Why, In the Post-Covid Future, Data Analytics is the Solution for Healthcare Providers
- According to a recent report, 95% of healthcare executives are concentrating on the digital transformation of the healthcare systems.
- Healthcare organizations are increasingly choosing to deploy their systems on the cloud.
- Without sacrificing the patient experience, data, and analytics help to produce better results at reduced costs according
- to Sandeep ("Sandy") Gupta, Co-Founder and COO of Innovaccer, a company devoted to accelerating innovation in healthcare, there has been a dramatic shift in thinking among healthcare CXOs towards the adoption of technology and the cloud. In an interview for the SAAS Scions web series by Business Insider India, powered by AWS, Sandy spoke with Dan Sheeran, GM, Healthcare and Life Science, Amazon Web Services (AWS).
According to a recent study, 95% of healthcare leaders are focusing on the digital transformation of the underlying legacy health systems due to the scalability, capacity, and dependability issues with these antiquated interaction models. Gupta claims that healthcare executives are aware of the gaps in data and procedures in the industry.
Over 1,600 hospitals and clinics in the US and 96,000 clinicians are currently using Innovaccer's solutions, which were first developed in 2012 as a research partnership between Harvard and Wharton. Since its official launch in 2014, the company has worked with over 70 prestigious companies, including NASA, and has experienced flawless growth in a short amount of time. The choice to concentrate just on the healthcare sector in 2016 was the real turning point in the journey, though.
This meant that 80% of the income we had been bringing in was lost. In retrospect, it was one of our hardest but wisest choices. We were also very lucky to have investors that agreed with our choices and our direction, added Gupta.
Assisting medical professionals using data analytics
With the help of unified data and analytics, Innovaccer aims to help healthcare providers provide better care services. Its products combine healthcare data from various sources, including electronic health records and other IT systems, into a unified data model that is cloud-native. Advanced analytics and integrated workflows are made possible by this "single source of truth," assisting customers in achieving their strategic objectives by enhancing care and financial outcomes. The business collaborates with healthcare providers to swiftly create ROI and speed up the development of new digital health solutions.
"We want to make the patient experience better while assisting customers in achieving better health results at cheaper prices. Another important consideration is how technology may benefit the experience and well-being of the care teams by reducing their workload through our SaaS products. We are aware that automating and streamlining the carers' operations to the greatest extent possible lessens their workload during periods of high demand," Gupta added.
Reducing the cost of healthcare
Technology also has a significant impact on the healthcare industry's total cost structure. Gupta claims that the company's SaaS solutions have saved its clients almost $1 billion. "Consider this: 30% of healthcare spending may be possible that 30% of healthcare spending is wasted, which suggests that there is still more to be done to reduce "wastage" and lower the cost of care. Technology solutions can be useful in this great opportunity, he said.
Gupta also thinks that combining technology with preventive care can drastically lower the need for hospitalization and save overall costs. For the benefit of all stakeholders, data and analytics may improve post-acute care and optimize the entire care cycle.
As an illustration, Innovaccer offers risk stratification via sophisticated analytics at the point of care, enabling physicians to recognize and offer the appropriate degree of care and services for patient subgroups. This reduces healthcare expenses and raises the quality of care. Additionally, Innovaccer collaborates with dozens of partners who offer distinctive solutions on top of its cloud-native data platform, enabling healthcare providers to swiftly add new features, expand their service offerings, and improve the efficiency and accessibility of healthcare. One such is its partnership with Find Help, the largest community resource search, and referral network in the US, which helps Innovaccer's clients better manage social determinants of health.
The difficulty of retaining talent in healthcare
Gupta emphasizes that there is no shortage of prospects for tech start-ups that intend to concentrate on the healthcare sector: Optimizing the in-hospital experience for patients is one of the areas where we see a lot of scope for innovation. The approach has a lot of potential for adding pricing transparency. Another possible area for SaaS companies looking to address healthcare concerns is improving care delivery. Numerous use cases, such as remote monitoring and hospitals-at-home, can be driven by AI, ML, and NLP.
In order for young start-ups to succeed on this journey, one essential component is for them to attract and retain outstanding personnel. Gupta clarified that the company's culture played a role in why talent retention is a greater difficulty than talent acquisition. "These are a few strategies that were successful for us. Focus on the concept that staff are your internal customers and adopt a customer-first mentality. Create a framework that encourages taking chances, attempting moonshots that force teams outside of their comfort zones, accepting failure, and moving on. And as one grows, it's essential to foster a supportive atmosphere within the business, according to Gupta.