Fragmented Data Represents Healthcare Providers' Biggest Barrier to Determining Total Cost of Care
Survey of 142 healthcare leaders finds that lack of meaningful data creates challenges as providers transition to value-based care
WEST HARTFORD, Conn., Dec. 5, 2017 /PRNewswire/ -- Highly fragmented data is healthcare providers' most frequently cited roadblock to determining their total cost of care, according to the results of a survey of 142 healthcare leaders that was sponsored by SCIO Health Analytics and HealthLeaders Media.
The survey found that 58% of respondents cited highly fragmented data as their biggest barrier to ascertaining the total cost of care, while 20% say their top issue is a lack of resources. Additionally, respondents say they lack access to several data types critical to understanding their organizations' total cost-of-care efforts, including socioeconomic (57%), post-acute care (44%), and behavioral (32%).
The survey results also illustrate that, as providers attempt to manage competing priorities and take on value-based care business models, they must also move to better manage costs across their populations and networks. Survey participants said developing care coordination efforts to close care gaps (37%) and identifying high-risk, high-cost patients (31%) have the greatest impact on patient and financial outcomes.
Without meaningful data, providers will face significant challenges in the near future as they move to value-based care and seek to improve care quality while lowering costs. As healthcare providers seek to go beyond simply understanding and predicting the clinical history of their patients, creating effective data layers is more critical than ever. In today's landscape, considering human behaviors and other motivating factors can be the difference that spurs a patient to take action.
By pairing the right data with advanced analytics, providers can gain valuable insight into population and network performance trends, allowing them to personalize care delivery while improving quality and financial outcomes. An advanced analytics program should have predictive information—which looks at risks—along with prescriptive data, which identifies gaps in care and pinpoints where to focus resources.
"Rising healthcare costs are no longer just a focus from the organizations that deliver and administer care," said Rose Higgins, president, SCIO Health Analytics. "Consumers are also taking a share in the need to better manage healthcare spending as their out-of-pocket costs continue to rise. The recent survey validates what SCIO has long known: One of the greatest challenges to reducing care costs is created by the inability to put meaningful, actionable information into the hands of those bearing the weight of making clinical, financial, and operational decisions."
About SCIO Health Analytics
Based in West Hartford, Connecticut, SCIO Health Analytics is a leading health analytics solution and services company serving healthcare organizations across the continuum including provider groups, health plans, PBMs, health services and global life sciences companies.
SCIO provides predictive analytic solutions and services that transform data into actionable insights, helping healthcare organizations create the understanding that drives change through care, network and reimbursement optimization as well as commercial effectiveness. SCIO's insights as a service approach supports the shift to value-based care, solving healthcare problems simply and efficiently. Visit SCIO's new website for up to date information on their product and solution offerings: www.sciohealthanalytics.com
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SOURCE SCIO Health Analytics
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