Leveraging Lab Analytics for Success in Value-Based Care
Leveraging lab data and analytics will be the key to achieving quality results in healthcare, specifically by providing insight on the performance of providers, the health of a population and the information gathered by clinical strategies. Modern Healthcare Custom Media hosted a discussion on utilizing lab analytics to support quality and performance-reporting metrics and helping to identify and monitor high-risk patient populations. To access the full webinar, visit: www.modernhealthcare.com/LabAnalyticsWebinar.
Labcorp seeks to fully 1 integrate technology to improve and execute its medical solutions
Labcorp, a global life sciences company, provides deep integration in patientcare guidance through its comprehensive clinical laboratory and end-to-end drug development services. Labcorp delivers world-class diagnostics using the most advanced technology, which helps accelerate the availability of innovative medicines, which are in turn delivered to patients. Labcorp uses novel and new methods to leverage technology to deliver care in the most effective ways and then determines how it can impact patient care on an everyday basis. The goal is to share clear ways in which a laboratory can partner with a health system by leveraging analytics to accomplish strategic and value-based care efforts.
Labcorp/ACO partnership 2 helped provide cost savings and avenues for improvement
The ACO included 550 physicians, 30,000 commercial patients and approximately 15,000 Medicare patients. Labcorp considered the ACO’s patients with chronic kidney disease in an effort to improve cost efficiency. Labcorp also sought to streamline appropriate coding and referrals by making sure patients with chronic conditions in need of additional care had an appropriate risk score to qualify for additional care and support. By adjusting the criteria for patients who needed additional services and mapping out treatment earlier, the ACO achieved approximately $13.8 million dollars in shared savings and created an improved, consistent approach to delivering medical care to its patients.
Data can be used to provide 3 patient-centric information
While the majority of scientific data is gathered individually and interpreted collectively, strong data can help patients on an individual level. For example, comprehensive data was used to create a patient outreach campaign for plasma donation from patients with COVID-19 antibodies. Data was also used to outline planning for testing, storing and distributing plasma for COVID-19 antibody treatments. By using existing data, a health system was able to quickly identify and reach out to potential donors and patients.
Labcorp Insight AnalyticsTM 4 reports can be delivered directly to health systems and provider organizations
Labcorp has several options to deliver data, including through secure e-mails as well as its web-based portal, Labcorp LinkTM.
Reports can be viewed and manipulated to reflect the sought-after information. Labcorp can provide a variety of specific reports by casting a large net and narrowing down the data, and also by looking at specific diseases to gain as much granular information as possible.
Data analysis should evolve 5 to reflect new issues and trends
As seen with COVID-19, the specifics of a virus can change over both short and long periods of time in different geographic regions of the world. These changes can result in modified treatment plans and desired outcomes over time. Labcorp adjusts its approach to analyze new trends that emerge within existing diseases, viruses and other medical scenarios. Scientists work tirelessly to stay on top of reporting by using the best, most accurate laboratory data. This approach also applies to long-term diseases. Lab-result analytics may also be used to help identify pre-chronic conditions.