Medical cost containment requires a holistic view of the patient journey
The US spends 19.7% of its GDP on healthcare and this is projected to keep rising. To reduce costs, healthcare organizations must first understand the true cost of care for the patients they serve. Claims data is a rich source that includes information related to diagnoses, procedures, and utilization. To make sense of claims data, healthcare organizations need to acquire, aggregate, and enrich the data into a meaningful picture of the patient journey and associated costs.
Claims data is rich with information, but not always easy to parse
Claims data was built for accounting purposes and medical billing. It was not built for deep analysis into medical cost drivers. Analysts spend considerable time building basic metrics and trying to tell stories with claims data.
A robust data platform can provide insights from claims to contain healthcare costs
When claims data are grouped and enriched into a set of actionable events, episodes, and classifications they tell a cohesive story about the patient journey. Healthcare organizations get a more detailed understanding of the full medical expense of a patient population to inform strategic decision making on cost and utilization.
Medical cost containment applications
Get a deeper view of medical costs in your population with normalized and simplified medical economic data outputs. Tap into aggregated and enriched claims data to reduce duplicative work and accelerate analytic output.
Medical cost containment resources for leaders in healthcare
Let’s work together to contain medical costs
Get in touch to see how Arcadia can help you reduce medical costs across your population.