WEST HARTFORD, Conn., Dec. 15, 2015 /PRNewswire/ -- According to analyst firm MarketsandMarkets, the global market for healthcare analytics is expected to reach $18.7 billion by 2020. In 2015, SCIO Health Analytics® positioned itself to capture a substantial share of that market through an aggressive approach that yielded double-digit revenue growth. The next-generation healthcare analytics and payment integrity solution provider further solidified its leadership position in this burgeoning field by earning recognition for its growth and innovation while expanding its footprint with acquisitions and strategic new hires.
SCIO's year-over-year revenue grew 30 percent in 2015, based largely on its ability to unleash the power of data healthcare organizations already have to create actionable insights that help them improve their operations. For example, SCIO's solutions can boost population health management (PHM) by going beyond simply identifying the sickest patients, and instead also determining which patients an intervention will have the greatest impact on, as well as which of that group are most likely to actively participate in and follow a plan of care. Armed with this information, healthcare organizations can focus their limited time, budget and resources where they will yield the best results, rather than expending them on futile care for patients who cannot be helped or are unwilling to help themselves.
With its global footprint, SCIO manages 87 million covered lives while serving the entire healthcare continuum. The company offers solutions and services for health plans, providers, hospitals and post-acute care facilities, employers, Accountable Care Organizations (ACOs), care management/health services companies, pharmacy benefit managers (PBMs), and life sciences organizations. Its claims audit and payment integrity services analyze 406 million medical claims annually; in 2015 this work helped payers realize more than $550 million in savings. SCIO also analyzes 1.3 billion pharmacy claims annually. The company works with 50 healthcare organizations, more than 30 health plans, eight of the top 15 pharmaceutical companies across 30 countries and with four of the top six PBMs.
"This has been an outstanding year for our organization," said Krishna Kottapalli, chief growth officer of SCIO Health Analytics. "It is clear that as healthcare analytics continue to mature, organizations throughout the continuum are looking to do more with them to help improve their quality of care while lowering costs and increasing patient satisfaction. Our next-generation approach enhances their ability to see beyond the surface so they can design programs that produce meaningful improvements. We are proud of what we have accomplished in 2015, and look forward to expanding on it further in the coming year."
Global highlights for 2015 include:
- Being named to the Inc. 5000 list of fastest-growing private companies for the fourth consecutive year; the company was ranked 3,634
- Being identified as a Major Player in IDC Marketscape's Payer Data Analytics 2015 Vendor Assessment
- Being identified as a Major Player in IDC Marketscape's U.S. Healthcare Payer Fraud, Waste and Abuse Services 2015 Vendor Assessment
- Inclusion in Healthcare Tech Outlook's "20 Most Promising Healthcare Analytics Solution Providers" list for 2015
- Acquisition of U.K.-based Data Intelligence, a provider of business intelligence solutions that improve sales force effectiveness and operational performance for pharmaceutical and life sciences organizations
- New contracts valued annually at $10 million across Reimbursement, Care, Network Optimization and Commercial Effectiveness solutions
- The release of new solutions for advanced pharmacy analytics, predictive and prescriptive analytics including decision support models
- The appointment of respected healthcare thought leader Rose Higgins, B.S.N., M.P.A., to the position of president, North America
- The naming of Kevin Keck, M.D. as SCIO's first chief medical officer
- Sponsorship of a Harris Poll that revealed insights about U.S. adults' sentiments toward the Affordable Care Act, healthcare costs and overall understanding of the healthcare system
- Release of a new study that included economic data analysis by SCIO. The study demonstrated that wearable ventilation technology significantly improved outcomes in patients with moderate to severe respiratory disease
In keeping with SCIO's mission of driving positive change in healthcare by delivering actionable insights to solve complicated problems simply and efficiently, SCIO also released its predictions around where healthcare analytics are headed in 2016:
- There will be greater focus on educating health consumers and integrating them as key stakeholders in improving their own health.
- There will be a demand for more precision in the analytics that are generated. Analytics tools will be used to hold providers accountable for being prescriptive in the way they approach challenges. Greater precision will help providers do a better job of determining impactability and intervenability so they can apply the appropriate resources and close the loop.
- More time will be spent on reimbursement strategies, looking upstream to determine what can be done in advance of the claim to inform the process and drive efficiency. It will help the industry understand who is delivering services at a higher level of quality, increasing the level of "gold carding" (reduction of oversight or review of processes) for providers who are meeting quality, utilization and efficiency goals, thereby reducing the administrative burden.
- The need for data and transparency across domains will increase. For example, pharmaceutical companies want to understand medical claims data better in order to contribute more effectively to the care process and become a true partner rather than just a cost in the stream. These organizations have expertise and resources to help support PHM and disease management strategies. Expect to see more involvement and engagement from them going forward.
"Analytics hold the keys to solve many of the challenges facing us in the coming years, especially around the skyrocketing costs of healthcare and the desire to keep populations healthier," said Rose Higgins, president, North America of SCIO Health Analytics. "Once we understand what is occurring we can then drive change, leading to measureable results. SCIO is clearly well-positioned to make a significant contribution to care quality and reimbursement optimization in the years to come."
About SCIO Health Analytics
Based in West Hartford, Connecticut, SCIO Health Analytics is a leading health analytics solution and services company, serving more than 50 healthcare organizations including 15 of the top 25 insurers that represent more than 80 million members, four of the top six PBMs, and clients in 30 countries for 8 of the top 15 global pharmaceutical companies. SCIO provides predictive analytics and payment integrity solutions to transform data into actionable insights, helping healthcare organizations effectively manage the care of populations, improve consumer engagement and drive better health outcomes. www.sciohealthanalytics.com
SOURCE SCIO Health Analytics