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 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.
Unwarranted 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.
WakeMed 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.
To 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.
The 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.
As 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:
37 patients avoided readmission to the hospital
17 surgical patients' lives saved
Without this work, WakeMed would have needed inpatient beds for ten more patients every day of the year.
"The Health Catalyst analytics platform gives us the actionable data we need to support clinical transformation. We have experienced $10M in cost reductions and have positively impacted thousands of patient lives," said Neal Chawla, MD, FACEP, Chief Medical Information Officer, at WakeMed Health & Hospitals.
Commenting on WakeMed's achievement, Health Catalyst CEO Dan Burton said, "We're thrilled for the success of WakeMed and its clinical transformation teams. When trustworthy data and analytics meet a steadfast commitment to healthcare improvement, massive, measurable data-informed healthcare improvement can be realized."
About Health Catalyst
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its customers leverage the cloud-based data platform—powered by data from more than 100 million patient records and encompassing trillions of facts—as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.
About WakeMed Health & Hospitals
Serving the community since 1961, WakeMed is a not-for-profit health care system founded and based in Raleigh, N.C. WakeMed exists to improve the health and well-being of our community by providing outstanding and compassionate care to all. WakeMed's 970-bed system comprises a network of facilities throughout the Triangle area, including three full-service hospitals, seven emergency departments, a dedicated Children's Hospital and Rehabilitation Hospital, more than 160 physician offices and Wake County's only Level I Trauma Center. WakeMed's mission-driven team includes more than 11,000 employees, 1,400 volunteers and 2,100 affiliated physicians, along with the more than 800 physicians and providers with WakeMed Physician Practices – all representing the best minds and the biggest hearts and the finest quality in health care and community health. For more information, visit www.wakemed.org or follow WakeMed on Facebook, Twitter, Instagram and LinkedIn.
Media Contact:
Amanda Hundt
Vice President, Corporate Communications
amanda.hundt@healthcatalyst.com
575-491-0974
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SOURCE Health Catalyst
