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Finding the “why” behind healthcare waste

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Costs of U.S. health care over time

  • Rising costs graph

    Ideally, the U.S. healthcare system would consistently deliver services with the highest probability of a positive outcome and lowest likelihood of patient harm. The result would be high patient satisfaction at the lowest possible cost.

    The reality is somewhat different.

    Between 2018 and 2027, national health spending is projected to grow at an average rate of 5.5% annually .1

    By 2027, health spending is projected to reach nearly $6.0 trillion.1

    Also, check out this new study by JAMA Network that highlights the waste in health care. 

     

     

     

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$750 billion
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What does waste in health care include?

Waste results from:

Unneeded services • Mistakes • Missed prevention opportunities • Delivery system ineffectiveness

  • Any healthcare procedure, inpatient stay, medication, therapy or test that does not meet the objectives of the Institute for Healthcare Improvement’s Triple Aim—improving patient satisfaction and the health of populations while also reducing the per capita cost of health care—meets the definition of waste.

    Waste in health care means lower margins and lost revenue opportunities for hospitals. But the financial impact of waste is not the only consequence: Waste and poor quality of care go hand-in-hand.

    When patients receive unnecessary medical treatment, it costs both the patient and the hospital time, money, unnecessary risks to the patient and legal liability risks to the hospital for patient harm.

    Medical errors are the third leading cause of death in the U.S. behind heart disease and cancer.3

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See the why
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Hypothetical example #1
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Hypothetical example #2
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But how do you go beyond what to find why?

  • Introducing the 3M™ Performance Matrix Platform (PMX), a data analytics and performance management solution that combines

    3M Health Information Systems’ decades of coding and risk-adjustment experience with the data-processing power of Verily Life Sciences, an Alphabet company.

    3M PMX offers one system that simultaneously analyzes performance in managing populations throughout your network across all visits, episodes of care and disease cohorts. The platform also scores your health system’s performance for all your patient populations against 3M’s performance benchmarks, while putting Verily’s big-data computing power to work for you. 3M PMX filters data noise to highlight issues with inpatient or outpatient episodes of care, preventable events and over- or under utilization of services.

    With Verily’s processing power, 3M PMX can apply 3M’s proven methodologies and performance measures to all available data. It then mines this enriched data to identify and prioritize key problem areas. Rather than your organization deploying teams of data analysts, 3M technology does the work for you.

    When you combine the 3M PMX platform with an expert team of 3M performance advisors, the whys behind healthcare inefficiencies become apparent, paving the way for actionable improvement plans.

    See how 3M experts used the platform to find over $1B in cost-savings opportunities for 10 health systems.

How can we help you?

Let's see how we can work together to optimize your organization today!

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  • References
    *1 Centers for Medicare & Medicaid Services. “NHE [National Health Expenditure Data] Fact Sheet, Projected NHE, 2018-2027.” Page last modified 04/26/2019. Accessed May 28, 2019. https://www.cms.gov/research-statistics-dataand-systems/statistics-trends-and-reports/nationalhealthexpenddata/nhe-fact-sheet.html. 2 Institute of Medicine, 2012. “Best Care at Lower Cost: The Path to Continuously Learning Health Care in America.” Accessed May 28, 2019. http://nationalacademies.org/hmd/~/media/Files/Report%20Files/2012/Best-Care/ BestCareReportBrief.pdf. 3 Makary, Martin A. and Michael Daniel. “Medical error—the third leading cause of death in the US.” BMJ 2016;353:i2139. Accessed May 28, 2019. https://www.bmj.com/content/353/bmj.i2139. 4 Allen, Marshall. “A Prescription To Reduce Waste In Health Care Spending.” Health News from NPR, December 21, 2017. Accessed May 28, 2019. https://www.npr.org/sections/healthshots/2017/12/21/572329335/a-prescription-toreduce-waste-in-health-care-spending.
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