A "Big" Opportunity for Health Benefits: Part 2
Before big data analytics, decision-makers had no other option but to rely on infrequent reports that reflected numbers from months and even years before. Now, consultants/brokers, payers, PBMs, and TPAs have the ability to make quick decisions based on day-to-day fluctuations in drug prices and utilization.
Essentially, they can cut costs and improve patient health by identifying trends and associations in healthcare data. Additionally, with a clear and complete view of the utilization and pharmaceutical market, benefits managers can make informed decisions quickly and begin to close the gap between healthcare costs and outcomes- one of the biggest challenges the healthcare industry faces.
Quickly Accumulating Healthcare Data
With healthcare data accumulating at an accelerating pace, PBMs are overloaded with information that needs to be analyzed and deduced into actionable reports so that providers to make informed decisions for cost savings and improved patient care. This process can often take months if not longer leading to missed opportunities, wasted costs and resources, and potential harm to patients.
Advancements in data automation and AI, however, make detailed information concerning patient utilization and health outcomes more available. For example; platforms, such as Xevant, automate daily claim information and insights in real-time, so instant recommendations can be made to clients.
With the ability to automatically analyze data trends, PBMs can pinpoint areas for improvement and alert clients of immediate savings opportunities.
Reshaping PBM Reporting
Analyzing hundreds of reports monthly, quarterly, or yearly for savings opportunities is a tedious and time-consuming task. And when utilizing this traditional PBM reporting method it’s difficult to deliver reviews to clients in time for them to make timely, effective changes. That’s why big data analysis is so beneficial.
Big data analysis can highlight opportunities and problems in near real-time, allowing stakeholders to make informed decisions in pace with the quickly evolving healthcare market.
Unlike older reporting methods, big data analysis takes all of the relevant data into account, to show the big picture. Identifying relationships between utilization, drug costs, and health outcomes can reveal opportunities to reduce costs and improve patient health.
Informed Decisions in Real-Time
The healthcare landscape is constantly changing, which means that decisions that are made on the basis of yesterday’s data may already be irrelevant. More pressingly, where patients’ health outcomes are concerned, a delay in introducing an effective treatment or non-adherence can have long-term consequences.
Luckily, there are proven technologies that can help us make informed decisions in real-time about individual and population health. They include the following:
Artificial Intelligence- Artificial intelligence specially designed to analyze healthcare data can immediately detect significant changes in utilization, costs and other metrics based on changing models. Unlike human analysis, AI keeps a constant eye on all data, to detect problems and opportunities as they appear while also learning how they will change in the future.
Automated Data Analysis- Automated healthcare data analytics provides a nearly real-time, daily update of changes in the market. This allows benefits managers to quickly construct and review reports to identify opportunities and take action — rather than react to events that have already had an impact on the industry.
Smart Alerts- When sudden changes occur, in utilization or in the market, it’s important to know as soon as possible. Smart alerts do the work of keeping watch over the data and inform users of any notable changes the moment they happen.
Making Better Decisions with Xevant
Big data offers a world of opportunities to healthcare stakeholders. Big data analytics harnesses the power of big data to give decision-makers the ability to deal with problems and take advantage of opportunities in near real-time.
With Xevant, consultants/brokers, payers, PBMs, and TPAs can automatically find patterns, trends, and associations in big data that give them the ability to make proactive decisions rather than react retrospectively.
In near real-time, Xevant generates reports concerning utilization, patient health, and drug prices, allowing decision-makers to remain informed in a rapidly changing market. With innovative and timely solutions that generate immediate results, Xevant can help cut costs and improve patient outcomes.