Hospice providers are increasingly turning to data analytics systems to gain an edge against competitors when engaging prospective referral partners, anticipating impacts in value-based care. Data are key to demonstrating the value of hospice to potential referral partners as evolving value-based payment models take effect.
The value-based insurance design demonstration project, commonly called the Medicare Advantage hospice carve-in, began at the start of this year, and providers in markets where the program is operating have been working to adapt to this new payment environment. Data analysis and management is important for hospices to expand referral networks, and providers are applying machine learning tools to identify patients in need of their services earlier in the course of their illnesses and track outcomes. Machine learning is a form of artificial intelligence that uses algorithms and statistical models to detect patterns in data and make predictions based on those patterns.