At our latest Health Care Payers Transformation Assembly, population health management stood out as a top priority among healthcare professionals as seen on our Digital Diary post.
“As risk-based contracting and pay-for-performance arrangements start to provide enhanced financial incentives for delivering preventive services and tracking patients across the care continuum, healthcare organizations are investing heavily in the strategies and technologies required to ensure proactive management of individuals.” healthanayltics reports.
Population health management is continuing to emerge in the healthcare industry in order to transform volume based patient care to become value based by focusing on the health outcomes of a group of individuals.
As a healthcare provider, it is crucial to understand what this system is, and what challenges it opposes.
What is Population Health Management?
This type of management enables providers to have access to patient data records across multiple sources of technology.
Through these records, providers can formulate a care plan as well as spot similarities between patients quicker, using a business intelligence tool.
“Typically, PHM programs use a business intelligence (BI) tool to aggregate data and provide a comprehensive clinical picture of each patient. Using that data, providers can track, and hopefully improve, clinical outcomes while lowering costs.” According to Wellcentive.
These care programs aim to treat and prevent sickness, as well as to urge patients to practice managing their own health.
Population Health Management has several advantages, both to the patient and healthcare provider.
Better health outcomes
Providers are taking necessary steps in order to make sure the overall goal of PHM is met: to increase health outcomes and boost the quality of life of patients.
“Many healthcare organizations are purchasing health IT products, such as EHR modules or integrated population health management platforms, which can deliver the analytics and reporting required to access the necessary insights.” According to healthanalytics.
In a recent High-Risk Patient Identification report released by AAMC, the strategies, and outcomes of positive patient health were outlined and stated as a priority.
“The use of predictive modeling to proactively identify patients who are at highest risk of poor health outcomes and will benefit most from intervention is one solution believed to improve risk management for providers transitioning to value-based payment” According to AAMC.
Population health management is also formed to guide patients to not only receive help for sickness but to also provide a structure that guides individuals to monitor their care with strategies that will ultimately limit hospitalization.
“Effective PHM requires strategies to reach the individual consumer or patient at all stages of life – early childhood, adolescence, adulthood and old age – rather than simply when they become sick.” Phillips reports.
PHM focuses on enlisting members to partake in disease management programs, to integrate technologies to decrease cost.
“Analysts note that by 2023, improving prevention and disease management could save the US over $1 trillion in direct and indirect costs on seven of the most common chronic diseases.” A report by EY announces.
By using IT solutions, population health management increases care for those who have chronic diseases in order to track and manage care.
Closing care gaps
PHM provides real time access to providers in order to address, track and care for a patient’s needs.
Using tools such as “prescription data, electronic health records, laboratory, and billing” make closing care gaps between a provider and a patient efficient and accessible.
Population Health management ultimately saves costs for providers and patients by leveraging data analytics.
“A cornerstone of PHM is the use of data-driven care interventions to improve the health of and lower the care costs for a population” AAMC reports.
The Next Step
In order to implement a population health management program, it will take a few strategies to tackle in order to successfully change your system to keep up with this evolving industry. First, where do you start?
- Figure out how many patients are you working with.
- Once this is decided, figure out who will need to be targeted accordingly depending on health status.
- Next, hire a staff to carry out all the needs that the patients will require.
- Then, develop a work culture that is beneficial for everyone. This will also include developing a data infrastructure.
- After these steps are completed, monitor your patients so they are constantly involved in their own care.
“As with any new initiative, we can only succeed here in making changes if there is a fundamental realignment in the organization’s thinking and capabilities.”
When all of these steps are completed, a population health management structure can form, be executed, and deliver value.
ABOUT HEALTHCARE PROVIDERS TRANSFORMATION ASSEMBLY
The Millennium Alliance is pleased to announce that applications for our bi-annual Healthcare Providers Transformation Assembly are now open. Join leaders from North America’s leading Health Systems at The Ritz-Carlton in Dallas, TX to discuss how the industry is adapting to a healthcare customer-centric transformation.
Population health management is one tool emerging in the healthcare industry that proves providers are moving toward value based care as opposed to volume based care. The goals of PHM are a few among many that indicate the healthcare industry is leading toward digital transformation, by enabling different tools in order to meet patients needs effectively.
Be a part of the conversation, learn from like-minded individuals and stay on top of the digital healthcare wave. New methods of management are emerging through the developing digital trends that are seen in all aspects of healthcare.
Customer-centric policies will continue to be important. Businesses must address rapid innovation and competition from non-traditional players, but above all, they must continue to respond to empowered consumers as customer-centric transformation sweeps healthcare.
Through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions offering insight into industry-specific topics and trends, will help you stay one step ahead.
This is not just another “Healthcare” event. Spaces are reserved for the best in the business. Apply for Millennium Membership today
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