The foundation of all of 3M’s healthcare analytics is a claims-based dataset designed to deliver metrics you can put into action. It begins with our meticulous data intake and cleansing process. Then, data is risk-adjusted, grouped and calculated to provide information on cost, quality, access and value.
Can we all agree that cloud technology offers tremendous benefits in platform and cost reduction? In my stewardship of the cloud for 3M Health Information Systems, I’ve also learned how much the cloud has enabled me to consistently impact operating income and the costs of our goods sold (the “bottom line” in finance speak) than when we were using traditional hosting. In the 2000s, our endeavors to host technology, services and products (TSPs) relied on careful planning, capitalized expenses and depreciation schedules. When we decided to invest in a TSP, the cost had little variance as a contracted agreement; it became a fixed investment, a fixed endeavor. Our migration to the cloud has changed the economics of cost from a rigid investment to an opportunity to financially impact the bottom line of our businesses
Why would an orthopedic surgeon develop expertise in documentation and coding? Eugene Christian, MD, Chief Medical Officer for St. Mary’s Bon Secours Hospital in Richmond Virginia describes his work on quality.
One of the most enlightening insights from a recent University of Washington research study is that pricing contributes to ever-escalating healthcare costs. Since 2003, the annual rate of growth of healthcare spending has averaged 4.5 percent, which is more than two and half times the average rate of inflation over that same period (1.9 percent).
The 3M Intelligent Data Asset is a claims-based dataset that provides the foundation for value-based care programs. It takes raw claims data and turns it into information that can help optimize both cost and quality.