Challenge Monitoring the quality of care is a complex process, not in the least because of the information asymmetry and multitude of involved stakeholders. PEP solves the following problems currently experienced in the monitoring the quality of care:
- Costs of information collection (visitations and surveys are expensive)
- Throughput time (quality ratings lag behind reality)
- Quality, trustworthiness, independence (inspectors are not the actual patients)
- Demographic and hindsight bias (existing surveys are skewed towards older patients reflecting on their care after the event).
Opportunity Potential customers of the platform include healthcare providers, consultancies, insurance companies and care purchasers, information providers / platforms, inspectorates and patient organisations. The underlying algorithm also works for other markets, and has been validated as an instrument for collecting student voice for UK higher education institutes. The venture will commercialise this opportunity around the world, building on existing traction in the UK and expanding fast to healthcare markets in the US, Germany and other promising EU-countries, as well as emerging opportunities in the Middle-East and Asia.
Solution The Patient Experience Platform (PEP) is a system that reads and combines multiple sources of patient feedback (incl. social media like Facebook and Twitter) to form a near real-time collective judgement on quality for individual hospitals and departments on any given date. The underlying algorithm, the Patient Voice Tracking System (PVTS), has been shown to offer an effective predictor of the outcomes of in-depth quality inspections of hospitals in England. The publication detailing these findings remained the most read article in the BMJ Quality & Safety journal for five months after its publication.
Status The venture will be a data and analytics platform at its core that independently sells quality rating information to end users and/or plays the role of an engine behind other players that market the information (“powered by PEP”). The exact products and corresponding business models will be developed by exposing the value propositions to the market.