|Health Care IT & Big Data Analytics Expanding with the Rise of Value-Based Care Model|
At more than $3 trillion per year, U.S. health care spending is a hefty financial burden, demonstrating the need for a more cost- and resource-effective solution. Designed to replace the traditional fee-for-service approach that compensates care providers for the number of services they deliver, the value-based model is emerging as a preferred model that pays providers according to the results of their care. As the health care system shifts toward this approach, there is a growing need for efficient technology platforms and big data analytics that can help curtail rising medical costs and make the overall system more efficient. Leading industry players such as ORHub, Inc. (ORHB) (ORHub Profile), International Business Machines Corp. (IBM) and its IBM Watson Health division, General Electric Company’s (GE) GE Healthcare subsidiary, Cerner Corp. (CERN), and Cognizant Technology Solutions Corp. (CTSH) are doing just that.
The increasingly popular value-based care model takes center stage when it comes to ORHub, Inc.’s (ORHB) (ORHub Profile) revolutionary platform. Developed specifically for surgery management, ORHub’s innovative platform moves away from manual systems traditionally used for handling surgery-related operations, as well as from the most common electronic health records (EHR) solutions. ORHub’s Surgical Resource Management offers significantly enhanced capabilities and empowers health care providers involved in the surgical care process to work together, organize, measure, deliver and reimburse in one easy-to-use cloud-based platform.
The entire system is data-driven, with a focus on correct analytics and tracking of diagnosis, prescribed treatments and procedures, complications, results, materials and associated costs, which can help transform the surgical care process into a value-based model. The platform also enables complex data analysis across entire health care units, helping address issues such as the costs of comparable surgeries, what inventories need to be restocked, whether the right materials are used for a specific procedure, whether surgeons prefer a specific type of materials, and more. Automation is another essential component of the ORHub platform, as it helps eliminate labor intensive processes and data collection, ultimately eliminating potential human errors and omissions.
Managed by CEO Colt Melby, an experienced business strategist whose experience includes the uplisting of companies such as Smith & Wesson, now American Outdoor Brands Corporation (AOBC), CUI Global, Inc. (CUI), and Quest Resource Holdings Corporation (QRHC), ORHub is primed to become one of the country’s top health care technology providers.
Its platform has already drawn the interest of tech giant Microsoft, which provided ORHub access to its Azure Cloud technology to build its revolutionary system. The Surgical Resource Management platform is already operational in two hospitals, and the company intends to roll-out its software nationally this year.
NetworkNewsWire Exclusive Audio Interview with ORHub (ORHB) (http://nnw.fm/g7U5p)
Another highly innovative concept already impacting the health care sector comes from IBM’s (IBM) suite of health care solutions designed to help organizations reduce costs while improving the health of populations. The company’s Watson Health Division integrates humanity and technology to provide cognitive health care, a highly advanced artificial intelligence system that can process and interpret massive volumes of data to offer patients the best solutions and treatments. As IBM CEO Ginni Rommety noted at this year’s Healthcare Information and Management Systems Society (HIMSS) meeting, the development of cognitive health care is a crucial moment in time, as this technology has the potential to forever change health care by bridging the gap between data and informed strategies. The technology is already in use at several health care organizations, with promising results. So far, it has been able to identify five new genes linked to amyotrophic lateral sclerosis (ALS) and in general to produce more clinically actionable items than human experts in rare cancer cases, Rometty said.
Artificial intelligence and the Internet of Things are crucial for precision medicine but also for better patient engagement – which ultimately has the potential to reduce health care costs. In densely populated countries such as China and India, IoT technologies have helped health care providers become more efficient by drastically reducing the time it takes to gather patient information to 20 seconds instead of 20 minutes. Driven by the need for improved patient management and spearheaded by top industry innovators such as GE Healthcare (GE), the IoT market is expected to grow by 25 percent to reach $169 billion by the year 2020, according to a Technaivo.
Also present at the previously mentioned HIMSS, GE Healthcare director for cybersecurity and analytics Travis Frosch said this innovation-based growth needs to focus on identifying solutions for specific problems the medical sector is facing. Frosch also spoke about his company’s revolutionary Centricity™ Healthcare Information Technology (IT) solutions for Integrated Care and more specifically DenialsIQ, an advanced analysis tool that uses machine learning capabilities to uncover unseen issues and trends from within claims denials and help hospitals reduce resulting patient revenue losses.
Another health care technology provider dedicated to the value-based model, Cerner (CERN) offers a complex portfolio of clinical and financial health care IT solutions, as well as management and operational tools to make health care providers more efficient and help them to deliver the best care, with the best outcomes at the most optimal costs. The company’s products are built around the proprietary Cerner Millennium architecture, with the cloud-based HealtheIntent platform arguably its flagship product. Cerner’s technologies connect people, systems and information at over 25,000 health care provider facilities around the world.
The health care branch of global business and technology leader Cognizant Technology (CTSH) also has a very wide reach in the system, offering and supporting comprehensive software products and solutions for various segments of the industry including care providers, patients, insurance plans, pharmacy management, government and public health programs. Cognizant services for the health care industry include IT infrastructure, application maintenance, clinical data management, order management, pharmacovigilance, as well as consulting services on a wide range of topics the industry is facing, such as data integration, health intelligence, patient engagement, collaborative care and more.
For more information on ORHub, Inc. please visit: ORHub, Inc. (ORHB) & www.ORHub.com
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