December 01 2016 | 0 Comments | 250 reads Average Rating: 4.5
7 Headwinds of Change, 7 Ways to Leverage Data to Chart a New Course
Drug pricing pressure, value-based care models and the increasing complexity of healthcare are making it difficult for life sciences companies to conduct business as usual. Indeed, with these market drivers creating a challenge atmosphere, life sciences companies are dealing with some perilous headwinds:
The 7 Headwinds of change
1. Patient behavior is changing – and consumers are becoming the new money managers.
2. Payers are requiring more risk on future drug impact and evidence of patient success.
3. Specialty drug costs are affecting overall healthcare spending.
4. Managed Medicare and Medicaid are growing.
5. Noncompliance of medication has a significant effect on the total cost of care.
6. Health plans are starting to require outcomes-based strategies.
7. Data exists in disparate silos.
With these new winds of change presenting so many challenges, life sciences companies need to chart a new course. To start, they need to go beyond merely relying on traditional data such as claims data to draw insight into performance. The good news: life sciences companies now are discovering that they can rely on an array of data – including de-identified clinical, socio-economic, lab, financial and patient satisfaction data – to group individual patient attributes and behavior patterns into smaller subsets of risk-based “personas.” Having access to all of this data provides a 360 degree view of patients in order to understand what motivates them and what barriers need to be removed. Indeed, by incorporating multiple data sources into their analyses, companies can gain further insight into behaviors leading to compliance, engagement and risk reduction.
In fact, leveraging non-traditional data can help life science companies gather the intelligence required to face the winds of change by:
The 7 ways to leverage data
1. Identify the undiagnosed or untreated patient and risk stratify according to co-morbidities.
2. Identifying geographies at high risk across commercial, managed Medicare, and Medicaid.
3. Understanding compliant and non-compliant patients.
4. Uncovering impactability scores of high risk patients.
5. Tracking utilization of medication on impact to other high cost chronic conditions.
6. Evaluating impact on hospital readmissions and bundled payments.
7. Building capabilities to measure outcomes and pay for performance.
These are just some of the ways that life sciences companies can use non-traditional data to succeed in challenging times. Can you think of any others?