Lab Test Utilization: Blind spots in your lab data could be costing you...
To help labs deal with the transition to value-based care, LTS Health introduced ILYTIX. ILYTIX is a lab utilization platform that assists labs in identifying outliers and quantifying savings potential.
Why is it so important for labs to have a robust utilization management platform?
Accountability for accurate medical decisions and realized healthcare cost savings requires data that is void of poor visualization and blind spots. The initiative of moving away from Fee-for-Service to Value-Base-Care can be both challenging and daunting for healthcare providers, including service areas such as the laboratory. Effective test utilization is imperative for labs. Now more than ever, labs are faced with directives to address healthcare changes by improving efficiencies and optimizing the care pathway as highlighted in the movement of Lab 1.0 to 2.0 by Project Santa Fe.
Implementing a BI visualization software is a positive step in achieving confident business decisions; however, many are experiencing “blind spots” without warning. Blind spots can undermine your data and analytics which could generate significant and costly repercussions. You can read about blind spots in “How can you trust your data without the big picture?” by IBM Business Analytics are identified by; 1) answers that you want to hear rather than answers you need to hear; 2) one can interpret and analyze data using different methods, and 3) “correlation doesn’t equal causation,” meaning interpretation is subjective and dependent on the individual analyzing the data. Are you confident that your data is not blinded and is providing the information you need to accurately analyze your laboratory metrics?
The question is, how much impact can laboratories have and what technologies are available to accomplish these initiatives? Would meaningful data help your laboratory address changes in healthcare by providing analytics for KPIs? Finding software, education, and support for a seamless and affordable transition is key to success; and there are affordable and reliable packages for your lab.
To learn more about a technology that will allow your lab to flourish, check out: LTS Health and inquire about our Clinical Insights workshop that identifies opportunities and barriers in care, please get in touch with LTS Health.
This article is written by Jessica Sweeney, Senior consultant at LTS Health and adapted for the LTS Thinklab blog.