There is massive opportunity today for technology and services providers in the healthcare market. In fact, it’s never been better. According to research firm Gartner, Inc., information technology spending in healthcare will reach $144 billion by 2023.
And the reasons for increased spending? Value-based care initiatives, ever increasing regulation, and more recently, the US Department of Health and Human Services (HHS) Cures Act for health information interoperability.
The Cures Act calls for standardizing and streamlining access to patient information. This rule will provide patients full access to their electronic health information (EHI) at no cost to them. This is part of an attempt by HHS to drive innovation and competition amongst providers. It requires massive, new data integrations.
While value-based care and regulation are nothing new, the use of artificial intelligence technology to increase patient satisfaction and overall clinical effectiveness is gaining increasing attention by hospital systems executives.
More and more providers are seeking tools and solutions that are fueled by data. Whether solving revenue cycle management problems like retrospective denials, or focusing on improving patient health through telemedicine, turning to new technology is the answer. In fact, venture capital funding for digital health solutions is at an all-time high of $5.1 billion.
The biggest roadblock to technology adoption is inefficient use, or limited access to critical transactional data. In fact, we’re now seeing transactional data export as a requirement on provider requests for proposals.
Healthcare transactional data comes from many different sources. Email, electronic health records, clinical and financial systems, and ERP systems are just some of the sources.
Even patients are a source of nearly unlimited data – GPS and accelerometry data from wearable tech, online habits, purchasing, and travel behavior… data is being created on almost every aspect of our lives.
Why the increased focus on this transactional data in healthcare?
- The potential to discover and address patterns of illness
- Population health initiatives
- The relationship between policymaking and improving health
- Bundled / episode-based payments
- Increased focus on measuring quality of care and patient outcome
- AI-based risk models that affect payment
- Predictive health
In an interview with HealthITAnalytics.com, CMS Administrator Seema Verma said “We are at a turning point in terms of how we can use data to support improvements to the healthcare system. The timing is right for true digital transformation.”
Accurate and standardized transactional data is critical for healthcare providers to get the most value from analytics and business intelligence solutions. And it’s even more important for AI-based transformation to become a reality.