Health Providers and Insurers Need Analytics and New Digital Products to Stay Competitive
By leveraging data analytics, health insurers can make more informed decisions and improve operational efficiency, leading to better patient outcomes and improved business performance.
Members benefit from earlier intervention and personalized care, minimizing the need for costlier emergency interventions. Using analytics to optimize the provider network, insurers can match members to high-quality, cost-effective services in real time, reducing costs and delays.
Actuarial and data science teams can be empowered to deliver improved risk management and assessments through improved model accuracy, incorporating broader data sources such as population health trends, utilization and compliance, and other key metrics.
Health insurers need data platforms that can enable modern digital experiences such as mobile apps, telemedicine, online wellness programs, rewards schemes, and AI-driven chat experiences. These require access to real-time data and fast interactive response at massive scale.
For Life Sciences, the Same Old Options Are Not a Cure
Even in ordinary times, the healthcare industry must contend with what might be the most complicated data problems in the world, including:
- Unparalleled data volumes.
- Disparate and heterogeneous data sources.
- Lagging digital transformation.
- Immense pressure to deliver faster, more accurate results.
- Adherence to data sovereignty regulations for patient care use cases.
Data-driven use cases include:
- Accelerating drug discovery and medical device R&D.
- Enhanced patient safety by early identification of safety issues.
- Personalized medicine, resulting in better patient outcomes.
- Market Intelligence to increase market share.
- Improved operational efficiency and supply chain management.
The analytics challenges – such as ad hoc analytics on vast quantities of rapidly changing clinical data – press infrastructure to its limits.
The pandemic’s aftermath caused priorities to shift, making agility, flexibility, and sound economics even more critical. And for organizations that rely on web apps or provide data services in this industry, Tier 1 availability is a top priority. For these situations, Yellowbrick Data Warehouse offers breakthrough price/performance at scale and flexibility (with HIPAA compliance) that neither legacy platforms such as IBM Netezza and Teradata, nor cloud-only options such as Snowflake can match.
Data Sovereignty Dictates a Hybrid Approach
Data sovereignty and regulatory compliance directives constrain the opportunity for cloud computing in healthcare for three reasons.
- The industry faces challenges related to data sprawl and cybersecurity, and achieving data sovereignty through a unified on-premises data management platform will improve data security and reduce the risk of being attacked by malicious actors.
- Good data governance is crucial because most organizations collect vast amounts of personal information.
- Managing cloud data management practices alongside traditional on-premises adds to the complexity equation.
A unified solution is required – a single data warehouse that runs on-prem and in the cloud providing identical functionality to each access point, one that is intelligent to ensure data governance rules are never breached, and one that allows administrators to manage this complex hybrid warehouse as a single system.