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 

MedeAnalytics

MedeAnalytics is a leader in healthcare analytics, providing innovative solutions that enable measurable impact for healthcare payers and providers. With the most advanced data orchestration in healthcare, payers and providers count on us to deliver actionable insights that improve financial, operational, and clinical outcomes. To date, we’ve helped uncover millions of dollars in savings annually.

Leave a Comment





Get our take on industry trends

Why It’s Time for Healthcare to Move Toward AI Reporting

November 5, 2019

Business intelligence (BI) was a dramatic and significant step forward in healthcare industry reporting and a natural transition to artificial intelligence (AI) enabled real-time insights.

Read on...

Why Healthcare Should “Double-Down” on Exploring AI-powered BI for Reporting

October 29, 2019

Many areas in healthcare rely not only on the collection of data but, importantly, the ability to decipher and act upon it. In that intersection, reporting was born.

Read on...

Why Health Plans and Employers Need Stop Loss Reporting

September 10, 2019

Due to rising healthcare costs and the Affordable Care Act removing the ban on capitated benefits coverage, numerous employers with self-insured health plans often purchase stop loss coverage. This coverage is not medical insurance; but rather, it’s a financial and risk management tool that protects the employer from excessive claims.

Read on...

Bridge the Payer/Provider Data Gap

August 23, 2019

Every patient has a plethora of data associated with their health record, which can include decades of enrollments, claims, accounts and charges. Much of this data is not housed within the same institutional, facility or provider database…

Read on...