Each year the NHS receives more than 10,000 new claims for compensation. Current estimates, obtained from a recent Freedom of Information Request by the BBC, put the total costs of outstanding claims at £83bn, with associated legal fees estimated to be in the region of £4.3bn. This trend of increasing claim numbers and higher value settlements is putting more pressure on the NHS budget. In fact, the cost of outstanding claims equates to over 65% of NHS England’s total budget for 2018-19.
In today’s climate of socio-economic disruptions and high demand for NHS services, the pressure on public services to perform under heavy budget cuts is ultimately putting a huge strain on the NHS.
Calls for Reform
The current system of clinical negligence claims has been heavily criticised by many as complex, inequitable, protracted and expensive, with a general lack of clarity regarding the difference between gross medical negligence and ordinary human error in medical practice. In addition to calls for justice reform, the Department of Health has pledged to tackle “the unsustainable rise in the cost of clinical negligence” and here at Sharedo, we strongly believe there are significant opportunities to reduce costs, improve efficiencies, and optimise service delivery through the adoption of an intelligent, collaborative work management systems such as Sharedo.
Reducing the Complexity Burden
Sharedo’s primary aim is to reduce the complexity burden through intelligent case management that is all about changing the very fundamentals of how we work effectively; how we visualise work, share it, transport it, track and ultimately integrate it within new frameworks of collaboration. At its core, Sharedo streamlines, automates, and accelerates case processes through rich, secure collaboration spaces, intelligent data capture and information storage, whilst empowering data-driven-decision-making through machine learning and predictive analytics in context.
Democratisation of Data in Decision Making
There has never been a more interesting time with respect to the world of data and its pivotal role in this new world digital economy. Here at Sharedo, we believe that by democratising and leveraging the wealth of digital insights available at your fingertips, Sharedo business analytics makes it’s possible to make more informed decisions that will lead to commercial growth, evolution, and an increased bottom line.
The democratisation of data through Sharedo analytics breaks down information silos and enables a new breed of data exploration to evolve, known as data-driven-decision support with predictive analytics, which is concerned with the prediction of future probabilities and trends. The central element is the predictive model, which can be trained over your data, learning from the complete experience of your organisation within hours. As a result, legal professionals can now benefit from real-time data-driven-decision making (DDDM), where intuition is supported by empirical evidence, to achieve unbiased, accurate and repeatable outcomes.
Analytics in Context
Data driven decision making (DDDM) is a process that involves collecting data based on measurable KPIs in context, analysing and presenting patterns and facts from these insights, and utilising them to develop strategies and actions that benefit both you and your client.
By delivering analytics in the context of work activities, Sharedo empowers legal professionals, without technical expertise, to analyse and extract insights to inform decisions throughout clinical negligence case journey. Critical insights that can support you and your client to:
PREDICT & FORECAST
Accurate forecasting of timescales, quantum and settlement outcomes
Accurately project compensation fund release through predictive settlements;
ANALYSE & TRACK
Real-time analysis of reserving accuracy, budgets and costs tracking
• Manage and track reserve accuracy through reserve predictions, benchmarking and tracking; • Guard against any unconscious biases with empirical evidence to underpin expertise
IMPACT & ACTIONS
Data-driven decisions with insights that go beyond the dashboard
Utilise real-time negotiation analytics and know-your-opponent data within the offer process for improved settlements.
It is at this current juncture where business intelligence ceases to be a “technology task” practiced by the few, but seamlessly interwoven into everyday processes and back into the control of the users that understand the data the most.
The Path to Success
It is understood that while data-driven-decision-making through predictive analytics itself is a new and emerging category of software, the business drivers behind it are not, and in order to be successful, law firms will need to move quickly to keep abreast of the changes, reshaping structure, systems, and the method of delivery of legal services.
By embedding data analytics into the central clinical negligence case journey, firms can streamline internal business processes, identify unfolding trends, interpret and monitor emerging risks, and build mechanisms for constant feedback, forecasting and service improvement to their clients. Ultimately, businesses that deliver usable analytical solutions outperform their peers financially by 20% [source Gartner]. Driving analytics into everyday decision support will thereby enable you to gain competitive edge and stay at the forefront of digital disruption.