Allows stakeholders to make use of unstructured data (data not gathered consistently or systematically) in delivering op
NLP - ENABLED SOLUTIONS IN HEALTHCARE A BSC Healthcare Technology Sector Report While lack of insights from unstructured data (doctors’ notes, scanned documents, images, etc.) has long been a main roadblock in the quest to making healthcare data actionable, technology solutions enabled by natural language processing (“NLP”) are now able to harvest this data and leverage it to improve healthcare deliver.
NLP-ENABLED SOLUTIONS IN HEALTHCARE While lack of insights from unstructured data (doctors’ notes, scanned documents, images, etc.) has long been a main roadblock in the quest to making healthcare data actionable, technology solutions enabled by natural language processing (“NLP”) are now able to harvest this data and leverage it to improve healthcare delivery
SAMPLE INDUSTRY PLAYERS
UNDERSTANDING DATA VOLUME Volume of Electronically-Stored Healthcare Data (exabytes) GR CA % 8 4
2314
Year
2020P
153 2013 Source: International Data Corporation
The amount of healthcare data stored electronically is expected to grow 48% annually from 2013 to 2020 MAIN CHALLENGE OVERVIEW
INTRO TO NLP
The Challenge: The majority of healthcare data is not leveraged to gain insights for improving care as it is in an unstructured, free text format characterized by diverse grammatical structures and phrases
Definition: Natural language processing is a range of theoretically computational techniques for analyzing and representing naturally occurring texts at one or more levels of linguistic analysis for achieving human-like processing for a range of applications
20%
Only 20% of digital healthcare data is structured, thus complicating physicians’ ability to extract meaningful patient information through EHRs
NLP-Enabled Technology Allows stakeholders to make use of unstructured data (data not gathered consistently or systematically) in delivering optimal care
The Solution?
Source: Linguamatics
Source: Iroju and Olaleke, Systematic Review of Natural Language Processing in Healthcare
MARKET POTENTIAL OF NLP-ENABLED HEALTHCARE SOLUTIONS NLP Healthcare Market Size ($bn) GR CA 19%
The Global NLP healthcare market is expected to grow approximately 19% annually from 2015 to 2024 to $4.3 billion.
4.3
0.9
2015 Source: Transparency Market Research
Year
2024
NLP-ENABLED SOLUTIONS IN HEALTHCARE While lack of insights from unstructured data (doctors’ notes, scanned documents, images, etc.) has long been a main roadblock in the quest to making healthcare data actionable, technology solutions enabled by natural language processing (“NLP”) are now able to harvest this data and leverage it to improve healthcare delivery
NLP-ENABLED SOLUTIONS FOR RISK ADJUSTMENT
Theme Providers and health plans will increasingly see the success of care measured versus the relative risk profiles of their populations
The Solution
Current Landscape
Historical Challenges
Providers and health plans need to measure the level of sickness and condition complexity of their populations to receive proper levels of reimbursement
Traditionally, establishing clinical conditions was almost impossible given that relevant medical condition details are buried in unstructured parts of the patient record
NLP-enabled technology can scan medical records for relevant conditions and gather relevant information on condition severity
NLP-Enabled Solution Success Story • Sample Medicare Advantage results from a fast-growing provider-owned health plan ⎼ ⎼ ⎼ ⎼
1 additional HCC per 4 reviewed members $475 increase in PMPY risk-adjusted revenue 3x coder efficiency improvement Only 35% of documents required review
HCC: Hierarchical Condition Category PMPY: Per Member Per Year Source: Health Fidelity
Key Solution Benefits Accuracy: Identify additional conditions for coding Efficiency: Dramatically improve coder productivity and reduce documents needing review Financial Improvement: Improved revenue given accurate, comprehensive code and reduced costs given more efficient coders
OTHER NLP APPLICATIONS IN HEALTHCARE
Clinical Trials
NLP can be leveraged to pull all relevant medical record data from structured and unstructured sources and then run this data against trial inclusion and exclusion criteria to generate a customized list of promising clinical trials for a patient
Clinical Decision Support
NLP-enabled solutions can analyze medical record data to flag patients that are demonstrating symptoms of a serious condition to ensure proper medical is provided before the condition worsen
NLP-ENABLED SOLUTIONS IN HEALTHCARE
BSC REPRESNTED TRANSACTIONS
RECENT TRANSACTIONS
While lack of insights from unstructured data (doctors’ notes, scanned documents, images, etc.) has long been a main roadblock in the quest to making healthcare data actionable, technology solutions enabled by natural language processing (“NLP”) are now able to harvest this data and leverage it to improve healthcare delivery
QPID Health, a provider of an NLP-enabled clinical reasoning platform, was acquired by eviCore, a leading tech-enabled medical benefit management company.
Apixio, the data science company for healthcare, raised $19.3 million from SSM Partners, First Analysis, Bain Capital Ventures, and Apixio’s largest angel investor.
EV: N/A
EV: N/A
February 2016
May 2016
NarrativeDx, a patient experience platform leveraging NLP technologies, received an investment from HealthX Ventures, Live Oak Venture Partners, and Cultivation Capital.
Artificial Intelligence in Medicine, a provider of NLP-enabled solutions for extracting cancerrelated data, was acquired by Inspirata, a cancer diagnostics workflow solutions firm.
EV: N/A
EV: N/A
May 2017
January 2018
Comparion, one of the nation’s largest privatelyheld healthcare info services firms, was acquired by Quantros, a leading enterprise safety risk management, quality management, and reporting solutions provider.
Work-Loss Data Institute, a leading provider of healthcare data and guidelines to the workers’ comp and disability industries, was acquired by Hearst, one of the nation’s largest diversified media, information, and services company.
EV: N/A
EV: N/A
March 2016
January 2017
CONTACT
Healthcare Technology BSC Team For Additional Information Please Contact the Following BSC Team Members: Jeff Bailey Managing Director (615) 800-6206
[email protected]
Steven Harris Senior Vice President (615) 800-6212
[email protected] 