Healthcare & Life Sciences
Our advanced, in-database analytics solutions are used by the healthcare and pharma industries to gain fast, accurate insight into customer, research and product data.
There is increasing pressure on healthcare payers and providers, and pharmaceutical companies to provide quality healthcare solutions, improve preventative healthcare and meet tough regulations all while accommodating a rapidly changing market and rising costs.
Forward-thinking companies are realising they have to take advantage of the growing ocean of available data to meet these challenges.
Historically, the solutions provided to each party were designed with different goals, however changes in the way healthcare is provided and paid are driving payers, providers and pharmaceutical companies to work together to create mutually beneficial solutions.
Fuzzy Logix gives the industry the powerful analytics products and solutions needed to quickly, efficiently and securely leverage customer, research and product data to redefine the future of healthcare and positively affect quality of life.
Just some of the healthcare and life science industry challenges our products have been used for:
- Provider scoring: Used to review the quantity, quality and efficiency of care. When properly engineered these models can churn through hundreds of millions of lines of claims data in minutes and assign scores to providers, leading to payers identifying risk and best practice in their portfolios. Optimum results are achieved when scoring models can be run regularly, and therefore risk, quality and costs issues are identified and actioned quickly. Our solution has been proven to score 700 million rows of provider data in less than 20 minutes, making it a drastically faster process than with traditional solutions.
- Fraud: With nearly one of every ten dollars spent in healthcare going to fraud, improving the way the industry identified and captures fraud, particularly prior to payment, has a positive financial impact. Catching fraud requires a combination of rules-based and quantitative models. We provide solutions for both types of models: we allow the rapid processing of rules based fraud and include quantitative models to find hidden fraud. We recently reduced the processing time of a fraud query from 29 hours to 20 seconds. On that same project, using our quantitative models, we expect to find millions of dollars in potential hidden fraud.
- Preventative medicine: Models for preventative health solutions can take weeks to build and run, but the results of the research can lead to early intervention and delay or prevention of negative health outcomes. DB Lytix can help researchers get answers that save lives. One of our clients was spending many hours running calculations on small data sets (the end-to-end process took days) and by deploying our in-database models, can now run models on 10X as much data in less than 30 minutes.
- Cost containment: Variation is the enemy of cost containment: the challenge is to identify the variation. Many solutions can help companies find gross levels of variation, but in hospitals and care facilities, it’s the little things that add up to big numbers: think of the millions of things that happen at hospitals. Using pattern recognition and outlier analysis, we identify areas where variance leads to excess expenditure.
In addition, these models can be used for revenue recovery. PWC estimates the size of waste in healthcare at $1.2 trillion. Clearly companies who try to manage cost containment are pushing traditional solutions to the limit with mixed results. By leveraging analytics (including techniques from other industries) healthcare companies can achieve large and immediate benefits.