Dermot Shorten, Quest Diagnostics Senior VP Strategy, M&A and Ventures, has worked closely with Lidia Fonseca, our SVP and CIO, and our Medical and Marketing teams to understand how we can build a business around our information assets and add greater value to our clients. This is the primary mission of the Information Ventures team. We sat down with him to learn how Quest’s data and solutions are building value and creating a healthier world.
Q: What’s all this talk about data? Aren’t we a medical lab?
Dermot Shorten: Data is inherent in our business. From the millions of test results that we complete every year, we’ve amassed a vast store of data. This stockpile is valuable to Quest as well as to our customers.
Harnessing the power of our data has been a focus ever since Steve Rusckowski came on board in 2012. We’re looking for a simple insight to explain complex test results so people can take action. There has been a major change in healthcare from volume and fee-for-service to quality and value. Providers and payers both have a stake in improving the quality of care as well as optimizing healthcare spend. And that’s where our data comes into play. We can aggregate the data in many ways, such as by zip code, ethnicity or gender. This will enable them to see the trends in specific populations, disease states and geographic areas.
“Providers and payers both have a stake in improving the quality of care as well as optimizing healthcare spend. And that’s where our data comes into play.” Dermot Shorten, Quest Diagnostics Senior VP Strategy, M&A and Ventures
Q: How does our new venture, Data Diagnostics, differentiate us from our competition?
DS: Data Diagnostics is definitely unique in the industry. Customers will gain great value from the real-time, on-demand, point-of-care analytics through Care360 and interfaces with nearly 600 Electronic Health Records (EHR) platforms.
Our regional leaders are excited about the opportunities that this partnership with Inovalon brings. Being able to offer these new reports in the clinical workflow via our Care360 and EMR interfaces differentiates us and puts us in a completely new space. The capabilities change the conversation with customers to how they can meet their quality and cost goals with this new solution.
Q: How can our data help our customers and patients?
DS: In addition to being able to drill down to detailed data, we provide two key services, whether it’s for health plans, ACOs, specialty physicians or primary care physicians: 1) Gain insights into populations and how healthy they are, and 2) Identify individual patients where follow-up is required. All this enables them to see the critical gaps in care and then take action.