Benefits to SNFs, their partners and the healthcare continuum
We’ve covered predictive post-acute analytics in practice and tackling the challenges of the Triple-Aim. Now it’s time to bring it home by defining the value created by predictive analytics in the post-acute space. Like any investment of time and money, it’s important to be clear about the results of those investments.
SNF Provider Perspective
Advanced analytics can help providers demonstrate their value to payers. Improving the quality of care improves the reputation of the provider in the community and having data to tell that story helps show that it’s happening, and these improvements are real and measurable.
It also benefits payers to know which providers can demonstrate their value and performance in ways that are quantifiable and clear.
"We have to know our data [before sharing with payers]...so we can tell our story behind it." - Bob Latz, PT, DPT, CHCIO, CIO at @trinityrehabsvc#ForcuraCONNECT #ForcuraWebinar— Forcura (@Forcura) January 19, 2022
Healthcare Continuum Perspective
We’ve found that users of our Data Integrity Audit have been able on average to increase their reimbursement by $4.16 per resident per day by catching coding errors and inconsistencies. Imagine that change in reimbursement of $4.16 multiplied across a continuum of providers. That’s where these analytics start making an impact at scale.
If providers speak in clinical outcomes and payers speak in dollars and cents, advanced analytics allow the payer and provider to speak a common language. It’s important to invest in the analytics that bring these relationships together and create a path forward. It’s also important to share stories of those that are succeeding so the adoption rate of these advanced analytics increases and the need for demonstrable ROI is reduced as the value of these analytics investments becomes a known quantity.
"When you demonstrate competency [through predictive analytics]...that increases the volume of referrals to your facility compared to your competitors." - Majd Alwan, Ph.D., @LeadingAge #ForcuraCONNECT #ForcuraWebinar— Forcura (@Forcura) January 19, 2022
Analytics Provider Perspective
Analytics vendors and SNF providers that collaborate effectively can demonstrate the return on their investment in post-acute analytics in many ways. It’s important to partner with vendors who can provide you with the right information and the right experts to avoid analysis paralysis.
The more literal, or ‘hard ROI,’ can be demonstrated in dollars and cents, like that additional $4.16 per resident per day in reimbursement. That’s clear and demonstrable. The more elusive to quantify ‘soft ROI’ can be found in the value of better care planning as felt by the resident and families, improved Care Compare ratings, and clinical quality improvements that payers notice.
[ More on the ROI of Data Analytics for SNFs ]
"Liberating data with a partner that can help you analyze it is important." - Jane Moffett, VP, Product Management, Therapy at @NetHealthFits #ForcuraCONNECT #ForcuraWebinar— Forcura (@Forcura) January 19, 2022
Predictive Analytics and Value – In Summary
This series of blogs on predictive analytics and value-based care is inspired by a recent panel session – Predictive Analytics to Power Up SNF Performance – and aims to encourage excitement for and adoption of advanced analytics in the post-acute space. Thank you to my colleagues and fellow panelists Bob Latz (Trinity Rehab Services), Majd Alwan (LeadingAge), and Jane Moffett (Net Health) for contributing to this conversation.
Predictive Analytics Resources
Data Analytics Selection Tool
Improving Health Outcomes, Resident Experience and Quality through Data Analytics
LeadingAge/ArchCare/PointRight Case Study
Turn Your EMR Data into Valuable Information
Net Health Blog