Healthcare Providers and Payers Rank Top Data Challenges Amid Pandemic

Rhea-AI Summary

TransUnion's new survey reveals a significant gap in healthcare organizations' access to accurate patient data, with only 37% of payers and 58% of providers expressing high confidence in the accuracy of demographic information. The survey indicates that improving efficiencies and creating positive patient experiences are key data priorities for healthcare leaders. As organizations face increased financial pressures due to COVID-19, comprehensive and validated data is critical for enhancing patient outcomes and reducing costs.

Positive

• 63% of providers and 53% of payers prioritize improving efficiencies in their top business objectives.
• 51% of payers and providers rank creating positive patient experiences among their top three priorities.

Negative

• Only 37% of payers and 58% of providers are very confident in the accuracy of member/patient demographic information.
• Inaccurate data may lead to negative financial consequences for both organizations and patients.

New TransUnion survey explores data utilization patterns and organizational priorities for healthcare leaders

CHICAGO, March 11, 2021 (GLOBE NEWSWIRE) -- Healthcare organizations are finding a gap in their access to accurate and reliable data used to engage their patients and members, particularly with the ongoing clinical, financial and socioeconomic impacts of the COVID-19 pandemic. A new survey from TransUnion Healthcare (NYSE: TRU) reveals only 37% of payers and 58% of healthcare providers are very confident that their member/patient demographic information is correct.

The survey explores the data challenges facing providers and payers today. Survey respondents included 100 leaders at healthcare payer organizations and 100 leaders at healthcare provider organizations in the United States.

“The healthcare ecosystem is driven by data which helps to verify patient identities, determine socioeconomic risks and identify affordability gaps, in order to reduce uncompensated care and improve outcomes. In light of COVID-19’s disparate impact on disadvantaged populations, providers and payers need access to data that reflects a patient’s current situation,” said David Wojczynski, President of TransUnion Healthcare. “Our latest survey indicates healthcare organizations are struggling with data accuracy which underscores just how critical it is to use the right resources, tools and expertise to acquire reliable and correct data.”

Lacking confidence in the accuracy of member/patient demographic information can lead to further challenges in ensuring positive experiences and outcomes for patients. Inaccurate data can also have negative financial consequences for both organizations and patients. With this in mind, comprehensive and validated data is critical for providers and payers to have a holistic picture of a patient’s social, clinical and financial situation, particularly considering the increased financial pressures due to COVID-19.

Precise and actionable data contributes to strong member/patient engagement, improved efficiencies and reduced expenses. Providers and payers require alignment on the best contact information, financial stability, and socioeconomic risk intelligence to drive care quality and cost outcomes for all stakeholders.

Top data priorities for healthcare leaders include efficiencies and patient experiences

When asked about top business priorities for data, improving efficiencies and creating positive member/patient experiences topped the list. These are two key considerations for organizations who want to leverage social determinants of health (SDOH) to implement effective programs that can reduce costs and improve patient and population health outcomes. Sixty-three percent of providers and 53% of payers ranked improving efficiencies in their top three priorities, and 51% of providers and payers ranked positive patient/member experiences in their top three. Patient experience, and more importantly patient loyalty, is front and center with providers in this competitive, somewhat fearful, post-COVID-19 environment.

“Accurate and reliable data can make all the difference for providers, payers and patients, and the intricacies of data are both an opportunity and a challenge for the industry as highlighted by our latest survey findings,” said James Bohnsack, Senior Vice President and Chief Strategy Officer of TransUnion Healthcare. “Healthcare providers and payers should reflect upon these survey insights and how these challenges may present themselves in their environments. In doing so, they may uncover opportunities for their own data strategies in order to build a foundation of trust with those they serve.”

Data Challenges and Priorities for Healthcare Provider and Payer Leaders

Topic	% of Healthcare Provider Leaders		% of Healthcare Payer Leaders
Very confident that their member/patient demographic information is correct	58	%	37	%
Fairly confident that their member/patient demographic information is correct	38	%	60	%
Ranked improving efficiencies as a top three business priority for data	63	%	53	%
Ranked creating positive patient/member experiences as a top three business priority for data	51	%	51	%

Additional insights around how providers and payers are approaching data today, as well as strategies for healthcare organizations to consider, can be found in TransUnion Healthcare’s latest report: “Healthcare Data Priorities: Insights from Providers and Payers.”

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

TransUnion Healthcare, a wholly owned subsidiary of TransUnion, makes mutual trust possible between patients, providers, and payers by helping them navigate payment complexities. Our solutions leverage comprehensive data, accurate insights and industry expertise to engage patients and health plan members early, ensure earned revenue gets paid, and optimize payment strategies. TransUnion Healthcare helps over 1,850 hospitals and 570,000 physicians collectively recover more than $1.2 billion annually in revenue.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunionhealthcare.com

Contact	Dave Blumberg
	TransUnion
E-mail	david.blumberg@transunion.com
Telephone	312-972-6646

FAQ

What did TransUnion's recent survey reveal about healthcare data accuracy?

The survey indicated a lack of confidence in data accuracy, with only 37% of payers and 58% of providers very confident in their member/patient demographic information.

What are the top business priorities for healthcare leaders according to the TransUnion survey?

Improving efficiencies and creating positive patient experiences are top priorities, with 63% of providers and 53% of payers emphasizing efficiencies.

How does inaccurate demographic information impact healthcare organizations?

Inaccurate data can lead to challenges in ensuring positive patient experiences and may result in negative financial consequences for both organizations and patients.

What percentage of healthcare providers are confident in their demographic data?

Only 58% of healthcare providers are very confident that their member/patient demographic information is correct.

How does TransUnion Healthcare support the healthcare ecosystem?

TransUnion Healthcare provides data solutions that help verify patient identities and improve patient outcomes, leveraging comprehensive data and insights.