Providence launches software data analytics firm Advata
Advata will focus on revenue cycle management solutions and back-office management, as well as clinical decision support and population health.
Providence Regional Medical Center in Everett, Washington
Photo: Courtesy of Providence
Health system Providence has launched software analytics company Advata by combining KenSci, Colburn Hill Group, Lumedic and three other companies. The new firm will focus on revenue cycle management solutions back-office management, population health and clinical decision support.
Advata is part of Tegria, which Providence launched in 2020 to provide next generation technology. Tegria combined Providence investments and acquisitions into a portfolio of services for healthcare consulting, revenue cycle management and software technology. Advata combines six companies: KenSci, Colburn Hill Group, MultiScale, Lumedic, Quiviq and Alphalytics.
The solutions include pre-built cloud-native products on Microsoft Azure and gives users the flexibility of creating their own applications to create intelligent workflows and offer more intelligent healthcare delivery. They leverage artificial intelligence and machine learning technology to continuously learn from EMR data and forecast impacts, with advanced analytics built on historical and real-time data.
Advata begins by integrating the provider's EMR and other critical data into one place and curating a common data model. The population health offering, for example, can predict undesirable events such as high ED utilization, or hospitalizations for conditions that can be managed in an ambulatory setting.
Advata's Fraud, Waste and Abuse application spots inefficient utilization habits through outlier detection, while a Suspect Diagnosis application finds opportunities to improve clinician coding to better represent population health risk.
The RCM solution combines the proprietary Ops Center RCM platform introduced by Colburn Hill Group with platforms from Alphalytics and Lumedic's to offer RCM that promotes transparency and access while better enabling stakeholder cooperation across the revenue cycle. In addition, the RCM platform works in tandem with AI-powered analytics to automate processes aimed at generating revenue while freeing up staff resources from repetitive tasks.
The offerings also come bundled with the security oversight and controls required to manage healthcare applications, maintaining HIPAA with HITECH, SOC2 Type 2 and ISO 27001 certifications. They also leverage existing user management approaches, including single sign-on and multifactor authentication.
WHAT'S THE IMPACT?
As healthcare costs rise and providers emerge from the financial battering inflicted by the pandemic, health systems are looking to technologies like AI and ML to drive analytics capabilities and manage costs.
A quarter of total U.S. health spending is estimated to be waste, with a price tag ranging from $760 billion to $935 billion, according to an analysis published in JAMA in 2019. Administrative complexity accounted for the most waste, estimated at $256.6 billion.
THE LARGER TREND
Studies have found robotic process automation and AI can be used in RCM to strengthen employee engagement, enhance the patient financial experience and improve financial performance.
However, despite using technology and analytics in their quest for solutions, a panel of provider, payer and tech experts speaking at HIMSS22 agreed that tech and data only get the healthcare system so far.
ON THE RECORD
"At our core, Advata is aware that every data point has a human life behind it," said Julie Rezek, Advata CEO, in a statement. "Our solutions deliver insights for health providers and payers to help make informed care decisions to improve patient outcomes. We are setting a new standard for advanced data analytics utilizing AI insights to enable smarter healthcare operations, reduce costs, and recover revenue."
Twitter: @dropdeaded209
Email the writer: nathaneddy@gmail.com
