Ensuring Healthcare Vendors Deliver Value
Measuring ROI Through Advanced Analytics
January 19, 2022DownloadsDownload Brochure
We believe best-in-class healthcare organizations have a structured framework for tracking and assessing their vendors and other service providers, including ensuring that regular updates on ROI are provided and that value is in fact being extracted from the organization’s investments. The challenge for vendors and customers alike is knowing how to develop an ROI model that can be trusted. FTI Consulting’s experts work with vendors and their customers to evaluate the impact of healthcare technology products and services, and other value-based care activity, and to develop models that provide data-driven, statistically-sound and repeatable quantifications of performance and return.
How FTI Consulting Can Help
- Evaluation of vendor savings and value guarantees and other proposed ROI calculation frameworks
- Analysis in support of vendor contract renewal decisions
- Analysis of software metadata to uncover value drivers and areas for improved customer performance
- Development of data models and reporting to calculate and present ROI across a multitude of dimensions
FTI Consulting is an industry leader in harnessing, analyzing, and extracting value from the vast amounts of enterprise and patient data that exists in the healthcare industry. Our Healthcare Risk Management & Advisory and Data & Analytics experts deploy cutting-edge forensic data analysis, machine learning concepts and statistical testing to help companies define, measure and report ROI internally and to customers and partners.
Our work is supported by our deep knowledge of healthcare operations and managed care contracting and related performance indicators, which allows us to get to the root of what drives value for each unique organization. We have had proven success integrating vendor software metadata and payer and provider data feeds, including risk adjustment and quality data, to assess key population health and financial performance measures (e.g., RAF, HCC Recapture, HEDIS Gap Closure). Our team feeds these industry-standard metrics into our models to provide vendors and their customers.
Our iterative and phased based approach to assessing and calculating ROI is defined below:
- Phase 1: Execute a system review and Exploratory Data Analysis (“EDA”) to understand size and scope of available enterprise and patient data
- Phase 2: Aggregate, normalize and analyze metadata to develop measurable metrics
- Phase 3: Ingest metrics into data models and statistical analyses and iterate scenarios
- Phase 4: Review results with stakeholders and transition to client as a leave behind solution
The FTI Consulting Difference
Managed Care Expertise
FTI Consulting’s Managed Care and Government Program experts help healthcare organizations implement and achieve their strategic visions in today’s shifting regulatory and reimbursement environment. Our teams work with both large and small plans, provider groups and other entities in various regions, analyzing data and information encompassing millions of Medicare Advantage, Medicaid and commercial beneficiaries. Our team of clinicians, certified coders, compliance experts and former operators of health plans and provider organizations, provides unparalleled expertise and industry knowledge to address our clients’ most critical challenges.
Data Analytics and Reporting
FTI Consulting’s Data & Analytics team utilizes leading technologies in tandem with our data management and analysis skills to perform advanced analytics on large volumes of data to solve companies’ most pressing and complex issues. Our team works independently to build models and analyses that provide objective results. Because advanced analytics and complex modeling are often required to address issues, we explain the methodology and results in a straight-forward and transparent manner that can be understood by clients and audited by third parties. Additionally, we present results using interactive dashboards and reports tools that support drill-down capabilities. This approach enables users from all levels throughout an organization to leverage enterprise data to take data-driven-action.
The bottom line is that differentiating winners and losers in a highly competitive market can come down to a very small margin, and often the most successful organizations have great operational discipline. Winning companies demand performance and accountability from their organization and their business partners alike and deploy strong vendor management processes which often include the measurement of financial return on technology investments and other outsourced operational initiatives.
From our experience, it is common in the value-based care marketplace for technology and related service providers to quote savings and value guarantees without presenting supporting data and analysis. With deep managed care industry expertise and advanced analytics capabilities, our experts can help your organization bring the value of your investments into focus.