Geneia LLC, a company catering to the healthcare sector by providing analytic services and solutions that can simplify the availability of value-based care, has announced the creation of a risk score model. This model is designed to help health plans interfere and provide insights earlier for preventing future costs and health deterioration.
FREMONT, CA: Geneia LLC has revealed information about the creation of a risk score model. The model is expected to go beyond conventional actuarial practices. The AI-powered model was developed by the GDI (Geneia Data Intelligence Lab) by utilizing cutting-edge machine learning technologies. Geneia LLC has offices in Harrisburg, PA, in addition to Manchester, NH.
The GDI Lab team comprises of trained analysts, engineers, employers, physicians, data scientists, and Ph.D. scholars. The entire team here is focused on leveraging data science to assist in lowering healthcare costs for health plans, as well as for employers and physicians. The lab has created refined, innovative, and elegant predictive and prescriptive models, which are easy to use and faster in approach as compared to traditional approaches.
Conventionally, health plans were reliant on actuarial models that can determine risks and future expenditure at the population level. The conventional actuarial models extend an objective basis for future-planning and build consensus on strategies, which would ensure optimal results as part of managed care agreements.
Now, with the GDI Lab version, a dynamic risk score is extended to each member, thereby improving its personalization and precision. In addition, the model also enables health plans to work on the gained insights for preventing unnecessary future costs and health deterioration.
Let’s look at The Diabetes Complications Model by Geneia Data Intelligence Lab. A health plan in which more than one million members are using this model for intervening and predicting risks have been able to have an annual savings of about $1.5 million.