Utilizing Technology to Impact Healthcare Development

January 17, 2022 0 Comments

As technology has advanced, so has the healthcare industry. New devices and software programs are benefitting healthcare on several different levels. From smartwatches that can monitor individual heart rates to Building Information Modeling (BIM) that can assist in developing extensive healthcare facilities, technology is improving health maintenance across the world. With this comes an abundant amount of data and analytics that experts can evaluate to progress the industry. In a recent sit down with Ken Henry, Senior Vice President of Development at Pacific Medical Buildings (PMB LLC), and Eli Dresner, Managing Director of Client Solutions at Pivotal Analytics, we gain three insights into utilizing technology to impact healthcare development:

1.       Ask Questions

2.       Consistently Balance the Quantitative and Qualitative Data

3.       Study Healthcare Data and Reach out to Leading Data Providers 

Ask Questions

Eli, who works for Pivotal Analytics, a technology development firm dedicated to the transformation of health system planning and care delivery management1, suggests that those involved in the development of healthcare facilities be curious and ask a lot of questions. He states that "the data integration and utilized information comes from asking interesting questions about the market." What data assets can you utilize to have a quantitative leg to stand on? Where can you get insight that previously wasn't available? By asking specific questions and exploring different data assets and insights, you will gain new perspectives. Different outlooks will benefit you when it comes to developing various healthcare amenities as you can build for the needs and desires of varying communities and socioeconomic classes. 

Consistently Balance the Quantitative and Qualitative Data

Eli also advises healthcare developers to balance the quantitative and qualitative data consistently; listen to the data provider the same way you would listen to the doctor or patient. In our sit down with Eli, he states that "the data provider generally will never have the boots-on-the-ground knowledge of a market." As much as the data provider can tell from their data, insights, and models, they still do not fully understand what is happening in a given market because they do not live in it day-to-day. By pairing the quantitative information from data providers with the qualitative information from healthcare workers, developers will gain a more insightful look into the market. With this, they will better understand what to look for when constructing future facilities.

Study Healthcare Data and Reach out to Leading Data Providers

Ken Henry from Pacific Medical Buildings, a healthcare real estate developer, advises construction companies, architects, engineering firms, and consultants "to learn more and study healthcare data as much as possible" and to "reach out to leading data providers." This will help you understand the language of health system providers and better understand the industry's challenges. By working with a data provider such as Pivotal Analytics, developers will gain better insight into the marketplace, allowing them to build more efficient and effective healthcare accommodations. Ken states that "getting to know a group like Pivotal will definitely be beneficial regardless of what type of company you work with."

The healthcare industry is constantly evolving and adapting to meet the needs of the diverse world in which we live. With progressing technology and data, developers have the potential to enhance health maintenance continuously. By asking questions, balancing quantitative/qualitative data, and partnering with leading data providers, developers will positively impact the healthcare industry.  Listen to our podcast with Ken and Eli, Utilizing Technology to Impact Healthcare Development, to learn more.

Resources:

1.    https://www.pivotal-analytics.com/about

Links:

Connect with Ken on LinkedIn
Follow PMB LLC on LinkedIn
Visit PMB LLC on the web here 
Email Ken at khenry@pmbllc.com

Connect with Eli on LinkedIn
Follow Pivotal on LinkedIn
Visit Pivotal on the web here 
Email Eli at edresner@array-analytics.io

Connect with Valerie Bono 
Connect with Chris Epps 


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SDI Claims - Leading to a Better Way

January 03, 2022 0 Comments



Often, when people hear the words "insurance claims," they are associated with negative connotations. These include the anticipation of lengthy resolutions, undesired tasks, and conflict. However, to the contrary, claims can bring people together when all parties collaborate effectively. In a recent sit down with Derek Fennell, Assistant Vice President of Subcontractor Default Insurance Claims at AXA XL, we gain insight around four steps that help lead Carriers and Insureds to a better way of handling claims:

1.      Communicate Early

2.      Create an Atmosphere of Trust

3.      Educate the Insured

4.      Rip Off the Band-Aid

Communicate Early

    The first step to creating a better claims atmosphere is to communicate early. According to Derek, "In the marketplace, there seemed to be a pattern where Insureds would put the Carrier on notice of a claim and then a period of months or even years would go by – there would be intermittent discussions, but nothing." Poor communication can lead to conflict as the Carrier may have questions about conducting Proof of Loss. The more the Insured talks to the Carrier, the more the Carrier can communicate about documentation requirements as the Proof of Loss is being prepared for submittal. When the Insured can provide approved documentation, the chances of getting a suitable yield to satisfy the overages increase significantly. The claims process can be contentious, but early and effective communication can be a clear, successful step towards claim resolution.

Create an Atmosphere of Trust

    As a foundation to communicating effectively, the Insured and Carrier must establish a relationship built on trust. Both parties will find better results and expedited claims when the Carrier fosters an atmosphere of trust, allowing the Insured to feel comfortable while informing the Carrier with project/claim details.  In our interview with Derek Fennell, he states that "It is really difficult when everyone retreats to their corners and it's really hard to resolve issues when you have an Insured that doesn't have trust in the Carrier." Usually, in the context of construction claims, the relationship between Insured and Carrier is adversarial; however, it does not need to be as everyone is trying to obtain the same fair and equitable results.

Educate the Insured

    Once trust is established, and both parties communicate openly and effectively, the Carrier should seek opportunities to educate the Insured to allow for enhanced risk management. Derek suggests that the Carrier should "take the analytics developed during claims and give the feedback to the Insured in ways that make the Risk Managers understand risk more." By sharing their vast claims experience and educating the Insured on risk management trends, the Carrier can assist Risk Managers in creating strategies that help prevent future claims from happening. Though Risk Managers cannot see every catastrophic issue that may arise on a construction site, the valuable insight they gain while working with their Carriers can better prepare them for future claims.

Rip the Band-Aid Off

    The fourth step identified by Derek, which helps lead to a better way for insurance claims, is "ripping the band-aid off." Derek Fennell describes this as giving "the message very early so the project team is prepared and the risk management team is prepared, which will often lead to a better result." By informing the Carrier of any significant project nuances early on, all parties involved have more time to process and prepare for the claim. Through this process, any major factor such as insufficient documentation may be identified, impacting the timeline or scope of the claim submissions. By ripping the band-aid off, these topics are discussed upfront and help to establish clear expectations for the entire claims team. As a result, both the Carrier and Insured can collaborate to identify the best path forward and potentially make adjustments that would mitigate the setbacks that have been identified. All of this is made possible by early communication, an atmosphere of trust, and up-front knowledge of the claim.

    Although many see the claims process as a challenge, there are paths that will help lead to a better way. By communicating early, creating an atmosphere of trust, and educating the Insured, the Carrier is further likely to build a smooth process for those involved. To learn more about the SDI claims, listen to our podcast with Derek Fennell, SDI Claims – Leading to a Better Way.

Links:

Connect with Derek on LinkedIn
Follow AXA XL on LinkedIn
Visit AXA XL on the web here 
Email Derek at derek.fennell@axaxl.com 
Connect with Peter Duggan 
Connect with Mike Diercksen 



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