As we kick off 2019, it’s only fitting to examine how data analytics is transforming the healthcare industry and what that impact will look like moving forward. A recent report stated that healthcare data will experience a compound annual growth rate (CAGR) of 36 percent through 2025, increasing at a faster clip than manufacturing, financial services and media.
We are seeing healthcare data being used to enhance the patient experience, improve health outcomes and ensure quality measures. For example, organizations are able to reference historic patient data to improve outcomes by keeping consumers informed and engaged in the healthcare system. In addition, data is being used in the healthcare space to provide price transparency for educated decision-making. Health organizations are also using data to showcase quality outcomes and competitive cost levels. This is especially important as Accountable Care Organizations (ACOs) will only partner with facilities that are able to show proof of quality measures.
It is evident this is only the beginning for data analytics in healthcare – increased access to real-time patient data is still a new commodity in the industry and new ways to leverage it are continuing to pop up. However, with this abundance of data, the challenge – and opportunity – is to effectively organize and harness its power.
Here at Graham, we believe in the power of data. That’s why we created and continue to refine GrahamAlytics™, a unique proprietary business analytics system that totals a client’s loss information from many sources into one snapshot – creating transparency into the overall loss experience. This enables our clients to harness their data to drive actionable insights that improve business operations – including our clients in health and human services. Knowing that data is only valuable if it is actionable, we work with our clients to implement safety precautions based on the data to prevent the same losses from occurring again. And we’ve seen incredible results thus far.
Merakey, a 20-year Graham client, is a prime example. As a provider of developmental, behavioral health and education services to more than 41,000 individuals in 11 states with approximately 10,000 employees and seven service lines, the organization needed a way to ensure safety and assess risks in real-time and its leadership team needed an easy way to immediately access all claims data and sort it by location, service lines, populations and exposures. Graham deployed GrahamAlytics™, customized specifically to Merakey’s needs, to allow it to review high-level trends or dive into specific data sets to identify risks and reduce exposure.
To learn more about our partnership with Merakey and how the organization is leveraging GrahamAlytics™, please view our full case study here.
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