I think by now most would agree that “big data” is more of a catch phrase that encapsulates all things data, including interconnectivity of data repositories, trend analysis, benchmarking, predictive analytics and claim level interventions. Big data is a critical component of risk management and cost mitigation and many believe it is still in its infancy. This is why, as part of The Center for Excellence – The Study of Medical Cost Drivers in Workers’ Compensation track at the 2015 Workers’ Compensation Educational Conference in Orlando, I am moderating an all-star panel on big data.
“Thinking big data” is about ensuring your organization utilizes all information available to make meaningful business-related decisions and implement appropriate corrective interventions. While it doesn’t matter if the data is used for dashboarding, trending, benchmarking or predictive modeling, it does matter that the claim professional and nurse case managers understand the data and analysis behind the solutions being implemented and the intended consequence of their actions. Simply put, big data’s purpose is to link data – a lot of data – with action.
Health costs continue to rise and the proportion of claim costs associated with medical benefits continues to grow and outpace indemnity costs. The question that you must ask, and what our panelists will share insight into, is how you can go from strategic to tactical, high to low, with data to translate corporate-level initiatives to drive desk-level solutions. Aligning trends with meaningful claims interventions can be one of the most vexing challenges faced by an organization.
I encourage you to watch the video below as I talk more in-depth about big data and analytics. Then leave your questions and comments or send them to me via Twitter @SPRogers68; I can share them with our panelists and provide the most insightful dialogue possible.
Scott Rogers, EVP of Casualty Operations