As a global AI-first platform-enabled services company, Quantiphi is excited to announce its second-time recognition as a sample vendor delivering value with emerging technologies in Gartner's 2023 Hype Cycle for the Advanced Analytics Architecture, Payers category.
Payers play a crucial role in the healthcare industry, facilitating and sometimes working alongside care providers to achieve better patient outcomes through coordinated healthcare services using data-driven analytics. To remain ahead of the curve, payers are embracing an advanced healthcare analytics architecture approach, which combines data and custom machine learning for near real-time data analytics. This architecture, which has been recognized as a transformative approach by Gartner’s Hype Cycle, integrates conventional analytics, data science capabilities, and a decision hub. By adopting this architecture, payers can more easily navigate the complexities of healthcare through valuable data extraction, enabling them to automate business processes, gain valuable insights into patient populations, identify high-risk patients, gain a better understanding of clients’ needs, and make informed decisions that reduce costs and enhance care.
Understanding Advanced Analytics Architecture
The Advanced Healthcare Analytics Architecture is revolutionizing the way payers derive insights from data. Better than traditional architecture, which is typically designed to support reports, dashboards, and data exploration, this advanced architecture adds data science capabilities and a decision hub, and coordinates these functional elements to provide even better insights. The adoption of advanced analytics has improved payers' offerings in areas such as actuarial science, provider network analysis, care management, and payment integrity. It has also paved the way for AI engineering and significantly impacted consumer engagement, population health management, payment integrity, and provider analytics, making it an essential investment for staying ahead of competitors.
Factors Driving Advanced Architecture Adoption
Several factors are propelling the adoption of this advanced architecture. Leading healthcare payers are increasingly embracing data science and ML platforms, bolstered by the growing number of data scientists in the industry. Partnerships with hyperscalers for cloud-based analytic services are also accelerating adoption. Furthermore, recognizing the value of non-traditional payer data sources, including electronic health record (EHR) data, member wearables, call center recordings, and home health monitoring is driving the shift toward advanced analytics.
Overcoming Implementation Obstacles
Despite the vast potential, implementing advanced analytics in the healthcare industry is challenging. Payer data is often disorganized and fragmented within the organization. This issue is compounded by competing internal demands. Moreover, according to Gartner, payers historically underinvest in analytic insight, automation deployment technologies, and operational systems unless directly linked to incentive programs. Payers should therefore think holistically about their readiness to address advanced analytics and invest as necessary to stay ahead of the curve.
Recommendations for Payers
Payers can maximize the benefits of advanced analytics by:
- Incorporating Advanced Analytics into Strategy: Integrate advanced analytics into their overall data and analytics strategy to streamline data management and enhance analytical capabilities.
- Investing in Data Governance and Integration: Prioritize investing in data governance, master data management, and integrating enterprise services to facilitate seamless integration of new tools and applications.
- Explore Composable Architecture: Explore composable architecture, presenting special opportunities and efficiencies for scalable deployment of analytic insights into operational technology, allowing effective analytic business capabilities.
Quantiphi - Your Partner in Healthcare Analytics
Quantiphi is a prominent player in providing advanced analytics architecture for payers. Our experts deliver effective AI/ML solutions that seamlessly integrate advanced analytics architecture, enabling insurance services automation and driving transformational outcomes for payers, such as maximum value extraction, enhanced decision-making, and improved service quality. Quantiphi’s custom data lake and analytical apps enable payers to reduce their time to market by a significant 30%, thereby adding value to the healthcare industry. With our globally recognized leadership in AI/ML-driven value creation, Quantiphi’s commitment as a go-to partner for payers in achieving their healthcare goals remains strong by helping them meet business and member needs with data and advanced analytics solutions.
Don't fall behind the curve, stay up-to-date on industry advances, and let Quantiphi's cutting-edge solutions keep you ahead in healthcare analytics.
