Every day as our employees show up to work, we are united by our shared mission of making healthcare more affordable in the US. As we look at where the market is today, there are many factors that play into why the work we do to revolutionize clinical data exchange is important and timely. Let’s take a look at three driving factors more closely:
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Rising healthcare costs: Currently healthcare costs are at $4 trillion and expected to reach $6.2 trillion by 2028, with roughly a quarter of spend considered waste. A portion of waste is attributed to information breakdown due to highly manual processes and siloed systems, among other factors. For example, in 2018, a typical hospital had 16 disparate systems across its network, making access to clinical data difficult.
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Demand for clinical data: Even with the barriers to access, demand for clinical data is growing due to a variety of factors, including an aging population with chronic conditions, growing Medicare population, value-based care models, interoperability and patient access regulations, and whole person health. The entire healthcare ecosystem needs this clinical data.
The payers and other requestors require more data. Moxe payers report 20-30% more demand year over year—and providers feel the correlative brunt of administrative tasks. Notably, providers still respond manually to 90-95% of all medical record requests. With labor shortages and resource constraints, this leads to further provider abrasion and burnout.
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Regulation changes: With the introduction of the 21st Century Cures Act, patients are entering the space and require access to their health information. Industry focus is shifting beyond care settings to factors impacting outcomes outside the office, for example, social determinants of health.
A growing demand for clinical data, increasing number of players in the space, and the requirement for more interoperable solutions brings heightened awareness on data privacy and security, especially among patients.
Moxe envisions a world where every US-resident has access to affordable healthcare and to achieve that, we’re on a mission to connect our healthcare ecosystem with the highest quality and most efficient data. This means stakeholders have all of the information they need on demand—with nothing extra. Importantly, access is executed precisely with privacy at the forefront.
By connecting the healthcare ecosystem, we’re reimagining collaboration, advancing interoperability, and solving real problems. Stay tuned for further insights about how our solutions help tackle some of healthcare’s challenges.
Are you ready to rethink your clinical data strategy? Let’s chat.
Moxe Health