The right use of data changes everything. Disrupting Markets is your window into how companies have digitally transformed their businesses, shaken up their industries, and even changed the world through the use of data and analytics.
The use of big data analytics and cloud computing has spiked phenomenally during the last decade. Big data, analytics, cloud computing, data mining, data science — the buzzwords of the modern data and analytics industry — have taken every business and organization by storm, no matter the scale or nature of the business. Big data/business analytics contributed $189 billion to the global economy in 2019, and the industry is expected to be worth $274 billion in 2022.
The ramp up in cloud computing adoption due to the COVID-19 pandemic is projected to swell the cloud computing market by more than $240 billion by 2021 — compared to the expected increase of slightly above $200 billion before the pandemic.
In the healthcare sector, McKesson Corp. — a leading pharmaceutical distributor that delivers IT services to healthcare providers — has deftly altered its business in the recent past to integrate big data analytics and cloud computing into its existing infrastructure. Competitors in the healthcare sector are trying to follow suit. In this article, we will explore how McKesson transformed to take the lead among data-driven businesses.
Moving to the cloud, fueling transformation
To integrate the modern data analytics tools into its existing infrastructure, McKesson adopted the Google Cloud Platform service. This move accelerated the development of advanced products and expanded the company’s AI and data analytics capabilities. McKesson says Google Cloud has enabled the company to manage patients’ clinical data and medical records in a more organized manner. Moving to the cloud helped transform the way McKesson operates.
Cloud-embedded analytics help McKesson monitor patient populations in real time, such as measuring the efficacy of treatments. These insights have helped improve machine learning models with more precise data. McKesson has also significantly automated its infrastructure management and administration tasks, such as organizing patient clinical data through an agile database, which allows employees to focus on product and feature development.
The flexibility and scalability provided by cloud computing reduces headaches for McKesson’s data teams, freeing them from the limitations of their old hardware systems and from repetitive tasks like installing updates.
“As we evolve to a more digitally based healthcare environment, cloud computing will change how healthcare organizations deliver quality, affordable services to their patients, members, and customers,” said Thomas Kurian, CEO of Google Cloud, said at the time of service collaboration with McKesson.
Combining forces with Komodo Health
Komodo Health is a healthcare automation services provider that empowers healthcare companies to digitize their businesses. McKesson is working closely with Komodo Health to automate several routine tasks: Komodo’s healthcare analytics and data platform integrates medical records of millions of patients provided by doctors, diagnostic labs, and prescription data, serving up useful insights on patient populations. Its predictive analytics tools assist doctors in monitoring and predicting the progression of diseases in patients.
Komodo’s analytics-powered healthcare map captures data from anonymous patients to train its machine learning model, providing pharmaceutical companies with patient population insights while protecting patients’ privacy. Using past patients’ histories, McKesson helps doctors to diagnose diseases in their current patients. Komodo’s platform helps them discover correlations between symptoms of diseases and cluster similar patients or diseases spreading in a region. McKesson is also working on earlier and precise cancer prediction using Komodo Health’s AI platform.
“One of the biggest challenges to building great artificial intelligence or machine learning algorithms in healthcare is how disastrous the state of healthcare data is,” said Dr. Arif Nathoo, CEO of Komodo Health, in an interview with Oak HC/FT. “Healthcare data is sitting in a million different places with little cohesion. The cost of bringing it together and standardizing it — in a way that can actually be used — is a massive barrier to enabling innovative companies to create algorithms for improving healthcare.”
Changing payments with Change Healthcare
To automate the financial aspects of the company and embed fintech elements within its conventional payment methods, McKesson acquired Change Healthcare, an AI firm that provides advanced analytics solutions for value-based care. Change Healthcare allowed McKesson to automate all its payment methods through its AI-powered analytics software, Claims Lifecycle AI, which minimizes issues like missed/double payments or erroneous reimbursements.
Claims Lifecycle AI leverages the payment claim process where the machine learning model learns from a series of accepted/rejected claims and helps people at McKesson make accurate decisions for new claims.
Recently, Change Healthcare open-sourced its Market Insights: COVID-19 Analytic Data Sets that combine powerful data science tools to effectively comprehend disease progression and its impacts on the healthcare system in real time. Also, Change Healthcare has acquired eRx Network amid COVID-19 to further its data-driven solutions.
Joining hands with Genpact for white-collar automation
White-collar automation refers to the digitization of routine repetitive administrative tasks that may include a simple form collection job at reception to managing complex payment methods. McKesson partnered with Genpact to automate these repetitive tasks with minimal probability of error. Genpact is a global professional services firm that focuses on digital transformation and digitization of organizations.
Genpact has automated numerous financial methods at McKesson, such as automated aggregation of sales/purchase orders from hospitals, patients, and insurance companies; enhanced contract management of signed/unsigned contracts for shipment purposes; prediction of most favorable and profitable areas to invest in based on available resources; and management of McKesson’s big data.
Ready to disrupt the market?
It took McKesson years to transform and adapt to the best big data, data analytics, and cloud computing practices. With the right tools and data in the hands of the right people, your organization can disrupt your market. How you do that is up to you. Whatever you’re building, build boldly.