The State of Payer Analytics
Transforming data into a competitive advantage for health plans is more important than ever. Rapid changes in the healthcare industry—such as new risk models, the uncertainty of the Affordable Care Act and game-changing mergers—are placing new obstacles on payers. The mounting pressure to support these industry transformations and the overall delivery of care has led to increased investments in analytics.
A research study by Fierce Healthcare and MedeAnalytics found payers’ recent analytics investments are primarily driven by their attempt to improve cost and efficiency. Despite these efforts, more than half of payers still struggle with three main analytics challenges:
- 68% reported issues with integrating various data sources when collaborating with providers
- 56% indicated hurdles in effectively integrating data collaborations
- 39% stated that disparate data houses in various locations represented a significant dilemma
For all stakeholders in the healthcare industry, the power of data lies in its ability to provide insights into all operations, when aggregated into one clear view. To this end, it’s important for payers to invest in an integrated analytics solution that provides an enterprise view into the entire organization, in addition to detailed, functional insights into specific operations.
With an integrated analytics strategy in place, payers can glean actionable insights to:
- Better understand costs and utilization
- Drive population health strategies
- Improve quality initiatives and scores
- Increase alignment with provider networks
- Enhance employer satisfaction and retention.
By understanding the root causes of challenges, payers can devise more effective action plans to address them, improve plan performance and understand trends over time. An integrated analytics strategy empowers stakeholders to share best practices through a common platform, minimizing the time and cost managing disparate systems.