Posts Taged preventative-medicine

The Importance of Predictive Analytics

why predictive analytics can improve your health care For most people, their healthcare decisions are determined by cost and affordability. While this strategy may good for your bank account, your health decisions should always be centered around your personal wellness as well as that of your wallet. In order to get the best of both worlds, we can use predictive analytics to improve healthcare while also making it more cost-effective for patients. Here’s why healthcare data and analytics can benefit you:

Predictive analytics will help improve healthcare in several ways. By gathering and analyzing patient data, medical professionals can study patterns in medical history and treatment plans on a much larger scale. Healthcare data will increase the accuracy of diagnoses and improve preventative medicine. For example, your doctor could compare your data to that of patients with similar medical history and demographics to you and see which treatment options were most effective for them.

Medical providers could also use this healthcare data to predict how your health will progress so they can anticipate a problem before it occurs. Not only does this benefit you and your personal wellness, but it will also alleviate healthcare costs. Instead of spending money on emergency medical services, you can save money by avoiding emergency situations altogether with preventative treatment plans designed specifically for you.

Having comprehensive medical data on all patients also allows for coordinated efforts among medical professionals. Instead of having your information transferred from one specialist to another, everything will be secure and available to all relevant providers. This eliminates the possibility of errors and outdated information on patients.

Another advantage to predictive analytics is that it helps policy makers develop more accurate payment plans and cost-model tools. Where you once had to gamble on how much treatment would cost you, with predictive analytics cost-model tools can be fine-tuned so you won’t experience any financial surprises.

You can learn more about how the Catholic Benefits Trust works to integrate predictive analytics, Catholic values, and value-based healthcare into our member benefits by contacting us!

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How ACOs Can Increase Savings

healthcare savings through accountable care organizationsHealth care providers and patients can benefit from joining an accountable care organization (ACO) in several ways. Aside from offering higher quality healthcare focused on preventative medicine, ACOs will also provide the opportunity for payers and providers to experience significant savings. Here are three ways ACOs cut costs:

1. Compliance with State and Federal Laws

When it comes to decisions about who’s employing doctors and how much control payers and providers have, ACOs must comply with state and federal laws. Many of these organizational decisions are directly related to health care regulations. These regulations exist to protect private patient data. Following the design outlined by state and federal laws makes managing who has control over patient information simple and secure. ACOs can follow these guidelines to prevent potential data breaches, which can be costly and time-consuming.

2. Remain Committed

In order for organizations to see real savings, ACOs must remain committed and invest enough time into the endeavor. ACOs aren’t likely to see an immediate reward for providing quality over quantity healthcare to patients. If they remain focused and dedicated to the pursuit, however, they should see significant savings. It also takes time to implement all of the necessary changes. Switching from a fee-for-service payment model to value-based care doesn’t happen overnight. While it takes time, ACOs are cost-effective solutions worthy of consideration.

3. Invest in Risk-Based Payment Arrangements

ACOs that sit on the sidelines and continue to follow a fee-for-service model are missing out on great opportunities to save. ACOs that partner with payers and providers through risk-based payment contracts are more likely to succeed and save significantly more than those remaining on the sidelines.

At the Catholic Benefits Trust, we do everything possible to save our members money while also ensuring quality care. Each of our members has a seat on the Board of Directors so everyone has equal say when it comes to managing the vision and goals of CBT. We provide secure protection and access to patient information as well as legal protection of funds intended for employee benefits. Our members also receive personal health management plans tailored to specific patients based on their data and information. When it comes to healthcare, there’s no organization more cost-effective than us! Contact us to learn more!

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