Advanced analytics creates a path to value-based care (VBC) by enabling providers and payors to leverage actionable insights in a rapid and scalable way. By acting on these insights, providers and payors can increase revenue, reduce costs and maximize quality to optimize VBC performance.
That’s the main takeaway from an insightful webinar led by Gray Matter’s Chief Medical Officer Michael Dulin, MD, Christine Blidy, senior manager for services and solutions, and Alex Owens, solutions analyst for services and solutions. The session was part of the vendor education series hosted by the Association for Community Affiliated Plans (ACAP), a national trade association which represents not-for-profit Safety Net Health Plans.
VBC adoption continues to grow, Blidy told attendees, noting that more than half of healthcare organizations are participating in some kind of alternative payment contract, while 40% of healthcare payments in the U.S. are tied to alternative payment methods.
Another major trend in healthcare is the realization that social determinants of health (SDOH) have a major impact on patient outcomes, Dulin said. More payors and providers are seeking a comprehensive, holistic view of the patient through SDOH data to better inform care decisions and treatment plans.
VBC’s expanding footprint along with the recognized need to integrate SDOH data into clinical workflows has increased demand for healthcare advanced analytics platforms capable of leading payors and providers along the path to value. That path, Dulin said, includes:
The Gray Matter experts also explained that not just data volume was important, but also data quality and velocity. Poor data quality can endanger outcomes and result in unnecessary cost and utilization, while delays in data delivery at the point of care make clinical decisions difficult.
To learn more about best practices for healthcare advanced analytics and key success factors, as well as review three in-depth use cases that illustrate the value of advanced analytics to providers and payers, please check out this one-hour ACAP seminar here.