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Radial Analytics

An evidence-driven decision support platform to help hospitals reduce post-acute costs for shared-risk patients while improving outcomes.

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Written by

Name of applicant

Anant Vasudevan

Job title of applicant

Medical Director

Organization name

Radial Analytics, Inc.

Financial structure of organization (choose one)

  • For profit

City, State, Country of organizational headquarters

Cambridge, Massachusetts, United States

Your social media links

https://www.linkedin.com/company/5271128

Names, titles and affiliations of teammates

Thaddeus Fulford-Jones, PhD (Co-founder and CEO)
Eric Weiss (Co-founder and CTO)
Daniel Shenfeld, PhD (Data Scientist)
Alistair MacDonald (Developer)

Who is the primary purchaser of your innovation? (choose one)

  • Providers

In which care setting will your innovation primarily be used? (choose one)

  • Acute care/hospital

How would you characterize your innovation? (choose one)

  • Product or service innovation (i.e., this type of product or service does not currently exist)

Impact: Describe the value proposition of your innovation. How will this approach improve health care delivery? (200 words)

After-hospital (“post-acute”) care accounts for $70B of annual Medicare spending. Under value-based reimbursement models (i.e. Bundles and ACOs), hospitals assume more risk for post-acute care costs, but lack experience managing this risk. In response,we developed Smart Placement™,a patient-centric,evidence-driven decision support system which answers one focused question: “What is the best after-hospital care plan for this individual patient?” Our proprietary predictive analytics engine captures social, functional, and clinical data during the patient’s hospital stay and combines this information with vast medical billing and quality datasets. The outcome is a recommendation of post-discharge service needs,including triaging to home visits versus a post-acute facility.

Value propositions:
1) Hospitals: Improved financial performance on value-based contracts through data-driven and personalized recommendations.
2) Patient/Family: Informed post-acute decision-making, leading to better satisfaction and outcomes.
3) Discharge planners: Advanced decision support and workflow optimization in real-time.
4) Society: Reduction in wasteful spending and improved viability of Medicare.

Evidence: What data do you have to illustrate that your solution works? The more specific, the better. Please share any non-proprietary results including cost savings, improved outcomes, patient satisfaction, etc. (300 words)

Smart Placement™ reduces after-hospital care costs while boosting quality and outcomes. The system has been validated for Bundle and ACO patients, but is broadly relevant to many shared-risk contracts, including managed Medicare and Dual Eligible patients.

Radial Analytics’ first deployment went live in October 2015 in collaboration with Lawrence General Hospital(LGH), a member of the Beth Israel Deaconess Accountable Care Organization(BIDCO). Smart Placement™ is boosting financial performance and outcomes for two major shared-risk populations: a)Medicare BPCI Bundle and b)BIDCO ACO.

Since Smart Placement™ has been deployed, LGH and BIDCO have achieved significant cost savings while sustaining and/or improving quality and outcomes. In the BPCI Bundle population, Smart Placement™ is saving $2,000+ in post-acute costs per discharge. The net annualized savings amounts to a significant percentage of the annual BPCI Bundle target price. Much of this savings is attributed to Smart Placement™ identifying which patients can safely go home with skilled services because they do not need facility-based post-acute care. Specifically, the percentage of BPCI Bundle patients discharged to inpatient skilled nursing centers has dropped significantly with Smart Placement™, but with no increases in readmissions rates. Furthermore, our latest data is starting to show a trend towards declining readmissions rates.

In the ACO population, we are seeing similar results: reduced post-acute utilization with sustained and/or improved quality and outcomes.

Smart Placement™ is a learning platform that improves its recommendations over time. In approximately nine months, Smart Placement™ has been used for over 1,000 discharges.

Dissemination: Describe your scale up plan including your target market and 2-4 milestones for the coming year. What are the biggest hurdles to dissemination and how do you plan to overcome these obstacles? (400 words)

Context:
The global healthcare analytics market was worth $6.9B in 2015 and is projected to exceed $21B by 2020 (MarketsandMarkets Industry Report “Healthcare Analytics to 2020”). Medicare alone spends $70B on post-acute care. CMS is actively implementing payment reform to reach the Administration's target of shifting 50 percent of Medicare fee-for-service payments to alternative payment models by the end of next year.


Target Markets:
1. Hospitals and health systems involved in value-based care contracts (e.g., Bundles, ACO, managed Medicare, managed Medicaid, Dual Eligible populations, etc.).
2. Payers that need to manage post-acute utilization for member risk pools while also complying with new legislation around Medical Loss Ratio limits.

Milestones:
1. Deploy Smart Placement to at least one other site in New England beyond our current partner.
2. Secure a channel partner, e.g., a healthcare consulting firm that does business with hospitals and ACOs.
3. Secure additional financing (grants and/or investment) to scale operations.
4. Protect our intellectual property through patent filings.

Plan to overcome biggest hurdles to dissemination:
1) Hospitals and ACOs are risk-averse and can be hesitant to adopt new technologies. To overcome this challenge, we intend to build trust through our customer network. For example, our first customer is a hospital affiliated with a well-known ACO, which has allowed other health systems to feel comfortable engaging with us. We plan to publish case studies on how our customers use Smart Placement™ to meet their clinical-business needs.

2) Long sales cycles. A 12-18 month sales cycle is not unusual when selling to hospitals, which tend to rely on a consensus-driven approach to purchasing decisions. In the short-term, we are generating traction by offering a no-risk evaluation period together with an extremely attractive price-point / highly favorable ROI. Longer-term, we expect that ongoing payment reform efforts will generate additional momentum and continue to drive the adoption of new tools such as Smart Placement™.

Attachments (1)

RadialAnalytics_HHAC_Illustration.pdf

Screenshot of the patient-facing, individualized platform.

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