The importance of Big Data in health care and physician groups is evident. The Deloitte Center for Health Solutions1 found that more than half of the surveyed hospital executives reported population health analytics as their top investment focus, and more than 60% planned to invest in advanced analytics – all Big Data functions. Physician groups that wish to remain independent must have a viable, credible tool to compete in the Big Data arena just as the corporate physician groups do.
Although health care is national in nature, it is delivered locally. Large corporate and private equity physician groups are investing heavily in Big Data to compliment the information being developed within the health systems they serve. If independent physician groups want to maintain their competitive position by their ability to deliver healthcare locally, they must be able to provide the same Big Data information to their facilities and health systems. Historically, cost has been the greatest hindrance to entry by small independent practices into the Big Data realm.
Financial incentives and disincentives are part of the new landscape in health care. Providers are being pushed to demonstrate improved outcomes at a lower cost. The key will be their ability to capture and analyze the data they generate.
Practice Collaboration is a model through which local physician groups wishing to maintain their independence can access Big Data and many of the same operations cost savings enjoyed by large corporate groups. The collaboration model allows multiple smaller independent groups to assimilate their data and buying power for the requisite Big Data analytics to provide the same in-depth information as large corporate groups, yet maintain the local delivery nuances so vital to success in a value driven healthcare world.
The collaboration model also allows these independent groups to avoid the commoditization that naturally follows corporate groups. The independent groups will be recognized locally as valued partners within the patient care continuum while highlighting their ability to meet local demands and constraints more rapidly and readily.