Advancing Analytics in Healthcare: Leveraging Disruptive Revenue Models

1
Advancing Analytics in Healthcare Leveraging
Disruptive Revenue Models
2

• One of the earliest and most profound impacts of
  the digital revolution in the healthcare industry
  can be traced back to the introduction of
  electronic health records (EHR) in 1972.
• The exponential rate of technological progress in
  the following decades combined with the dawn of
  healthcare consumerism eventually led to the
  widespread digitalization of hospital systems.

3
Cloud Access Not Just an Advantage Anymore

• However, hospitals were soon faced with a growing
  repository of data, both structured and
  unstructured, from a wide range of disparate
  sources.
• As hospitals realized the importance of data in a
  completely digital ecosystem, the abundance of
  data became a fruit ripe for the picking.

4

• This is where analytics comes into play. By
  applying the right real-time data analytics
  platform, hospitals can process large volumes of
  data quickly and automatically.
• This, in turn, allows hospitals to use this data
  to gain real-time visibility and make more
  informed decisions based on an elaborate business
  intelligence (BI) model.

5

• Market research firm MarketsandMarkets estimates
  the healthcare analytics market to be valued
  at USD 14 billion in 2019.
• With a projected compounded annual growth rate
  (CAGR) of 28.3, that valuation is expected to
  reach a staggering USD 50.5 billion by 2024.
• Data analytics is no longer a competitive
  advantage, but a necessity in the modern
  healthcare ecosystem.

6

• The Way towards Actionable Business
  Intelligence Analytics
• Al tools provides visibility into the operational
  performance of healthcare institutions through
  useful insights derived from available data.
• Decision makers can accurately identify gap areas
  and arrive at relevant solutions through
  extensive root cause analysis of issues.

7

• Visualizing data can greatly improve
  decision-making processes by highlighting
  necessary and helpful business insights.
• By converting endless rows of numerical data into
  graphs, charts, and tables, visual reports can
  help decision makers navigate large volumes of
  data and directly identify pain points. 

8

• Mapping that with accurate real-time value-based
  KPIs can not only help them guide patients
  towards care environments that are
  cost-effective, but, in due course, provide
  access to necessary facilities like acute care
  facilities.
• According to a global forecast by Market Research
  Future, the global acute care market is expected
  to grow at a CAGR of 7.8 in the 2017-2023 period
  with the US contributing 44 towards that growth.

9

• Getting it Right Letting KPIs do the Talking
• Healthcare analytics is powerful. However,
  analytics are only as strong as the data that it
  splices. Even today, a large chunk of information
  in the healthcare industry, including clinical
  and performance data, exists in unstructured
  form.
• To make the most of analytical tools, hospitals
  need to convert this unstructured data to
  relevant structured data repositories, preferably
  in a healthcare enterprise data warehouse (EDW). 

10

• This allows healthcare institutions cut back on
  costs rising from manual data management while
  ensuring accurate analytical reporting.
• Ultimately, operational transformation is the key
  marker of success in analytics adoption.
• Maintaining structured patient data involves
  accurate and efficient case coding and real-time
  upkeep of information. This allows hospitals to
  successfully run analytical programs and
  facilitate health information management (HIM). 

11

• CDI departments with insights can also help
  improve revenue operations. Comprehensive
  dashboards and reports can provide the right
  performance parameters with respect to financial
  metrics that enable more informed decisions.
• The current value-based healthcare ecosystem has
  made payments a directly dependent function of
  quality of care. In this context, real-time smart
  analytics can help healthcare professionals
  better understand critical KPIs such as Denials,
  Patient safety indicators (PSI), CC/MCC capture
  rates,  severity of illness or risk of mortality
  (SOI/ROM) scores, and length of stay (LOS)
  variance.

12

• Parameters like coder productivity, DNFB/DNFC
  days, CMI, the accuracy of data, number of cases
  re-coded, physician queries also stand to be
  improved through analytics exercises.
• ezDI has been at the center of value-based care
  transformation for over a decade. Our
  understanding of the system and experience of
  working with leaders in the healthcare industry
  has allowed us to go beyond providing the
  traditional benefits of analytics to healthcare
  providers. 

13

• To learn more about ezDIs AI-based mid-revenue
  cycle management solutions visit www.ezDI.com and
  to see the live product demo of our Clinical
  Documentation, Coding, Compliance/Auditing,
  Quality Measures, Encoder, and Enterprise
  Analytics request a live demo.

14
Contact us Visit Our Website-
https//www.ezdi.com/ Phone no- 8866408081
Address- 12806 Townepark Way, Louisville,
Kentucky 40243