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Using analytics to extract insight from data is the first step toward identifying and owning the best customers—engaging their loyalty, improving clinical outcomes while reducing costs, and making the most of your organization’s efficiency. Analytics provides the foundation for a differentiated customer experience and more meaningful engagement—from targeting and selling, to retaining, engaging, and clinically serving customers.
From data to insights to action
In an environment where the risk-reward equation keeps getting tighter, data doesn’t help. Insight does. The engine that can turn your data into insight is analytics.
Analytics becomes more powerful the more it functions as a strategic enabler. It’s a business function that needs to take its cues from the bottom line—not just business-aligned, but business-led. Like any business function, analytics is a resource you should direct where it’s most effective. Instead of trying to know everything, start with the most critical issues—for example, patient engagement or treatment efficacy—then mine the available data for what it can teach you.
Is this the way you exploit your financial, clinical and consumer data today? A business function earns its keep when you hold it accountable for the return it generates. When approached with the right mindset, analytics has the potential to pass that test many times over.
Analytics: Turning insights into action
Everything health plans are working to adapt to—value-based care, clinical coordination, population health management, influencing consumer choice and loyalty, and more—balances risk and reward in an environment where the past offers few guideposts. The choices that determine that balance run on insights you should generate in real time. The raw material for insights is data and analytics tells you what data means, what to do with it, and how your choices will affect your business.
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