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Health Catalyst's Analytics Solutions Save WakeMed Health & Hospitals $10 Million, Accelerates Clinical Transformation
SALT LAKE CITY, Nov. 29, 2023 /PRNewswire/ -- Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology and
About this update from Health Catalyst, Inc
[{"type":"text","content":"SALT LAKE CITY, Nov. 29, 2023 /PRNewswire/ -- Health Catalyst, Inc. (\"Health Catalyst,\" Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, announced WakeMed Health & Hospitals (\"WakeMed\") has achieved $10M variable cost reduction by decreasing unnecessary care variation while helping to improve care quality.\n\n \n \n \n \n \n \n\n \nUnwarranted clinical variations are inconsistencies in care practices that can sometimes negatively affect patient outcomes and organizational performance and are a main driver of excess costs in healthcare. According to the Advisory Board, unwarranted variation in clinical care represents an estimated $20 million to $30 million per $1 billion in revenue of actionable savings opportunity for a typical organization.\nWakeMed recognized that it had the opportunity to decrease clinical variations in care that could help improve patient outcomes. However, they lacked high-value data and analytics, leading to data validity issues and a lack of confidence in the data. \nTo decrease unnecessary care variation and improve care quality, WakeMed leveraged the Health Catalyst Data Operating System (DOS™) platform and a robust suite of analytics applications to gain access to the high-value data and analytics the organization needed to accelerate performance improvement.\nThe health system also implemented data governance, prioritization processes, and a data quality and performance program, including standard processes for data validation. Leveraging the analytics platform, the organization integrates data from numerous sources, transforming it into standard, high-value, reusable data that are easily consumed by various applications. WakeMed's clinical transformation teams use the data and analytics to identify, understand, and quantify opportunities for improvement.\nAs a result, WakeMed's analytics-informed clinical transformation efforts have improved care processes for 23 distinct patient populations, and in just one year, the organization reported it achieved a $10M direct variable cost reduction. Additionally, the health system recorded the following successes:\n37 patients avoided readmission to the hospital17 surgical patients' lives savedWithout this work, WakeMed would have needed inpatient beds for ten more patients every day of the year....