Advanced well beyond any of the industry’s current technology, DST Business Performance Optimization addresses a broad range of challenges faced by the payer industry, including reduction of medical costs, identification of members at risk of attrition, and construction of the best provider network.
“Optimization is the new frontier for healthcare payers,” says Teri Mullaney, President and CEO of DST Health Solutions. “Our new optimization technology will allow payers to benefit from massive volumes of data in an innovative way, by identifying the best-possible business decisions and their consequences before they implement them.”
Until now, payers have lacked the analytical tools necessary to cost-effectively convert data to actionable information. While a few organizations have adopted predictive tools to forecast future events, DST’s optimization technology adds a new dimension to the process: Prescriptive Analytics. In addition to utilizing “big data” and scientific rules to make predictions, DST’s sophisticated prescriptive modeling suggests decision options to optimize the outcomes based on those predictions.
In practice, DST Business Performance Optimization can improve any function across the payer enterprise, including benefit design, bid preparation, care management, formulary management, network management and provider payment. In the critical area of network management, the optimization tool can identify the most effective physicians and hospitals for a payer to include in its network.
A recent white paper from Grant Thornton LLP Principals Anthony Hernandez and Kevin Morgan called the arrival of predictive and prescriptive analytics the “holy grail of business planning.”
“I’ve been fortunate to have lived through the evolution of business systems from Executive Information to Business Intelligence to Descriptive Analytics and just recently to Predictive Analytics,” says Andre M. Boisvert, Vice Chairman of River Logic Inc., a leading provider of knowledge-based analytics software. “Now, with the advent of Prescriptive Analytics, the system will actually ‘prescribe’ the best course of action an enterprise should take based on the stated objectives of the entire operation. I agree with executives at Grant Thornton…this is game changing!”
According to Mullaney, payer organizations that adopt optimization technology and understand how it can strengthen the entire enterprise will have a superior and more defensible competitive position.
“Payers possess all the data necessary to meet today’s business challenges,” says Mullaney. “With this progressive technology, payer executives will, for the first time, be able to solve many intractable problems of the past and meet future expectations for delivery of affordable, high-quality, consumer- friendly coverage.”
DST recently published a white paper, “Health-plan optimization: Leveraging data to improve business performance across the enterprise,” providing insights into the power of optimization to transform healthcare. For more information on DST Business Performance Optimization, or to receive a copy of the paper, contact Mike Thuerk at email@example.com.
About DST Health Solutions
DST Health Solutions, LLC delivers contemporary healthcare technology and service solutions that enable its clients to thrive in a complex, rapidly evolving healthcare market. Supporting commercial, individual, and government- sponsored health plans, health insurance marketplaces, and healthcare providers, DST Health Solutions’ services include enterprise payer platforms, population health management analytics, care management, and business process outsourcing solutions, each designed to assist a company manage the processes, information, and products that directly impact quality outcomes. DST Health Solutions is a wholly-owned subsidiary of DST Systems, Inc. For more information visit www.dsthealthsolutions.com.