In 2017, the cost of health care in the U.S. was $3.5 trillion. To put that into perspective, the entire U.S. GDP of that same year was $20 trillion. Approximately 30 percent of these costs can be attributed to waste that stems from avoidable sources like operational inefficiencies, over-treatment, failures of care coordination and medical errors. However, every healthcare delivery network has rich data that can help healthcare providers identify opportunities to bring down those preventable costs without harming patients or reducing the quality of care.
At 3M, we believe that data analytics and performance management solutions can put data to work to help healthcare organizations identify and prioritize their most pressing issues. These actionable analytics could also minimize workflow disruptions, allowing providers to save time and focus their resources on what’s most important—optimizing care delivery for their patients.
To accomplish this, our 3M teams across business, technology and design worked together to gather insights to understand how consultants and clients use their existing tools, services, information and communication channels. The team identified journey phases and intersecting pain points and corresponding behaviors to inform the first release of the software.
That software is the 3M™ Performance Matrix platform, a data analytics and performance management solution that combines 3M Health Information Systems’ proven methodologies and performance measures with the data processing power of Verily, an Alphabet company. This single system simultaneously analyzes patient management performance throughout an organization’s network, across all visits, episodes of care and disease cohorts.
To create the financial value of the platform, the 3M team analyzed Medicare data from hundreds of health systems using the 3M Performance Matrix Platform. From just 10 systems, the team identified more than $1 billion in potential cost savings opportunities, including reduction in complications, readmissions, ER visits and a higher continuity of care.
Healthcare providers touch the lives of everyone from clinicians and staff to patients and communities. The 3M Performance Matrix platform helps them to deliver on their mission and magnify their impact.
Performance Matrix was awarded first place in the Design Management Institute’s 2019 Design Value Awards. This award recognizes teams who deliver significant value to business and society while working to improve the world in some vital way – in our case, by identifying waste and improving health care to benefit thousands of patients across 3M’s client organizations.