GlobalHealth and VitreosHealth Case Study Results Demonstrate $10 Million Annual Savings Utilizing Predictive Analytics
GlobalHealth and VitreosHealth executives share success of leveraging big data with predictive and prescriptive health insights for successful medical loss ratio reductions
TULSA, Okla. – Health insurance industry leader, GlobalHealth, publishes a case study analyzing the results of their proactive outreach program. The program, built onbig data with predictive analytics, finds members whose health was most likely to change for the worse and implements changes to prevent catastrophic health events.Since implementation, GlobalHealth realizes an 18 percent reduction in emergency room encounters and emergent hospital admissions, a 22 percent reduction in readmissions and a 16 percent per-member, per-month reduction in medical costs.
“GlobalHealth uses VitreosHealth’s insights to fuel our care management programs to help provide better health outcomes for our members,” says GlobalHealth President and CEO Scott Vaughn. “Today, we are able to predict 70 percent of all hospital admissions. We have changed and expanded our outreach programs to work with our members to get better access to care.”
Over time, as GlobalHealth expandsits proactive outreach efforts, VitreosHealth is able to ensure that its solution meets GlobalHealth’s needs. VitreosHealth offers this through an Insights-as-a-Service (IaaS) delivery model for population risk models for predictive and prescriptive health insights that providea complete view into the healthcare continuum. Each “insights-view” achieves a patient-centric focus from every stakeholder’s perspective within the healthcare organization that will contribute to quality health outcomes and improve financial performance.
“We are very proud to partner with GlobalHealth to share the results they have achieved,” says VitreosHealth CEO, Jay Reddy. “As healthcare begins to use predictive analytics in their population health strategies, it’s important to demonstrate their effectiveness and the impact to population health efforts. GlobalHealth has shown how they are positively impacting their members’ health.”
The case study highlights the details of GlobalHealth’s initial steps, growth of their outreach efforts, and the results achieved. It reveals experiences of some of the membersthrough these programs and how GlobalHealth has expanded them over time. Using VitreosHealth’s predictive analytics as IaaS,GlobalHealth is able to proactively reduce patient populations’ health complications by anticipating their actions, rather than reacting to them. VitreosHealth’s solution integrates electronic health records, as well as socio-economic and claims data to generate a specific risk analysis that aids care management strategies. Because of this unique approach, VitreosHealth’s advanced predictive analytics solution was recently awarded Frost& Sullivan’s 2016 North America Award for New Product Innovation for Advanced Population Health Analytics Solutions.