Opting out of Insights
The amount of data we can stream in real-time can produce great benefits if you are willing to put action behind the insights you gather. A great example of this type of data-driven decision making comes from the same Deloitte article in which they use an example of a hospital that used pedometers to track the number of steps a nurse was taking and then redesigned the ward and improved processes so nurses spent more time with the patient.
In another example, the University of Utah Health created a computer program with “200 million rows of costs for items like drugs, medical devices, a doctor’s time in the operating room and each member of the staff’s time.” Putting this data into use, the university has seen a cost decline of 0.5 percent a year, “while costs at other academic medical centers in the area have increased an average of 2.9 percent a year over the past few years.”
The Bottom Line
Feel free to reach out to us if you would like to learn more about how we help our clients set up their data analytic strategies and/or take a look at how we helped a major southern payor identify at-risk members and target them via strategic interventions at critical moments in the renewal process to address the increasingly challenging rate of member churn on the individual insurance market.