Sophisticated End-to-End Performance Management Comes to Healthcare
With its acquisition of MethodCare, ZirMed is bringing some much needed geeky swagger to healthcare.
"We're bringing the data scientists that healthcare needs into the fold," said Jeff Kaplan, co-founder and CEO of MethodCare, a leading provider of predictive analytics solutions that increase revenue, maximize operational efficiencies, and provide the advanced analytics to help healthcare organizations achieve financial and clinical excellence. "We're very deep in predictive analytics and working with big data. As a result, we have built a better, more sophisticated mousetrap that has enabled us to provide the solutions that save millions of dollars for our clients."
Working together, ZirMed and MethodCare are now offering the first truly centralized, cloud-based end-to-end performance management platform to streamline operations and, at the same time, support greater strategic, data-driven business decisions.
The end result: Healthcare organizations can financially and operationally benefit from the sophisticated data mining that has been available to other industries for years.
"We are making it possible for healthcare organizations to use predictive algorithms to comb through years' worth of valuable disparate data. Other industries have been leveraging data mining for decades but it's very unique for healthcare providers to truly leverage the power of predictive analytics," Kaplan says.
Indeed, with the proliferation of data in healthcare, the call to make use of all this information is becoming more pressing than ever before.
"We are talking about terabytes of data. Providers need an efficient way to analyze their patient records, which can consist of tens of thousands of attributes for just one patient," Kaplan says.
And, organizations need to use this information to succeed under emerging value-based care models by cost effectively improving population health.
"So, healthcare organizations today need a method that can analyze massive amounts of data quickly. Our platform can analyze up to 4,000 records per second," Kaplan says.
This high-level analysis can help healthcare organizations:
Understand performance from a financial perspective. By integrating and analyzing end-to-end clinical, claims and cost data, healthcare organizations can truly understand their performance and answer questions such as: What are the margins for the hospital? What are the margins for a specific service line? What are the margins for a specific physician?
Identify financial best practices. For example, the data analysis can reveal if certain procedures could be performed more cost effectively while maintaining the same level of patient quality outcomes.
Predict the validity of claims. With the analytics in place, providers can ensure claims have a greater probability of being paid accurately on the first pass – instead of having claims returned because they are missing information or don't meet specific requirements.