Saxony Partners The Intersection of Healthcare and Technology

At The Intersection of Healthcare and Technology – A Solution, Not a Product

Healthcare professionals are drowning in clicks, overwhelmed by new products offering quick fixes to long-standing issues around cost visibility and manual processes. Instead of another product, how about a solution? One that gives you control over your most valuable resource and leads you toward affordability and efficiency.

Something strange is happening at the intersection of healthcare and technology.

We naturally assume that emerging tech makes life simpler and work less complicated. Existing processes, plus technology, equals time and energy saved.

But this hasn’t been the case for healthcare professionals. Studies indicate that new technology has made their work more complicated, time consuming, and tedious. As a result, more than half of American doctors and nurses are struggling with symptoms of burnout. It’s an emerging people problem.

On a parallel path, hardly anyone isn’t concerned about the long-standing economic problems that have long burdened the American healthcare system. Healthcare is expensive the world-over – collectively, it represents about 10 percent of global GDP – but no other country comes close to the U.S. in healthcare spending per capita. When news organizations draw up charts to explain our spending in relation to the rest of the world, they have to make special spatial considerations to fit our data point.

Naturally, because of its expense and inefficiency – and because the private American healthcare system is quite an anomaly compared to its global peers – healthcare has become a political football. But there are some non-partisan solutions to our people and economic problems. Among them, technology – particularly automation and data analysis.

Automation offers the promise of eliminating repetitive and menial tasks, giving clinicians more time to do what they trained to do – care for patients. And by analyzing data to pinpoint spending anomalies, waste, and other issues, healthcare professionals can save money and improve efficiency.

In short, we’ve got a lot riding on that wonky intersection of healthcare and technology.

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Why has Saxony Partners planted its flag at this intersection?

“I’m motivated by how many ways technology can directly help what’s broken within healthcare,” says Stein, vice president of Saxony’s healthcare practice. “And Saxony has the expertise to implement those technologies. But our firm is unique because we combine that expertise with deep industry knowledge. We believe that technology is a tool used to achieve a business goal – it’s not the goal itself.”

Alan Stein

Saxony Partners’ Alan Stein

Expertise is the first differentiator. We have staff who have worked for healthcare organizations: providers, payers, pharma, and non-profits. They know intimately the challenges facing these organizations because they’ve lived them first-hand. They’ve been at the patient’s bedside, coded their bills, and analyzed their claims.

Technical knowledge is the second differentiator – Saxony knows data and technology in general, and specifically within the healthcare space. We’ve got a bullpen of data architects, strategists, user experience experts, programmers, and project managers who have first-hand experience making complicated processes simpler, automating away manual tasks, turning data into forecasts, and saving organizations time and money. At our intersection of healthcare and technology, you’ll find HMS, AmerisourceBergen, and Summus/Premier, to name a few of our clients.

We help healthcare organizations own, access, and leverage their data to save money, improve efficiencies, and drive better outcomes. That’s for providers, for payers, for pharma, and for fulfillment organizations.

We help healthcare organizations determine what technology (tools, software, systems) are worth their investment. We help them integrate new systems into their existing technology portfolio. We take data from those individual systems and integrate it into a single source of truth, while maintaining the highest standards for security, privacy, and compliance.

And we help healthcare organizations utilize emerging technology in a way that fits their individual needs and priorities. Whether its automation, machine learning, artificial intelligence, or smart speaker skills, our goal is to eliminate manual tasks and make work easier. This boosts everything from quality improvement initiatives to the profit/loss statement.

“The key to successfully doing more with your data is not just to capture more data, process more data, or create more data,” Stein says. “The key is to connect the data already available to those processes, challenges, and people. Saxony knows how to do that better than any other firm.”

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Healthcare is going to continue to be expensive for the foreseeable future. It will continue to be a political football. As a consequence, problems that should be mitigated at the intersection of healthcare and technology will pile up there instead. In the meantime, healthcare professionals will continue to see ads for new products aimed at solving their decades-old problems.

Chances are, you don’t need a new product. You need a trusted advisor to help you determine whether you actually need the products you’ve already accumulated. And you need access to data generated from those existing products.

“Those systems create tons of data, but reporting and analysis is probably not their strength,” Stein says. “So, users feel their best option is to try and extract the data as best they can and put that data into a spreadsheet. Even though spreadsheets are easy to use, they don’t offer the security or the actionable insights you’d get from an enterprise data warehouse.”

You need that data integrated securely into that enterprise data warehouse, a single source of truth. From there, you can run reports that will identify opportunities to save money and eliminate inefficiency. We can use those reports to identify areas where automation and leading-edge technology will be a help, not a hinderance.

This isn’t a shiny new product – it’s the basic blocking-and-tackling of data strategy. It’s people who know your industry listening to you, understanding your challenges, and solving problems using tried-and-true processes. The result is clean, secure, integrated, automated, accessible, and actionable data that you can utilize to accomplish your business goals.

Intrigued? Talk to us. We’re waiting for you at the intersection of healthcare and technology.