In early November 2013, Frost & Sullivan conducted an online survey, followed up by a live focus group with about 20 C-suite executives from leading commercial payer organizations across the US. The goal was to gain insights into how the health insurance industry is approaching the use of analytics solutions going into 2014. Analytics solutions were defined in three categories: 1) core platform solutions for “big data” functions; 2) point solutions designed to address specific business needs; and 3) external analytics vendors that payer organizations use to provide services or expertise. This issue discusses results from that research, which also will be presented in full in a forthcoming deliverable.
Health plans will increase investments for analytics solutions and services in 2014.
Key market drivers include the need to manage risk, report on quality metrics, and ascertain detailed metrics around cost drivers.
Many payers face challenges in implementing an effective analytics strategy, particularly around data integration, data governance, and getting access to clinical data.
The new imperative around payer analytics presents numerous growth opportunities for vendors, particularly those that combine technology solutions with consulting and advisory services.
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Vital Signs - A Look at Whatâs Driving Payersâ Use of Analytics Solutions in 2014