GlobalHealth, an Oklahoma-based health maintenance organization, was recently recognized as a winner of the first-ever Analytics 50 Awards. A collaboration between Drexel University’s LeBow College of Business and CIO.com, the Analytics 50 recognizes 50 companies using analytics to solve business challenges.
GlobalHealth partnered with VitreosHealth, a pioneer of advanced population health analytics for big data, to use a predictive and prescriptive analytics program in an effort to reduce its medical loss ratio, cut costs for members and improve members’ health.
“Our predictive analytics initiative is a game changer in the healthcare industry and we are honored to receive this recognition,” said GlobalHealth President and CEO Scott Vaughn. “Using analytics in the healthcare industry to predict and prevent complex healthcare cases not only saves money from preventing ER visits and other costs, but most importantly, it helps us provide better care to our members.”
Since starting the predictive and prescriptive analytics program in 2014, GlobalHealth successfully predicts 70 percent of hospital admissions, has seen an 18 percent reduction in ER encounters and emergent hospital admissions, a 22 percent reduction in re-admissions and a 16 percent reduction in per-member, per-month medical costs resulting in annual savings of $10 million.
The Analytics 50 represents a broad spectrum of industries, ranging from pharmaceuticals and healthcare to sports and media, with companies including AstraZeneca, Citrix, Farmers Insurance, Owens Corning and The North Face.
The award’s goal is to share best practices while identifying innovative analytics solutions across industries. Winners were selected by a panel of leaders in academia and the industry, who judged nominations based on the submitted challenge, the innovativeness of the analytics solution, and the overall impact on the organization.
About GlobalHealth:
GlobalHealth is changing health insurance in Oklahoma. As an industry leader, GlobalHealth is an Oklahoma-based health maintenance organization covering more than 45,000 individuals in all 77 Oklahoma counties. Working proactively with each member, GlobalHealth engages a personalized management plan to address their specific needs and ensure the best possible health outcomes. GlobalHealth utilizes cutting edge, predictive data technology as a foundation to deliver improved healthcare as part of its commitment to making health insurance more affordable. Its membership includes state and education employees, federal employees, municipal employees, Medicare Advantage members and private employers. GlobalHealth employs more than 250 associates throughout Oklahoma. To learn more, visit www.globalhealth.com