The healthcare industry has been in a constant state of transformation since the 1970s. In 2001, the Institute of Medicine released “Crossing the Quality Chasm” and the Triple Aim, which sought to address the improvement of population health, patient experience, and quality outcomes, as well as reduce the per capita cost of healthcare. Since then, there has been a seismic shift in the way healthcare is delivered. Rather than focusing on volume-driven activities that reward more visits, more procedures, and more admissions, the healthcare industry has moved toward a value-based system of integrated care, which recognizes patient-centered activities, optimizes resources, and improves outcomes for both the patient’s health and the organization’s financial position.
To promote a value-based model, healthcare organizations can’t simply rely on clinical systems to identify and mitigate cost inefficiencies. They need visibility across the entire enterprise to perform the kind of balanced analysis that will help them identify opportunities for improvement by weighing and adjusting for factors such as reimbursement models, quality, outcomes, resource utilization, and cost. However, many healthcare organizations find it challenging to achieve this level of visibility, and the inability to integrate clinical data from electronic medical and health records with nonclinical and unstructured data is one of the key obstacles preventing them from fully embracing value-based care.
Overcoming this inability must be a priority for healthcare organizations, and fortunately technology can help. A modern data platform allows healthcare providers to collect the necessary data, evaluate and report on that data using a combination of high-end analytics and artificial intelligence, and use that data to identify potential problems—either within a specific episode of care or in a broader aspect of the business—as well as opportunities.
As healthcare organizations deploy initiatives to support patient-centered care, it’s vital for them to build lower-cost delivery models and identify ways to reduce fixed costs, improve the quality of care, and address social determinants of health. Once these initiatives have been implemented, healthcare organizations must evaluate their effectiveness based on several key performance indicators (KPIs), such as patient-reported outcomes and readmission rates. At the same time, those working within the organization not only need access to all the relevant data, but they also need to be able to understand that data, interpret it, and act accordingly.
Oracle Data Platform delivers all the capabilities healthcare organizations need to successfully capture and act on all the available data while providing automated features to simplify the process.
The architecture for Oracle Data Platform for healthcare gives organizations the ability to capture, store, manage, and gain insights from data collected from patient-reported outcomes, patient administrative records, and many other data sources to help them achieve their goal of moving to a value-based healthcare system.
Data persistence and processing is built on four components.
The ability to analyze, learn, and predict relies on two technologies.
Understanding how well their value-based care initiatives are performing is the key to a healthcare organization’s ability to evolve and adapt their strategies to achieve continued success. A successfully deployed and evaluated value-based care strategy will provide healthcare organizations with many benefits and enhanced capabilities that will ultimately advantage their patients, staff, and clinicians, as well as their bottom line. Examples include
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