At this week’s 10th Annual Health Insurance Asia 2016 conference, I am looking forward to discussing the many benefits of advanced analytics, as a predictive tool within organisations. The meaningful & purposeful application of intelligent data analytics, can vastly improve outcomes within healthcare. Whether these be health specific, risk specific, intervention focused, and so on, intelligent data analytics is key to moving forward, and provides opportunities for healthcare organisations and consumers to drive lower costs and support better health.
The event will see me go in to further detail on how intelligent data analytics can reshape & improve engagement models on a population / cohort level, but in particular, how this benefits each unique individual.
I have included the below, as a high level guide to our upcoming presentation:
1. CONNECTING DISPARATE SILO’S OF DATA
Data comes from all sorts of sources & programs, and in many formats. The role of SMG Technologies, as an intelligence company that delivers in software, is one that helps connect these disparate silos of data. Our proprietary analytics engine, Xela, helps organisations understand relationships, correlations and key insights from their existing data, to be able to make informed decisions and see a holistic view of each unique customer. Understanding patterns in relationships can also help improve engagement models, support prevention, wellness and coordinated care strategies. In the area of healthcare, understanding these relationships and having a strong analytics platform is no longer a nice-to-have asset, it is an operational necessity to tactically and strategically operate in the space of prevention.
2. REAL TIME RISK PROFILING
Dynamic risk profiling is another great benefit of advanced analytics. More and more, SMG Technologies is closely working with clients who are seeking to increase “risk intelligence” in their businesses. They want a greater understanding of the risks, and they want to clearly define and manage their tolerance for, and exposure to, risk.
Advanced analytics capabilities enable clear visibility into the challenges associated with managing the many types of risks with running a business. Advanced analytics can really look at key areas in a business such as operations, regulatory compliance, supply chain, ecommerce, etc and help to identify ways to reduce risk. By using analytics to measure, quantify, and predict risk, leaders within a business can rely less on intuition and create a consistent methodology which is steeped in data-driven insights.
For healthcare, having the advanced ability to measure clinical and financial risk, helps an organisation to understand its current state of performance and more precisely go about program investment & ROI considerations.
3. UNIQUE INTERVENTION
Advanced insight and information guides strategy work, by highlighting those previously unseen opportunities or underlying patterns that may need to be addressed. It also helps to more accurately address challenges, and help an organisation’s ability to prioritise.
Using the intelligence and enhanced insight of advanced analytics offers many benefits, saliently, it is the ability to help select the right health / intervention program for a population group, cohort, and individual. These programs require investment, and the evidenced-based, precise selection criteria, supports enrolment into the key areas of wellness, prevention & coordinated care.
When purposefully applied, this offers vast improvements to the lead timing of potential cases or episodes, and provides maximum runway for such intervention & programming to occur.
4. COST / REVENUE OPTIMISATION
At SMG Technologies, we recognise the value & opportunity of focused and intelligent analytics initiatives to help healthcare organisations move past current business challenges, and identify intervention programs which can help reduce costs and offer insight into new revenue opportunities & channels. Healthcare costs, as a percentage of GDP, are significant, and improved decision making, improved lead time for intervention, improved understanding, allows organisations to more efficiently & effectively support their strategies & value propositions, and realise the commercial benefits not yet experienced before.
Our business offers more than pure technology, and we pride ourselves on our intelligence, subject matter expertise, our panel of network thought leaders & our ability to continually meet the expectations of our clients.
If you are attending the Asia Healthcare Summit, you can find me speaking at the Health Insurance Asia event in the following sessions:
SESSION: Predictive Healthcare Analytics and the individual
SESSION: Changing Customer Behaviour – What works and what doesn’t?
FORMAT: Panel participation
I look forward to providing you all with a debrief on the key areas discussed at the conference upon my return.
For further information on Health Insurance Asia visit: www.healthinsurance-asia.com/agenda