Company unveils strategic focus in 2021 to enable payors, providers to perform in value-driven environment
CHICAGO, Feb. 2, 2021 /PRNewswire/ — Gray Matter Analytics, the leader in healthcare Analytics as a Service (AaaS), today announced it capped off a challenging but successful 2020 by signing 12 new engagements with existing and new customers and adding several advanced analytics solutions to its product suite.
Even as the COVID-19 pandemic caused the company to direct employees to work remotely through the end of the year, Gray Matter was able to accelerate the development of new solutions while responding to the needs of its customers.
The dozen new engagements signed in 2020 primarily comprised of Gray Matter’s AaaS offering, which significantly amplifies value by applying predictive analytics to transform payors and providers into data-driven enterprises.
Further, Gray Matter added a trio of analytics solutions to its product suite: Member Retention Analytics, a three-phase approach to understand factors that impact voluntary disenrollment and to develop action plans that address disenrollment; Behavioral Health Analytics, which analyzes the rate of behavioral health readmissions within 30 days of inpatient discharge, enabling providers to connect members with appropriate treatment to reduce the number of rehospitalizations and related medical expenses; and Epidemiological Analytics.
These new capabilities complement existing solutions, including Provider Performance, Network Management, Patient Access, Avoidable Utilization, Chronic Disease Management, and Infectious Disease Management.
The past year also saw Gray Matter expand its leadership team by hiring Steve Betts as Chief of Operations and Products to support the continued growth and evolution of the company. Betts is a longtime healthcare industry leader, most notably as previous CIO for HCSC and Aon.
Client Support Wins
Gray Matter had another successful year providing valuable advanced analytics and services to healthcare organizations. The company implemented its CoreTechs® AaaS subscription offering for a large Northeastern Blue Cross Blue Shield health plan that serves millions of members. This health plan was seeking a value-based care solution to improve identification of members at risk for post-partum depression or anxiety, behavioral health rehospitalization, and first-psychosis episode. Early identification enables at-risk members to be enrolled in the right case management program, thus improving outcomes and reducing costs for payors.
A managed care organization in the Mid-Atlantic region specializing in the Medicaid and Medicare markets was struggling last year with runaway administrative costs and lost claims revenue. Gray Matter analyzed more than 6 million claims to show this payor client how to save millions of dollars in claims administration and clinical services costs.
Another payor, a leading managed care organization serving a Medicaid population in the Midwest, benefited in 2020 from Gray Matter’s strategic Advisory Services. This engagement resulted in the accelerated design of an integrated operating model, demand management process, and business engagement framework.
On the provider side, Gray Matter completed a significant engagement last year for a four-state integrated network of hospitals, outpatient centers, and clinics. The company worked with this client to facilitate continued growth through acquisition and consolidation by developing faster, more efficient and scalable management and provisioning of revenue cycle codes for reporting and analytics, and by scaling and optimizing their revenue cycle reporting and analytics tools.
To help this client navigate the growing challenges in structuring and standardizing the way it defines departments, service lines, and markets at an enterprise level, Gray Matter is developing a master data management solution through its Advisory Services. This will improve the usability, consistency and integrity of core data elements related to the department domain that are most actively used in reporting and analytics for the enterprise.
2021 Strategic Focus
As we continue to grapple with the effects of the pandemic, the march to value-based care is gaining momentum. More and more healthcare organizations need to accelerate and optimize their value-based care performance. We believe that they can do this by utilizing advanced analytics.
This new reality has led healthcare organizations to examine every opportunity available to gain any edge in improving performance. The drive to achieve and maintain an optimized level of performance is fueling the need for more individual accountability, simultaneous to minimizing financial risk. The conundrum lies in determining what will “move the needle” and have the most significant impact on improving economic and health outcomes.
Analytics can accelerate and optimize value-based care performance. As the level of complexity in managing and prioritizing multiple value-based contracts increases, there is a tendency to implement value-driven programs without fully comprehending ramifications and expected outcomes. Advanced analytics can determine what measures need to be prioritized and managed to ensure optimum performance against value-based contracts.
Utilizing analytics can help payors and providers break through the value-based care chaos, with an effective way of predicting which measures will have the largest impact, mapped to specific programs. When these programs are well-implemented, they can improve system economics, enhance care quality and outcomes, and strengthen physician alignment.
About Gray Matter Analytics
Gray Matter Analytics leverages industry-leading advanced analytics to help healthcare organizations cut costs, grow revenue, and improve health outcomes. Gray Matter’s cloud-native Analytics as a Service (AaaS) suite of solutions significantly amplifies value by applying predictive analytics to transform payors and providers into data-driven enterprises, enabling them to thrive in a dynamic healthcare environment. For more information, visit graymatteranalytics.com.
Amendola Communications (for Gray Matter Analytics)
SOURCE: PR Newswire