In the United States alone, there was one trillion dollars of waste in the $3.6 trillion-dollar total healthcare spend for 2018. While healthcare waste can occur for many reasons, it’s clear that many of the problems lead to economic instability, reduced care quality and operational inefficiencies in the healthcare industry.
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Health Catalyst’s founders, Tom Burton and Steve Barlow, who previously held leadership roles at Intermountain Healthcare, recognized that healthcare needed to change and believed in the power of data and analytics to drive decision-making and dramatically improve outcomes. Together, Tom and Steve built a new data platform that could be used to replicate the data-driven outcomes that were being achieved at Intermountain Healthcare. Health Catalyst was born.
Today, Health Catalyst is recognized as a leading provider of data and analytics technology and services to healthcare organizations. The company’s data-driven solution is comprised of three parts.
The Data Operating System (DOS) is the foundation of the Health Catalyst solution. DOS integrates data in a flexible, open, and scalable platform that provides customers a single comprehensive environment to integrate, organize and manage their data from their disparate systems.
Analytics Applications, the second part of the Health Catalyst solution, are built on top of DOS and designed to allow customers to pinpoint opportunities for measurable improvements across the entire enterprise.
Finally, Health Catalyst’s Services Expertise brings a world-class team of more than 250 analytics experts, including data scientists, data analysts and data engineers, and domain experts such as healthcare administrators, physicians, and nurses to help customers achieve sustainable, measurable improvements.
Together, Health Catalyst’s three-part solution empowers customers to operate a more data informed business and produce measurable clinical, financial and operational improvements.
For example, one customer saw a 45 percent relative reduction in their severe sepsis mortality rate; another reduced surgical site infection by 33 percent and yet another realized $74 million in operational improvements. These significant results are not unique. Since 2015, Health Catalyst has generated more than 650 documented, customer verified improvements.
If you ask Health Catalyst how this continued business and client success is sustainable, they’ll tell you that it all starts with the Health Catalyst Flywheel. The Flywheel begins with a customer recognizing the need for improvement using the company’s three-part solution. As Health Catalyst delivers on those three components, the company drives measurable improvements for customers. At the center of the Flywheel is team member engagement. Team member engagement is foundational to everything the company does and is the top priority for executives. Employees are so vested in the company that Health Catalyst has earned more than 50 best places to work awards and maintains a team member engagement rate in the 95th to 99th percentile, as measured by Gallup.
Health Catalyst believes that when team members feel connected to and empowered by the mission of the company and respected at an extraordinary level, they produce outstanding work, which enables customers to realize measurable results. As customer trust and confidence in Health Catalyst builds, engagement in the shared work increases, and clients choose to renew and expand their relationship.
Health Catalyst’s innovative technology and employee engagement model are working. In July 2019, the Utah healthcare unicorn announced its initial public offering on the Nasdaq. Now, the company looks forward to continuing to make a dent in the country’s trillion-dollar healthcare waste by creating a future where all healthcare decisions are data informed.
