MI SOLUTIONS » Financial Models and Applications
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Meta Informatix offers proprietary financial models and applications that close the information gap of healthcare insurers, providers, regulatory agencies and medical professionals to predict future costs, trends, premium and membership for insurers, providers and competitors.
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Integrating these tools and applications with a data warehouse that is designed using the HealtIntel™ LDM, enables:
- Healthcare insurers and employers with the ability to analyze utilization and cost data to offer optimal insurance plans for an individual or family given their private medical history and budget for health insurance
- Regulatory agencies to monitor and evaluate healthcare insurers to determine if they are offering the best plans to beneficiaries in a fair and equitable manner and that the charging practices of providers are commensurate with the quality of care delivered to their patients
- Medical professionals to access and evaluate information about each patient from an expanded number of diagnostic tests and therapeutic procedures who are receiving care in multiple settings to assure that a continuity of care is provided safely for the patient
Advanced Stochastic Models
Case in point, Meta Informatix is teamed with IHA Consultants, Inc., a Michigan-based company, to offer two proprietary models that greatly improve the accuracy and consistency of estimating an insurer’s reserves and predicts the claim cost, severity and utilization trends of its beneficiary population. The Stochastic Reserve Model (ProSRM™) and Stochastic Trend Model (ProSTM™) are the first and only stochastic models in the world and are mathematically proven to be accurate and consistent.
The ProSRM™ enables an insurer to complete reserves faster with the added benefit of increased accuracy and consistency. Moreover, its unique ability to generate monthly incurred claim PMPM distributions as well as completion factor (CF) distributions reduces estimate development time, increases accuracy and for the first time enables direct incorporation of actuarial and management risk tolerance into the estimate development process.
The ProSTM™ is capable of performing retrospective analysis of claim costs, severity and utilization data to forecast future probability distributions up to 24 months for premium development, forecasting or financial valuation purposes. It provides the following additional capabilities when used with the ProSRM™:
- Stochastic-based projection of future monthly incurred claim trend probability distribution
- Reserve estimates for each projection of the future incurred months through the end of the reporting period
- Future monthly paid claims probability distribution
- Future monthly incurred claims PMPM probability distributions up to 24 months
To learn more about these tools and other solutions click here to send an email request for more information.
The Stochastic Reserve Model (ProSRM™) and Stochastic Trend Model (ProSTM™) are trademarks of IHA Consultants, Inc., Bloomfield, Michigan.
