Thursday, September 29, 2022
HomeBig DataAbacus guarantees 'revolutionary' new healthcare knowledge merchandise for payers

Abacus guarantees ‘revolutionary’ new healthcare knowledge merchandise for payers

Had been you unable to attend Rework 2022? Take a look at the entire summit classes in our on-demand library now! Watch right here.

Abacus Insights not too long ago introduced that it’s rolling out a collection of merchandise that can “revolutionize” how payers within the healthcare house can leverage healthcare knowledge for quicker and higher decision-making.

The knowledge infrastructure merchandise draw on the agency’s knowledge transformation platform, the one such platform constructed particularly for payers. The platform goals to resolve many knowledge complications dealing with payers, together with accumulating, integrating, validating, and standardizing knowledge from disparate inner and exterior techniques, sources and codecs.

“Our platform is targeted on making high-quality knowledge out there at optimum latency to speed up enterprise worth for each analytical and operational use,” firm CEO and founder Minal Patel advised VentureBeat. “Our knowledge administration merchandise are a leap ahead in knowledge usability, as a result of we kind, bundle and frequently replace validated, reworked knowledge to serve the wants of particular payer enterprise features and strategic initiatives.”

Healthcare knowledge options for payers

Abacus Insights presently has three knowledge merchandise in market:


MetaBeat 2022

MetaBeat will convey collectively thought leaders to present steering on how metaverse expertise will rework the best way all industries talk and do enterprise on October 4 in San Francisco, CA.

Register Right here

  • CMS Interoperability Resolution allows compliance with the Facilities for Medicare and Medicaid Companies’ necessities for interoperability for affected person entry. 
  • Threat Adjustment Resolution improves threat adjustment accuracy whereas simplifying the advanced course of for government-sponsored and business ACA plans.
  • Medical Information Resolution integrates scientific knowledge with core administrative and well being fairness knowledge into longitudinal member and affected person information to supply a holistic view of the care journey.

Over the following few months, Patel mentioned the corporate will roll out knowledge integration merchandise to help:

  • Self-funded employers
  • Pharmacy/specialty profit administration
  • Behavioral well being
  • Price-of-care administration
  • Telehealth

Payer priorities drive options in new product improvement

Abacus Insights’ merchandise are important constructing blocks that ladder as much as prime payer priorities, together with enhancing member expertise, controlling prices and bettering well being outcomes, Patel explains. They achieve this by taking volumes of knowledge and making it eminently and instantly useable by figuring out and packaging well timed, full and correct knowledge to allow enterprise models to run and optimize their operations.

“Take threat adjustment. To make sure applicable sources for high-needs seniors, youngsters, and different members in Medicare, Medicaid, and business Reasonably priced Care Act, well being plans should make correct assessments of every member’s well being standing and forecast anticipated prices for the members by means of the chance adjustment course of,” Patel notes. “That requires correct, well timed and full knowledge, frequently up to date. Reimbursement from risk-adjusted plans accounts for as much as one-third of a payer’s annual revenues.”

But this vital operate is rising more and more advanced and tough because of the underlying healthcare knowledge challenges, Patel says. These challenges embody:

  • Integrating disparate payer sources, together with claims, eligibility, case information and notes at scale, that are offered in varied codecs, legacy techniques and platforms.
  • Incorporating exterior knowledge from digital medical information, labs and different scientific sources, plus well being fairness and social determinant data.
  • Working with and sharing this knowledge with a number of stakeholders (corresponding to risk-adjustment analytics distributors), every requiring totally different slices of knowledge and integration fashions — with some calculations even various by process.
  • Accommodating frequent adjustments to rules that govern plans, requiring common course of updates and knowledge specification adjustments.
  • Assembly quarterly and different risk-adjustment reporting necessities with which 60% of payers say they battle.
  • Multiplying quantity and number of reimbursement fashions predicated on the risk-adjustment knowledge.

A knowledge platform developed particularly for healthcare payers

Patel stresses that Abacus has developed the one knowledge transformation platform constructed particularly for payers. Its capacity to gather, combine, validate and standardize inner and exterior knowledge for payers is unmatched within the market, and the corporate is managing knowledge for 21 million members, he mentioned.

“We’re application-agnostic. Our knowledge transformation platform and knowledge options usually are not tied to any particular analytic or different software, giving payers better freedom to fulfill their wants by means of any present or new software program purposes,” Patel notes. “Our platform and options are scalable, compliant and safe, with options that go stay inside 4 months vs. 1 yr or extra for a built-from-scratch method.”

Specializing in particular duties, Patel says “our Threat Adjustment Resolution simplifies the quickly escalating complexity of scoring and calculating threat by delivering appropriate, full and well timed knowledge tailor-made for every well being plan.”

Prospects can “leverage our knowledge options to run their enterprise models, make higher and quicker selections and enhance reporting compliance. We ship automated knowledge feeds, custom-made for the enterprise goal. With easy-to-use dashboards, the options additionally roll up analytics and different data from varied business-unit purposes to present working executives a complete, real-time view of their whole enterprise unit,” Patel mentioned.

Additionally, importantly, Patel says the corporate uncouples knowledge from analytics or some other particular software. He defined that provides CIOs better knowledge management and suppleness as a result of the information merchandise work with any legacy or new payer software program purposes.

Deal with healthcare knowledge high quality is extra vital than ever

Whereas the give attention to knowledge high quality is totally proper and basic, healthcare can’t afford to cease there. The worth in high-quality knowledge is in its usability, Patel confused.

Creating lakes of validated knowledge is a vital stepping stone nevertheless it isn’t the top of the journey, Patel defined. The chance lies in extracting helpful data flows that drive:

  • Extra applicable, equitable and high quality care.
  • Improved member, affected person and supplier experiences.
  • Higher and quicker evaluation and decision-making.
  • Extra environment friendly and efficient enterprise operations.
  • Elevated compliance.
  • Decreased healthcare waste.
  • Decrease prices.
  • Innovation.

“Healthcare continues to be engaged on ensuring its knowledge is present, full and correct. It’s an escalating problem as a result of healthcare knowledge, particularly unstructured knowledge — which is estimated to account for 80% of all healthcare knowledge — is multiplying exponentially,” Patel defined. “This can be a multifaceted problem, together with accumulating all the proper knowledge, cleansing it, storing it, defending it, updating it, querying it and so forth.”

A stepping stone for higher healthcare knowledge and evaluation is knowledge interoperability, Patel mentioned. The federal government rollout of the FHIR normal for exchanging data in medical information is a vital advance in interoperability, as are payer interoperability necessities for CMS applications to supply sufferers with entry to their information. The primary wave of CMS interoperability necessities went into impact final yr and extra are anticipated in 2023, which is what impressed Abacus’s CMS Interoperability Resolution.

“The correct knowledge is a prerequisite for evaluation — or actually any use — as a result of rubbish in, rubbish out,” Patel mentioned. “That’s why we’re laser-focused on the information high quality and value.”

VentureBeat’s mission is to be a digital city sq. for technical decision-makers to realize information about transformative enterprise expertise and transact. Uncover our Briefings.



Please enter your comment!
Please enter your name here

Most Popular