The year 2023 is already shaping up to be one of the most critical periods for technological evolution. As industries and tech leaders gear up for the decentralized, blockchain-based Web 3.0, healthcare and life sciences companies are no exception.
The right technological investments in this pivotal moment will empower healthcare companies to support their organizational goals and deliver quantifiable value by boosting transparency, customer experience, and value across the ecosystem. The rise of whole health and care delivery outside of hospitals forces payers to evaluate providers for their quality of services and push for value-based contracts. With other challenges looming—inflationary pressures, tightened VC funding, margin pressures, competitive pressures, slow customer adoption, data privacy, and heightened regulations—companies are seeking trusted partners to elevate their innovation journeys.
“Innovation is all about connecting the dots; most of the industry’s present problems can be solved if we focus on the right solutions,” says Vaibhav Srivastava, President of Healthcare, Insurance, Life Sciences (HILS), and Government Sector Strategic Business Units (SBUs) at Innova Solutions.
Srivastava helms Innova’s digital transformation projects for top HILS enterprises across the US. Under his innovative leadership, Innova strives to create a superior end-to-end experience for clients through digital transformation, engineering, talent solutions, and business operations support. Innova has a remarkable legacy of providing consulting, research, and successful delivery for healthcare clients seeking to modernize, optimize, and transform their clinical, operational, and financial platforms to meet the evolving demands of digitization.
Celebrating 25 years of innovation, the company has recently received industry analyst recognition as a “Major Contender” in Everest Group’s 2023 Healthcare Data and Analytics Services PEAK Matrix® Assessment as well as the Revenue Cycle Management (RCM) Operations PEAK Matrix® Assessment based on an evaluation of “market impact” and “vision & capability.” Innova was also named one of Women in Technology’s “2023 Best Places to Work for Women” and is certified by Great Place to Work, a global research and analytics firm.
Three Pillars of Transformation: People, Processes, and Tech
Over the last two decades, Innova’s team has worked alongside major healthcare organizations to provide innovative services and solutions that support patient engagement, care management, and revenue cycle management.
“We deliver a comprehensive solution by combining our expertise in three key areas: people, processes, and technology,” adds Srivastava. “By harmonizing the three pillars, organizations can improve their growth, agility, and ability to embrace digital transformation.”
The company’s digital engineering heritage, platform partnerships, and technology innovations have empowered several healthcare organizations to scale and accelerate their operations. Digital product engineering, intelligent automation, data analytics, cybersecurity, and cloud transformation are among Innova’s horizontal offerings spanning across industries. Their strong technology partnerships with leaders such as AWS, Google, IBM, Microsoft, and Salesforce add superior value through cutting-edge data and digital approaches. In addition to customer experience transformation and core administrative process transformation, Innova’s services also focus on clinical efficiencies, data engineering, and medical coding.
On the provider end, the company offers vulnerability remediation & management, revenue management, denials management, digital front door, clinical decisions, medical coding, and EHR solutions. For the digital health field, Innova caters to clients’ domain-specific consulting, engineering, integration, transformation, and rationalization service requirements to deliver value at every stage. For healthcare clients, Innova’s data and analytics services play a vital role in enhancing patient outcomes, reducing costs, and improving the overall care experience.
For today’s tech and business climate, the ideal healthcare situation must be patient-centric and fully connected.
Creating the Ideal Healthcare System
As a partner to over 150 payers, providers, digital health, and healthcare business solutions firms, Innova has many success stories of driving value beyond cost efficiency using digital transformation. For instance, Innova recently partnered with a large health tech company to lead the digital product engineering of over 80 of their industry-leading products. Innova’s team of experts provided advanced analytics and insights for front-end applications while delivering industry-leading claims auditing & editing platforms, clinical review solutions, a centralized healthcare data hub, decision analytics platforms, enterprise imaging solutions, and more.
In another instance, Innova helped a large national payer transform their claims processing, orchestrate and decentralize their claims operations, and implement several other transformative solutions.
“For today’s tech and business climate, the ideal healthcare situation must be patient-centric and fully connected,” Srivastava says.
By integrating health information systems across stakeholders, this model ecosystem would facilitate a smooth flow of information between payers, providers, consumers, and regulators in compliance with regulations. Ultimately, this would result in comprehensive, data-driven solutions benefiting all ecosystem entities.
“The ‘ideal healthcare situation’ also provides personalized care focused more on prevention, care accessibility, continuity of care, patient engagement, and minimal out-of-pocket costs for members and patients,” Srivastava notes.
Additionally, it must support data-driven clinical decision-making, facilitate timely payments & reimbursements, and reduce clinical & administrative burdens for providers and frontline staff.
As a testimonial to this transformative vision, Innova offers several success stories related to effective data consolidation and utilization. One such instance involves a health tech giant with a history of more than twenty acquisitions and several disjointed data systems that obstructed effective data utilization. Innova orchestrated the migration of fragmented data into a unified, cloud-based health data repository, thereby establishing a centralized data hub. By integrating cross-functional data streams (payers, providers, clinicians, etc.), a strong data foundation was built for front-end integrated products. Leveraging advanced AI/ML models and analytics, patient health data was refined, synthesized, and processed, revealing hidden patterns and actionable business insights. The outcomes were a remarkable 25% reduction in operational costs and a 40% decrease in time-to-market.
Unlocking the Innovation Vault with AI
To further its healthcare innovation objectives and vision, Innova also develops predictive models, smart systems, and data-driven solutions using the latest technologies—such as AI, ML, blockchain, and IoT—to improve agility, optimize workflows, and personalize patient care. The organization is presently focused on some exciting work around Generative AI to improve patient outcomes and enhance healthcare delivery. Innova’s R&D lab, aptly referred to as the Innovation Vault, is an essential tool for clients seeking to drive ideas from inception to implementation, delivering greater health outcomes with maximum efficiency.
Most of the company’s clients’ investments are focused on application modernization, platforming, and data analytics. Despite the rapid adoption of telehealth and remote patient monitoring, few systems manage to implement AI correctly.
“Innova’s success driving a number of initiatives across verticals gives us immense confidence about our Generative AI projects,” Srivastava shares. Among those initiatives are learning and development, physician assistance, administrative tasks (to reduce employee burden), patient/member engagement, and data analysis. To positively impact society and deliver value to organizations, Innova advocates for and assists clients in building AI responsibly.
For the future, Srivastava and his colleagues on Innova’s leadership team are determined to break down the remaining barriers that prevent healthcare organizations from utilizing the transformational power of technology.