According to a report from Dell EMC, healthcare data is growing astronomically, at a rate of 48 percent per year. In today’s healthcare economy, payers are looking to leverage that data to provide better service, more customized plans, and improved care for their members. Data analytics enable payers to harness data insights to bring better focus and clarity to costs and utilization so they can improve the services they offer to members.
How can data analytics support your plan? We’ve outlined five ways to make the most of your data:
- Enhance member engagement and experience – As reimbursement shifts from volume to value, analytics tools can reveal the clinical opportunities that lead to healthier populations. St. Joseph Hospital, part of Covenant Health, leveraged MedeAnalytics Population Health to analyze their self-insured cost and utilization data. With those insights, they had the knowledge they needed to help improve the health and wellness of employees and their families while also reducing costs.
- Lower costs and improve affordability – With costs on the rise, it’s crucial for health plans to analyze healthcare economics to steer high-cost members toward quality care and pinpoint patterns that reveal opportunities for savings. With the help of our analytics platform, St. Joseph Hospital, gathered insights from their data and reduced total pharma costs by 20 percent and per member per month (PMPM) costs by 12 percent, saving nearly $2.5 million in 2016.
- Reduce operating costs and inefficiencies – Health plans are always looking to improve efficiency, grow revenue and reduce overall costs. With an intelligent analytics platform, health plans can increase value-based contracts and reduce outsourcing costs for quality reporting. Presbyterian Healthcare Services (PHS) uses MedeAnalytics in an effort to adopt a comprehensive analytics approach and establish a data driven-culture. With MedeAnalytics, PHS balanced their costs, utilization, quality, risk and outcomes.
- Improve client satisfaction and retention – Better employer communication leads to better client relationships. That’s why it’s important to foster a personalized, interactive dialogue. With analytics, your health plan can deliver highly tailored, automated reports to employers, increasing employer retention and improving client satisfaction.
- Increase profitability and revenue growth opportunity – Analytics provide health plans with the necessary tools to increase value-based contracts, allowing them to grow revenue by upwards of 25 percent. With MedeAnalytics, PHS achieved measurable ROI in clinical, operational and financial areas of their enterprise, realizing more than $11 million in savings.
The untapped data available to health plans is key to member satisfaction. Investing in an intelligent analytics platform can help uncover the valuable insights that help health plans achieve success in a new healthcare economy.