Involta’s Vice President of Strategic Solutions, David Kramer, recently presented at HIMSS19. David has been developing and delivering product grade “Big Data” solutions for multiple industries for over 15 years. His practical experience enabling data to be a vital part of commercial enterprises that include H&R Block, BMW USA, and Match.com are now focused on the healthcare industry. David’s focus is to enable providers to contribute in meaningful ways to improve the delivery of care allowing patients to be at the center of their care solution decisions. Read on for the recap of his presentation.
Healthcare generates 750 quadrillion bytes of information every day. Data collection rates are consistently high with over 97% of hospitals and 87% of physicians’ practices adopting EHR for patient health history. Furthermore, over 70% of hospitals provide patients the ability to view, download and transmit their healthcare records online. As consumer costs for healthcare continue to rise, patients are more engaged than ever before in determining how to reduce costs and be more proactive in their own health outcomes.
These factors create a perfect storm for big data. Sophisticated analytics and AI that is applied to big data are driving radical change in the healthcare experience. Providers need to focus on improving the delivery of care and allowing patients to be at the center of their care solution decisions.
Market drivers and big data are changing the face of healthcare now and into the future.
Market Driver #1: Personalized Healthcare
Big data is irrelevant until you apply it to a problem and healthcare has some of those problems such as personalized healthcare options that continue to explode into the marketplace. Services such as telemedicine, digital therapeutics, personal genome mapping and precision medicine are becoming more specific to the patient and big data is enabling them.
Market Driver #2: Patient-Centric Payer/Provider Partnerships
Patients are in the driver’s seat of their own health today, which has shifted the way they seek and receive treatment. Programs such as Cost and Quality Transparency Scientific Wellness customized to “Me”, Genomic Medicine Value-based Reimbursement enabling “Me” and Holistic new Patient Care models – Diet & Exercise 40%, Genetics 30%, Social 20%, Healthcare 10%. Several providers are moving towards an e-commerce style of service that enable to patient to use apps to put in the symptoms and history and get an estimated cost of treatment.
Market Driver #3: Need for Mobility
Patients are on the move nowadays. Since most use some form of a digital health for “my” self-service portal, they can seek medical help whenever and wherever suits them best. Providers must be able to share and leverage EHRs and patient data from any access point, at any time, and in any situation. They must start to say goodbye to “clipboard” documentation and files and allow patients to own their medical records. This allows the patient to move between providers efficiently and accurately.
For the last ten years or so, we’ve been talking about changes in the healthcare industry that would make it easier for the patients, but those changes haven’t come to fruition yet. However, for the first time, private organizations are now investing billions of dollars into changing healthcare. Through the whole cycle of healthcare – from prevention to empowering the patient by:
- Shifting of capital resources (investments in new “me” products and industries)
- Convergence of technologies (AI, genomics, 3D printing, sensors, robotics, stem cells)
- Consumerism is being embraced (wearables, patient portals, mobile apps, mobile healthcare)
Healthcare providers must become better at facilitating this shift towards “me” care by:
- Have a digital strategy so you can make necessary transitions
- Choose quality partners so you can scale quickly
- Create a culture that adapts quickly to change
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