Putting Data Into Action
Evidenced-based, real-time data in healthcare risk management is few and far between. Instead, we rely on a combination of lagging information and dragging or inexact word-of-mouth reports to direct risk management activity. This has proven less than effective.
Healthcare is inherently a data rich environment, but the art and 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. It makes it difficult to mitigate risk in a timely manner, to create value when opportunities arise, and to respond in a way that will ensure systemic, holistic change.
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. But, 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.
Because of this, 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’ve come up with a new software to better fit our needs. Harnessing the power of innovation and the advanced technological expertise to be found in Silicon Valley, we’ve 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. It improves the timeliness and quality of data used in risk management decision by collecting, coding, and translating risk events. It simplifies the laborious process of collecting material data.
Because we have important decisions to make
Innovence Pulse addresses 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. It’s an easy-to-use software that collects and analyzes empirical data from various sources, which can help users to determine what interventions a health care entity should take to reduce risk, improve safety, and create or expand on the value of risk investments.
The Innovence Pulse Risk Identification module automates the early detection system for urgent problems by constantly analyzing 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.
Designed by The Risk Authority Stanford, the software offers risk managers a modern technology for more accuracy and control over their practice. In short, it is designed to make decisions simple, efficient, and effective by automatically collecting critical information. Because, our time is too valuable to be spent collecting data. And our decision are too important to be based on inexact and lagging information – they are life and death.
Learn more about Innovence Pulse Risk Identification in Part Two of this blog!
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.