In the rapidly evolving healthcare landscape, health plans are recognizing the value of leveraging their vast data warehouses to help define their business models. But, without a strong analytics tool, many organizations may miss critical opportunities to excel against their competitors. We offer our view of four trends facing health plans this year, and how they can use analytics to help achieve better results:
Strategic and operational leaders need fast access to reliable information. But as information needs and data sources expand, health plans may become more challenged to quickly and accurately analyze their vast amounts of data. Embedding robust enterprise analytics solutions directly in the data warehouse environment may enable IT and analytics teams to deliver greater value more quickly to business users.
With increasing price transparency throughout healthcare, savvy patients may “shop” providers to find more cost-effective options for treatments. This, in turn, may drive down costs and force health plans to reevaluate contracts and renegotiate prices. Analytic solutions can help you gain greater insight into your data and determine a better route to profitability.
It’s no longer enough to have the right team in place to foster success. Organizations should also seek on cross-team collaboration - particularly when it comes to deriving value from data. A comprehensive analytics platform may offer teams from IT and Informatics to Care Management and Actuarial Underwriting the tools they need to collaborate for maximum productivity.
While health plans are collecting data in large quantities, they may not see a clear path to extract important insights. At the same time, these organizations are putting more emphasis on social determinants as a forecaster for medical issues. Predictive analytic solutions may provide health plans with better ability to take a deep look at data and create models for cost risks among different populations.
Leverage the power of Portable Analytics from Truven Health Analytics to get deeper into your data and provide valuable insights that could help make the difference in your business this year. Contact us to learn more about Portable Analytics and its applications for your organization.
Source: Analytics Magazine, 2016