Many of today’s health insurance companies—including those that have attempted to undergo digital transformations in light of the times—still subscribe to outdated data management methods. The most common approaches utilize data lakes or repositories that compile raw and unstructured data from both internal and external sources. Insurers often think that culling from these repositories will lead them to the simplest, most cost-effective, and most frictionless methods for handling healthcare data. Indeed, at first, glance, relying on a data lake may seem like the more appealing option over implementing a data warehouse for the purpose of data analytics and business intelligence activities.

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But for enterprises that are experiencing rapid growth, and therefore accommodating larger volumes of complex data, this is simply not true. At some point, depending on an obsolete and disorganized data repository will hurt an insurance business and hamper its ability to actualize its potential. Upon approaching this juncture for their growth potential, an insurance company would do well to invest in an insurance management system that can run like a data lakehouse or a platform that combines the affordability and flexibility of a data lake with robust data governance of a data warehouse.

In the context of your own business’s insurance operations, this modern-day data repository format can involve a fully integrated hub for healthcare information and payments, as well as schemas for conducting complex insurance data-related tasks. This added mastery over your healthcare data will allow you more ease in doing business, as well as strengthen your partnerships with other care providers. Below is a list of possibilities that you can look forward to upon upgrading your insurance management system and modernizing your data repository.

A 360-Degree View of Health Insurance Operations

The immediate advantage of upgrading to a more robust healthcare data repository is the achievement of 360-degree visibility over your insurance business. With a data solution that’s both generous enough and organized enough to accommodate your burgeoning healthcare insurance data, you’ll be able to glean real-time insights about your insurance business performance.

On the whole, this puts you in a better position to decide on matters of policy administration, contract models, and the like. This alone is a good enough reason to invest in more modern insurance data solutions.

A More Accessible and Interoperable System for Healthcare Patient Information

There are several parties involved in the spectrum of patient care, from the patient’s doctors to their healthcare insurers. For their work to be fully synchronized, all parties need access to accurate and updated patient records. They will also benefit from interoperability on the platform, which, in turn, affords them greater ease in doing interconnected business tasks. Thus, an investment in a modern healthcare data repository serves not only your insurance business but all the other parties involved in your customers’ provider network.

An upgraded solution facilitates swift and reliable health information exchange, which is crucial for aligning patients’ treatments and their health coverage. Consider the advantages of a lakehouse-like platform to your business, your partners, and your insurance customers when taking steps to modernize.

Simplification of Complex and Data-Driven Health Insurance Processes

Health insurance is often a complex, data-heavy, and resource-intensive field of business. Any health insurance company knows the value of efficient processes, as these can often spell the difference between business competitiveness and financial ruin. But too few are factoring data management into their plans for improving their operations. In reality, revisiting insurance processes that heavily involve data, and then simplifying them using an upgraded data repository, can do a lot to add value to the business.

A lakehouse-like solution with customizable and rules-driven architecture can improve a company’s performance in business-critical processes like claims processing and billing. Once this type of solution is deployed within your organization, you may be able to complete such processes with even greater speed and accuracy than before—much to the benefit of your company coffers.

New Opportunities to Expand Health Insurance Business Lines

Lastly, investing in a more modern healthcare data repository will make your insurance business more competitive not only in the present but also in the future. It will be a boon to your enterprise in terms of supporting new ventures where good insurance data management and data governance are crucial. You will be better equipped to administer health insurance policies for particularly demanding or forward-thinking clients, like big corporations and government agencies.

Your investment in more modern data management solutions will surely prepare you to underwrite more complex but more profitable insurance contracts. Use your new solution to expand your current business lines and become the insurer of choice for more high-value clients.

Takeaway

Modernizing your data repository constitutes a pretty big tech upgrade. It will surely create ripples in your insurance organization, especially among those who are risk-averse in their methods and used to managing insurance data in a certain way. But having new opportunities to secure business growth will require you to do things differently—and in this case, you can start with your healthcare data.