Creating a New Healthcare Analytics Offering
Trexin helped a top five care improvement solution provider find healthcare analytics products and vendors to help their customers avoid penalties and maximize reimbursements on Medicare payments.
Business Driver
Our Client, one of the healthcare industry’s leading providers of evidence- and experience-based clinical and care improvement solutions, could not report on physician behavior, measure the effectiveness of their guidance, or explain conflicting results. Their goal was to add systemic healthcare analytics to their range of service offerings.
Our Client’s Vice President of Product Management asked Trexin to do the following:
- Analyze 3rd party vendors and capabilities of solutions currently on the market.
- Identify the implementation costs of these solutions and the potential returns on the expense.
- Create a business case for a solution that assesses and analyzes the effectiveness of their products and maximizes value for their customers.
Approach
Trexin collaborated with our Client’s team to create an understanding of what information is available in a hospital environment. We shared our knowledge of extracting and using relevant data when using information systems like Epic or Cerner to track care:
- Check-ups performed
- Effectiveness of medications
- Doctor’s notes
- Readmission of patients
- Whether or not best practices were followed
We worked with the team to implement a pilot program designed to help identify suitable vendors, develop document templates and processes for initiating contact, and then negotiate for products that provided the best value at the best price and fit their budget.
Trexin then created a series of business cases for developing software-as-a-service-based solutions that take client order data, analyze utilization of orderable items, and link orders to outcomes.
Results
Because of our experience working in the healthcare industry and navigating Medicare payment programs, we were able to help our Client determine they could increase their customers’ Medicare payments by as much as 4.3% if a solution linking physician orders to clinical outcomes were implemented. Trexin designed a Vendor Partner Evaluation Matrix which balanced technical and product risk and value. Suitable vendors were identified, and a Request for Information (RFI) was issued to understand the investment business case for analytics. Five candidate business models were developed and evaluated to determine the best approach for our Client enter into the healthcare analytics market.
