How to prepare for the next chapter of payer analytics
Where to start? Assess the three following areas.
By Watson Health | 1 minute read | June 27, 2019
Today’s evolving and competitive healthcare marketplace is demanding business model transformation and new operational processes. This shift is forcing healthcare payers to consider information-centric strategies that support data-driven decision making across the market.
Factors such as time and resources, as well as untimely data reporting, can put payers at a competitive disadvantage.
Preparing for the next chapter of payer analytics will help analytics leaders drive necessary transformation.
Where to start? Start assessing the following:
- How mature is your enterprise data platform (EDP)?
The EDP should be considered the center of your plan’s strategy. Together, health plan analytics with a mature EDP can generate better insights with trusted data. This delivers more value for all stakeholders involved.
- Is your data ready for advanced analytics?
A mature EDP that is augmented with advanced analytics can help healthcare payers drive business transformation.
- What is your enterprise analytics roadmap?
To roll out advanced analytics across your enterprise, build an analytics roadmap to help chart the course. A roadmap identifies analytic needs and associates them with business priorities and requirements.
From health plan member engagement, to demonstrating value to employers, to identification of operational efficiency improvement opportunities, effective analytics can serve as the bridge that connects the enterprise data warehouse to the meaningful information necessary to drive business transformation.
Assessing your EDP’s maturity, your data and analytics roadmap, as well as identifying opportunities for improvement, is no easy task.