Actian Healthcare Analytics Helps Healthcare Payers and Providers Capture $450B in Lost Opportunity
Actian Delivers Easily Deployable Applications for Revenue Leakage Management, Staff Optimization, Readmission Prediction, and Fraud Detection using Predictive Analytics
Click to tweet: Learn how @ActianCorp #healthcare #analytics can help capture $450B in lost opportunity #HIMSS14 Booth 3393
ORLANDO, Fla.--(BUSINESS WIRE)--Actian Corporation (“Actian”) has expanded its commitment to the healthcare market by helping payer and provider organizations more easily leverage predictive analytics to modernize the healthcare industry. With more than 200 healthcare organizations currently using Actian, the company is launching new capabilities, services and key partnerships that enable healthcare organizations to easily access and cost-effectively automate revenue leakage management, staff optimization, readmission prediction and fraud detection. With access to these applications based on the Actian Analytics Platform™, healthcare organizations can substantially transform the economics of their healthcare offerings.
“When you ask healthcare organization leaders if and how they plan to leverage predictive analytics to solve their most vexing and important challenges, like improving patient outcomes or decreasing the cost of care, they overwhelmingly tell you they don’t know where to begin”
According to McKinsey1, healthcare organizations could reduce costs by $450 billion through the use of Big Data analytics. However, healthcare organizations that have begun implementing Big Data analytics initiatives are often faced with long ramp times, expensive proprietary technology that does not scale for mounting demands, or less-than-expected returns on their investments. Along with its partners, Actian changes the economics of critical data-driven initiatives and enables broad adoption of technologies that are poised to transform the healthcare industry.
“When you ask healthcare organization leaders if and how they plan to leverage predictive analytics to solve their most vexing and important challenges, like improving patient outcomes or decreasing the cost of care, they overwhelmingly tell you they don’t know where to begin,” said Lance Speck, general manager of Actian Healthcare. “The Actian Analytics Platform gives healthcare organizations the ability to use the data that is at their fingertips today for rapid-fire analytics to capture lost value and provide more effective and efficient care.”
With the Actian Analytics Platform, healthcare organizations of all sizes can connect diverse and massive amounts of data in healthcare systems, analyze it to find patterns and insights, and take automated action. Actian and its ecosystem of partners offer applications that help healthcare organizations address the $450 billion problem by leveraging their data to drive change. The Actian Analytics Platform addresses specific healthcare use cases with the following applications that include:
- Revenue leakage reduction: By scanning invoices to automatically find missing charges, organizations can capture millions of dollars in missed revenue. Extrapolation analytics are used to determine population distribution biases and fragmentation, and to manage revenues across these populations.
- Staff optimization: By predicting patient influx based on internal and external factors, administrators can automatically adjust staffing levels to improve patient care and manage costs.
- Readmission risk management: By predicting which patients are readmission risks before they are discharged, healthcare providers can intervene with proactive strategies, which can dramatically improve patient outcomes and reduce care costs by nearly $70 billion.
- Fraudulent claims management: By scrutinizing large claims datasets to discover utilization patterns that deviate from what’s expected, healthcare organizations can flag potential fraudulent claims before processing to reduce $250 billion in unnecessary payouts, fraud and waste.
- Accountable Care Organization: Organizations can leverage analytics-based quality measures to manage patient populations and improve performance in the Medicare Shared Savings Programs.
For healthcare organizations that are unsure how to leverage their data to solve their expensive and critical challenges, or are unsure how to kick-start data analytics initiatives, Actian and Opera Solutions will jointly offer Big Data Diagnostic Services. The Services will be delivered by experienced data scientists with healthcare proficiency so that customers can identify usage scenarios that drive transformational value, build the internal business case and improve time to value from Big Data projects.
Healthcare organizations that are currently leveraging the Actian Analytics Platform to lower costs and improve care include the top three U.S. payers, Fortune 100 health plans, hospital associations, leading healthcare technology companies and clearinghouses.
“Actian and our ecosystem of partners understand how data can be used for the betterment of the healthcare industry and we bring teams of data scientists whose passion is to solve complex healthcare problems. Our solutions are built to withstand ever-changing environments, adapt to tomorrow’s regulations and leverage growing data volumes and sources,” continued Speck. “Together, we industrialize Big Data analytics for the healthcare industry, delivering rapid, tangible results that catapult the healthcare industry to a leading position among modern, innovative industries.”
During the HIMSS Annual Conference and Exhibition, February 23-27, 2014 at booth 3393, Actian and its partners Opera Solutions and Atigeo will be providing demos and presentations of healthcare-specific Big Data analytics applications.
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About Actian: Accelerating Big Data 2.0™
Actian transforms Big Data into business value for any organization – not just the privileged few. Actian provides transformational business value by delivering actionable insights into new sources of revenue, business opportunities, and ways of mitigating risk with high-performance in-database analytics complemented with extensive connectivity and data preparation. The 21st century software architecture of the Actian Analytics Platform delivers extreme performance on off-the-shelf hardware, overcoming key technical and economic barriers to broad adoption of Big Data. Actian also makes Hadoop enterprise-grade by providing high-performance ELT, visual design and SQL analytics on Hadoop without the need for MapReduce skills. Among tens of thousands of organizations using Actian are innovators using analytics for competitive advantage in industries like financial services, telecommunications, digital media, healthcare and retail. The company is headquartered in Silicon Valley and has offices worldwide. Stay connected with Actian Corporation at www.actian.com or on Facebook, Twitter and LinkedIn.
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1: McKinsey: The ‘Big Data’ Revolution in Healthcare – Accelerating Value and Innovation (January 2013)