IllumiCare empowers clinicians to provide clinically and financially efficient care and provides hospitals measurable, hard dollar reductions in lab, medication, radiology and observational expenses. Hospitals can potentially expect approximately 500 percent ROI in the first year, and physicians potentially receive higher ACO bonuses.
IllumiCare is a patent-pending, non-intrusive ribbon of information, which hovers over an electronic medical record (EMR) and shows real-time, patient-specific information about the patient being concurrently viewed in the EMR, without requiring EMR integration.
A number of studies question whether physicians and other medical professionals have a sufficient level of knowledge about -- and the ability to correctly estimate -- healthcare costs. One study found that costs of prescription drugs were estimated correctly less than half of the time.
Another study revealed that 80% of physicians were unable to accurately estimate the cost of medical tests, and none of the physicians estimated with greater than 50 percent accuracy. Further, the level of experience or seniority of the medical provider has been shown to have no effect on the ability of the provider to accurately estimate costs. One report concluded, that while most physicians indicated they “should consider cost in their decision-making,” they “have a limited knowledge of cost estimates.”
Everywhere physicians go to spend money – a restaurant, a grocery store, shopping online, etc. – they see the cost of things. Inside a hospital, they have the power to affect patient costs with little knowledge of how much prescriptions and services actually cost. If physicians are empowered with cost data at the time of ordering, they become more cost conscious.
- It gives clinicians real-time, patient-specific and novel cost and patient risk data at the point of care – where it is most needed and influential. The main areas addressed are medications, labs, radiology and observational status.
- It is EMR-agnostic; it can be used by any hospital.It is a patent-pending compilation of clinical, financial and third-party data.
- It utilizes existing data feeds to gather clinical data.
- It piggybacks on existing authentication and permission infrastructure.
- It shows each physician how they compare to their peers (other physicians in the same sub-specialty in their hospital, hospital system or nationally) with regard to their medication, lab and radiology spending per case, risk-adjusted – thereby introducing competition and peer pressure, because ACO bonuses are tied to the collective ACO financial efficiency.
- It produces measurable, hard dollar reductions in the cost of medications, labs, and radiological procedures and can correlate those improvements with IllumiCare usage.
- It is a powerful tool for physician alliances and ACOs to drive cost savings.
What IllumiCare is Not
- It is not a traditional clinical decision-support system, which forces the physician to play “20 questions” with a computer.
- It is not just a reformatting of data in the EMR.
- It is not inhibiting of current workflow. If ignored, the ribbon automatically minimizes after 5 seconds.
- It is not proscriptive – there is not an onslaught of alarms or alerts that have to be addressed.
Using publically available hospital cost data, IllumiCare demonstrates reasonable expectations for return on investment based upon published literature and eventually collaborated results by IllumiCare actual performance. We calculate savings based on reduced medication, lab and radiology spend, looking only at hospitals’ actual, inpatient, non-salary cost reductions. Most of the models produced for hospitals and hospital networks demonstrate ROI opportunities of around 10x per year.