Healthcare Data is Growing, But Are Health Plans Making the Most of It?
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.
Looking to learn more? Review our infographic on health plans or request a demo.
Get our take on industry trends
How to help employer groups plan in a time of uncertainty
Employers and their sponsored health plans are thinking about next year’s benefit designs with a significant challenge not seen before: the effect of the coronavirus pandemic. There are important considerations to take into account before making any decisions about new or existing coverage. Becky Niehus, a director of Product Consulting at MedeAnalytics, explores these new issues and what employers can do to ensure employees are “covered.”
Read on...
Healthcare’s return to “normal” after COVID-19: Is it possible?
As providers determine how to get patients to return to facilities for routine disease management and preventive screenings, opportunities are ripe for the application of analytics to triage at the right time to the right setting. Data related to COVID-19 will continue to flow rapidly, but there are possibly more questions than answers now about a return to “normal.”
Read on...
Avoid COVID-19 modeling pitfalls by eliminating bias, using good data
COVID-19 models are being used every day to predict the course and short- and long-term impacts of the pandemic. And we’ll be using these COVID-19 models for months to come.
Read on...
Population Health Amid the Coronavirus Outbreak
In speaking with many colleagues throughout the provider and payer healthcare community, I’ve found an overwhelming sense of helplessness to the outbreak’s onslaught. This is exacerbated by the constant evolution of reported underlying medical conditions that indicate a higher risk of hospitalization or mortality for a coronavirus patient.
Read on...