For many reasons—ranging from acquisitions and rapid product expansion to complex pricing structures and redundant processes—many payers use multiple applications and software tools to perform the same or similar functions. This, however, limits the ability to manage costs, maintain a high-performing IT environment, respond quickly to regulatory or competitive change, and access and share data vital to performance and competitiveness.
Ensure you consider the following:
- Do you have multiple applications that serve the same function?
- Are you able to measure return on investment for each application that your organization uses?
- Are you prepared to migrate your enterprise from ICD-9 to ICD-10? Is your sheer number of applications a limiting factor?
- Are you looking for a way to simplify your IT infrastructure and reduce costs?
- Are you unable to negotiate more advantageous service level agreements with your vendors because your business is spread across too many providers?
- Do operational systems or silos hinder your organization’s ability to share and access information?
- Is your application infrastructure flexible enough to adapt to the healthcare industry’s rapidly evolving regulatory environment?
We understand the payer environment.
If you are looking for a way to improve both flexibility and return on your technology investments, talk to West Monroe Partners. We understand the distinct challenges facing payers in today’s dynamic environment, as well as the importance of software applications and tools on supporting payers’ efforts to compete and drive innovation.
Based on our past experience with payers and third-party administrators, we have developed a proprietary application evaluation tool to assess your applications. We investigate your environment and use the application evaluation tool in a customized fashion to assess your applications across three dimensions:
- Business utility
- Technical standing
- Total cost of ownership
The tool helps us generate recommendations for each application based on these dimensions.
Evaluate and then consolidate.
West Monroe Partners utilizes a four-phase approach that helps you evaluate and consolidate existing business applications to support your specific environment, operations, and strategies.
Initiate. We begin by listening so that we understand what is important to your organization. Then, we develop an inventory of current applications.
- What is your organization’s overall strategy?
- What are your competitive advantages, and how do you seek to differentiate yourself within the healthcare payer space?
- What applications currently support your business and operations?
- How many do you have in each area?
- Ensure that acquired technology can be maintained, supported, and integrated with other applications
Investigate. Once we understand your operations and goals and the applications currently supporting those, we dive deeper— assessing how well each application currently meets the needs of your business.
- What functions does each application support?
- How often are they utilized?
- What is the technical architecture of each application?
- How many resources are required to support each application and the related infrastructure?
- What is the total cost of ownership for each application?
Analyze. From our investigation, we develop a comprehensive analysis of your application portfolio.
- How does the technical architecture of each application translate into the overall cost to support and maintain the application?
- How well does each application meet your organization’s strategic objectives, and how well do these applications position you for future growth and innovation?
Execute. We conclude by positioning you to take action on the analysis and to move toward an optimal application portfolio for your unique business needs.
- What should your application portfolio look like in the future in order to best support your strategic
- What incremental steps can you take to streamline your current application portfolio and move toward your desired future architecture?
- Which applications should you phase out, and when?
- What dependencies must you consider in making application changes?
- What investments will provide you with the greatest potential return?