Verisk Analytics
Verisk Analytics sells products and services to customers across the healthcare value chain including health insurance buyers, health care plans, third party administrators, doctors’ groups, insurance brokers and healthcare consultants. The only customer group in the chain they lack a product/service offering for is the health insurance recipient, the patient. Of the various potential disruptions of the current state of the healthcare industry, analytics offers the opportunity to shift from reactive treatment to proactive prevention. Verisk Health is well suited to add value for its current customers and gain new ones, but faces threat of new entrants as digital trends enable non-incumbents in healthcare.
Verisk’s digital capabilities provide cost savings and quality of care improvements to employers who buy health insurance plans and desire the best value given the specific population of their employees. Verisk Health’s database includes over 11 million U.S. consumers from over 6,000 mid-sized employers, which they obtain from employer health plan sponsors, third party administrators and disease management companies. Brokers, who sell healthcare plans to employers, use analytics to identify under-utilized revenue streams.
Insurance providers, who offer health plans, use Verisk’s predictive models, based on actuarial science, which help medical insurance payers manage their risk by identifying fraud, and estimating future costs. Currently Verisk’s connection to medical data is through emerging medical records, both in the form of claims, and patient records. Verisk’s Sightlines product can analyze data for a given customer, but it cannot currently utilize data from outside its database.
Doctors groups benefit from clinical decision support. The theory is that by analyzing disease specific patient, treatment, and other data, that a valid evidence based model can be created in order to provide clinical decision support to healthcare delivery practitioners. For example, certain drugs such as Coumadin are prescribed, but produce adverse effects in some fraction of the population. Rather than prescribing to 100% and then adjusting dosage based on patient reaction, predictive modeling analytics promises the ability to better estimate the appropriate dose during diagnosis. Eliminating costs from doctor and patient time, drugs consumed, and poor patient care quality, all amounting to dollars that potentially could outweigh the costs to implement and maintain such a system.
While clinical decision support is currently emerging, the digital trends of social, local and mobile suggest that communicating actionable interventions directly to the patient will be an opportunity for disruption for whomever can add the most value. Here is where Verisk Health has an opportunity and a challenge. Many other companies will likely attempt to offer the same product/service as the healthcare industry undergoes transformation, and over the next month I and my team will investigate which players are best positioned, and what network connections. Healthcare trends beyond analytics, such as electronic medical records, and a focus of prevention over treatment, are also relevant, because there are potential positive network effects to be gained by providing valuable data to gain more data for example.
The current network connections map suggests that Verisk would need to expand its connections through growth or acquisition, to insulate its position or risk becoming irrelevant.
Verisk’s digital capabilities provide cost savings and quality of care improvements to employers who buy health insurance plans and desire the best value given the specific population of their employees. Verisk Health’s database includes over 11 million U.S. consumers from over 6,000 mid-sized employers, which they obtain from employer health plan sponsors, third party administrators and disease management companies. Brokers, who sell healthcare plans to employers, use analytics to identify under-utilized revenue streams.
Insurance providers, who offer health plans, use Verisk’s predictive models, based on actuarial science, which help medical insurance payers manage their risk by identifying fraud, and estimating future costs. Currently Verisk’s connection to medical data is through emerging medical records, both in the form of claims, and patient records. Verisk’s Sightlines product can analyze data for a given customer, but it cannot currently utilize data from outside its database.
Doctors groups benefit from clinical decision support. The theory is that by analyzing disease specific patient, treatment, and other data, that a valid evidence based model can be created in order to provide clinical decision support to healthcare delivery practitioners. For example, certain drugs such as Coumadin are prescribed, but produce adverse effects in some fraction of the population. Rather than prescribing to 100% and then adjusting dosage based on patient reaction, predictive modeling analytics promises the ability to better estimate the appropriate dose during diagnosis. Eliminating costs from doctor and patient time, drugs consumed, and poor patient care quality, all amounting to dollars that potentially could outweigh the costs to implement and maintain such a system.
While clinical decision support is currently emerging, the digital trends of social, local and mobile suggest that communicating actionable interventions directly to the patient will be an opportunity for disruption for whomever can add the most value. Here is where Verisk Health has an opportunity and a challenge. Many other companies will likely attempt to offer the same product/service as the healthcare industry undergoes transformation, and over the next month I and my team will investigate which players are best positioned, and what network connections. Healthcare trends beyond analytics, such as electronic medical records, and a focus of prevention over treatment, are also relevant, because there are potential positive network effects to be gained by providing valuable data to gain more data for example.
The current network connections map suggests that Verisk would need to expand its connections through growth or acquisition, to insulate its position or risk becoming irrelevant.