The Affordable Care Act (ACA), value-based care, and new reimbursement programs are forcing hospitals and health systems to look at organizational performance holistically; at the intersection of clinical, operational and financial measures of quality and cost. No longer can we look at various types of data and outcomes separately, in silos of cost and clinical outcome, or by departmental achievements. Rather, we must consider the relationship between performance metrics, and how they change when different levers are pulled to enhance our strategic service lines and deliver value to healthcare consumers. To understand the relationship between these metrics, data must be captured, analyzed, and made useful. It’s only to the extent that we are capable of defining the interdependencies at this intersection, and our ability to adjust our processes, expectations, and practices to achieve balanced performance, that we can reach the pinnacle of value-based care and achieve financial growth and innovation.
Recent articles in both Modern Healthcare and Health Data Management discuss the need for data analytics in healthcare to forge your place in the market. Understanding both one’s own clinical, operational, and competitive strengths, and those of the competition, enable a hospital or health system to invest where it makes the most sense – in a way that provides the best possible patient care, in the most cost-effective manner, where there’s the most sustainable opportunity to serve your community and to outlast the competition.
The Integrated Market Assessment, a Truven Health analytic service offering, helps hospitals and health systems take advantage of all strengths – market-specific competitive advantages, clinical, and financial – when investing in capital projects and strategic service lines. The program is designed to help you intelligently respond to increasing competitive pressures, partnering, and market opportunities, by combining market intelligence (traditional volume and market share indicators) with quality and efficiency measures.
Integrated Market Assessments help Providers address challenges such as:
- Merger and acquisition optimization (before and after)
- Competitive market analysis
- Quality and efficiency metric identification
- Market trend and target population identification
- Financial strength, stability, and sustainability metrics comparison (reported to the Centers for Medicare & Medicaid Services)
For more information about the Integrated Market Assessment, please contact us by phone at 1.800.525.9083, option 4 or by email at ProviderSolutions@truvenhealth.com.