Inovalon, a provider of cloud-based software solutions for healthcare launches Converged Analytics Benchmarking, a revolutionary solution that empowers health plans to make data-driven decisions and improve their quality outcomes in real-time. This first-of-its-kind benchmarking solution provides health plans with current monthly insight into their relevant national and state quality measure performance while still within the respective measurement period.
Real-Time Insights for Data-Driven Decision Making
Traditionally, health plans have relied on benchmarking data based on prior years’ performance, which can significantly hinder their ability to make timely and effective quality improvement decisions. Inovalon’s Converged Analytics Benchmarking solution addresses this challenge by providing health plans with up-to-date, prospective quality benchmarks calculated monthly from current data covering more than 80% of the HEDIS® covered lives in the U.S.
This real-time visibility into their quality performance enables health plans to:
- Identify measures where they are currently underperforming
- Analyze how specification changes have inadvertently impacted their performance
- Compare their results to the broader market on a then-current monthly basis
Achieving Value-Based Care Success
The healthcare industry is increasingly shifting towards value-based care models, which emphasize quality outcomes and patient satisfaction. Health plans that can consistently achieve high-quality scores are well-positioned to succeed in this new environment. Inovalon’s Converged Analytics Benchmarking solution provides health plans with the insights they need to make informed decisions that improve their quality performance and achieve value-based care success.
Key Benefits of Converged Analytics Benchmarking
Inovalon’s Converged Analytics Benchmarking solution offers a range of benefits to health plans, including:
- Improved quality outcomes: Real-time insights enable health plans to identify areas for improvement and make data-driven decisions to enhance their quality performance.
- Increased member retention: Health plans can attract and retain members by demonstrating their commitment to providing high-quality care.
- Enhanced financial performance: Improved quality scores can lead to increased reimbursements and lower healthcare costs.
- Accelerated market expansion: Health plans can gain a competitive edge and expand their market reach by consistently achieving high-quality measures.
