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.
Download our latest infographic to find out more about the state of payer analytics. Then, visit MedeAnalytics Payer Solutions to see how our solutions are designed to help your organization
Get our take on industry trends
More Megatrends: Price Transparency, Telehealth, Individualized Medicine
By Scott Hampel, president of MedeAnalytics Now that we’ve dealt with Megatrends one through three, we’re approaching the next set.…
Read on...
2020 Megatrends: Consumerism, Data Privacy and Security, AI
With 2020 two weeks old, it’s becoming clear the data produced in the healthcare industry by providers, consumers and payers will power and propel our 9 megatrends. Healthcare data is the foundation on which we’re building everything from healthcare outreach for the underserved to new Internet of Things-based healthcare programs to treatments designed just for you.
Read on...
Why Unconventional Businesses Will Find Success in Healthcare: It’s the Data
It seems everyone is moving into healthcare. It’s a rapidly growing industry, historically dominated by large, well-embedded companies and organizations, and “pure tech” companies have had difficulty breaking in. That, however, is changing.
Read on...
Data and Social Determinants of Health
By Scott Hampel – I think a lot–and I’m not the only one–about how we can improve the ways we pull information from data. Data on its own is inert: just waiting to be understood and then used. And that’s a major challenge for many organizations. Data is often trapped in different applications with no easy or convenient way to extract it.
Read on...