2022 was a roller coaster ride for healthcare, and not necessarily a fun one. Just as the crisis around the pandemic seemed to be easing, issues around the economy heated up. Providers wrestled with a post-pandemic ripple effect of staffing storages, high contract labor costs, supply chain issues, and rising costs—all of which drove down operating margins.
In fact, most hospital margins were in the red throughout 2022, with the median hospital operating margin standing at -0.2%, according to analysts at Kaufman Hall. Margins were 4.3% a year earlier, and then plummeted to -3.4% in January, 2023.
Against this backdrop, healthcare leaders need new and better ways to deliver more efficient and effective care, and better ways to evaluate which services should be offered, in order to improve financial performance while still delivering outstanding patient experiences.
With these considerations in mind, we ranked a baker’s dozen of our most popular posts from 2022. Their popularity is a reflection of our readers’ biggest concerns and topics of interest. In case you missed any of these research reports, articles, papers, podcasts, videos, case studies, ebooks, or news announcements, read on as we highlight the stories your peers found the most helpful and informative from Innovaccer in 2022.
Moneyball used market inefficiencies and statistics to find low-cost, high-value players that helped the Oakland A’s transform their team and fortunes in a highly competitive market. Notice anything peculiar about that? Moneyball is actually value-based baseball. Swap “low-cost, high-value players” for “low-cost, high-value care” and you have value-based care. There’s no shortage of articles, analysts, and pundits suggesting healthcare play Moneyball. After all, the United States ranks last in healthcare performance among the developed world, yet we spend the most as a percentage of GDP. This article asks the question, “Why hasn’t Moneyball worked in healthcare as it has in baseball?” to kick off a series that will help you use Valuenomics to improve clinical, financial, and operational performance.
White Paper: The Business of Value Realization
Perhaps one of our most important papers of the year, the Business of Value Realization shows you how to clearly assess the ROI on your HIT transformative investments. Vendors make a lot of promises to add value. But how do provider organizations know if those promises are being kept? Innovaccer has developed a Five-Pillar Framework for value realization (VR) that is trusted by our provider partners in both VBC and FFS payment contracts. For example, Innovaccer helped CHESS achieve $3 million in value. Innovaccer helped CMHC reduce 30-day readmission rates on average by 9% across populations. And Innovaccer helped Banner Health improve their coding gap closure rate by 11%. Don’t be in the dark about your HIT investments, This framework can help ensure you see the impact, or lack thereof, from your HIT investments.
Independent Research: The State and Science of Digital Maturity at US Healthcare Providers
This first-of-its-kind national study reveals how digital maturity influences provider performance across a wide range of key metrics, including revenue growth, profitability, quality ratings, innovation, value-based care, and more. The research was conducted by Frost & Sullivan and commissioned by Innovaccer. The study also includes a digital maturity diagnostic self-assessment that will help you see where your organization lands on the digital maturity curve, and provides recommendations for improvement.
Proving once again that you can’t keep a good case study down, our #1 case study in 2022 tells the story of Banner Health. One of the top health systems in the country, Banner was struggling to integrate data from disparate sources to provide actionable insights at the point of care, and improve clinical, financial, and operational outcomes. Banner turned to Innovaccer and achieved $4 million in savings through vendor consolidation, reduced their pop health IT infrastructure costs by 70%, and deployed user-friendly dashboards that presented actionable metrics condensed from 10,000 ad hoc reports. See how they did it.
Another Performance Year (PY), another outstanding performance by Innovaccer’s superhero customers. Once again MSSP ACOs using our #1 data platform for whole-person care outperformed their peers. Innovaccer’s MSSP ACO customers generated 12.19% more shared savings growth, earned 8.97% more of generated shared savings, and produced a 4% higher quality score than other ACOs. Our customers overall have generated more than $1 billion in cumulative cost savings across payment models and lines of business.
Independent Research: The State and Science of Value-Based Care
We ask the question: Is it time to put a fork in fee-for-service? This research by Morning Consult and Innovaccer found most providers believe it is. But payers report pure FFS remains alive and well within their provider networks. While providers think the transition to value has occurred, the amount of risk for providers is actually going to increase significantly in the next few years. This research reveals that providers don’t have the tools, analytics, and processes to know how they're performing on risk-based contracts and see that a risk-based tsunami is coming.
Our #1 most-listened-to podcast of the year, industry luminary Dr. David Nash put pen to paper to shine a light on why the U.S. lost more patients to COVID-19 than any other nation, and why the US health system collapsed during the pandemic’s initial waves. We interviewed Dr. Nash, Founding Dean Emeritus of the Jefferson College of Population Health, about the book and a wide range of other issues. Hosted by Innovaccer’s Chief Medical Officer Dr. David Nace, Chief Population Health Officer Dr. Brian Silverstein, and producer Steve Ambrose.
Independent Research: Healthcare’s Data Readiness Crisis: Triage vs. Transformation
A report from Morning Consult, commissioned by Innovaccer, uncovers the state of data readiness in healthcare. It reveals that industry leaders have high aspirations and aggressive timelines for digital transformation, but lack the “data readiness” required to meet their interoperability goals. The report reveals the top digital transformation trends, when health executives plan to achieve digital transformation, challenges and obstacles impeding digital transformation efforts, the #1 technology investment most healthcare executives plan to make, and questions healthcare leaders should address to accelerate digital transformation.
A really fun visual that illustrates how health plans can alleviate their five most common pain points—risk and quality management, satisfying mandates, provider network collaboration, population health management, and cost management—to help reduce the cost of care, achieve operational goals, and help members better navigate their care journeys to improve outcomes and satisfaction.
When seeing a provider, how often have we felt like customer #32 at the deli counter? How does going beyond traditional CRM solutions to truly know patients as people, and respecting and responding to their role as consumers, influence the clinical, operational, and financial segments of a provider organization? How will multiple sources of patient data be unlocked, integrated, and optimized to deliver a powerful and personalized health 1:1 journey? Answers to these questions and more are shared by Alexa Warner, System Director of Consumer Marketing at Bon Secours Mercy Health; Ryan Nagdeman, Associate Vice President of Marketing for Rush University System for Health; and Gary Druckenmiller, General Manager of Customer Relationships Management at Innovaccer.
Point of View: I Want My SDoH!
Today’s youth understand the role SDoH plays in their health outcomes. More than 80% of the factors that influence health outcomes occur outside the walls of hospitals and clinics, according to the National Academy of Medicine. But health systems are woefully ill-equipped to meet this growing demand. That needs to change. And with the right technology, it can. Learn how.
E-book: A Winning Trifecta
Look no further than the massive buzz around ChatGPT to understand that Artificial Intelligence (AI) continues to get smarter and more practical as a powerful business tool. For provider organizations focused on improving health equity as part of their population health management initiatives, smarter AI is already here. “A Winning Trifecta” discusses three ways providers can use data and AI today to improve health equity, enhance care quality, create better outcomes, and lower costs.
Blog: 2022: The Year of the Platform for Healthcare
Last year KLAS established “Data & Analytics Platforms” as a healthcare IT category. It was a watershed moment for accelerating healthcare innovation. After more than 40 years, the EHR has become the “first center of gravity” in healthcare. What healthcare gained in 2022 is a “second center of gravity” with a cloud data platform that embraces and extends the value of EHRs and other systems to deliver pervasive interoperability, accelerated innovation, and digital transformation capabilities beyond the reach of any EHR. This new cloud platform extends the value of the EHR and lays the groundwork for developing new solutions that are natively interoperable, with the patient at the center.
That’s all, folks!Thanks for perusing our baker’s dozen of the most popular publications of 2022 (“top 10s” are so common, we wanted to push the envelope!). You can also review all of our resources in our Resource Center, which is constantly being updated with a wide variety of new content. We hope you enjoy and learn from our Top 13, and look forward to your feedback. What topics would you like to hear more about in 2023?