vRad Visionary Innovation Assessment
 

vRad Visionary Innovation Assessment

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vRad Visionary Innovation Assessment vRad Visionary Innovation Assessment Document Transcript

  • VISIONARY INNOVATION ASSESSMENT: The Path to Clinical And Operational Quality Improvement through Medical Imaging Analytics Nadim Michel Daher
  • 2 Visionary Innovation Assessment TABLE OF CONTENTS SIGNIFICANCE OF THE VISIONARY INNOVATION AWARD………………………………………………. 3 Key Industry Challenges Addressed by vRad…………………………………………………………………. 3 Improving Clinical and Operational Quality: A Pressing Mandate ................................3 BEST PRACTICE AWARD ANALYSIS FOR VRAD……………………………………………………………………. 4 Key Performance Drivers for vRad………………………………………………………………………………… 4 Understanding and Leverage of Mega Trends..............................................................5 Vision Integration Into Strategy Excellence .................................................................5 Efficacy of Innovation Process......................................................................................6 Degree of Impact on Business and Society...................................................................6 CONCLUSION.......................................................................................................................7
  • 3 SIGNIFICANCE OF THE VISIONARY INNOVATION AWARD Visionary Innovation is the ability to innovate today in the light of perceived changes and opportunities that will arise from Mega Trends in the future. It is the ability to scout and detect unmet (and as yet undefined) needs and proactively address them with disruptive solutions to cater to new and unique consumers, lifestyles, technologies and markets in the future. At the heart of visionary innovation is a deep understanding of the future implications and global ramifications of Mega Trends, in order to correctly identify and capture niche and white space market opportunities in the future. Key Industry Challenges Addressed by vRad Improving Clinical and Operational Quality: A Pressing Mandate One of the main mandates of the ongoing reform of the U.S. healthcare system calls on providers to achieve higher quality of care and patient outcomes, albeit while reducing every possible cost inefficiency in the care cycle. However, Frost & Sullivan notes that more than four years into the current reform cycle, providers are still confronted with a prerequisite step preventing them from starting to effectively address this important objective. Indeed, before they can work to improve their quality metrics and outcomes, providers need to be able to measure these metrics. Only then can they begin to move forward, using these measures as a baseline for assessing and improving their current clinical and financial performance. “The call for increasing quality of care and creating cost efficiencies is critical to medical imaging enterprises as well. However, medical imaging today is less well-prepared than many other clinical specialties to embark on such data- driven improvement efforts.” What is Happening? MoreTraditional HealthcareAnalytics PREDICTIVE ANALYTICS COMPARATIVE ANALYTICS PRESCRIPTIVE ANALYTICS DESCRIPTIVE ANALYTICS What Will Happen? NewAnalyticsTools Needed
  • 4 Visionary Innovation Assessment Insights from clinical and business analytics are rapidly emerging as the preferred tools for helping providers pinpoint the potential areas of improvement, and start making data- supported decisions to improve internal processes. Being a healthcare-wide mandate, the call for increasing quality of care and creating cost efficiencies is critical to medical imaging enterprises as well. However, medical imaging today is less well-prepared than many other clinical specialties to embark on such data-driven improvement efforts. While some innovators are already leveraging some basic analytics solutions, Frost & Sullivan independent analysis suggests that the vast majority of medical imaging providers are still far from being able to confidently measure, analyze, benchmark, monitor and improve their clinical and operational quality metrics. As such, industry vendors have a key role to play in breaking the current deadlock hampering effective analytics in imaging. Frost & Sullivan believes that vRad is steadfastly remaining both visionary and proactive in the medical imaging space; the company is truly innovating with analytics tools that help ease and accelerate providers’ transition to value-based imaging. BEST PRACTICE AWARD ANALYSIS FOR vRAD Frost & Sullivan conducts cutting-edge visionary research by tracking the most important global Mega Trends, potential scenarios of specific trends in 2020 and beyond, and the macro to micro implications of these new Mega Trends. The unique feature of this research, compared to other predictive programs, lies in its ability to not only identify and evaluate emerging Mega Trends, but to also help clients translate those opportunities to everyday business and personal life – using the macro to micro approach. Key Performance Drivers for vRad For the Visionary Innovation Award, the following four criteria were used to benchmark vRad’s performance against key competitors: • Understanding and Leverage of Mega Trends • Vision Integration Into Strategy Excellence • Efficacy of Innovation Process • Degree of Impact on Business and Society “Notwithstanding their high promise, quality analytics still pose major challenges for imaging providers. Despite the mounting external and internal pressure, many of them are still uncertain about the right action plan.”
  • 5 Criterion 1: Understanding and Leverage of Mega Trends Today, imaging providers recognize the importance and the necessity of building up their quality analytics capabilities. Quality analytics spread all the clinical, operational and financial aspects of the imaging enterprise and hold considerable promise for the future of each area. However, notwithstanding their high promise, quality analytics still pose major challenges for imaging providers. Despite the mounting external and internal pressure, many of them are still uncertain about the right action plan for them. Providers must properly evolve in an imaging and healthcare informatics information technology (IT) ecosystem that lacks the required integration and interoperability of disparate systems, and the ready-access to proprietary databases. This IT challenge makes it both difficult and expensive for them capture and normalize all the relevant data points disseminated across various departments and points of care throughout the enterprise; however, this is necessary to allow them to paint a full picture for their clinical, operational, or financial performance in imaging. Criterion 2: Vision Integration into Strategy Excellence As an imaging provider itself, vRad was among the first companies to sense this rising need for better quality analytics in the imaging industry. A few years ago, as the pressure started to build up on imaging providers both on the technical and the professional sides of the business, vRad was quick to react internally by developing automated mechanisms to measure and monitor in real time the clinical and operational quality of its imaging services. As part of this effort to develop its own clinical and business intelligence as a way to improve the quality of its interpretation services, vRad has leveraged its access to a large customer clinical database, which includes hundreds of radiology groups in hospital departments and ambulatory facilities. Building on this exceptionally wide view it has on the imaging market, vRad recently started a gradual release of quality analytics datasets known as the Radiology Patient CareSM (RPC) Indices. Since then, the company has been actively disseminating these findings-based metrics into the wider imaging market, including, but not limited to, its own customer base. “vRad’s (RPC) Indices provides radiology imaging providers with actionable insights that are ideally suited to help them benchmark the performance of their imaging facility and radiology group Being a prominent and longstanding service provider to hospital emergency departments, it is quite natural that vRad started to deliver its insights to the broader marketplace.”
  • 6 Visionary Innovation Assessment Criterion 3: Efficacy of Innovation Process vRad’s (RPC) Indices provide radiology imaging providers with actionable insights that are ideally suited to help them benchmark the performance of their imaging facility and radiology group. The datasets have the unique ability to help providers identify potential areas of weaknesses and shed light on any workflow bottlenecks in their clinical, operational and business processes. This higher visibility into the quality of their services and patient outcomes is more essential than ever for providers today. Indeed, these efforts can gradually allow providers to uncover best practices and refine processes across the various enterprise functions. Being a prominent and longstanding service provider to hospital emergency departments, it is quite natural that vRad started to deliver its insights to the broader marketplace. The first set of a sequence of upcoming RPC releases, which pertains to the use of computed tomography (CT) in the emergency department, have already started to benefit U.S. providers. A few months after their release and now followed by a second release, they are helping hospitals and radiology groups drive innovation with quality analytics. In addition, the geographical differences highlighted by these wide datasets represent critical information for large hospital, health systems and payers, as they strive to make progress and drive efficiencies with population health management. A third release included datasets that offer a 24/7 view inside a radiology department, using interactive infographics that show study Relative Value Units (RVUs), modality mix, patient type and reading location by three distinct radiology shifts. Criterion 4: Degree of Impact on Business and Society Being statistically significant, vRad’s RPC Indices align well with imaging enterprises’ necessary efforts to enhance not only their own operational performance, but also the value and quality of service they deliver as part of the broader healthcare enterprise. Over the long-term, online monitoring of quality metrics can provide overarching value to the broader healthcare industry by trickling down to the patient population as well. By achieving higher quality and cost-effectiveness in imaging, the imaging enterprise contributes more effectively to the wider effort of decreasing patient re-admissions and improving the patient experience. As for vRad’s business itself, Frost & Sullivan notes that the benefits of its innovative quality analytics strategy are multi-fold. Providers wanting to align their internal quality metrics with the RPC Indices can do so independently, and can also partner with vRad for its analytics solutions. This represents an opportunity for vRad to evolve into being more of a strategic partner for its radiology group and health system customers, and to create synergies with their partners helping them measure quality, value and performance as the industry moves away from volume-based imaging into the era of value-based imaging. “Online monitoring of quality metrics can provide overarching value to the broader healthcare industry by trickling down to the patient population as well. By achieving higher quality and cost-effectiveness in imaging, the imaging enterprise contributes more effectively to the wider effort of decreasing patient re-admissions and improving the patient experience.”
  • 7 CONCLUSION There is a pressing mandate in the healthcare industry that calls on providers to be able to achieve higher quality of care and better patient outcomes, while at the same time making their care delivery much more cost-efficient than it is today. Most providers however, particularly medical imaging enterprises, are still largely unprepared to meet these high- level objectives which they are hard-pressed to achieve on various fronts. Since 2013, vRad has embarked on an innovative strategic pathway addressing the increasingly important area of analytics in radiology and imaging. The company’s proactive approach is acting to increase the mindshare of vRad in the marketplace, and positioning the company as a thought leader and visionary force in the medical imaging industry. Working as a facilitator in breaking the current deadlock that is hampering effective analytics in imaging, vRad has developed a wide set of findings-based metrics known as the Radiology Patient Care Indices. These RPC Indices that vRad has started to disseminate into the wider imaging market help providers pinpoint the potential areas of improvement for their enterprise, in order to start making data-supported decisions for improving their internal processes. “The company’s proactive approach is acting to increase the mindshare of vRad in the marketplace, and positioning the company as a thought leader and visionary force in the medical imaging industry”
  • 8 Visionary Innovation Assessment About vRad (Virtual Radiologic) vRad (Virtual Radiologic) is a global telemedicine company and the nation’s largest radiology practice with over 450 physicians. Our patented software, data, and clinical processes allow referring physicians to quickly and securely pass patient imaging and information to specialists in order to improve the speed, accuracy, and cost of clinical diagnosis. vRad’s physicians and operational platform serve 2,000+ hospitals, reading over 7 million patient radiology reports annually. vRad is also a leader in healthcare informatics: its RPCSM (Radiology Patient Care) Indices are the first findings-based national and peer group benchmarking metrics for the use of radiology imaging. Our analytics platform includes over 24 million imaging studies, growing at 600,000 per month. vRad’s clinical expertise and evidence-based insight help clients make better decisions for the health of their patients and their practices. For more information, visit www.vrad.com. For real-time updates, follow us on Twitter (@vRad), or “like” us on Facebook. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.