August 16, 2022
Abacus Insights Takes Healthcare Data to New Levels of Value with Solutions Tailored to Key Payer Business Operations
Boston, August 16, 2022—Abacus Insights, a healthcare technology leader with the only cloud-based data transformation platform built specifically for health plans, is rolling out a suite of solutions that revolutionizes how payers can leverage data for faster and better decision making.
Abacus Insights has introduced solutions that sort, bundle and continually update validated, transformed data to serve the needs of specific payer business functions and strategic initiatives, offering payers a major step forward in data usability. The company’s platform is focused on making high-quality data available at optimal latency to accelerate business value for both analytical and operational use. Abacus Insights manages data with payer clients for more than 21 million members, which is the equivalent of 1 out of every 10 commercial members in the United States.
“Building a foundation of integrated and validated payer and external data is the prerequisite to powerful, targeted solutions that enable payers to drive effectiveness, efficiency, and innovation toward improving clinical outcomes,” said Minal Patel, MD, founder, and CEO of Abacus Insights. “Abacus Insights’ vision is to ensure a rock-solid data ecosystem based on quality, timeliness, and completeness, paving the way for interoperability by starting with the right intraoperability.”
Data Solutions for Better Performance
Abacus Insights currently has three data solutions in market. The first enables compliance with the Centers for Medicare and Medicaid Services’ requirements for interoperability for patient access. A second enables effective risk adjustment for government-sponsored plans. And a third integrates clinical data with core admin and health equity data into longitudinal member and patient records to provide a holistic view of the care journey.
Over the next few months, Abacus will be launching additional data integration solutions supporting:
- Self-Funded Employers
- Pharmacy/Specialty Benefit Management
- Behavioral Health
- Cost-of-Care Management
“With each of our solutions, we are delivering only the validated data that the business units need to manage and optimize their operations,” said Gokul Varadharaj, Abacus Insights’ Vice President of Client Solutions. “Each solution is designed to ladder up to payers’ strategic priorities, so business unit leaders can have confidence that the data informing their decisions is correct, up-to-date, complete, and aligned with their company’s goals.”
Abacus Insights’ data platform and solutions are scalable, compliant, and secure:
- Solutions go live within 4 months compared to more than a year for a built-from-scratch approach.
- They can co-exist with other existing solutions and technologies. (e.g., on-prem, multiple cloud vendors)
- Total cost of ownership is 60% lower than current alternatives.
- The platform is HITRUST CSF-certified, and SOC2-certified.
- It leverages the most innovative technologies available in the market across multiple cloud providers.
Payer Control and Flexibility
“Abacus Insights’ capabilities and payer expertise help us deliver new levels of data quality, accuracy, and velocity from increasingly large and diverse sources: operational, clinical, digital, AI, and third-party channels,” said Laurent Rotival, CIO and Senior Vice President of Strategic Technology Solutions for Cambia Health Solutions. “Abacus gives Cambia a new level of control and flexibility in enabling our products and services to make our members’ experiences in healthcare easier and their lives better.”
By uncoupling data from analytics and other applications, Abacus Insights’ data solutions support any existing legacy or new payer software applications, giving CIOs and CTOs freedom in meeting their companies’ needs. For business users of each scalable solution, Abacus Insights sends automated feeds, customized for the business purpose. With easy-to-use dashboards, the solutions also roll up analytics and other information from various business-unit applications to give operating executives a comprehensive, real-time view of their entire business unit.
Abacus Insights recently raised $28 million in Series C financing to support its continued growth and expanding solutions portfolio.
To learn more about Abacus Insights’ Data Solutions and upcoming announcements, please click here.
About Abacus Insights
Abacus Insights is a healthcare technology leader with the only data transformation platform and solutions built specifically for health plans. Focused on data quality and usefulness, Abacus Insights gives payers a new level of control and flexibility with their data by developing accurate, timely, and robust ecosystems that can support any analytics or other applications. Managing data for 21 million members, Abacus Insights partners with payers to deliver scalable solutions that drive strategic initiatives, control costs, and improve member lives and experiences.