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4 Ways Health Insurance Analytics is Transforming the Insurance Marketplace

Embracing change is one of the buzzwords that healthcarRequest Proposale insurance providers swear by when it comes to sustaining themselves in the competitive marketplace. The industry, for a while now, has been going through rapid transformations. And with the implementation of new healthcare reforms and cost structures, health insurance companies are facing the daunting task of staying a step ahead of the competition, meeting the rising demand for insurance coverage, and keeping their costs low. Therefore, in a bid to reduce costs and streamline processes, many providers have started using strategic tools such as health insurance analytics. The biggest advantage of health insurance analytics lies in its ability to help companies position themselves competitively in the insurance marketplace. 

The constantly rising healthcare costs accompanied by the struggle to provide quality healthcare is driving the need for health insurance analytics.   

In this blog, we at Quantzig, have listed a few ways in which health insurance analytics is transforming the insurance marketplace and is providing a better opportunity for insurance companies to grow. 

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US Healthcare Industry Overview and Latest Healthcare Industry Trends

The US healthcare industry is endeavoring to find a balance between value-based care and fee-for-service. But this smart step is not going to come easy for companies because of the ever-changing policies, processes, capabilities, and complexities impacting the US healthcare industry. Moreover, factors such as increasing revenue pressure, consistently deteriorating margins, demand for the latest equipment and technology, and limited financial resources have put healthcare providers in a difficult and challenging position.

US Healthcare Industry Overview 

Current estimates put US healthcare industry’s spending at approximately 15% of the total GDP, which is considered to be the highest in the world. The US spends the highest on health care costs for pharmaceuticals in the world. In this region, approximately 85% of the citizens have the privilege of health insurance, availed through their employer or purchased individually. The federal government in the United States does not guarantee universal health care to all of its citizens. The healthcare programs that are publicly funded help provide for some of the disabled, the elderly, and the poor. Federal laws in the US ensure public access to emergency services regardless of their ability to pay. Those who don’t have health insurance coverage are expected to pay for medical services privately, which is costly. The most common reason for personal bankruptcy in the US is the expensive health insurance and medical bills. But the emerging trends in the US healthcare industry are going to bring about significant changes to the market landscape. 

Continue reading to know more about the US healthcare industry trends 

 

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Data Mining Engagement for a Traditional Chinese Medicine Company Helps Identify Anomalies in Datasets

What the Client Wanted

Leverage data mining techniques to predict future outcomes by identifying incongruities, data correlations, and patterns within huge sets of data in the traditional Chinese medicine segment.

The Outcome

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A leading traditional Chinese medicine (TCM) manufacturing firm, wanted to help their patients achieve and maintain health by developing precise remedies to tackle their health issues. The staggering amount of unstructured data related to lifestyle disorders and other chronic diseases posed major challenges that hampered their R&D process.

To unearth insights using the right data mining techniques, the traditional Chinese medicine manufacturing firm approached Quantzig to leverage its expertise and devise appropriate solutions to help their customers.


Traditional Chinese Medicine Market Overview

Traditional Chinese medicine is an ancient field of medicine based on the principles of Daoism, which states that everything in the universe is interrelated. Thousands of years of observation and practice resulted in the development of traditional Chinese medicine, which follows a unique strategy to understand the functions of internal organs and physiological processes. Traditional Chinese medicine is a very complex and complicated field of the medical system that aims at promoting health through diet and exercise. It also focuses on treating illnesses using herbs, acupuncture, and Qigong.


Challenges facing the Traditional Chinese Medicine Market

  • Authentication issues: Traditional Chinese Medicine (TCM) is winning supporters across the world, which makes it necessary for players in this filed to validate the safety and quality of their medicinal products. A proper authentication process along with the use of data mining techniques can help ensure that the products are safe from contaminants. However, the recently formed Chinese Medicine Association of Suppliers (CMAS) in the UK plays a key role in authentication.Request Solution Demo
  • Difficulty in creating an appropriate placebo: A major challenge for traditional Chinese medicine practitioners revolves around the difficulty in developing appropriate placebos for multiple-herb based decoctions. This is because it is technically challenging to produce an indistinguishable placebo in the form of decoction for a multiple-herb formulation.

About the Client

One of the largest manufacturers of premium traditional Chinese medicine. The client is a global leader in scientific research and production of Chinese Granule Herbs, with their sales network spread across 30 countries globally. 

Client’s Challenge

Owing to the challenges they faced in drug discovery, the client wanted to implement efficient data mining techniques to discover data patterns that help improve the quality of drug discovery and drug delivery methods. The traditional Chinese medicine firm wanted to sift through the repetitive noise in their data to gain an understanding and make use of relevant factors and assess likely outcomes.


Data Mining Engagement Summary

Traditional Chinese Medicine

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Business Impact

Implementation of data mining techniques helped the traditional Chinese medicine manufacturer to build a successful predictive model to predict future outcomes of their medicinal formulations. It also helped them find answers to essential analytical questions such as – Which formulations are likely to be retained? How to ensure effectiveness and efficiency with optimal resource allocation? What factors after the drug discovery process?

Insights on data mining techniques

Organizations today have access to huge volumes of information that is gathered from all kinds of sources across the industry. However, the unanswered question here is – How can you use this data to generate insights that are required to drive business value? This is where ‘Data Mining Techniques’ contribute in a big way. Data mining techniques play a key role in helping organizations predict future trends and act accordingly to carve out a niche for themselves in the market.


Did this case study help you gain detailed insights on how data mining techniques can help drive your business’ profit margins and keep abreast of the new industry trends? To know more

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Global Healthcare Industry Overview 2018

Healthcare Industry Overview 

The healthcare industry overview unveiled by a recent analysis lays down some interesting facts which might force you to think twice before making investments in this market. Today, the healthcare industry is one of the fastest evolving sectors globally. Do you ever wonder why? This is due to the fact that today health care is looked upon not as a crisis that has to be dealt with but as the way of life. The healthcare industry overview findings reveal that this industry is going through a rapid transformation, and to succeed in this environment of competition, there is a need for the organizations to make significant investments in technologies to cut down costs Contact USand improve medical care. Before digging into the global healthcare industry overview, let’s figure out what health care is all about.

What Does Health Care Mean? 

To provide medical products, equipment, and services to protect, extend, or increase the quality of patients’ lives can be broadly termed as healthcare. Key findings from recent healthcare industry overview studies show that this industry encompasses a wide network of interrelated providers who focus only on the health outcome of patients.

Global Healthcare Industry Overview

Today, the healthcare industry is providing colossal business opportunities worldwide. Do you ever imagine why? This is because of the rising health concerns among consumers. Here is a brief synopsis of the healthcare industry overview that has been realized by the experts globally:

  • Spending on healthcare typically accounts for approximately 10% of the GDP in the developed nation
  • This spending is more on treatment than prevention in almost all the countries
  • Although awareness related to healthcare is rising with governmental and non-governmental organizations’ intervention still majority population all over the world is facing the problem of obesity and overweight
  • There is an increase in annual visits by doctors and more employersRequest Proposal are encouraging healthy lifestyles through incentive programs like gym memberships
  • Opportunity for green industry franchise has also expanded its roots
  • Organic restaurant and sustainable food practices business have also sprung up
  • Entrepreneurs are on the way to finding solutions to meet the needs of an aging population
  • Sedentary lifestyles and uncontrolled eating habits are leading to a rapid increase in the risk of cardiovascular diseases

Recent healthcare industry overview reports reveal that despite knowing the right way to live, there is a long way to go for all of us, which, in short, means that the demand for healthcare services will keep on increasing. There are several healthcare industry trends that are working as a support system for this rise in demand. Some of the top healthcare industry trends are listed below:

Top Healthcare Industry Trends 2018

Telemedicine

Telemedicine is a great way to mitigate the gap between physicians and patients. The need to reduce healthcare costs and the growing number of the aging population are also important factors propelling the rise in telemedicine services. This can help the researchers in deducing a completely different healthcare industry overview in the years to come.

Artificial intelligence

Recent information obtained from healthcare industry overview reports show that AI is expected to be one of the important healthcare industry trends in the upcoming years. This is driven by the demand for precisiRequest Solution Demoon medicine and cost reduction. AI is capable of transforming any area of healthcare, such as workflow tasks of the hospital and diagnosing health conditions, and boost efficiency.

Robotics

Robots are playing the lead role in bringing about a revolution in the medical world. There is a dire need to improve medical productivity and reduce routine errors. This leads to an increase in the demand for healthcare assistance and automation robots.

IoT and wearables

Today, patients are getting more involved in managing their own personal health. This has been even more efficiently facilitated by the advent of wearables and connected devices, which, today, have become one of the rapidly emerging healthcare industry trends, i.e., according to recent healthcare industry overview reports. It helps in making healthy lifestyle choices and overcoming specific diseases like asthma, COPD, pain management, and heart arrhythmia.

Blockchain

To mitigate the security-related risks associated with sharing information, especially in healthcare, blockchain technology is getting more and more attention and has become one of the famous healthcare industry trends today. Many reports that focus on the healthcare industry overview actually highlight the fact that blockchain technology will be one of the biggest disruptors in the healthcare industry.


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Patient Journey Mapping for a Leading New Cancer Drugs Manufacturer Helps Form a Company-Wide Agreement on Key Issues and Unmet Needs

What the Client Wanted

A leading new cancer drugs manufacturer wanted to comprehend the regional unmet needs of the US and European patient population in the advanced stage of the disease and understand how they can be a respected player in the therapeutic area.Request Proposal

The Outcome

The company prioritized the list of unmet needs for the patient population and identified opportunities for promoters to share their resources with each other. This nurtured a company-wide agreement on key issues and unmet needs.


New Cancer Drugs Outlook

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Robotics in Surgery: A Boon or Bane?

The healthcare industry is gradually transforming itself into an epitome of advanced technology and the wonders it can work. From using superior medical devices for treatment to ensuring better patient care and facilities, healthcare companies are breaking new grounds with each passing year. One such intriguing innovation in healthcare is the incorporation of robotic surgery. Robotic surgery is a type of minimally invasive surgery that operates on patients through miniaturized surgical instruments. Though this technology was met with skepticisGet More Infom in the initial days of inception, medical professionals have slowly started contemplating over the brighter side of robotic surgery. But the big question here is ‘is the use of robotics in surgery all set to replace surgeons?’

Robotics in Surgery 

Advantages of robotics in surgery 

Minimally invasive

One of the major advantages of robotics in surgery is the fact that instead of operating on patients through large incisions, surgeons can now perform operations with minimal incisions, without compromising on the safety. Moreover, tremors in the surgeon’s hands are filtered out by the robotic arms, which eliminates the inadvertent nicks or punctures that can cause bleeding and infections.

Faster recovery

The human body is more likely to recover faster from robotic surgery primarily due to the minimally invasive methods used. Though the healing process varies from person to person, it has been commonly observed that patients are able to resume normal activities, including working, within several weeks after a robotic surgery.Request Solution Demo

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Data Management for a Leading Emergency Care Center

What the Client Wanted

Gain a holistic view of patient data, customize treatments, improve communication, and enhance health outcomes.

The Outcome

The emergency care provider approached Quantzig to help them understand the key components necessary for implementing effective data management procedures. Our analytics experts helped the emergency care provider to identify and implement the requisite improvements in their data management approaches with a quick turnaround time of about three weeks.Request Proposal


Overview of the Emergency Care Services Segment

The emergency care services segment includes healthcare service providers who offer out of hospital treatments and emergency transport services to patients. However, the healthcare industry is on the verge of a major transformation with new innovations in healthcare technology. This has resulted in the generation of huge volumes of healthcare data and hence healthcare firms are increasingly the best practices to keep abreast with the data management trends in the healthcare market.

Quantzig offers solutions that enable organizations to identify and implement data management best practices. Our solutions are a combination of subject matter expertise and technology skills based on world-class methodologies that help ensure timely completion of such initiatives.


Emergency Care Industry Challenges

  • Capacity: One of the greatest challenges for emergency care providers revolves around the capacity of their emergency department. With a rise in the aging population, the need for emergency care centers that can treat chronic diseases is increasing gradually. But most of the emergency care providers do not possess the required data to treat patients, which, in turn, is prompting them to adopt data management best practices to gain detailed insights into patient data.
  • Competition: The competition from peersin the emergency care sector has increased drastically over the past few years. This has resulted in a decline in the profit margins for new market players as well as for well-established emergency care service providers.

Data Management Best Practices Engagement Summary

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Against All Odds: How Machine Learning Is Transforming Healthcare

Patient outcomes have already taken the baton from products and services as the primary focus of healthcare providers. Medical companies are knuckling down to this trend and adopting advanced technologies like machine learning in healthcare to improve patient care and patient outcomes. Indeed, the use of machine learning in healthcare is slowly but steadily revolutionizing the healthcare industry. This technology has been playing a pivotal role in diagnosing diseases and other medical issues, which is one of the major healthcare industry challenges. While the healthcare industry is being transformed by the ability to record massive amounts of information about individual patients, the enormous volume of data being collected is impossible for human beings to analyze. Machine learning provides a way to automatically find patterns and analyze unstructured data. This enables healthcare professionals to move to a personalized care system, which is known as precision medicine.Contact US

Benefits of Machine Learning in Healthcare 

Medical imaging

Thanks to advanced technologies like deep learning and machine learning, computer visions are now one of the most remarkable breakthroughs in the healthcare industry. Top companies in the medical industry are trying to integrate cognitive computing with genomic tumor sequencing to help develop advanced precision medicines. Furthermore, by using machine learning in healthcare, it is also possible to detect diabetic retinopathy and macular edema in the photographs of the retinal fundus.

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Customer Lifetime Value Engagment to Enhance Service Efficiency in the Home Health Care Services Segment – A Healthcare Case Study by Quantzig


What the Client Wanted

The home health care client wanted to determine the potential value of their customers in order to identify the right marketing mix model and strengthen their customer retention strategies.

The Outcome

Leveraging customer lifetime value solutions enabled the client to devise effective strategies to enhance their relationship with patients. This customer lifetime value engagement entailed the implementation of a detailed analysis of the patient groups to identify strategies that are best suitable to retain and drive profits in specific user groups.

Overview of the Home Health Care Industry

The healthcare industry is booming at an accelerating rate and is expected to do so in the coming years. This has resulted in the development of a new segment that focuses on offering value based home healthcare services. The growth of this segment is also being influenced by the rise in adoption of healthcare technologies along with the dynamic nature of patient needs.Request Proposal

However, a widely accepted trend in the healthcare industry is the implementation of analytics-based solutions. Analytics has transformed many industries globally, and the healthcare industry is no exception. Also, healthcare analytics not only acts as a tool to cut down costs and enhance customer experience but also helps drive business growth. Though the majority of players in the healthcare industry are unable to leverage analytics to its full potential it is definitely worth investing in. The various benefits of implementing such solutions have prompted home health care service providers to the to seek expert assistance in leveraging healthcare analytics in order to be a part of an evolving healthcare industry.


Healthcare Industry Challenges

  • The effort required to hire and train the right staff: Providing high-quality home health care services start with hiring the right staff and training them with the necessary skills required to offer enhanced services. For a new market player, this may pose several challenges due to their inability to identify the right candidate. However, with the right processes and protocols in place home health care service providers can enhance the entire training and staffing process.
  • Increase in adoption of healthcare technologies: With the proliferation of cutting-edge healthcare technologies such as wearables and portable health monitoring systems, players in the home healthcare services segment are increasingly being challenged to devise new ways to enhance the patient’s experience and drive value.

Client’s Challenge

To improve focus, profitability, and efficiency of services, the client – a leading home health care services provider – approached Quantzig. The client wanted to leverage our vast experience in healthcare analytics to embrace new partnerships with healthcare service providers and realize new opportunities to serve a wider end-user base. The home health care service provider wanted to make the most of customer lifetime value analysis and devise suitable strategies to enhance their workflow.


Benefits of our customer lifetime value solution

healthcare industry

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Business Impact

The customer lifetime value solution offered by our analytics experts enabled the client to categorize the end-users into two segments namely- the most profitable client segment and the least profitable client segment. The engagement also assisted them to leverage the use of healthcare analytics to enhance customer retention strategies. Additionally, the consolidation of patient data offered an in-depth understanding that enabled the home health care services provider to devise specific marketing strategies to suit their needs.

Customer Lifetime Value Solution Insights

To make the most of new opportunities in the healthcare industry, players in the home health care services segment should focus on devising end-to-end operating models that enhance the customer experience as well as drive organizational value. This includes the development of effective customer retention strategies, technology implementation, and the use of analytics to ensure that they possess the ability to integrate customer data and understand the appropriate resources necessary for leveraging analytics, as well as tactical issues surrounding the use of patient data.


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