Heightened plans for transformative changes in the back half of
the year.
CHICAGO, Aug. 6, 2024
/PRNewswire-PRWeb/ -- Health systems make swift changes to regain
footing in 2024 as industry challenges present unique solutions.
Executive leaders from Q-Centrix share three key observations
for how hospitals and health systems are responding to the market
and what we can expect for the rest of the year.
More and more leaders realize that
improving clinical data management processes can drive cost savings
across the board.
The healthcare industry is making headway after a challenging
2023, and the current landscape poses unique opportunities for
growth. One area of focus is clinical data, which can be harnessed
to implement improvements and reduce expenses.
"More and more leaders realize that improving clinical data
management processes can drive cost savings across the board," said
Raghu Bukkapatnam, Chief Growth
Officer at Q-Centrix. "Depending on its size, a health system can
spend anywhere from $10 million to
more than $50 million on clinical
data management activities every year. Assessing what they spend,
understanding what kind of return they get from their investments,
and identifying inefficiencies are simple ways to improve financial
performance."
To that end, Q-Centrix executives identified three key
strategies hospital and health system leaders are exploring to
mitigate financial pressures throughout the rest of 2024.
Hospitals are seeking refuge from continued cost pressure with
AI solutions, but the safe integration of generative AI is a
long-term endeavor, not a quick fix to shrink spending.
Q-Centrix's 2024 State of the Industry Report notes that 79% of
healthcare facilities use or plan to use AI technologies to curate
clinical data, whether internally or through a third party—and for
nearly half of these respondents, their primary goal for using AI
in this way is reducing administrative burden on staff. With
administrative tasks costing the U.S. healthcare system
$60 billion dollars each year, AI has
great potential to save time and lower costs. However, the risk an
AI model introduces compared to an individual's impact is
exponential.
Brian Foy, Chief Product Officer
at Q-Centrix, anticipates that many leaders within the hospital
setting are looking to AI to solve their budgetary concerns but are
underestimating its risks.
"The potential that AI presents is huge, but it comes at a cost:
substantive risk. Models create model-sized problems; inevitably,
someone is going to be in the headlines because LLMs broke
something that negatively impacted a large patient population. The
only way to avoid the risk is with precision—but precision at scale
is extraordinarily complex, and it requires a combination of
access, technology, and human intervention. Unless hospitals are
willing to take a thoughtful, long-term AI approach that includes
all these elements—or partner with an organization that has a
proven track record for exploring AI safely—they may need to
consider other ways to reduce costs."
Alternatively, to address rising expenses, hospitals are
exploring new growth options in areas traditionally seen as cost
centers, such as quality. Leveraging clinical data sets from
registries for research offers new opportunities to drive
advancements and generate revenue.
Three-quarters of hospital leaders Q-Centrix surveyed said their
facility is currently sharing or plans to share de-identified
clinical data with other organizations for research purposes. Yet
almost two-thirds of clinical trials fail to enroll enough patients
for an effective study.
"Hospitals sit on a mountain of data that can be used for
research, and leaders are starting to realize how much value that
data holds for the communities they serve," said Victor Wang, Q-Centrix's Senior Vice President
of Data and Research. "Exploring these types of expansions of their
clinical data usage has great potential for hospitals: they can
contribute to life-saving research, offer patients early access to
innovative treatments, and stay competitive. Providing their data
for funded research opportunities opens up entirely new revenue
streams for hospitals."
The ability to access structured, flexible, and custom clinical
data sets is essential for health system leaders seeking innovative
ways to leverage their data. But when most clinical data is
unstructured and siloed throughout the health system, centralizing
data management is paramount.
Q-Centrix found that nearly eight in 10 hospitals are currently
centralizing or planning to centralize clinical data management
throughout a region, service line, or facility. This strategy
allows healthcare facilities to save costs, drive efficiencies, and
gain unparalleled access to their data.
"We're seeing more leaders explore their clinical data use
cases," explained Bukkapatnam. "We've found that any effective
strategy begins with an enterprise approach and ends with a
clinical data warehouse. When leaders centralize data management
processes, they can transform their data from disparate,
unstructured information to clean, actionable data sets with
endless uses."
Q-Centrix, the industry's largest provider of enterprise
clinical data management solutions, stated in its 2024 State of the
Industry report that 2024 is the year to start seeing healthcare
differently. That statement still holds true for the remainder of
2024 as hospitals and health system leaders navigate industry
changes and challenges. This shifting landscape presents a unique
opportunity to pursue new strategies for growth and innovation.
About Q-Centrix
Q-Centrix sees clinical data differently—as custom data sets with
infinite possibilities.
Providing the industry's first Enterprise Clinical Data
Management (eCDM™) approach, Q-Centrix combines technology, the
largest and broadest team of clinical data experts, and insights
from its more than 1,200 partners to help improve patient outcomes
and drive process and performance improvement, strategic growth,
and operational efficiency.
Its solutions address a variety of clinical data needs,
including quality measurement and improvement, cardiovascular,
oncology, trauma, research, and more.
Media Contact
Brooke Greenwald, Cornerstone
Communications, LTD, 240-370-7036, brooke@cornerstonepr.net,
www.cornerstonepr.net
View original content to download
multimedia:https://www.prweb.com/releases/three-ways-hospital-and-health-system-leaders-are-addressing-continued-cost-pressure-in-2024-302215046.html
SOURCE Q-Centrix