How are insights into your data influencing your healthcare decisions?
The check engine light just turned on in your car- it’s low on oil. You have a couple options: 1) self-diagnose the problem and add the correct oil to your car 2) take your car to the mechanic or dealership for an oil change or 3) ignore the light and do nothing. It is common knowledge that ignoring the check engine light in your car will create long-term problems and eventually ruin your engine. Why ignore the “check engine light” on your healthcare? In April 2019, the Consumer Price Index for health insurance jumped 10.7 percent from 2018 while the inflation rate hit a five-year high. Are you developing strategies that combat these increases in costs? Is your historical data influencing these strategies?
Are you developing strategies that combat increasing costs?
A 2017 study by the Journal of the American Medical Association establishes how factors such as population size, population age, medical service utilization and service price intensity have contributed to rising healthcare costs. As these factors continue to grow in your population and their costs become realized, real-time data and solutions are imperative. Healthcare costs are not random; historical trend is the best indication of event and cost prediction. Understanding your historical data is a step in creating an informed initiative. What insights is your data providing? Are these insights actionable?
This is why Group Alternatives has partnered with Springbuk. Springbuk utilizes machine learning and predictive modeling to provide actionable insights into your population’s healthcare. By drilling down into your data, we identify areas of opportunity for your populations, which assist increased savings and a more healthy population. Addressing the warning lights early can save in the long run.
We don’t believe there are any quick fixes for the challenges the health care industry is facing. We aren’t suggesting reinventing the wheel, rather, with the myriad of wellness and innovative solutions, we believe finding the best fit for your organization’s needs is driven by your real-time data.