New Medecision Research Reveals Top Barriers Holding Health Plans Back from Reducing Costs, Improving Outcomes, Streamlining Efficiencies
Thursday, February 29, 2024
Market report shows that health plan executives are at a critical turning point,
and optimistic about AI - but are they ready for transformation?
DALLAS and KING OF PRUSSIA, Pa., Feb. 21, 2024 /PRNewswire/ -- Medecision, the leading clinical data and analytics platform company, has announced the release of its comprehensive research report, "The State of Utilization Management, Care Management, and Population Health in 2024." This in-depth study provides critical insights into the current landscape and future trends in health plan strategies and technologies.
The research highlights the challenges health plan leaders face and unveils surprising findings, notably the gap between executives' recognizing the importance of personalization and the current state of implementation.
Other key insights include:
-- 95% of respondents say it is "moderately important" or "very important"
to incorporate personalization into care management -- but only 34% rate
their health plan as being "very personalized."
-- 68% say inefficient workflows are their top frustration with current
tools. Top barriers include: lack of member engagement tools, and lack
of ability to react in real-time.
-- 51% of respondents say AI and machine learning would be "very impactful"
in optimizing workflows to increase member engagement and health
outcomes.
-- 77% indicated that it is very important to see all touch points for
high-risk members and 60% say it is very important for rising-risk
members.
-- 63% of responses found great value in care management and coordination
tools to help comply with existing and future regulations.
The research calls for a fundamental transformation, emphasizing the need to harness broader data sets, cutting-edge technologies, and innovative strategies to enhance efficiency and value in UM, CM, and engagement capabilities. Strategic data use, AI, and automation are essential for managing utilization effectively and achieving the necessary personalization to sustain member engagement, reduce costs, and improve health outcomes.
"The insights from our research reveal that health plan leaders are at a turning point, grappling with outdated tech and fragmented data. At Medecision, we're making data their strongest ally," said Kenneth Young, president and CEO. "Our response is to empower them with advanced, user-friendly technology that effortlessly processes real-time data in its raw form, tailored for care and utilization management. This innovation not only simplifies decision-making but also amplifies operational efficiency, member engagement, and improved outcomes, all while driving down costs."
"The State of Utilization Management, Care Management and Population Health in 2024" is based on independent research conducted by healthcare consultancy Sage Growth Partners. The survey included 53 leadership respondents representing a range of functions including care management, care coordination, utilization management, and operations.
"Our research shows that health plans can establish better contextual awareness through the integration of a wider variety of data types -- whether medical, social, or behavioral -- to create a 360-degree view of individual members," said Stephanie Kovalick, Chief Strategy Officer, Sage Growth Partners. "It is vital for health plans to implement new technology and leading-edge tools to help improve outcomes for members, prevent unnecessary hospitalizations, and reduce avoidable high-risk events."
Upcoming Webinar
Medecision invites interested parties to register for an upcoming webinar on The Top Care Management Barriers - and How to Tackle Them, to discuss learnings from this exclusive research.
About Medecision
Fully delivering on the promise of data -- and making the business of healthcare simpler and more successful -- Medecision offers a whole new world of possibilities. The company's flagship offering, Aerial(TM), stands as the market's most extensible clinical data platform. It offers complete contextual awareness of members and automates next best actions -- simple campaigns, complex care management, utilization approvals, and more -- for optimal health outcomes.
Aerial is not only quick to deploy, it is easy to manage. The platform's effectiveness in reducing both medical and administrative costs, coupled with its role in improving the member and patient experience, has made it the preferred choice for health plans and care delivery organizations. Presently, Aerial is instrumental in catering to over 10% of the U.S. population, marking a significant milestone in advancing healthcare efficiency and effectiveness. www.medecision.com.
About Sage Growth Partners
Sage Growth Partners is a healthcare advisory firm with deep expertise in market research, strategy, and communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. For more information, visit https://sage-growth.com/.
For More Information:
John Gonda
JGonda@sage-growth.com
616.309.4888
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SOURCE Medecision
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