Every company is a data company. Insights Everywhere explores the ways companies are evolving to include analytics in their products as a market differentiator and revenue driver.
There’s no longer any debate in the healthcare world over whether data is useful. Though the industry must move more cautiously because of the sensitive information involved in most healthcare transactions, companies have grasped that data holds the key to helping patients, modernizing processes and care, and saving money. Beyond those benefits, companies are realizing they can even drive revenue with their data.
Once an organization has started using a BI platform like Sisense, there are countless ways data can start driving revenue. Healthcare billing leader Billing Savi uses its Sisense-powered analytic app to create new opportunities for its customers and differentiate itself in the marketplace.
Driving revenue with data: The old way
One of the best ways companies of all kinds can use data is to identify cost-saving opportunities. Your analytics can give you clear guidance on key decisions that will improve efficiency and give your company an advantage. Sharing the actionable insights you’ve extracted from your data can help every team member do their best work.
After you’ve conquered internal data challenges, it’s time to start exploring outward-facing paths to increase revenue. Selling data may seem like the obvious first rung on the data monetization ladder; it’s a simple formula for providing one-time direct access to your data for third parties. However, this can be a bit of a dead end, because once you’ve charged your fee, the transaction (and revenue potential) is over.
Adding key data insights to your product takes it to the next level, though! This is where your company can really put its innovation efforts into play and allow your developers to show off their skills. Set your in-house creative builders free to experiment with your data to find what your customers respond to and, of course, what they will pay for.
Partnering: Better than selling
Partnering (taking a percentage of new revenue) is a new direction for driving revenue with data: Billing Savi is a medical billing partner to multiple entities (providers, labs, doctors) in the healthcare supply chain. Under its current pricing model, Billing Savi’s revenue opportunities increase alongside client earnings. Integrating Sisense into its white-labeled product offerings has powered revenue growth in incredible ways.
Sumit Mahendru, Billing Savi CEO, talked with Sisense during our “Data Monetization Heroes” webinar series, sharing one of his “aha moments” where, thanks to insights pulled from its massive data stores, Billing Savi achieved significant savings for one customer, a California-based tech healthcare company.
The client company was receiving $13 to $15 for a healthcare service when using a particular code. In New York, the data revealed, the code for the same service would net it $275, with no change in service for the patient nor increased cost for the provider. Changing the code was a simple tactic that boosted the customer’s revenue by 10 to 12 times, growth that has been sustained ever since — with added revenue passed on to Billing Savi!
Sumit explains the strategy behind using the app to put the power of analytics into the hands of the customers: “Finding those diamonds in the rough is very tough to do in Excel. I’m sure there are experts and very brilliant people out there who could do it. But why not make it easy? Why not let the customer do it? And that’s what we’ve built with Savi Sense.”
Get creative to drive revenue
Almost every company has some way to look at its internal data. At the very least, companies are using Excel and may be also doing some form of business intelligence — perhaps with a platform like Sisense.
Sumit says that similar to the cybersecurity industry over the last 10 years, companies are starting to recognize the value of their data and devote more attention to it.
“People are realizing more and more that data is king,” Sumit says. “And realistically, data is what gives a small business an advantage and helps it compete against the largest healthcare companies in the world. That’s where [small to medium-sized businesses] need to focus their efforts, money, and other resources.”
Charles Holive, Sisense Managing Director of Data Monetization and Strategy Consulting, doubles down on this point: “The differentiation is not, ‘I have the data,’ which is a means to an end. It’s the way you engage with your customers, that partnership. It’s the combined focus of you working with them to reach a better business outcome. You’re not trying to sell features or differentiate yourself through price. Really what you’re saying is, at the beginning of the relationship and as it evolves: How much value can you create for them?”
Building a better future with data
With better-informed decisions, more automated processes, and more efficient allocation of resources, data is helping to shape a brighter future for the healthcare industry. The introduction of analytic apps helps healthcare providers and other industry members transform their businesses and create new revenue streams from existing assets. Billing Savi has successfully achieved this transformation with a Sisense-powered app that drives revenue with data and creates new opportunities for its customers. Get the full story in this webinar:
Rachel Burstyn has worked in program marketing for NPR, written a food column for World Jewish Digest in Chicago, and served as a news reporter for WVXU-FM Cincinnati. She lives in Israel with her husband and four children.