The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission

Quality of care data has gained transparency captured through various measurements and reporting. Readmission measure is especially related to unfavorable patient outcomes that directly bends the curve of healthcare cost. Under the Hospital Readmission Reduction Program, payments to hospitals were r...

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Autores principales:	Kareen Teo, Ching Wai Yong, Farina Muhamad, Hamidreza Mohafez, Khairunnisa Hasikin, Kaijian Xia, Pengjiang Qian, Samiappan Dhanalakshmi, Nugraha Priya Utama, Khin Wee Lai
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Medicine (General) R5-920 Medical technology R855-855.5
Acceso en línea:	https://doaj.org/article/b085cf05e34044f8827527996c4fb7ae
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spelling	oai:doaj.org-article:b085cf05e34044f8827527996c4fb7ae2021-11-15T01:19:25ZThe Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission2040-230910.1155/2021/9208138https://doaj.org/article/b085cf05e34044f8827527996c4fb7ae2021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/9208138https://doaj.org/toc/2040-2309Quality of care data has gained transparency captured through various measurements and reporting. Readmission measure is especially related to unfavorable patient outcomes that directly bends the curve of healthcare cost. Under the Hospital Readmission Reduction Program, payments to hospitals were reduced for those with excessive 30-day rehospitalization rates. These penalties have intensified efforts from hospital stakeholders to implement strategies to reduce readmission rates. One of the key strategies is the deployment of predictive analytics stratified by patient population. The recent research in readmission model is focused on making its prediction more accurate. As cost-saving improvements through artificial intelligent-based health solutions are expected, the broad economic impact of such digital tool remains unknown. Meanwhile, reducing readmission rate is associated with increased operating expenses due to targeted interventions. The increase in operating margin can surpass native readmission cost. In this paper, we propose a quantized evaluation metric to provide a methodological mean in assessing whether a predictive model represents cost-effective way of delivering healthcare. Herein, we evaluate the impact machine learning has had on transitional care and readmission with proposed metric. The final model was estimated to produce net healthcare savings at over $1 million given a 50% rate of successfully preventing a readmission.Kareen TeoChing Wai YongFarina MuhamadHamidreza MohafezKhairunnisa HasikinKaijian XiaPengjiang QianSamiappan DhanalakshmiNugraha Priya UtamaKhin Wee LaiHindawi LimitedarticleMedicine (General)R5-920Medical technologyR855-855.5ENJournal of Healthcare Engineering, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine (General) R5-920 Medical technology R855-855.5
spellingShingle	Medicine (General) R5-920 Medical technology R855-855.5 Kareen Teo Ching Wai Yong Farina Muhamad Hamidreza Mohafez Khairunnisa Hasikin Kaijian Xia Pengjiang Qian Samiappan Dhanalakshmi Nugraha Priya Utama Khin Wee Lai The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
description	Quality of care data has gained transparency captured through various measurements and reporting. Readmission measure is especially related to unfavorable patient outcomes that directly bends the curve of healthcare cost. Under the Hospital Readmission Reduction Program, payments to hospitals were reduced for those with excessive 30-day rehospitalization rates. These penalties have intensified efforts from hospital stakeholders to implement strategies to reduce readmission rates. One of the key strategies is the deployment of predictive analytics stratified by patient population. The recent research in readmission model is focused on making its prediction more accurate. As cost-saving improvements through artificial intelligent-based health solutions are expected, the broad economic impact of such digital tool remains unknown. Meanwhile, reducing readmission rate is associated with increased operating expenses due to targeted interventions. The increase in operating margin can surpass native readmission cost. In this paper, we propose a quantized evaluation metric to provide a methodological mean in assessing whether a predictive model represents cost-effective way of delivering healthcare. Herein, we evaluate the impact machine learning has had on transitional care and readmission with proposed metric. The final model was estimated to produce net healthcare savings at over $1 million given a 50% rate of successfully preventing a readmission.
format	article
author	Kareen Teo Ching Wai Yong Farina Muhamad Hamidreza Mohafez Khairunnisa Hasikin Kaijian Xia Pengjiang Qian Samiappan Dhanalakshmi Nugraha Priya Utama Khin Wee Lai
author_facet	Kareen Teo Ching Wai Yong Farina Muhamad Hamidreza Mohafez Khairunnisa Hasikin Kaijian Xia Pengjiang Qian Samiappan Dhanalakshmi Nugraha Priya Utama Khin Wee Lai
author_sort	Kareen Teo
title	The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
title_short	The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
title_full	The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
title_fullStr	The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
title_full_unstemmed	The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission
title_sort	promise for reducing healthcare cost with predictive model: an analysis with quantized evaluation metric on readmission
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/b085cf05e34044f8827527996c4fb7ae
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The Promise for Reducing Healthcare Cost with Predictive Model: An Analysis with Quantized Evaluation Metric on Readmission

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