|By Business Wire||
|July 18, 2011 03:12 PM EDT||
SCIOinspire, Corp., a premier provider of analytics-driven business process solutions for health plans and hospitals, today introduced an economic modeling solution to assist bioscience, medical and wellness management companies in successfully making their business case to stakeholders. The multi-faceted solution combines a customized financial model with detailed analysis generated via SCIOinspire’s PROSpect™ software solution.
Designed to address the particular challenges that bioscience, medical and wellness management companies face when attempting to bring a new product, therapy, or a care or wellness program to market, the solution helps them to:
- Provide a defensible financial ROI model that can accelerate market adoption
- Validate their starting assumptions through data mining and research
- Develop a range of workable prices for the product or process
- Understand and demonstrate the business and clinical value and marketability of the product or process
- Provide a detailed demonstration that includes demographic and clinical variables, and that accounts for concomitant savings
- Submit a consistent and professional, customized savings report to potential buyers, such as insurers, TPAs, medical managers, employers and providers, by ensuring a disciplined sales process
“A number of bioscience, medical and wellness management companies have developed or reinvented products and therapies that deliver better outcomes, are less expensive, more accurate, or easier to use than existing products and processes on the market,” says Mark Howland, vice president and chief actuary at SCIOinspire. “As exciting as many of these innovations may be, stakeholders will require a demonstration of the innovation’s financial merits. Through its economic modeling solution, SCIOinspire accelerates the sales process by partnering closely with these companies to help them authoritatively demonstrate the value of their business model to payers, employers, providers and investors.”
SCIOinspire works closely with each organization to construct an accurate financial model for its solution offering, including values such as demographics, region and industry. The model serves as a prototype, and PROSpect is then customized to replicate and enhance it. Users can run comprehensive reports on-demand via the PROSpect software, complete with customized illustrations and narrative, to demonstrate and validate the business value of the new product or therapy.
“In today’s economic landscape, bioscience, health and wellness management companies are facing ever-increasing competition and the need to differentiate,” notes SCIOinspire’s CEO Siva Namasivayam. “By combining the knowledge of our expert staff with robust data, credible health outcomes modeling capabilities, and our award-winning software tools, we’re able to arm these companies with the solid, compelling demonstrations they need to bring their innovations to fruition.”
SCIOinspire provides analytics-driven business process solutions to the health plans and hospitals, enabling the healthcare community to achieve measurable outcomes, cost savings and increased revenues. Offerings include care analytics, care management evaluation and support, third-party liability recovery, claim audit and overpayment services, data management, and actuarial services. SCIOinspire collaborates with clients through a unique delivery model that includes strategic consulting, analytics support, software-as-a-service technology platforms, and business process outsourcing and co-sourcing. To optimize cost-management outcomes for clients, SCIOinspire draws upon an expert team of clinical, actuarial, legal and analytical resources, complemented by technology and knowledge assets. To learn more about SCIOinspire, please visit http://www.scioinspire.com.