Challenge Extended: Collecting Complex Data in Real Time
For risk management, real-time, empirical data is rarely available in healthcare. Instead, risk managers rely on a combination of lagging information and delayed or inaccurate anecdotal reports to direct risk management activity. Healthcare is inherently a data rich environment, but the art/challenge of collecting and acting on that information can take years. This makes it difficult to direct risk management efforts in a systematic and opportune way.
Consequently, one of the industry’s greatest challenges is collecting and taking action on real-time data in a manner that is accurate, thorough, and efficient. There is a noticeable lack of technology to facilitate these objectives. In addition, off-the-shelf solutions are not tailored to the specific needs of risk managers. As a result, managers of risk must resign themselves to using platforms that haven’t been designed with them in mind – programs that can be cumbersome and overly complicated, full of irrelevant or redundant applications, and which don’t work optimally to identify, assess, mitigate, and monitor risk.
So we decided to change that.
Challenge Accepted: Taking Control with Innovence™ Pulse
We developed a new suite of tools to combat the challenges of risk management and data collection head-on. Innovence Pulse is an e-solution designed by risk managers for managers of risk, improving the timeliness and quality of data used in risk management decisions. Designed by The Risk Authority Stanford, it offers managers of risk a modern technology for more accuracy and control over their business.
The catalyst behind Innovence Pulse is to address the life cycle of risk management (i.e. identify, assess, evaluate, mitigate, and monitor) and our Risk Identification module tackles the first step in the cycle head-on. It’s a tool that collects and analyzes empirical data from various sources in real time, which can help users to determine what interventions a health care entity should take to reduce risk, improve safety, as well as create or expand on the value of risk management investments.
Innovence Pulse Risk Identification module automates the early detection system for urgent problems by continually analyzing multiple patient care and operational data streams as they develop. Instead of time-delayed incident reports, executives get real-time alerts on multiple technological platforms so that they can act immediately to avert and/or contain risks. It allows them to analyze figures as they come in to quickly and proactively tackle problems.
The Science Behind the Software
Innovence Pulse is an on-demand risk management system comprised of a suite of discrete, on-line modules available at the click of a mouse or mobile application. The Risk Identification module is built on a foundation of integrating unstructured data sets, utilizing natural language processing and machine learning, and we designed it to be used easily, accessibly, and on the go.
Simply put, clear, easy-to-understand output is coded and modeled to the Stanford Risk Lexicon for accurate risk classifications, descriptions, and reports that make information actionable.
The Risk Identification module then dives into the primary factors of an incident based both on incoming information and previously catalogued incidents and claims that have a high similarity score. Once the driving factors of risk are identified, two paths are initiated simultaneously. Innovence Pulse provides decision support for the current incident and it also catalogues the incident to inform suggested risk intervention strategies at a programmatic level.
These simultaneous threads of current action on the claim and future risk intervention investment codify and accelerate risk analytics and decisions. And because this analysis happens instantly and continuously, users can monitor return on their risk investments, spot trends, and take preventative measures to stop potential losses before they happen.
With the ability to connect and transform previously disparate data sets like incident reports, loss runs, patient complaints, net patient revenue and more into clear, concise snapshots, Innovence Pulse Risk Identification module enables users to thrive in a faster, information-rich era of risk management.
Let’s Take a Dip
The initial Risk Identification module of Innovence Pulse will provide the necessary infrastructure for more advanced modules, which will be made available to customers over the next few years. In time, the software will grant users the ability to implement and monitor TRA Stanford products like PEARL, DARTS, and VDERM.
In the meantime, the advantage of using the Innovence Pulse app for Risk Identification lies in its ability to deliver real time analysis of multiple, rich data sets so that users can manage expectations and claims in a given area, and take immediate actions to address issues and prevent future losses. With Innovence Pulse, managers of risk can take a quick dip into an ocean of data and separate the grains of sand from the water.
It’s time to take control.