LAKELAND, Fla.--(BUSINESS WIRE)--Intelimedix, a leader in business intelligence and healthcare analytics, offered a sneak preview of the healthcare cost containment presentation that Intelimedix Director of Analytics Russ Michael will share today during a panel at the Florida Association of Health Plans 2011 Annual Conference and Tradeshow in Orlando.
Making a meticulous case for a sophisticated healthcare informatics initiative, Michael argues that most plans do not yet have the level of maturity necessary to address the growing concerns of employers and the requirements of the new Affordable Care Act.
Michael notes that more than 80 percent of health plan executives believe that cost containment initiatives are more important than ever due to healthcare reform.
“The time is now to objectively assess how your efforts stack up,” warns Michael. “Plans that do not move towards stronger analytics, centralized tools, and process integration will pay the price, leaving potential cost savings on the table due to inefficiency and redundancy.”
Michael calls for health plan executives to evaluate their efforts in light of industry best practices including a self-assessment on five core components of a sophisticated analytics initiative:
- Goals/Priorities – Are cost containment goals clear? Are measurements in place to monitor and manage cost containment goals/priorities?
- Analytical Tools – What data gathering tools are used? Are they centralized or decentralized, homegrown or outsourced?
- Analytical Talent – Is skilled, analytical talent available to leverage data and develop cost containment action plans?
- Executive Commitment – What business area cares for the cost containment initiative (Financial, Medical, Actuarial, etc.)? Does the executive leader leverage a cross-functional team to drive affordability?
- Budget/Financial Drivers – Does budget exist to drive the initiative, supporting talent and tool acquisition?
“External factors are highly dynamic today, and health plans have enormous incentive to raise the profile and execution of their analytics programs to help provide affordable care,” concluded Michael. “Those that do will be best positioned to survive and thrive in the coming months and years in the evolving healthcare ecosystem.”
For more information on the Intelimedix Analytics Maturity Model, please contact Russ Michael at rmichael@intelimedix.com or (863) 904-6987.
ABOUT INTELIMEDIX
Intelimedix is a business intelligence and healthcare analytics leader delivering actionable informatics that reduce costs and improve the quality of care. Offering integrated solutions through a single data feed, Intelimedix’s proprietary technology leads the industry in flexibility, speed, accuracy and business value. The company’s advances in workflow automation, enterprise architecture, customer relationship management and cost containment, have made it a thought leader to follow. Intelimedix is a privately held company with strategic investment from a consortium of Blue Cross and Blue Shield licensees called BP Informatics, LLC. More information is available at www.intelimedix.com.