Healthcare Analytics: Prognosis Positive

Healthcare Analytics: Prognosis Positive

Healthcare Analytics: Prognosis Positive

More—and more complex—healthcare data is available today than ever before. With this comes the opportunity to better understand healthcare drivers, reduce errors and waste and manage costs. Likewise, business expectations understandably have increased across the board in today’s healthcare environment. Because the field of healthcare analytics is developing quickly, its definition may vary depending on who you ask. Jason Gomberg, FSA and Consulting Actuary with Milliman Inc. in Brookfield, WI, weighed in on the healthcare fields marriage of actuarial science and research. “Actuaries interpret information. With healthcare analytics, instead of traditional financial work—examining reserves, for instance—the work involves interpreting published research and clinical outcomes.

By combining both business and statistics training, actuaries have the skills needed to connect the dots in order to determine what makes sense.” Thomas Boldt, ASA and Chief Actuary for Accolade in Plymouth Meeting, PA, offered insight into the profession as well. “Healthcare analysts look at what is happening, what it means to the industry and what is going to happen in the future, evolving toward more win-win solutions for controlling healthcare costs.” Many of today’s healthcare analytics professionals examine claims and interpret them to draw current and project forward-thinking business conclusions. As more medical records go electronic, some healthcare analytics professionals are beginning to look beyond claims data—into social, spiritual and financial issues, for example. “Healthcare analytics isn’t just math,” Gomberg said.

It has been estimated that 30% to 40% of healthcare dollars spent today go to waste. Having the insured pay more is not an effective solution, according to Boldt. Instead, placing increased focus on streamlining processes and positioning patients for better outcomes through healthcare analytics will benefit all stakeholders.

Ultimately, investigating research studies, claims, consumer data, consumer interactions and the like to discover and address bumps in the healthcare road is good for everyone: patients, providers, pharmaceutical companies, academia and the public health in general. Credentials That Work, a Jobs for the Future initiative that helps align education and training needs with the economy, published a June 2012 report that shows significant growth in healthcare informatics in general. “A Growing Jobs Sector: Health Informatics,” found the following online job posting increases in 2011 versus 2007:

• All jobs: Up 6% in 2011
• Healthcare jobs: Up 9% in 2011
• Healthcare informatics jobs: Up 36% in 2011

Individuals with an actuarial background may find themselves viable candidates for roles within the latter, most rapidly growing segment. Actuaries are trained in business and statistics and they are no strangers to large data sets, Gomberg noted. And certainly, Boldt added, a demonstrated wherewithal to dig into that data and decipher important underlying trends is required. Healthcare analytics career opportunities generally call not only for database experience (e.g., Excel and Access), but also statistical modeling and analysis expertise (e.g., SAS and R).

Strong candidates may come from a variety of educational backgrounds including Statistics and Computer Science. Demand for healthcare analytics—and the skilled professionals behind it—shows no signs of slowing. To learn more about healthcare analytics job opportunities, please visit or contact your DW Simpson recruiter.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Jobs & News

Developments & Trends in Life Reinsurance

Developments & Trends in Life Reinsurance

By: Julie Garwood, Manager and KC Cho, Partner, DW Simpson As seen in the property and casualty reinsurance industry, low interest rates and alternative capital are making an impact in the life reinsurance market. The soft reinsurance market has been and continues […]

DW Simpson Hires Patty Kennelly as Director of Recruitment & Business Development

PRESS RELEASE — DW Simpson Global Actuarial & Analytics Recruitment – (Chicago, IL – 2/13/2018) It’s with great enthusiasm that we announce our newest hire, Patty Kennelly as Director, Recruitment & Business Development – Risk Management, Analytics & Data Science.  Patty joined […]

2017 Casualty Actuarial Society Annual Meeting

DW Simpson Attendees Patty Simpson Chairman, CEO, & Founder Paquita Laurient Senior Recruiter Browse all of our recruiters.Recruiter Bios Join DW Simpson Join us for the DW Simpson Cocktail Reception at the 2017 CAS Annual Meeting in Anaheim, CA. Where: Mix Lounge [...]

DW Simpson Global Actuarial & Analytics Recruitment Names Marianne Westphal Partner

Chicago, IL – September 28, 2017 – DW Simpson Global Actuarial and Analytics Recruitment has promoted Marianne Westphal to Partner. Marianne joined DW Simpson in 2003 and was promoted to Senior Manager in 2009, Director in 2010 and Senior Director in 2012. […]