Part One of this blog can be found here.
Evidence is Everything
Innovence Pulse is an on-demand risk management system consisting of a suite of easy-to-use modules. In particular, the Risk Identification module is built on a foundation of integrating unstructured data sets, utilizing natural language processing and machine learning. It is designed to be used easily, accessibly, and on-the-go for today’s multi-tasking risk manager. Because we make the best decisions when we have all the evidence.
Stanford Risk Lexicon
It works by coding and modeling inputs to the Stanford Risk Lexicon – developed specifically for Innovence Pulse – to compel accurate risk classifications, descriptions, and reports that make information actionable. A few taps, and the risk event becomes codified and transformed into actionable data.
The Risk Identification module then delves into the primary factors of an incident, based concurrently on incoming information and previously catalogued incidents and claims that have a high similarity score (according to the coding system). Once the driving factors of risk are identified, two paths are initiated simultaneously. The Innovence Pulse Risk Identification module both: (1) provides decision support for the current incident, and (2) catalogues the incident to inform suggested risk intervention strategies at a programmatic level.
These simultaneous threads of current action on the current claim and future risk intervention investment codify and accelerate risk analytics and decisions. And because this analysis happens immediately and continuously, users can monitor return on their risk investments, spot trends, and take preventative measures to stop potential losses before they happen.
Connecting Disparate Data Sets
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. It’s all about making risk managers more effective based on the evidence. Because evidence is everything.
The advantage of using Innovence Pulse Risk Identification lies in its ability to deliver 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.
The data is out there to transform not only risk management practices, but the field of healthcare. And now we have the power to harness it.
By: Jeff Driver, CEO
Jeff has more than 25 years of experience as a risk management professional and has managed the enterprise risk in community, tertiary and academic medical centers. A frequent speaker and author on risk management issues, Jeff has expertise in incorporating and managing subsidiary insurance companies, and assuring organization corporate compliance, as well as in claims and litigation management, patient safety and loss control, employment practices consulting, and the development, reorganization and implementation of alternate risk financing programs.
Jeff currently serves as the chief executive officer for The Risk Authority Stanford, and as the chief risk officer of Stanford Health Care and Stanford Children’s Health. Before joining Stanford, he was chief risk officer and director of regulatory advocacy at the Beth Israel Deaconess Medical Center in Boston.