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Verisk Health: Taming Health Care Risk with Big Data
Health care, which currently represents a three trillion dollar problem, is one of many verticals using big data to advance. Specifically, the health care industry is using big data to address a variety of spending inefficiencies to deliver high-quality, affordable care. By using big data, powerful analytics, and technology, today’s health care stakeholders (providers, health plans, and employers) can glean insights about the populations they serve to better manage costs, improve quality, stay compliant, and address fraud, waste, and abuse. Translating and understanding big data has become an integral part of staying competitive in today’s health care market. Verisk Health understands this, and works day in and day out to help make sense of the enormous amount of data generated throughout the health care system. This includes data from medical and pharmacy claims, lab data, electronic medical records, health assessments, workers compensation claims, and more. Data aggregation combined with smart analytics and innovative, intuitive technologies can inform better business decisions around initiatives like population health management and payment accuracy.
Founded by Verisk Analytics, a leading source of information about risk, Verisk Health is known as a leader in population health and risk adjustment, both being critical components of value- healthcare delivery. Notably, Verisk Health’s proprietary risk adjustment predictive models, DxCG, serve as the scientific underpinning for Medicare’s approach to risk adjustment. Using these models, clients can measure the health or sickness of an individual relative to the population. DxCG models can also be used to derive budgeting, medical management, and risk-assessment data to help determine the allocation of resources now and in the future.
The company has expanded through additional analytics and reporting solutions that allow clients to further understand the potential risks and opportunities to improve the cost and quality of health care delivery (such as who is most likely to end up in the hospital, who is at risk for a chronic condition, and which providers appear to be either wasteful or fraudulent). Verisk Health solutions help inform the courses of actions clients can take depending on their business objectives.
“When it comes to health care, there's a circle of care: Patient to provider to payer to employer and back again. Verisk Health serves that circle with a suite of solutions,” explains Jordan Bazinsky, COO of Verisk Health. Indeed providers, hospitals, and large employer groups can take advantage of services offered by Verisk Health, to help ensure that the right people get the right care at the right time and place—and at the right cost.
Verisk Health bolsters an impressive suite of tools and success stories to go along with it. One cites a regional health plan who held direct relationships with a large number of providers and provider affiliates. The plan helped provide financial risk coverage to its members, and wanted to ensure that the quality of care provided was good, efficient, and effective. Thanks to Verisk Health’s solutions, the plan is using population risk analytics to provide a 360-degree view of each member. The plan was able to take all of the information about particular patients and put it in a single place so that clinicians can engage with members at the point of care to make sure that the right types of care are being delivered.
Verisk Health serves as a trusted data analytic and technology partner that helps its clients identify and manage clinical and financial risks within the populations they serve, while ensuring the alignment of payment, risk, and quality of care. The company aims to drive positive change for the health care industry. “We're working in a big data environment with high volume, high velocity, and increasing variability. Our challenge is to navigate the health care landscape and create actionable insights. Our goal is simple: bring value to our clients each day,” said Bazinsky.
Verisk Health bolsters an impressive suite of tools and success stories to go along with it. One cites a regional health plan who held direct relationships with a large number of providers and provider affiliates. The plan helped provide financial risk coverage to its members, and wanted to ensure that the quality of care provided was good, efficient, and effective. Thanks to Verisk Health’s solutions, the plan is using population risk analytics to provide a 360-degree view of each member. The plan was able to take all of the information about particular patients and put it in a single place so that clinicians can engage with members at the point of care to make sure that the right types of care are being delivered.
When it comes to health care, there's a circle of care: Patient to provider to payer to employer and back again. Verisk Health serves that circle with a suite of solutions
Verisk Health serves as a trusted data analytic and technology partner that helps its clients identify and manage clinical and financial risks within the populations they serve, while ensuring the alignment of payment, risk, and quality of care. The company aims to drive positive change for the health care industry. “We're working in a big data environment with high volume, high velocity, and increasing variability. Our challenge is to navigate the health care landscape and create actionable insights. Our goal is simple: bring value to our clients each day,” said Bazinsky.
