Posts in Category: healthcare analytics

LUMEDX Blog 

Study targets prices, admin costs as drivers of growth in healthcare spending

A new study from JAMA has found that healthcare spending in the United States is nearly double that of 10 high-income countries yet still underperformed on many population health outcomes—with prices and administrative costs as the main driver of the differences in spending.

“Health Care Spending in the United States and Other High-Income Countries” says there is little evidence that efforts to reform U.S. healthcare delivery have been much help in curbing spending. The study concludes that targeting utilization alone is not enough to reduce growth in healthcare spending, so a more concerted effort is needed to reduce prices of labor and goods, including drugs and devices, and administrative costs.

JAMA compared potential drivers of spending in the United States with 10 of the highest-income countries (United Kingdom, Canada, Germany, Australia, Japan, Sweden, France, the Netherlands, Switzerland, and Denmark) to gain insight and see what the United States can learn from these nations.

“As patients, physicians, policymakers, and legislators actively debate the future of the U.S. health system, data such as these are needed to inform policy decisions,” the study says.

With LUMEDX’s CV performance improvement software, hospitals can collect point-of-care data and get actionable insights that facilitate better clinical decision-making and improve operations. Learn more about how you can increase efficiency and lower costs with HealthView Analytics and the Cardiovascular Performance Program (CPP) by visiting lumedx.com/healthview-analytics.

Posted by Jana Ballinger Monday, May 07, 2018 9:25:00 AM Categories: analytics healthcare analytics healthcare reform HealthView performance

LUMEDX Blog 

Health IT study identifies value-based care, analytics as top priorities

Healthcare providers are prioritizing value-based payment models in 2018 IT budgets and data analytics is the category most likely to see an increase in spending, according to a survey from healthcare advisory firm Damo Consulting.

According to the study, the biggest drivers of technology spending in the healthcare sector are value-based care initiatives (60.5 percent), patient engagement and care management (57.9 percent), enterprise digital transformation (47.4 percent), and considered cybersecurity and ransomware (39 percent).

The study also asked respondents which technology areas they think will see increased spending in 2018. Data analytics was the single biggest area identified, with 76.3 percent. Nearly half (47.4 percent) believe that AI and cognitive spending will increase in 2018, followed by digital health (44.7 percent).

When questioned about the biggest obstacles for growth in healthcare IT spending, a majority (60.5 percent) of respondents cited a lack of enterprise readiness for new technologies. Fifty percent of respondents believe interoperability challenges to be the second biggest obstacle and 47.4 percent indicated insufficient/unproven ROI on new IT solutions.

Among the other findings is that the CIO remains the most important decision maker (23.7 percent) for technology solutions and services in their client organization. However, other titles are gaining importance, such as CFO, CTO and CMIO.

Damo sought input from 38 individuals at global technology firms, population health management companies, digital health organizations and more. To read more, download the survey here.

At LUMEDX, we know that analytics and value-based care go hand in hand. Actionable insights from your data are key for health organizations making the transition from a fee-for-service payment model. For more information about how our HealthView Analytics offering can help you, visit lumedx.com/healthview-analytics or email info@lumedx.com.

LUMEDX Blog 

Visit LUMEDX at ACC.18 and NCDR.18 in Orlando

Join LUMEDX at the American College of Cardiology 67th Annual Scientific Session & Expo (ACC.18)—the largest gathering of innovative cardiovascular products and services under one roof—and the National Cardiovascular Data Registry Annual Conference (NCDR.18), a 2½-day program held right before ACC.18 that aims to help hospitals and health systems blaze trails in quality improvement.

During ACC.18, LUMEDX will be at Booth 3007 in the Interventional Pavilion, showcasing our cutting-edge software and services designed to help hospitals improve care and reduce costs across the cardiovascular service line. Schedule a meeting here to learn all about the latest CV data management tools and our new analytics-driven Cardiovascular Performance Program.

ACC.18 is March 10-12 at the Orange County Convention Center in Orlando, Florida. Expo hours are 9:30 a.m.-4:45 p.m. Saturday and Sunday, March 10-11, and 9:30 a.m.-2 p.m. Monday, March 12. The conference features content in 11 learning pathways, each narrowing in on a different clinical specialty of cardiovascular disease, including Interventional Cardiology, Congenital Heart Disease, Prevention and more.

An estimated 13,000 healthcare professionals will attend the event that is packed full of networking opportunities and chances to discuss and debate the latest science and information with the world’s top experts. For more information about ACC.18, click here.

If you are attending NCDR.18, be sure to stop by the LUMEDX table to see how the No. 1 independent provider of ACC-NCDR® registry software can help your hospital go beyond data collection with innovative ways to drive quality and contain costs.

NCDR.18 will be held March 7-9 at the Caribe Royale Orlando and is expecting a turnout of 1,700 registry professionals, quality improvement professionals, physicians and administrators. Exhibit hours are 5:30-8:30 p.m. Wednesday, March 7, 6:30 a.m.-7 p.m. Thursday, March 8, and 7 a.m.-2:45 p.m. Friday, March 9. For a complete agenda, click here.

Posted by Jana Ballinger Tuesday, February 20, 2018 9:51:00 AM Categories: ACC American College of Cardiology analytics cardiology health information technology health IT healthcare analytics HIT NCDR

LUMEDX Blog 

LUMEDX showcases data intelligence tools at HIMSS18

LUMEDX will be demonstrating its powerful analytics and data management tools at the HIMSS Annual Conference & Exhibition, where more than 45,000 healthcare professionals from more than 90 countries will gather for the premier health information and technology conference.

Scheduled for March 5-9 at the Venetian-Palazzo-Sands Expo Center in Las Vegas, HIMSS18 is a one-stop shop for the education, innovation and collaboration professionals need to continue the transformation of healthcare through IT.

Come by Booth 12340, Level 1, Hall G, to learn how LUMEDX’s data intelligence solutions can help achieve better performance while reducing costs. Click here to schedule a demonstration of how meaningful analytics can monitor, measure and improve all aspects of cardiovascular services.

Exhibition Hall hours are limited to 9:30 a.m.-6 p.m. Tuesday and Wednesday, and 9:30 a.m.-4 p.m. Thursday.

Throughout the conference, HIMSS18 will include a full slate of networking opportunities, five keynote addresses, government sessions, specialty education tracks and more. Data Analytics/Clinical and Business Intelligence is one of 23 in-depth topics that will be explored in the 300-plus educational sessions being offered.

Other subject matters to be tackled include:

  • Improving Quality Outcomes Through Health IT
  • Health Information Exchange, Interoperability and Data Integration
  • Privacy, Security and Cybersecurity
  • Emerging Payment Models for Value-Based Care
  • Process Improvement, Workflow, Change Management

For more information about educational sessions, keynote speakers or registration, please visit www.himssconference.org.

Posted by Jana Ballinger Monday, February 12, 2018 9:25:00 AM Categories: analytics data healthcare analytics HIMSS

LUMEDX Blog 

Value-based care is here to stay, will get boost from analytics, study says

Despite 2017’s cancellation of mandatory bundled payments, the value-based care movement in the United States is still healthy and will benefit in 2018 from analytics, according to a report from Washington, D.C.-based healthcare consulting firm Avalere.

In “2018 Healthcare Industry Outlook,” Avalere says new ways to collect data and advanced analytic capabilities are revitalizing efforts to turn data into insights that can inform policy and improve clinical workflows. This supports the shift to value-based care, which has continued even as the Trump administration backs away from large-scale mandatory models.

In November, the Centers for Medicare and Medicaid Services (CMS) canceled a plan for mandatory hip fracture and cardiac bundled payments that was slated to go into effect Jan. 1, sparking some concern that the action signaled a move away from value-based care. But then on Jan. 9, the CMS launched a new, voluntary bundled payment model that will be considered an alternative payment model (APM) for purposes of Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) reporting.

This, along with evidence from Avalere that the private sector has not reversed course, tells us that interest in strategies to move away from the traditional fee-for-service payment model has not waned.

“Despite political transitions and revisions to Medicare bundled payment programs, the U.S. healthcare system’s transition to APMs has remained steady,” the report says. In 2017, some of the largest commercial plans were running nearly 50 percent of their medical spend through APMs and aim to go higher, according to Avalere.

Because value-based care rewards healthcare providers who prioritize better outcomes for their patients, leaders are turning to technology investments that can lower costs and improve care quality. Avalere says that data reliability and accessibility, including capturing information and creating algorithms, will drive outcomes-based contracting and a transition toward APMs.

“Success in APMs will require providers to create better infrastructure for proactive care management, data analytics, and timely integration of disparate data,” the report says. “More widespread availability of real-world data will enable new entities to leverage analytics and insight to benefit patients and their providers.”

An outcomes-driven environment requires fast and easy access to clinical and financial intelligence that can shine a light on the best possible course forward. To learn how LUMEDX data analytics can help your organization in the transition to value-based care by becoming more efficient and improving patient satisfaction, get information about the Cardiovascular Performance Program or email us at info@lumedx.com.

LUMEDX Blog 

Health execs hopeful about big data and analytics, new study says

​Hospital executives are optimistic that big data and analytics will achieve broader adoption in healthcare over the next two years, helping organizations maximize their return on IT investments, according to a new study by SAP and Oxford Economics.

Technology is dramatically affecting the healthcare industry and delivering new value, says the study, “Digital Transformation in Healthcare: A Positive Prognosis,” which surveyed nearly 400 hospital executives. Growth, competitive advantage and customer experience depend on the latest technologies, according to 70 percent of respondents.

Asked about specific technologies likely to achieve broader adoption over the next two years, 76 percent of healthcare leaders predicted big data and analytics, 65 percent cited cloud computing, 46 percent named the Internet of Things (IoT) and 28 percent said artificial intelligence (AI).

What might all this mean for cardiac and vascular departments? At LUMEDX, we have seen the shift to value-based payment models and the increasing importance of patient experience result in a greater reliance on data among our customer base—and a greater need for more sophisticated data analytics.

As tools and technologies evolve, we think cardiovascular service lines can be at the forefront of the digital transformation in healthcare. Performance analytics, highly efficient cardiovascular workflows, and optimal integration of clinical and operational data help our clients improve outcomes, radically reduce costs and increase revenue contribution to the hospital. To learn more, read about LUMEDX’s Cardiovascular Performance Program.

Posted by Jana Ballinger Thursday, January 04, 2018 9:37:00 AM Categories: analytics healthcare analytics performance

LUMEDX Blog 

How near-real time and even retrospective analytics can improve performance

People who work in cardiovascular departments know that retrospective clinical data is essential in the quest to improve outcomes and contain costs, but even more valuable is integrated, near real-time data analytics that illustrate how you compare to other cardiac care centers nationally.

“It’s good to be able to understand ‘this is how I did’—but that’s really reporting the news,” says LUMEDX analytics consultant Rachanee Curry, FACHE. “It’s better to be able to have real-time feedback and to be able to change your performance, finding opportunities for improvement as you go along.”

However, retrospective and real-time or even prospective analytics can all deliver crucial insights to hospitals. Even data collected for the Society of Thoracic Surgeons (STS) and the American College of Cardiology’s National Cardiovascular Data Registry® (ACC NCDR) can be used to understand service line performance, view outliers and identify root causes. These are the insights that enable improvement.


Rachanee Curry, LUMEDX analytics consultant, talks about the kinds of insights that can enable improved outcomes and reduced costs.

“Being able to focus in on those areas where your program is performing differently than best practices means you can improve the processes of care that lead to these variances and that will invariably lead to improved clinical outcomes,” Curry says.

LUMEDX offers data analytics solutions that enable physicians and service line leaders to monitor, measure, and improve all aspects of cardiovascular services—to help drive performance while reducing costs. LUMEDX is also the No. 1 provider of ACC and STS Registry Software. To learn more, email info@lumedx.com.


Posted by Jana Ballinger Monday, October 16, 2017 9:30:00 AM Categories: ACC data healthcare analytics NCDR performance Society of Thoracic Surgeons STS

LUMEDX Blog 

Healthcare leaders believe predictive analytics will yield significant savings

More than half of healthcare executives polled in The Predictive Analytics in Healthcare Trend Forecast by the Society of Actuaries expect the use of predictive analytics to shave a significant amount off their organization’s budget. Fifty-seven percent of study respondents believe predictive analytics will save 15 percent over the next five years, with 26 percent expecting savings of more than 25 percent over the same period.

Despite hurdles such as cost, 93 percent of those polled believe analytics are important for the future of their business. The study, which polled 223 provider and payer executives, found that while just 47 percent currently deploy predictive analytics, 88 percent plan to either launch or expand current initiatives in the next five years. 

“This data underscores the value executives place on predictive analytics across both payer and provider organizations,” says Ian Duncan, a fellow at the University of California at Santa Barbara and one of the study’s authors. “As value-based care gains prominence, smart organizations are leveraging predictive analytics to forecast health and clinical outcomes to help achieve the Triple Aim.”

In the below video, LUMEDX Vice President of Strategic Products Praveen Lobo notes that even near-real time data analysis represents a major step forward on the path to healthcare’s Triple Aim. Watch the video to learn how analytics enables improved decision-making for physicians as well as CV leadership.

 


Praveen Lobo, Vice President of Strategic Projects, talks about how analytics can help cut costs while improving your hospital's outcomes and patient satisfaction.

 

The leader in cardiovascular data intelligence and a pioneer in cloud-powered healthcare solutions, LUMEDX offers an all-inclusive suite of software and services that enables meaningful analytics, high-performance workflows, optimal integration of clinical and HIS data, and better continuity of care.

For more information on LUMEDX’s HealthView Analytics and the Cardiovascular Performance Program, visit lumedx.com/cardiovascular-performance-home


Posted by Jana Ballinger Monday, September 18, 2017 9:16:00 AM Categories: analytics healthcare analytics

Data accessibility viewed as key to closing the gap between value-based care and health IT 

​Although much progress has been achieved in digitizing the healthcare system, today's health IT infrastructure still struggles to support a transition to "value-based care," according to a new report from the American Medical Informatics Association.

"Provider organizations pursuing new models of health care delivery and payment are finding that their electronic systems lack the capabilities needed to succeed," the study asserted. "The result is a chasm between the current health IT ecosystem and the health IT ecosystem that is desperately needed."

The report, titled, "Crossing the health IT chasm: considerations and policy recommendations to overcome current challenges and enable value-based care," outlines policy recommendations for patients, providers and researchers to improve access to healthcare data for all the groups and proposes new standards for IT systems and applications.

LUMEDX, the leader in cardiovascular data intelligence and a pioneer in cloud-powered healthcare solutions, offers a comprehensive suite of software and services enables meaningful analytics, high-performance workflows, optimal integration of clinical and HIS data, and improved continuity of care.

For more information on LUMEDX HealthView solutions, please visit www.lumedx.com or email info@lumedx.com.​

Report shows registries advancing patient care for heart patients  

Two doctors inserting stent Registries continue to improve the effectiveness and safety of patient care of heart disease in hospitals throughout the U.S.

A recent report shows registry data is providing unique perspectives into the care and outcomes of heart disease and outlines the strength of national quality programs, like NCDR, in advancing the effectiveness of patient treatments.

Published in the Journal of the American College of Cardiology, the study addressed trends in heart disease care from the American College of Cardiology's National Cardiovascular Data Registry.

The authors examined patient populations, participating centers and patterns of care based on 2014 data from four of the 10 NCDR programs -- CathPCI Registry, ICD Registry, ACTION Registry-GWTG and IMPACT Registry.

"We were able to report on the care and outcomes of patients undergoing common cardiovascular procedures, including percutaneous coronary interventions, implantable defibrillators, and interventions for congenital heart disease as well as for patients with acute heart attacks," NCDR Management Board Chair and lead author of the study Frederick A. Masoudi, MD, MSPH, FACC , said. "In some cases, hospitals are consistently providing excellent care; the registries, however, allow us to identify those aspects of care where the cardiovascular clinical community can improve."

The full report can be accessed here.

LUMEDX, as the leading independent provider of ACC and STS registry software, believes registries are key to Cardiovascular Information Systems. For more information about LUMEDX registry solutions, view a video highlighting LUMEDX Registry Interoperability.

 

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