SCIO Health Analytics: Impacting healthcare cost and quality through analytics
Date: Monday , November 04, 2013
The marketplace is eager for actionable insights and outcomes from the volume of data available in healthcare today. There is a need for enterprises to position themselves as partners leveraging complete solutions, equipped with a suite of core analytics solutions that impact healthcare cost and quality. Headquartered in West Hartford, Connecticut, SCIO Health Analytics has been a provider of actionable healthcare analytic solutions since its inception in 2007. SCIO helps the healthcare market players such as insurance carriers, disease and care management providers, PBMs, large employers and life sciences organizations solve specific problems, with a focus on managing member/consumer risk, containing cost and payment reimbursement issues and increasing revenues.
\"SCIO basically assists healthcare organizations in not only extracting useful information from the complex data but also adds insights to the process so that clients can solve significant cost and business performance issues,\" says Siva Namasivayam, CEO of SCIO Health Analytics while declaring that their solutions are aimed to reduce administrative and care related costs to improve efficiencies through a combination of analytics, business processes and expert resources.
Analytics served in various forms
The enterprise is extensively focused on new and additional ways to utilize its robust analytic capabilities and deep industry experience to provide additional value to clients by providing analytics that deliver actionable insights and solutioning to help clients who are facing increasing pressure to do more with less. SCIO provisions actionable analytics, business services and insights in the areas of payment integrity, care and population management, value-based benefit design, medication adherence, consumer engagement, economic modeling and outcomes measurement. In turn, these provisions improve healthcare services and results through the use of integrated healthcare data and proprietary algorithms and technologies, all of which is delivered from an expert team of business process and analytical resources across multiple delivery centers. SCIO has an expert team of clinical, actuarial, claims, legal, technology, business process and analytical resources across multiple delivery centers in the US and India, providing data-driven, platform-enabled decision analytics solutions and services.
In response to its offerings, SCIO is currently providing solutions to more than 50 health care payers, care organizations, hospitals and employer groups; including 15 of the top 25 insurers; all of which represent more than 100 million members. Further, SCIO\'s largest clients are health insurers, care/wellness management companies and PBMs.
Road of Ambitiousness
The core infrastructure of SCIO Health Analytics - machinery has been made possible through its procurement till date of over $20 Million in private equity; which was backed by Sequoia Capital, Silicon Valley Bank Capital and Health Enterprise Partners (HEP). The initial funding is a precursor to SCIO\'s aspiration to become one of the top 3 players providing analytic solutions to the entire healthcare vertical with expansion from a capabilities perspective such as sales and marketing analytics, product analytics and pharmaceutical analytics. This is also in line with the goal of penetrating deeper into additional verticals, such as Life Sciences, Care Management and large Employers.