Four US hospitals and health systems have saved, in total, more than $4 million by utilizing data analytics to identify opportunities to improve patients' health while reducing the costs of unnecessary care, according to The Advisory Board Company.
These initiatives, conducted through The Advisory Board Company's Crimson performance analytics program, produced more than $4 million in aggregate savings for FHN (Freeport, Illinois), St. Elizabeth Healthcare (Edgewood, Kentucky), Genesis HealthCare System (Zanesville, Ohio), and Medical College of Wisconsin (Milwaukee, Wisconsin).
"As health systems redesign their services for population health management, providers need precise and accurate data to pinpoint patients at highest risk of poor outcomes and avoidable cost," said Richard Schwartz, chief operating officer, health care at The Advisory Board Company. "By using Crimson, these four organizations have created winning strategies for risk-based payment by tailoring population health management to their patient mix and organizational strengths."
An analysis of 448 individual hospitals that were members of The Advisory Board Company's Crimson performance analytics programs for at least five years shows significant improvements in population health outcomes for these hospitals' second through fifth years in the program.
For those years, these hospitals have measured a decrease of more than 100,000 readmissions, resulting in aggregate savings of more than $1.3 billion—more than $3 million per hospital—and a reduction in reported complications of more than 300,000, an improvement of 1.7 percent.
Data Analytics, Healhcare Systems, Hospitals, The Advisory Board Company, Richard Schwartz, US