Innovative strategies fueled by data analytics help reduce healthcare costs by 10 to 12 percent
WALTHAM, Mass., January 11, 2010 — Verisk Health, Inc. today announced that Med-Vision, LLC helped clients reduce healthcare costs by 10 to 12 percent with Verisk Health’s Explorer solution. Verisk Health is a global leader in identifying, analyzing, and predicting healthcare risk. Med-Vision is a leading medical consulting company.
“Data is power in healthcare and the starting point for enabling meaningful change,” said Dan Ross, chief executive officer and founder of Med-Vision. “Verisk Health gave us the tools we needed to unlock the data and identify the cost drivers and trends to significantly reduce spending for our employer groups.”
Med-Vision implemented Explorer several years ago as a creative solution to the complex healthcare crisis facing its mid-to-large sized employer clients. The company’s goal was to shape new quality care approaches by drawing on data analytics to understand employer cost trends, identify drivers, and determine how best to lower healthcare expenditures. Explorer, a web-based data analytics solution, helped Med-Vision identify and execute strategies to successfully lower costs while improving clinical, financial, quality, and utilization metrics.
“Across the board, most employer groups lack visibility into what is truly driving healthcare outcomes and costs,” said Nathan Gunn, chief medical officer at Verisk Health. “Med-Vision’s success with our Explorer product is positive proof that clear insight into data goes a long way toward impacting the bottom line.”
Working with clients, including a cancer treatment center and a regional school district, Med-Vision analyzed existing data and developed strategic programs that addressed the specific trend, quality, and compliance issues of each population. Med-Vision’s programs improved clinical and financial metrics for many of its clients. In one instance, Med-Vision lowered healthcare costs by 10 to 12 percent over two years. The company’s efforts also helped educate members on chronic disease management and prevention, which encouraged healthier lifestyle behaviors. Other results from Med-Vision’s campaigns include:
About Verisk Health
Verisk Health, a subsidiary of Verisk Analytics, leverages healthcare data to help organizations and governments understand their medical and financial risk for the purpose of managing costs and clinical outcomes more effectively. Through the combination of leading predictive science, the finest evidence-based clinical engine, and superior technology, we have created the most extensive independent risk-assessment and decision-analytics platform in the healthcare industry. Our primary focus is to identify actionable strategies for managing healthcare costs and quality at both the individual and population levels. We consistently research, evaluate, and invest in our business to ensure that we remain leaders in our industry and the most efficient and effective solution for our clients.
Founded in 2005, Med-Vision delivers healthcare planning, risk management, and wellness consulting to help employer groups achieve optimal employee health and productivity. Med- Vision specifically caters to the needs of self-funded employer plan sponsors and currently impacts more than 75,000 health plan members across the U.S. Med-Vision has helped corporations, healthcare facilities, municipalities, and school districts to reduce risks, reverse trends, and decrease healthcare costs while increasing quality of care. For more information, please visit www.med-vision.com.
Trish Tarantino (Verisk Health)