Healthcare payers are turning to data and analytics for a variety of reasons, but the most prominent is the impact of healthcare reform. The evolving healthcare landscape has put a lot of pressure on employers, health plans, and providers alike. And with that, from an employer perspective, the C-suite is putting a lot of pressure on their health benefits group, who in turn is putting more pressure on their health plans to understand the ROI or VOI for every dollar spent.
Payers Have Different Needs From Data Analytics and Reporting
When payers are thinking about data analytics and reporting, they have a variety of needs:
- They’re looking for benchmarking information to help show how they compare to others and where opportunities are.
- They’re looking for flexibility when it comes to reporting. Different audiences have different needs. How you report information back to the C-suite might be very different from how you report to a case manager or to someone in the health benefits department. Having the ability to show data and information in different ways is essential.
Experience is important both from a data management as well as a consultative perspective. When you think of data management, you want to make sure your partner understands the importance of data accuracy and takes it seriously in order to ensure the data you put in is as accurate as the data you get out.
How Do Payers Use Advantage Suite from Truven Health?
Advantage Suite is our flagship product. It allows users to take disparate data sources and integrate them together.
When using Advantage Suite, users are able to take a variety of data sources, such as medical, prescription drug, and eligibility information, as well as data sources that include health risk assessment information, disease management, and care management and integrate it together so that they really can look at cost and quality as well as provider information to make decisions. The power of the Advantage Suite data warehouse is that you have the ability to get down to claim level analysis, as well as summary level analysis, executive reporting, and dashboard information.
As you look at data, it’s most important to understand what that data means. If you can get the right data to answer the good and bad news as well as the so and now what, then you will make the right decisions for your company and for your employees.
Learn how to put your data to work with Advantage Suite®.
Health Plans, please visit our website here or contact us here.
Employers, please visit our website here or contact us here.