Predictive Analytics – Healthcare
Case Study: iSOCRATES helped a growing Regional HMO through predictive models to increase acquisition and retention.
A growing regional HMO needed insight into its current employer group members in order to better understand who the most valuable clients were and what prospects would have potential value in the future. Our objective was to help them establish metrics that would streamline products and services as well as facilitate the creation of more targeted marketing efforts.
iSOCRATES solution integrated analytics, marketing technology and strategy to identify the utilization segments of consumers and use these segments to understand employer groups. This analytical approach helped created indepth knowledge of employer, customers and prospects and delivered insights to the sales forces through a web-based portal.
Our strategic approach included building predictive models to assign individual consumers to segments based on the type and amount of services they used. The value metrics assigned to employer group members and prospects took several factors into account, including:
- Expected tenure of the relationship
- Expected number of associate sign-ups
- % of the associate base likely to sign up
- Utilization levels of service
- Type of health care plan
iSOCRATES was able to not only score but also segment current business clients by building an online sales portal, which was used by the sales team to track all contact activity against goals and to manage their portfolio. This allowed our client to create customized marketing programs to non-members and members in order to increase acquisition, loyalty and retention.
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