WEST HARTFORD, Conn., Sept. 19, 2016 /PRNewswire/ -- SCIO Health Analytics today announced that chief executive officer and co-founder Siva Namasivayam will be presenting the company's business model, current outlook, market opportunities and future growth strategies to potential investors at the William Blair & Company's 19th Annual Private Equity Conference, September 21-22, 2016 in Chicago.
Key among the highlights in the presentation is SCIO's year over year growth since its founding in 2008, bolstered by 56 percent growth from 2014-2016. SCIO was recently named to the 35th annual Inc. 5000 list of the fastest-growing private companies in America for the fifth consecutive year.
The foundation of SCIO's offering, and a driver of its growth, is its ability to turn data into actionable insights and insights into measurable outcomes. For example, SCIO helped its more than 80 clients achieve $600 million in savings in 2016, leading to a 90 percent client retention rate. SCIO's clients include more than 20 provider groups and north of 30 health plans representing more than 90 million members. In addition, four of the top six pharmacy benefit managers and 8 of the top 15 global pharmaceutical companies across 30 countries currently are taking advantage of SCIO's unmatched data analytics capabilities. The company typically analyzes more than 400 million medical claims and more than 1.3 billion pharmacy claims each year.
Yet while these results are strong, the real excitement is in what is still to come according to Namasivayam.
"Most analytics right now are focused on taking a retrospective view of what's already happened," Namasivayam said. "It is important to have that base understanding, but if that's all you have it doesn't help you improve your outcomes in the future. Our investment in predictive and prescriptive analytics takes data further, helping healthcare organizations determine why those events or outcomes occurred as well as the effect different possible courses of action will have on future outcomes. This approach allows organizations to focus their limited resources where they will yield the best results across many areas, including patient health, resource utilization, engagement programs, fraud, waste and abuse detection and more. That's how you drive change."
Unique to SCIO's approach is its ability to deliver a 360 degree analysis of an issue or problem area. Rather than relying solely on traditional data sources such as clinical, claims and financial data, SCIO incorporates multiple additional data sources (behavioral, attitudinal, socio-economic, geographic, demographic) and benchmarks that deliver insights into why things are the way they are and what can be done to change them.
The presentation also presents a look ahead to SCIO's future. The company expects to be a key player in driving collaboration between payers, providers and life sciences organizations, especially around data sharing. Currently data in each of those areas is siloed from the others, delivering only a partial view of the patient/member. SCIO is focused on breaking down internal and external barriers, leveraging data and assets across departments, companies and market segments in its quest to improve cooperation and create that 360 degree shared view.
SCIO's new Insights as a Service offering, SCIOXpert™, is also expected to ratchet up the company's bottom line. Organizations that want to take advantage of data-driven insights but don't have the time or internal resources to do so will be able to tap into the knowledge and experience of SCIO's subject matter experts to solve their most pressing challenges without the extensive investment normally required.
"The accelerating transition toward value-based healthcare and shared risk make collaboration imperative," Namasivayam said. "With the explosion of digitization and availability of new forms of data, the integration and derivation of meaningful insights will be a key driver of this transformation. SCIO has the tools, technology and expertise to develop the insights and understanding that lead to meaningful change. Being invited to present at the William Blair Conference is one more validation that SCIO is delivering practical solutions that are unique and offering high value to the $8 trillion global healthcare industry."
About SCIO Health Analytics
Based in West Hartford, Connecticut, SCIO Health Analytics is a leading health analytics solution and services company. It serves healthcare organizations across the continuum including over 20 provider groups and 30 health plans representing more than 90 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 analytic solutions and services that transform data into actionable insights, helping healthcare organizations create the understanding that drives change through care, network and reimbursement optimization as well as commercial effectiveness. SCIO's insights as a service approach supports the shift to value-based care, solving healthcare problems simply and efficiently. Visit SCIO's new website for up to date information on their product and solution offerings: www.sciohealthanalytics.com
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SOURCE SCIO Health Analytics