Data driven decision making. Today we explore the Trilliant's new benchmarking tool.
Today in health, it trillion health launches analytics tool to benchmark healthcare companies against similar markets. My name is bill Russell. I'm a former CIO for a 16 hospital system and creator of this week health. Instead of channels dedicated to keeping health it staff current and engaged. We want to thank our show sponsors who are investing in developing the next generation of health leaders.
Gordian dynamics, Quill health tau site nuance, Canon medical, and current health. Check them out at this week. health.com/today. All right. I was perusing a bunch of journals this afternoon came across FierceHealthcare and this article. It's from July 5th, have Heather Landy wrote this trillion health launches analytics tool to benchmark healthcare companies against similar markets. We've talked about trillion before.
Trillion has aggregated all this claims data. I mean, massive amounts of claims data, and they're putting AI and analytics tools on top of it. And trying to make sense of all the data. I think they cover it's it might be in this article. About 300 million. Patients are represented in their claims data, which is really kind of amazing. Let me give you some of the excerpts from this thing.
, it's often said that healthcare is local, but healthcare executives regularly compare their organizations nationally against aspirational competitors. Of those that rank highly in well-known lists like us news and world report. IBM Watson health. Healthcare analytics company, trillion health has rolled out an application that layers machine learning over its massive data sources to help health systems more accurately.
Benchmark against market peers. These benchmarks can guide an organization strategies for new specialties and services line, our service lines M and a activity and expansion into new markets. Trillion health executive said leveraging trillion house technology, healthcare organizations can see which us markets are most similar to each other across multiple index factors and then benchmark against relevant competitive leaders in the relevant markets.
According to the company. And they go on to talk about the fact that healthcare tries to, to match itself for aspirational goals. And this brings it down to hard data, right? You can look across the board, look at different markets, identify which markets are the same or similar to yours. Based on any number of variables.
And then determined what's working in those markets. What's not working in those markets. , let's see. As a society, we have been prime to determine what is best using third-party rankings and abstract measures. Healthcare is no exception. We have the top five restaurants, top five colleges. You name it.
Subsequently the entire health economy, pursues, aspirational, and arbitrary benchmarks to guide critical decisions. Looking at well-known list us news. And Watson health and you name it. And Forbes will list certain payers as the best, but others will list others. You get the picture, not every house has some can be like Mayo or Intermountain, healthcare or Geisinger. In fact, none of them can be for many different reasons. So each one's distinct based on the markets they serve.:
CBS a is based on population growth, numerous market forces, a declining number of commercially insured consumers, increasing deductibles. New market entrance, increasing healthcare consumers, and now inflation are creating massive challenges for healthcare organizations. So a lot of healthcare organizations are going to be looking at their strategies.
This is numbers to actually support. , how you are pursuing those strategies. It's often said we don't need to reinvent healthcare. We just need to, , To iterate on top of healthcare and move it forward in certain areas. And to that extent you can look at what other markets are doing and move it forward just by looking at.
Essentially what might be happening in a certain service line in a certain market, which may be ahead of your specific market to serve your population better. Let's see, trillions spent benchmarking model analyzes five year projected population growth in excess mortality per capita. , data portraying to estimated household income, debt, home values, and discretionary income, as well as population level data on health insurance, status, age, and sex, generational distribution, race, ethnicity, and primary language.
The benchmarking tool also looks at consumer psychographic profiles. Use of wearables prescription use drug adherence. You name it. That's an awful lot of data to be utilizing. And that's fantastic. The more data you have and the better your analytics models that you applied to, that the better your strategies are going to be moving forward.
He had another use case, which is not limited to providers. It's to understand the characteristics of their high performing markets, enabling them to find the most similar markets, which in theory would also be markets. In which to invest trillions. And it works with more than 75 of the top us hospital systems.That encompass more than:
It is important to understand the numbers, the demographics that you are serving. And really understanding those demographics to a different level. , I remember as CIO, we would work with companies like CVRE who would have extensive data on the markets. We were trying to move into. And they would help us to determine, , where to put a building, where to put a specific practice within our medical group and those kinds of things, because they understood the markets that we were serving. Healthcare needs to get to that level of sophistication and trillion is bringing one of the tools.
, to bear that can help you to get there. So database decision-making. Is the gold standard and that is what we should always be pursuing. All right. That's all for today. If you know someone that might benefit from our channel, please forward them a note. They can subscribe on our website this week out.com or wherever you listen to podcasts, apple, Google, overcast, Spotify, Stitcher, you get the picture.