The cost of drugs is skyrocketing, with a recent Blue Cross and Blue Shield survey finding that member drug costs rose 73% over the last seven years. News headlines capture the dramatic impact on consumers – the price of insulin tripled between 2002 and 2013, the price of an EpiPen rose 500% since 2007, and the cost of Daraprim, a drug used to treat parasitic infections, increased from $13.50 to $750 per tablet overnight.
Tweet: How one health system used analytics to save $200,000 on a common drug
Drug costs also impact hospitals’ bottom lines. An American Hospital Association study indicated that inpatient drug costs increased 23.4% annually between 2013 and 2015, and 90% of surveyed hospitals said rising drug prices had a moderate or severe impact on their ability to contain costs. For many hospitals, it seems like a losing battle. How can you not give patients necessary medications? You have to. However, analytics can help healthcare organizations keep drug budgets in check. (more…)
Last week, I attended the Gartner BI Summit in Dallas. The Gartner BI Summit is one of the largest business intelligence conferences, and there was no shortage of sessions and new ideas. According to Gartner analysts Rita Sallam and Frank Buytendijk in their keynote, analytics is still the #1 technology investment area in 2016, and there are lots of exciting things happening in the industry.
Tweet: 3 takeaways from the Gartner BI Summit
I have pages full of stats and trends that I jotted down – here I boiled it down to 3 main takeaways from the show. (more…)
This week KLAS released its annual Enterprise Healthcare BI research report. The theme of the 2016 edition of the report is “The Search for Outcomes” as the research focused on how business intelligence (BI) and analytics technologies are being used to improve healthcare quality.
Tweet: A deeper look at the KLAS Enterprise Healthcare BI Report
The report looks specifically at the impact that these technologies, and solutions that embed them, have had on providers’ ability to positively impact patient outcomes and gain deeper insights into healthcare information. Once again, Dimensional Insight fared quite well in the research:
- We were named the top vendor for overall performance and proactive guidance to customers
- We received the second highest score for impact on outcomes
- For 5 of the last 6 years, Dimensional Insight was named the top overall vendor in the KLAS Enterprise Healthcare BI performance report
In my last two blog posts, I talked about analytics in the real world of healthcare. The first post discussed how hospitals can reduce quality variation to lower costs, and the second post discussed how hospitals can use analytics to improve surgical outcomes. In the last post of this series, I profile two outstanding examples of how analytics can play an important supporting role in both guiding strategy and achieving operational excellence. Bellin Health of Wisconsin and Atrius Health of Massachusetts are two healthcare providers that have embedded a disciplined, measurement-oriented approach to population health in the operations of their organizations. And both have achieved impressive results to show for it.
Atrius and Bellin are among the success stories of the Pioneer ACO (Accountable Care Organization) program. Each ranks among the 10 Pioneer ACOs that delivered statistically significant savings in both of the first two program years. Even more significantly, they together represent two of the three organizations that accounted for 70% of the Pioneer program’s overall savings. But the Pioneer ACO is just one of many examples of populations that Bellin and Atrius manage.
Tweet: Analytics and the Road to Excellence in Population Health
We hear a lot about the promise of healthcare analytics, but what is actually being done on the front lines that is making a difference right now? This is the central issue I’m examining in this blog series on “Analytics in the Real World of Healthcare.”
In the first post of this series, I referred to an example of an organization-wide initiative to “move the needle” on important measures associated with cost and quality. This second post looks at analytics from a different perspective: integrating information from clinical processes directly into a closed-loop analytics system to improve direct patient care. Here we’ll take a look at how analytics is being applied to reduce post-surgery mortality rates.
Tweet: Analytics in the Real World of Healthcare: Improving Surgical Outcomes