How has advanced data analytics of provider network management solutions helped payers?

 The healthcare industry’s dynamic nature makes payers face stiff challenges in maintaining and managing provider networks and medical loss ratios. Payers utilize advanced IT data analytics via the provider network management solutions to reduce administrative overheads. Payers leverage insights to implement strategies that help them retain existing members and design effective care management roadmaps.

Analytics techniques such as clustering, unbiased predictive modeling, optimization, and score-based propensity shaping are used to form analysis. Quantitative and statistical analysis tools are being applied to data in tandem with predictive models to establish facts based on data. It helps insurers use these insights to make critical decisions such as provider contracting.



Payers can use a custom software development firm to build a customized provider network management solution. Custom provider data management solutions can be cloud-based, on-premises, or hybrid. Supporting systems, including mHealth apps, mobile technologies, remote patient monitoring technologies, etc., can be created. 

 

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