Lowering Healthcare Costs with Advanced Analytics

Medical care has come quite a long way in the last several decades. Diseases that were once thought unsurvivable are now treatable, and doctors’ understanding of many conditions has improved greatly. One area where we’ve made tremendous strides, particularly in the last decade, is in healthcare analytics. The widespread availability of data on many facets of patient care means that we’re now better able to analyze and understand how patients are using healthcare – enabling employers to make better decisions.

Today, almost all healthcare purchasers want advanced analytics, with 90% believing that real time data is key to making critical decisions for their organizations. With the right analytics, an employer can tell how many employees are taking advantage of emergency room care but not seeing a primary care doctor, for example, or how many of their employees are pre-diabetic but are not being treated. Analytics can also help:

By incorporating this type of actionable data, organizations can make smart choices for themselves and their employees when it comes to healthcare.

Making Analytics Actionable

The key word when it comes to analytics, of course, is “actionable”. Employers need to be presented with data in a fashion that’s going to support and enable them to create strategic plans. As evidence-based medicine moves to the forefront, it’s no surprise that advanced analytics would come forward as well. In a recent survey from nonprofit National Alliance of Healthcare Purchaser Coalitions, 97% of respondents agree that “now more than ever it’s essential to have tools to effectively evaluate data and make informed decisions”.

Of course, not all organizations are able to bring advanced analytics in-house. Perceived cost or lack of internal resources could keep an organization from pursuing actionable analytics. However, in many cases, the need for analytics is supported by an organization’s health plan. For example, Catholic Benefits Trust members receive both ownership of their medical data, as well as a robust analysis of that data, helping you make smart choices. We even offer benchmark data so you can see how your plans and programs stack up compared to other CBT members.

We know that you might not have the staff to undergo a large analytics initiative – but we can help you uncover actionable insights without investing in a whole host of mathematicians. Get in touch today to see how we can help your organization make use of analytics, shared best practices, and a host of other benefits.

Catholic Benefits Trust