Better Gross Margin Management Through Prescriptive Analytics: A Case Study on how a Healthcare Company Improved Productivity and Profitability

Oct 24, 2018

Overview of the Healthcare Companies Services

Healthcare services form one of the most significant sectors of the economy and society. The healthcare services comprise of organizations offering services such as healthcare, clinical trials, medical tourism, and health insurance. In recent years, the spending on healthcare companies are witnessing a drastic increase, and stakeholders in the healthcare space are facing the need for technology and operational efficiency to address the social determinants of health.

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Importance of Prescriptive Analytics Models

Prescriptive analytics is the area of business analytics dedicated to determining the best course of action for a given situation. Prescriptive analytics models are associated with both predictive and descriptive analytics. While descriptive analytics aims to provide insight into what has happened, and predictive analytics helps to forecast what might happen, prescriptive analytics models seek to define the best solution or outcome among various choices. Prescriptive analytics techniques can also propose decision alternatives for how to take advantage of a future opportunity or mitigate a future risk and demonstrate the implications of each decision option.

About the Client

The client offers a range of services, including home delivery pharmacy care, specialty pharmacy care, network-pharmacy claims processing, and benefit-design consultation.

Predicaments Faced

With emerging technologies and tools, the client, a prominent healthcare provider wanted to shift towards a patient-focused business model to deliver better and coordinated services to their customers. By harnessing data through advanced analytical tools, the healthcare companies wanted to address patients’ health issues and reduce their communication with providers. Moreover, they wanted to rapidly evaluate dozens of scenarios and develop a faster approach to making trade-off decisions.

Solutions Delivered

The prescriptive analytics solutions offered by Quantzig not only improved the client’s gross margin but also, helped personalize customer engagements by reviewing patients’ progress, prioritizing patient outreach, and proactively addressing vital issues. With prescriptive analytics techniques, the healthcare provider was able to make the most profitable decisions even in the midst of competing objectives to improve productivity and profitability.

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Why Quantzig?

Quantzig, with over 15 years of expertise has supported the clients across the globe with end-to-end data modeling capabilities to leverage analytics for sound decision making. We believe that the strength to tackle the actionable data is what drives a company towards success.

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