Are you finding it challenging to manage chronic diseases among your patients? Is this leading to higher healthcare costs and poorer health outcomes? ‘Preventive care’ and ‘early intervention’, are not just buzzwords anymore, but necessary strategies to achieve a healthier overall population and lower the burden of chronic diseases and associated healthcare costs.
In healthcare, the shift towards Value-Based Care (VBC) introduces a pivotal challenge – the need for proactive risk stratification. This blog delves into the intricacies of this challenge, highlighting the depth of the issue and demonstrating how cutting-edge Healthcare AI solutions, particularly those from Felix Solutions, are revolutionizing risk stratification to maximize the impact of Value-Based Care.
How Deep Is The Challenge?
The challenge lies in efficiently identifying and stratifying patients based on their health risks. Traditional methods often struggle to provide timely and accurate risk assessments, hindering the effectiveness of Value-Based Care initiatives. The consequences include suboptimal patient outcomes, increased healthcare costs, and challenges in meeting quality benchmarks.
Healthcare spending in the United States increased from 5.0 to 17.9 percent of the GDP (or USD 3.5 trillion) between 1960 and 2022. That’s an average increase of USD 146 to USD 10,739 per person! One of the leading causes of this expenditure includes overtreatment and improper health care delivery. This is more serious than it seems.
1 in every 5 deaths in the United States is caused due to heart disease, which happens to be the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. Out of 805,000 people in the United States who have a heart attack every year, 605,000 have a first heart attack, while 200,000 happen to people who have already had a heart attack.
In 2021, 1 in 6 deaths from cardiovascular disease was due to stroke. More than 795,000 people in the United States have a stroke every year out of which about 610,000 are first or new strokes, while nearly 1 in 4 are people who have had a previous stroke. It was also predicted that 185,000 people who survive a stroke will have another stroke within 5 years.
These statistics prove that early identification of high-risk patients allows healthcare providers to implement preventive measures, reducing the likelihood of complications and recurrences and leading to significant cost savings.
AI Solutions in Risk Stratification:
Felix Solutions emerges as a leader in addressing the complexities of risk stratification through innovative AI applications.
Committed to enhancing the quality and effectiveness of healthcare services for providers and payers alike, our Value-Based Care system focuses on preventive care and management of chronic conditions. Through its data analytics and risk stratification algorithm, it enables healthcare organizations to identify at-risk patients, deliver targeted interventions, and monitor patient health to achieve superior outcomes.
The Felix algorithm conducts comprehensive health assessments and uses predictive analytics and prescription insights to identify potential health risks and develop optimized care plans. It also facilitates communication and collaboration between care teams to ensure patients receive coordinated and comprehensive care.
By utilizing the power of advanced analytics and streamlined care management workflows, the Felix Value-Based Care model optimizes care coordination, reduces costs, and fosters improved health outcomes for patient populations.
Business Impact:
As the world becomes more aware that risk stratification solutions contribute to more effective population health management, let’s look at some key business impacts of integrating Value-Based Care models:
- Cost Reduction: Proactive risk stratification leads to identifying and addressing health risks before they escalate and this automatically reduces the financial burden on healthcare systems. This includes preventing costly hospital admissions and emergency room visits through preventive and proactive care.
- Improved Patient Outcomes: By identifying at-risk individuals early, healthcare providers can implement preventive measures, enhancing patient outcomes and saving lives!
- Efficiency and Resource Optimization: Proactive risk stratification enables healthcare providers to allocate resources more efficiently. By focusing on high-risk patients, providers can optimize staffing, equipment, and other resources to meet the specific needs of those individuals. Preventing unnecessary tests, procedures, and hospitalizations for low-risk patients helps reduce wasteful spending and ensures resources are utilized where they are most needed.
- Data-Driven Decision Making: Proactive risk stratification relies heavily on data analytics and predictive modeling. This allows healthcare providers to make informed decisions based on the health history, behavior patterns, and risk factors of individual patients. Real-time data analysis supports proactive interventions, ensuring that care plans are dynamic and responsive to patient health status changes.
- Enhanced Population Health Management: Proactive risk stratification solutions contribute to more effective population health management. By identifying trends and patterns in patient data, healthcare providers can implement preventive measures at a broader scale, addressing the health needs of entire populations. This holistic approach to healthcare management aligns with the population health goals of Value-Based Care, aiming to improve the health of entire communities.
Conclusion:
Felix Solutions’ AI-powered risk stratification solutions stand at the forefront of transforming Value-Based Care. The impact on cost reduction, operational efficiency, and improved patient outcomes position Felix as an essential partner for healthcare organizations navigating the VBC landscape.
To achieve a healthier overall population and lower the burden of chronic diseases and associated healthcare costs, explore how our AI-driven risk stratification solutions can maximize the impact of your proactive healthcare strategies, ensuring better outcomes and enhanced patient care. Visit Felix Solutions to empower your organization’s Value-Based Care initiatives.