TriCore explores new uses of medical data
Years of test results could create forecasts
One New Mexico company is looking at turning its proprietary data into better forecasting of disease storms heading our way.
That’s according to the leader of a TriCore Reference Laboratories, who told a group Wednesday at the Economic Forum that his company may have some lifesaving answers beyond immediate medical test lab results.
“We are migrating toward population health management and targeted intervention, especially of high-risk populations,” said Khosrow Shotorbani, president and CEO of the New Mexico-based company, which performed 14 million lab tests last year in the state. TriCore looks to be innovative by using its vast store of clinical lab data to effect clinical decision-making that enhances patient care.
It’s also about diversifying into new lines of revenue “that customers will pay for,” he said. In the past three years, TriCore has posted 30 percent growth in revenue and now has 1,300 employees.
“Because we generate a significant amount of medical data, we are in a perfect position to help transform raw data into actionable information for providers, health plans and patients,” said Shotorbani, adding that the company provides clinical testing for nearly 70 percent of New Mexico’s residents.
Laboratory services account for less than 3 percent of overall health care spending, yet factor into about two-thirds of clinical decisions, Shotorbani said. Knowing this, labs can and should play a more active role in communication of results and coordination of care.
“This is where the puck will
be in three to five years,” he said about his industry.
He believes the nonprofit company, which has grown with the expansion of Medicaid in the state, is poised to be a pioneer and a money maker by looking at higher-level population health issues. To do so, TriCore is investing in information, analytics and computational science.
He told the story of data showing about one-third of 5,500 pregnant women tested in New Mexico had “key laboratory indicators” showing they were at risk of delivering babies with complications that could lead to neonatal intensive care, early childhood medical care and long-term care associated with serious conditions. TriCore was able to convey this information to the women’s care providers so they could increase the ability to intervene and ensure they had healthy pregnancies and deliveries. The nonprofit National Academy of Medicine estimates that premature births cost the U.S. health care system $31.5 billion annually.
TriCore can also pinpoint indicators that may result in people later coming down with cardiovascular disease, diabetes and hepatitis C, Shotorbani said.
Timely lab screenings are also an opportunity to prevent costlier episodes of care downstream, Shotorbani said, an issue that resonated with many health care providers and payers in the audience.