What is healthcare payer analytics?
Healthcare payer analytics uses technology – automation, real-time data, AI/ML, and predictive analytics – to analyze data from different sources and across systems. They produce insights to help payer organizations formulate better health care plans, assess risk, control healthcare costs, improve care gaps, increase provider satisfaction, and optimize provider networks. Healthcare payer analytics combine payer data with structured data from provider networks to analyze patient demographics and medical history. An enterprise analytics platform harnesses available data generated from healthcare systems to help payer organizations improve financial, business, and product outcomes. Enterprise analytics allows payer organizations to extract data from more extensive data sets with the help of data mining, graph analysis, and predictive modeling. These analytics techniques can track the customer journey, helping payers optimize service capabilities and healthcare management.
Payers use analytics to keep up with complex healthcare processes and understand customer demand changes. Advanced analytics extract claims and clinical data, keep payers updated on patient health and evaluate enrollment rates and medical loss changes. For example, real-time data gives payers insights into consumer interests and motivators that predict changes to membership plans, helping insurance organizations perform better in the marketplace. Insights can be leveraged to create medical information databases to chart disease progression. Payers can use the results from these databases to improve provider care programs and increase healthcare access for high-risk patients.
Health insurance organizations are investing in analytics to improve in member experience by measuring application rates of products and services. Analytics can also be used to measure lab data, Electronic Health Records, and prescription adherence to help providers calculate changes in patient demand for health services, i.e., telehealth or remote monitoring. Real-time data insights can improve collaboration among clinical and administrative teams when evaluating health plans and tracking plan performance. Consumer analytics help payer organizations assess vital areas that enhance understanding of the services and experiences that drive down reimbursement rates. Payers can determine what services are in high demand, improving the cost of care and investing in providing services that have proven patient satisfaction rates.
Healthcare payer analytics can be used in several critical areas, including:
- Improving cost: Analytics can track medical and patient trends to predict future outcomes, highlighting areas that lead to high expenses and improving utilization efforts.
- Measuring patient care: Health plans can be measured against medical guidelines to improve reimbursement rates and care gaps. Plan performance can be analyzed to meet regulatory and compliance measures better.
- Reducing emergency care: Data from healthcare customers can pinpoint factors that lead to the overuse of emergency care facilities, helping providers develop services that reduce the cost and hospitalization of high-risk populations.
- Increasing employer transparency: Automated reports can help employers assess risk and prioritize high-value areas. Real-time insights highlight plan performance and help resolve problems, leading to higher customer satisfaction.
- Optimizing provider networks: Payers can share data insights with providers, profiling areas not aligned with quality metrics to improve care methods. High-performing provider networks can be better maintained to reduce costs and direct patients to top medical experts.
- Identifying high-risk populations: Analytics provide metrics on the success of health care programs for at-risk patients by combining historical data and real-time data. These insights analyze population health over a period, aiding healthcare workers in the effectiveness of health interventions like drug treatments, biopsies, and medical scans.
- Enhancing quality scores: Payers give providers aggregated data on patient satisfaction and program performance, enabling better quality management. Analytics offers real-time updates on clinical performance, helping to improve resource allocation, care utilization cost, and care gaps.
The benefits of healthcare payer analytics include:
- Improved clinical care: Analytics measure patient data to forecast patterns in treatment plans, giving healthcare workers enhanced guidelines on ongoing care management.
- Data accessibility: Payer analytics efficiently capture data, allowing quick access to patient, physician, and claim information. Actionable insights measure population health, aligning it with satisfaction rates of insurance plans.
- Organized health initiatives: Insights derived from healthcare analytics platforms can aid in forecasting disease progression, viral outbreak indicators, and resource allocation.
- Tailored health coverage: Real-time analytics enable a better understanding of health plan member satisfaction, helping payers tailor coverage needs to serve patients better.
- Improving care services: Predictive insights can indicate market disruptors, reduce staff turnover, automate reporting, and decrease repetitive programs and tasks.
- Provider satisfaction: Providers can leverage payer data analytics to understand what services, products, and medical tools/gadgets have high conversion rates in patient populations. Predictive models allow providers to align care resources and treatment plans with patient needs and preferences.