In the mid to late 90’s, at the beginning of the Dot-com bubble, the World Wide Web was available to anyone as long as you had a computer and a dial-up connection. If you had these, you had the necessary resources to get connected and were likely eagerly seeking new websites to explore.
Now, imagine you are providing healthcare services, and you have the following resources available to you to enhance your practice that you did not have 15 years ago:
With plenty of IT staff and government money, the next best step is to invest in a major analytical/data mining department. To be able to effectively use an ACO, there is a critical need for analytics or the use of “Big Data.” According to a report by IDC Health, advanced analytics is a top priority for participants in ACOs. The question I keep asking myself is; “Who is the first to the pie?” Insurers? Hospitals? Medicare?
When 40 hospitals and 30 health insurance companies, as well as interviews with industry experts and vendors were asked the different ways they were interested in using analytics:
- 66% of survey respondents cited identifying at-risk patients;
- 64% cited tracking clinical outcomes; and
- 57% cited clinical decision-making at the point of care (Government Health IT, 3/15).
The difficult question that hospitals are faced with is how they can implement a sound, efficient analytics department. The first company to emerge that satisfies this need will benefit greatly from this opportunity. At this point, you may still be wondering what the Dot-com bubble has to do with analytical ACOs. The picture I’m trying to paint is the hospitals are the stockholders; the government is the venture capitalists, and the companies providing analytical tools are the web site companies. I think the ACO analytics market is very fragile right now because of immature or inexperienced buyers investing in a very green market. The lingering question out there is; where will you be when the bubble pops?