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Healthy, Wealthy and Wise with Digital Process Acupuncture

31 Cognizant Healthy, Wealthy and Wise - with Digital Process Acupuncture Digital change offers a powerful stimulus for the future.of healthcare payers. Whether it's game-changing digital claims management or e-health initiatives, new predictive and preventative process possibilities await. Yet boil-the-ocean strategies for digital change are usually doomed. So where to start? Consider: digital process acupuncture. The precisíon application of digital technology to just the right processes or sub- processes can help relieve operational stress in business value chains to unlock unprecedented value. We surveyed 53 European and U.S. healthcare insurance payers to understand how and where they are applying digital tools and techniques to optimize work. Here's what we found: Healthcare Lags in Trimming Fat, Building Digital Muscle Digital process acupuncture can release substantial cost savings and revenue growth, but healthcare payers are slightly late to reap the results. Although revenue lifts are in line with the retail industry (also at 8%), cost savings lag other sectors significantly. 9.8% 8.0% ALL INDUSTRY 0101 10 AVERAGE REVENUE AVERAGE COST INCREASE REDUCTION 8.2% 5.5% HEALTHCARE PAYERS AVERAGE REVENUE AVERAGE COST 01 0101 100 INCREASE REDUCTION Source: Cognizant Center for the Future of Work Healthcare Payers' Pervasive and Persistent Process Digitization Enrollment and billing is highly digitized: 64% 55% ON-LINE HAVE ALREADY HAVE ALREADY DIGITIZED ENROLLMENT DIGITIZED CLAIMS AND BILLING SERVICES PROCESSING (with positive potential for providers' revenue cycle management, as well). • Although current levels of digitization for fraud and abuse processes are low compared with PC&L insurers, major piloting initiatives are underway (42%). PAY Source: Cognizant Center for the Future of Work The Healing Touch: Pinpoint Techniques that Release Value Interestingly, the most-hyped industry initiatives, such as Al, are at the bottom of the list. (Percent of respondents citing digital process solutions, services or approaches already in use) 49% 45% Digital identity, security Digital statistics, trials, records 43% Online wellness 40% 38% Omnichannel personalized Finger, facial, retinal recognition content or services 34% Wearables & safety 30% 32% Artificial intelligence Gamification & digital contests Source: Cognizant Center for the Future of Work Healthcare Payers Focus on Healthy N Alignment with Business Drivers Consumerism is the critical concern of most payers. Related drivers - reform, health insurance exchanges, etc. - also command attention. Private healthcare exchanges made legacy systems and processes a burden, and healthcare payers are investing to better manage complexities in verification, adjudication and claims management. (Percent of respondents who rated the driver as highly important) 79% 62% 66% 68% 49% Demographic Redistribution of Health insurance Health reform & Consumerism shifts risk & accountability exchanges cost containment Source: Cognizant Center for the Future of Work 10 101 1 From Symptom to Cure: Applying Digital Process O lo Acupuncture to Reinvigorate Healthcare Process change for healthcare payers looks and feels different in today's digital age. Operational leaders need to be innovative and nimble, while simultaneously managing organizational change. Rather than reactively performing major surgery, we recommend digital process acupuncture as a proven way to heal and energize healthcare payers and deliver lasting outcomes across the extended value chain. To learn more, read our white paper at: http://cogniz.At/digitalprocessacupuncture, or visit our business process services business unit at: http://cogniz.At/bps. KEEP CHALLENGING" © Copyright 2016, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trade- marks mentioned herein are the property of their respective owners. TL Codex 1797

Healthy, Wealthy and Wise with Digital Process Acupuncture

shared by cognizant on May 01
Anybody can “go digital,” but rather than a big-bang approach, leading healthcare payers are using precision-guided digital change to unlock unprecedented value throughout their extended value cha...




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