Data and analytics have become the new competitive battlefield. Enterprises that take advantage of all that data and analytics have to offer will wind up leading in their industries. One of the foremost industries looking to become an adopter of advanced analytics is healthcare. In many cases, this will require a major rehaul of current systems and organizations that will need to employ new strategies, approaches, and tools. According to a study by Grand View Research Inc., the global healthcare analytics market size was estimated at USD 7.04 billion in 2016 and is expected to reach USD 53.65 billion by 2025.
A significant driver for this change is the shift from a fee-for-service model, where physicians are rewarded for the number of services they order, to a more value-based model, where physicians are rewarded for the value of the overall care they provide. A commitment to a more value-based model requires providers to rely on a data analytics strategy to help define and achieve clinical and financial goals. Such an approach would ensure that providers can tackle problems like patient-centric care, clinical quality, cost analysis, readmission rate reduction, and predictive care.
Healthcare providers have to gear up for a big shift in their operational models for applying advanced analytics. Today, many hospitals and healthcare centers use minimal analytics, have challenges with interoperability, and have siloed data. Healthcare systems typically have a combination of EHR’s, clinical data, EDI, etc. which have a heavy reliance on HL7, a set of international standards for transfer of clinical and administrative data between software applications. Due to HL7, interoperability and data availability is a big challenge and one of the main challengers for providers to efficiently transfer accurate and relevant information. Providers today require a data virtualization platform that can seamlessly integrate all their data sources without major disruption. Once their data silos are eliminated, the same platform needs to analyze and understand this data in real time to provide actionable insights.
Healthcare organizations can realize multiple benefits by embracing advanced analytics
There are many benefits that advanced analytics can bring to the healthcare industry, to name just a few:
- Decrease in fraud and abuse. Claims can be analyzed quickly and efficiently to detect anomalies faster like repeat billing, false claims, and forged prescriptions.
- Reduce surgical site infections: Real-time prediction of risk is needed prior to and during the time of an operation so that preventative strategies can be applied.
- Better collaboration: Secure and accessible insights for EHR’s and clinical data which can be leveraged by care providers and for clinical trials.
- Predict critical conditions and high-risk patients: React to critical events and identify high-risk patients to ensure the right care is provided.
- Patient-centric healthcare: Increased engagement of your patients by developing a better understanding of their needs through insights gained through advanced analytics.
How TIBCO can help
TIBCO’s Connected Intelligence Platform provides an ecosystem which accelerates the transformation journey for healthcare payers and providers. With TIBCO’s data ingestion and dissemination capabilities, silos and complexity become a thing of the past. And the data ingestion and dissemination steps ensure that TIBCO’s platform is able to perform advanced analytics to ensure that the data is turned into actionable insights.
In fact, our platform has already been proven by multiple healthcare providers. Here are two of our favorite examples:
- University of Chicago Medicine is using TIBCO solutions to help prevent cardiac arrests by predicting them in advance, increase operating room efficiency, and having access to more advanced patient identification to reduce readmissions.
- Broadreach Healthcare leveraged TIBCO to launch a “Health Command Center for Africa” that reduced the time by over 50% that it takes to create usable information for hospital administrators. An unheard of statistic before TIBCO and a crucial factor for providing the right treatment at the right time.
Contact us today to see how we can help you implement a data-driven, patient-first solution for your healthcare organization.