With the acquisition of MBF, Bupa Australia Group is the largest non-government private health insurer in Australia, covering nearly two million people. Four years of using Futrix has enabled Bupa to undertake powerful analysis to negotiate better contracts and retain customers.
Starting with a small base of 15 users, Bupa was pleased that Futrix could empower comprehensive clinical and commercial analysis while being flexible and quick to set up. Now there are nearly 100 registered users. Users regard Futrix as an essential tool to conduct complex and fast analysis. They no longer need to consult with IT specialists to run queries. Users can analyze information from any perspective they need, as there are no predefined hierarchies in Futrix.
With 60 years in business, Bupa has accumulated massive amounts of information from multiple sources. Information on hospital claims is particularly complex because of the inherent interrelated data on medical treatments. As a result, Bupa found it time consuming to obtain accurate analysis. This problem was quickly resolved by Futrix providing access to all multi-sourced information and presenting it from different angles, which gives users a clearer view of the information. Futrix provides confidence for Bupa to negotiate better contracts with their providers. Bupa uses Futrix to derive what-if analysis in relation to intelligent clinical service purchasing, movements in treatment complexity, utilization of clinical services as well as future spending. This knowledge gives Bupa the power to design their optimum pricing strategies and create better contracts.
Futrix enables Bupa to build a membership database that links related data and provides a more insightful view of its membership and its effect on the overall business. All member characteristics, from contribution and claims, to who are leaving, can be easily analyzed. This analysis acts as a good indicator of the health insurance business.
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