboard created value by transforming the hospital’s raw data from multiple source systems into intuitive, interactive, and actionable information. We integrated data from Cerner with SBUH’s billing and coding data, as well as data on physician hours and patient satisfaction.
As a result, in the first year of use, SBUH experienced:
- An increase in RVUs of up to 25 percent
- A higher degree of confidence in data
- Better options for individualized provider feedback (integrated clinical and patient satisfaction data)
- Resolution of interdepartmental performance and flow issues using data on incremental throughput times
Learn more about how we transform raw data into actionable insight with only 4-8 hours of IT set up time and no upfront capital cost. Schedule a 30-minute demo of our powerful health care analytics platform and see why no other analytics tool or EHR system comes close.