Advances in data automation and artificial intelligence are changing the healthcare analytics landscape. Once a jungle of impenetrable and disorganized data, this arena is attracting innovative companies and client-centered software and platforms. As the cost of healthcare benefits grows in importance to employers and healthcare payers, having clear and accessible analyses has become a competitive advantage. Here, we look at six healthcare analytics companies that are raising the bar.
1. Xevant: Disruptive Innovation in Data Analytics
Xevant helps large benefit management companies optimize the performance of all their clients. Xevant’s experts have been delivering healthcare client management, repricing, savings, and client optimization for over 25 years, gaining deep insight and broad experience. Bringing this accumulated knowledge together, this team converged under the Xevant name.
Why Xevant is a Company to Watch
Xevant is a top healthcare analytics company to watch because they focus on helping brokers, consultants, pharmacy benefits managers, health plan managers, and third-party administrators optimize their clients’ performances without compelling their account managers to become experts in medical, pharmacy, and lab benefits and claims.
Instead, the Xevant system manages and analyzes all of that data so that account managers can focus on helping clients, regardless of size. The Xevant system turns around these analyses daily, in near real-time, and makes them directly available to the client, flagging problems or market changes immediately.
In addition, Xevant’s daily data insights help benefits managers report opportunities for cost savings and improved patient care. When care delivery is time-sensitive, as it so often is, real-time healthcare data analytics can make all the difference.
Key features offered by Xevant include:
- Real-time data analytics
- Daily analysis of trends
- More than 2,500 reports and visualizations from among 100+ different modules
- Consolidated client reporting systems, increasing in staff and resource efficiency
- Alerts to performance and accuracy issues through modules addressing cost and utilization (ScripLogic), financial performance and contract true-up (FinanceLogic), and clinical program optimization (ClinicalLogic)
- Proprietary pricing methodology to simplify the process of repricing pharmacy claims through BidLogic
- Lower prices than competitors
- Extensive training and support opportunities
2. Benefitfocus: Disruptive Innovation in AI Custom Integrations
Using claims and enrollment data, Benefitfocus helps administrators and suppliers contain costs, build strategy, and understand consumers. Their AI-enabled architecture cuts costs of custom integrations, enhances data quality, and improves efficiency for their customers. Benefitfocus can customize the platform experience without the cost of specialized web development.
Why Benefitfocus is a Company to Watch
Benefitfocus collaborates with benefit managers to build strategies to reduce costs without compromising employees’ packages. They are able to simplify the benefit management workload by handling transactions for them.
Other notable features include:
- A suite of employee communication and engagement resources
- Health plan services supporting quoting, enrollment, invoicing and vetting of products
- Support of brokers’ sales and implementation
- Brings together consumers, employers, brokers, health plans, and product suppliers
3. Castlight: Disruptive Innovation in Healthcare Costs
Castlight is a platform that is optimized for employee interface by offering apps that facilitate navigation of their healthcare options. Essentially, it enables personalized, consumer-grade access to benefits information and care options.
Why Castlight is a Company to Watch
The three apps offered by Castlight allows clients to choose how in-depth the healthcare and benefits information is and additional features built to guide employees toward better options.
- Helps employees find, access, and use their benefits.
- Is configurable and company-specific
- Delivers tailored health recommendations, programs, and education
Care Guidance Navigator
- Provides employees with the most relevant care providers, programs, and educational content
- Equips employees with real price estimates to make cost-effective decisions
- Analyzes medical claims, benefit designs, and provider quality to clarify provider cost
- Guides employees to the right resources at the right time
- Sustains employee engagement through configurable rewards, wearables, social feeds and challenges
- Integrates third-party vendors the employer already works with
4. MedeAnalytics: Disruptive Innovation in Consumer-Based Solutions
MedeAnalytics gives healthcare organizations the ability to customize analytics applications on their self-serve platform. They offer scalable solutions to uncover insights in financial management, operations, value-based care, and strategic planning. This enables leaders to make smarter decisions.
Why MedeAnalytics is a Company to Watch
Hospitals, managed care organizations, and public health agencies can create a customized platform through MedeAnalytics that fits their needs.
For any market they can:
- Automate routine, repeatable data analysis
- Posit “what if” scenarios and offer forecasting
- Use algorithms to identify data clusters and anomalies
More specifically, for hospitals they offer strategic analyses in the areas of finance, operations, and clinics. By providing insights into reimbursement models MedeAnalytics can help ensure quality care for patients.
5. Springbuk: Disruptive Innovation in Employer-Client Communication
Springbuk utilizes insights that highlight specific and overall needs of employees for clients. Analysis of health management initiatives and their impact enables employers to make informed choices about measurements and direction.
Why Springbuk is a Company to Watch
Springbuk evaluates the impact of health management initiatives and transforms health data into strategic recommendations by offering services that:
- Help to unify plans and results across a population
- Store, aggregate, and report on data from a variety of sources, including medical, prescription, clinical, wellness vendors, biometric data and beyond
- Create, download, and share reports
- Allows users to keep track of actions they take to lower spending and improve population health
- Deliver automated strategies and advanced trend exploration to help identify unexpected cost sources and forecast their impact on the business
6. Deerwalk: Disruptive Innovation in Data Interoperability
Deerwalk aims to help clients make better healthcare decisions through data interoperability. By curating a free flow of protected information, their goal is to improve the quality of care and reduce costs.
Why Deerwalk is a Company to Watch
Deerwalk can point out actionable insights and make savings recommendations through prescriptive analytics, as well as, identify wasteful, unnecessary medical utilization. They give companies the ability to gain complete visibility into the health and total cost of care of the population.
Other features include:
- Risk stratification and adjustment for cost-driver identification and normalized comparisons
- Identify gaps in care and risk triggers through quality measures
- Measure the effectiveness and ROI of medical management, wellness initiatives, and onsite clinics
- Track and monitor utilization and effectiveness of payer and provider networks
- Identify compliance to preventative care, screenings, immunizations
Why Xevant Stands Out
It is little wonder that so many companies are focusing on this intersection of healthcare analytics and decision making. Whether you are an employer, insurer, consumer, provider, or vendor, everyone is scrambling to minimize costs while preserving quality. All of these healthcare analytics companies endeavor to provide clear and user-friendly data analyses as this can greatly facilitate decisions that are both strategic and wise.
However, in an impressive field Xevant stands out because of its unique capacity to provide real-time analyses. It is good to have data. It is better to automate data analysis. And that’s what Xevant provides.
Real-time data analytics for real-time decisions, because there is no time to lose. Protect your competitive advantage.