There are many ways to define the concept of Big Data in healthcare analytics. It can be called as the joining and structuring of two or more previously disparate sources of information in a way to unravel data insights that can further be utilized to draw in so that comparisons and measure performance. With the advent of IoTs, there has been a surge in the number of organizations that have employed healthcare analytics and Big Data into their data infrastructural set. MedeAnalytics, a California-based firm has been revolutionizing healthcare industry by empowering companies through the use of business intelligence to improve financial, operational and clinical performances. “Data is just data. Until you know what to do with it,” says Andrew Hurd, CEO, MedeAnalytics. The company’s powerful healthcare analytics solutions imparts the healthcare customers the ability to identify key metrics necessary to successfully manage their business and turn data into clear and actionable insights. MedeAnalytics’s cloud-based tools have been used by healthcare providers to create segments and categorize their patients based on their ability to pay, profitable service areas, and also to identify misallocated cash, movement of bad debts, and avoid lawsuits.
“Our solution methodology involves aggregation of issues that persist in a healthcare organization, interpretation of these issues and their subsequent transformation into value-based results,” adds Hurd.
The healthcare analytics solution provided by MedeAnalytics, helps normalize vast amounts of incredibly complex data across multiple resources to produce clear and human powered insights that the healthcare enterprise can act upon. “Our analytics solutions not only respond to today’s pressing issues like fee-for-value, expanding Medicaid benefits and accountable care, but also make possible proactive, evidence-based management of the challenges and opportunities in today’s health care models,” extols Hurd.
In addition, the company also offers a whole range of solution suite that address certain market and business issues like Patient Engagement, Payment Reform, Clinical Quality, Health Plan, and Cost Reduction. The solution for market complexities mostly encompasses giving healthcare providers executive dashboards, patient access, revenue integrity and cycle, compliance, and performance management.
Furthermore, MedeAnalytics has the provision for health plans like Provider Engagement, Population Health, Medical and Medicaid management, Employer reporting, Enterprise Master Patient Index, HEDIS Quality
Management, and Performance Management. In addition, the MedeAnalytics also provides consulting services for both healthcare companies and health plan providers.
Many customers have been benefited immensely by the implementation of performance and analytics solutions offered by MedeAnalytics. In one instance, Adventist Health, a faith-based, not-for-profit integrated healthcare delivery system, used MedeAnalytics Patient Access across its 19 hospitals to increase point-of-service collections, improve the patient experience, and streamline patient registration workflows. As a result, the client experienced a boost in point-of-service collections by $3.8 million in over two years, representing a 20 percent increase across their organization.
Another success story of the MedeAnalytics involves, Wheaton Franciscan Healthcare, a not-for-profit healthcare organization that deployed the firm’s Revenue Cycle and Patient Access to manage accounts receivable while driving collections and efficiency in patient access. The solutions helped reduce outstanding receivables by $15.4 million, lowered bad debt by $8 million, and increased point-of-service collections by over 50 percent.
Our solutions leverage our platform at the center of that convergence, offering both provider and health plan capabilities with relevant end user sensibilities
The case studies of MedeAnalytics stand as a testament to its solutions functionality in addressing imminent challenges around performance management. The company has more than 30 percent organic growth in its bookings and 62 percent jump in employee acquisitions, indicating its market leadership. “As the need for big data and analytics continues to grow in the healthcare industry, we are extremely well positioned. As provider and health plan requirements and incentives change and converge, we plan to serve our clients successfully,” concludes Hurd.