For modern healthcare organizations, reliable, scalable, and state-of-the-art data analytics capabilities are not optional. They are a foundational business requirement for an industry expected to deliver continual improvements in both quality of care and the cost of providing it.

Keeping up with evolving technology and innovation in healthcare can be a challenging exercise, beginning with the decision of whether to grow your analytics capabilities on your own, partner with a healthcare analytics vendor, or take a hybrid approach.

Vetting the options for enhancing your analytics capabilities is a critical process for both payers and ACOs that requires careful consideration of numerous factors, including the current state of your analytic maturity and your evolving business demands.

Our eBook provides best practices for establishing your objectives and identifying the option that aligns best with your needs and goals. Here is an overview of what is included.

Build or buy guide highlights

The foundational requirements of your healthcare analytics upgrade whether you build a custom solution or purchase an existing product, including essential requirements like AI-enabled capabilities and seamless data integration
How to establish your analytic goals and objectives including considerations related to the size of your organization
Elements of a case in favor of building an analytics solution like existing integrations and the need for customized solutions
Elements of a case in favor of buying an analytics solution, like the advantage of a faster implementation and path to a higher level of sophistication
Overview of a hybrid option that combines both in-house and outsourced capabilities to expand upon your existing capabilities without giving up effective internal systems and expertise
How to create a decision framework for choosing between in-house and outsourced analytics solutions that takes into account your timeline, expected investment and the opportunity costs
Key payer analytics objectives like the ability to manage different lines of business and build high-performance provider networks
Key ACO analytics objectives like the ability to analyze risk contract terms and verify a payer’s analysis of financial settlement
How to assess the cost of an in-house analytics solution including the expense and effort of keeping up with technological advancements
Additional resources, including a video and case study

How MedInsight can help

Whatever model you are considering, our guide provides information you can use to define your goals and establish the right criteria for evaluating your options.

For additional help with establishing the analytics capabilities you need to succeed, or to learn more about our solutions for healthcare analytics, contact a member of our team.

Excerpt: Build or buy? A guide to modernizing healthcare analytics for payers and providers

Aligning analytics initiatives with ROI goals

The decision to buy or build additional analytics capabilities should be guided by your objectives and expected return on investment (ROI). Consider where your ROI will come from and which key capabilities are essential to meeting value-based care requirements. Measurable ROI can be achieved through objectives such as time savings, increased efficiency, improved member satisfaction, higher retention rates, and other tangible benefits. Focus on initiatives that directly support these outcomes to maximize the value of your analytics investment.