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Nov 2016 - IDC PeerScape - Doc # US41876216

IDC PeerScape: Payer Practices for Product/Plan Benefit Configuration Initiatives

Author: Jeff Rivkin
Research Director, Payer IT Strategies

Abstract

This IDC study details a set of recommended practices payer CIOs and project managers are successfully using to implement product configuration business transformation and software implementation. This study enables senior IT executives to broaden the IT group's understanding of business strategies, cultural challenges, technical complexity, and migration/conversion enormity when attempting these initiatives.

"Using product configuration software and workflow to establish a payer's product system of record repository is not a LOB, data, or IT project; it is a business digital transformation," states Jeff Rivkin, research director of IDC Health Insights' Healthcare Payer IT Strategies. "Payer product management is formalizing in payers, and enabling workflow and software to execute product/master data management methodologies is a cultural, technical, and migration challenge that is usually measured in years, not months. While daunting, the ability to coordinate multiple departments to bring creative products to market fast, coherently, and effectively will be a competitive advantage that must be addressed. Those payers that cannot evolve may not survive the onslaught of value-based reimbursement, price competition, and consumer demand."

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