September 20, 2017 | Written by: Watson Health
Categorized: Blog Post | Value-Based Care
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Healthcare payers today are facing a changing healthcare marketplace that demands business model transformation and the redesign of operational processes. In this new paradigm, information-centric strategies that support data-driven decision-making across the enterprise can help payers compete.
In many cases, payers have the data they need, but they might struggle to analyze it. Existing analytics strategies that may be falling short include:
- Building and maintaining analytics in-house, which can consume valuable time and resources.
- Deploying a best-of-breed approach, which can require health plans to piece together disparate methodologies licensed from multiple vendors, often leading to disconnected data and analytic context.
- Outsourcing data analytics, which can limit payers’ ability to choose which analytics to run and when.
To help drive business transformation, payer technology and analytics leaders can increasingly leverage proven analytics in their own technology environments. This is an approach that can not only accelerate time to value, but can also help meet the reporting needs and requirements of business operations.
In this three-part blog series, we evaluate three considerations for payers that want to exploit this approach, including evaluation of their (1) enterprise data warehouse maturity, (2) data management practices, and (3) enterprise analytics roadmap.
Click here to read part one of this series, which explores the measurable characteristics payer technology leaders can use to assess their EDW maturity and identify opportunities for improvement.