MOUNTAIN VIEW, Calif., July 19, 2016 /PRNewswire/ -- Based on its recent analysis of the advanced population health analytics solutions market, Frost & Sullivan recognizes VitreosHealth with the 2016 North America Frost & Sullivan Award for New Product Innovation. VitreosHealth's advanced predictive analytics solution delivers 'insights as a service' to proactively reduce patient populations' health complications by anticipating their actions, instead of merely reacting after they occur. It integrates electronic health records (EHRs), as well as socio-economic and claims data to generate a specific risk analysis that can aid care management strategies.
Because VitreosHealth's platform integrates more patient data than conventional systems, it is three to four times more accurate than predictive solutions that rely solely on claims information and previous care use. After it obtains the data, it 'cleans' and normalizes it and generates a population risk score and descriptive information related to the patient population, predictive analysis, and identification of program and workflow gaps.
"VitreosHealth addresses market needs with easy-to-view data, facilitating timely responses. Its storyboards display patient population information on a monthly basis, allowing customers to respond to patients quickly. Customers can customize reports and organize information as needed," said Frost & Sullivan Senior Consultant, Sara Mitran. "Customers can easily access and trust the data because the solution is configurable and adaptable, on a cloud-based platform that is HIPAA-compliant and secure."
VitreosHealth focuses on provider and health system groups, accountable care organizations (ACOs) and payer networks. Its per member, per month pricing model and at risk agreements ensures customers only pay for their use of the solution based on benchmarks measured over time and savings achieved. As a result, customers show greater willingness to sign up for two-to-three year contracts, enabling the company to stay abreast of its customers' changing needs and equip them with relevant solutions. The solution's success is spurring the company to widen its market presence by expanding its sales force to almost triple its current size.
"VitreosHealth's highly flexible platform enables it to evolve as its customers' needs change, facilitating long-term partnerships and eventually, significant savings for their customers," noted Mitran. "This advanced solution, combined with VitreosHealth's commitment to customer satisfaction, offers customers a high return on investment (ROI), in some cases, as much as $25 million in annual savings."
VitreosHealth has done a remarkable job of understanding customer needs in the advanced population health analytics solutions market and developing an innovative product to address those needs. Its advanced predictive analytics solution is uniquely positioned for sustained success as it addresses the core issues of quality, functionality, and reliability.
Each year, Frost & Sullivan bestows this award upon the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, improves customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
VitreosHealth offers the first Insights-as-a-Service delivery model for advanced population health analytics. We leverage Big Data and predictive and prescriptive health insights for population risk models that provide a complete view into the healthcare continuum. Our adaptive insights achieve a patient-centric focus for each perspective within a healthcare organization that leads to quality health outcomes and improves financial performance for measurable return on investment.
Our solution, using the broadest sources of Big Data available, supplies easily accessible Insights for predictive risk and prescriptive care management with a focus on both critical and hidden risk populations to close gaps in care and achieve significant financial improvement.
Our goal is to help transform health care economics with advanced population insights by partnering with our clients for success in this changing marketplace. Learn more at http://www.VitreosHealth.com.
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SOURCE Frost & Sullivan