Why Quality Data and Analytics Benefit Both Providers and Payers

Healthcare thought-leaders and industry soothsayers have predicted the rise of informatics for nearly a decade. Although their prophecies proved slow in coming to fruition, 2019 may be the year of vindication. Quality health data and analytics are now widely available courtesy of cost-effective technology. Many nursing and healthcare companies may find value in appropriate tech investment.

 

Here are 3 Ways health data and analytics can ensure success in the year to come:

 

  • Changes in Medicare ReimbursementCMS has openly embraced new informatic solutions. In fact, they recently modified rules and reimbursement in ways that encourage its implementation by home health agencies, clinicians and other providers. Although this effort is largely led by Medicare, other payers—including large insurance companies—are following suit. Studies show that quality health data facilitates improved patient outcomes while saving money. This is a win-win for both providers and payers, helping each to improve profit margins. It’s also a benefit to the patients, which is the most important consideration of all!

 

  • Staffing Shortages – It’s no secret that nurses, physicians and healthcare professionals are in high demand these days. When combined with the aging Baby Boomer demographic, staffing shortages are reaching near-epidemic levels. Although data and analytics cannot substitute for the human touch, they are a helpful supplement to care. Remote Patient Monitoring (RPM) technology, for example, automatically transmits critical health data to supervising nurses. They can then make care decisions based on the information, many of which prevent dangerous medical episodes and hospitalization. RPM technology also reduces nurses’ “windshield time,” allowing them to treat more patients virtually. Efficiency is increased all-around.

 

  • Allocation of Financial Resources – CMS, insurance carriers and other healthcare payers are always looking for ways to best administer funds. Should more money be invested in “preventative” treatment, or should it be directed toward chronic care management? Is diabetes the most costly ailment for adult patient populations, or is heart disease more of a concern? These are the sorts of questions that payers must ask in order to help improve health outcomes while lowering costs. Accurate data and analytics help guide them in these decisions and assist in setting long-term guidelines and goals.

 

In the end, businesses always benefit from reliable product and market information. Nursing and healthcare companies are in the business of human capital and desperately need data and analytics relating to their industry. Thanks to recent advantages in informatic technology, they can now operate with full visibility. This knowledge will pave the way to better patient outcomes and increased profitability, ensuring a win-win for all parties. Healthcare companies looking to increase their nursing resources should also consider a terrific staffing partner in San Diego!

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