Health and medical industries are currently going through a quiet revolution in how they use data – and Jack Plotkin has been watching it. Plotkin, the founder and CEO of Cardinal Solutions, specializes in understanding how technology is affecting a variety of markets, and where potential growth lies. Currently, he’s particularly interested in PHM (population health management) and how organizations are changing to accommodate it. But what does this mean? Here’s what medical partners and leaders should know about PHM.
What is PHM?
Populated health management refers to studying health data for a broad group of people as an effort to improve general health. It’s Big Data – but data with a specific purpose. Typically, PHM projects start by analyzing a sample size of a population: These populations can be divided in many ways, from everyone living within a coverage area to those with specific diseases, or simply those in a geographic area. The data gained from this research is then applied to value-driven actions that can improve health across the population, lower health costs, and improve medical care.
What Sort of Data Does PHM Use?
Because PHM is very holistic and focused primarily on broad health goals instead of narrower organizational goals, it can use many different types of data. Clinical data, of course, is very useful, although this can be limited by health data regulations and privacy laws that protect this type of data. Financial and health insurance data are another key parts of PHM, since goals often include lowering health costs for the population or making healthcare more efficient to deliver. Plotkin also points out that operational data from medical organizations is also often used to help improve efficiency and encourage better patient self-care.
How Do PHM Models Work?
PHM models are designed to offer real-time information on a population and predict key health points for users. This includes health risks, re-admission risks, social trends that are affecting health, and much more. Creating accurate PHM models is one of the challenges of the industry and requires expert data analysis: Companies that are able to provide this analysis effectively have plenty of growth potential in this market.