Preverity
Transforming healthcare risk management through data-driven insights
“Empowering 3,000+ doctors with unprecedented insights from 80 billion healthcare transactions”
Overview
In the rapidly evolving healthcare landscape, Preverity, a leading player in malpractice insurance, identified a critical need to expand their reach into the hospital sector. The challenge was to transition from a risk-pricing model to a risk-mitigation model, a shift that required a new approach and a robust solution. This case study explores how Juice Analytics, with its expertise in data distribution and user experience, partnered with Preverity to deliver a solution that not only met this challenge but also drove measurable results.
The Problem
Preverity's existing solution was primarily designed for malpractice carriers, focusing on pricing risk. However, the hospital sector, largely self-insured, required a solution that could help lower overall risk levels. The challenge was to develop a solution that could provide actionable insights to hospitals, enabling them to identify and mitigate risk factors effectively.
Solution
Juice Analytics collaborated with Preverity to develop a comprehensive CMS dashboard and Patient Safety Report. This solution leveraged Juice Analytics' expertise in data distribution and user experience to provide hospitals with a tool that could compare their rates of certain activities against national benchmarks, thereby identifying areas with higher-than-average risk.
Implementation
Preverity had spent 18 months validating the market need before partnering our process to launch a data product. Juice Analytics' robust infrastructure, UX expertise, and iteration speed played a pivotal role in transforming validated needs into a market-ready product.
A big win was an AI integration fine tuned to translate detailed medical coding into reasonable summaries of each patient story.
“Most everything that we’re hearing from our CMOs is, I don’t know how I could do what I need to do without this information.”
Impact
The market response has been overwhelmingly positive. As of October 2024 with 6 hospital systems, the Patient Safety Report is giving Chief Medical Officers the insights they need, with them often saying, “I don't know how I could do what I need to do without this information.” Matt from Preverity says, “We're showing statistics and data that they had no insight into before. They just didn't even know what the numbers were.
That is 3,000+ doctors with insights from 80 billion healthcare transactions enabling hospital admin and individual doctors to compare their rates to national average.
Preverity has successfully onboarded multiple hospitals, reducing the implementation time from several months to just a couple of weeks. This efficiency has shifted the focus to scaling and selling the solution. Their plans are to continue enhancing the hospital solution, with future versions already in the pipeline. They also see potential in applying lessons learned to improve their malpractice insurance products.
“Our Patient Safety Report illuminates critical patient safety metrics that hospitals have never seen before, and Juice’s data design expertise and infrastructure was crucial in going to market.”
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