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The Power Couple of VBC: Actuarial Science + Modern Data Engineering

The relationship between actuarial science and data engineering, the difficulties of integrating them in-house for most healthcare companies, and how Accorded solves this problem.

It’s time to talk about everyone's favorite power couple—you guessed it, actuarial science and modern data engineering. 

As the healthcare system shifts from fee-for-service (FFS) to value-based care (VBC), maintaining actuarial rigor is more critical, and difficult, than ever. How can actuarial and engineering teams align internally to achieve cross-organization goals? 

In this blog, we’ll dive into the relationship between actuarial science and data engineering, the difficulties of integrating them in-house for most healthcare companies, and how Accorded’s solution solves this problem.

It Takes Two 

Actuarial and engineering teams are under pressure to make every dollar count as healthcare systems shift to value-based care. As a decision maker, prioritizing actuarial science over data engineering or vice versa can severely impact your operations. You shouldn’t have to choose between either; you need both to operate efficiently.

Actuarial Teams Need Better Technology 

Actuaries are invaluable to value-based care organizations when armed with sophisticated analytical tools and a wealth of data knowledge. Yet, many actuarial teams are stuck in mundane, repetitive tasks, limiting their potential impact. Without data engineering to scale, value-based care analytics can become manual, error-prone, and time-consuming. For example, in some organizations, technical actuaries must "build their own data" by joining multiple tables into a consolidated table. With a platform like Accorded’s, this step can be outsourced so actuaries can go straight to working on more substantive analysis.

By investing in robust data engineering capabilities, organizations can streamline actuarial workflows, automate repetitive tasks, and leverage advanced analytics techniques. This not only frees up actuaries to focus on business-critical initiatives but also enhances the accuracy of their analyses. 

Engineering Teams Lack Actuarial Expertise 

On the other side, if your engineering team is tasked with building actuarial technologies in-house, they face challenges that impact the effectiveness of their solution. 

Without actuarial knowledge, engineering teams struggle to design solutions tailored to the subject matter nuances that actuarial and analytics teams require. This can result in errors and inaccuracies, posing risks to the reliability and trustworthiness of the data analytics system. 

Engineering teams often juggle multiple priorities beyond building actuarial-friendly systems. Integrating actuarial expertise into engineering workflows can take a backseat to these competing demands. Your engineers weren’t hired for their actuarial knowledge; they excel in programming languages, system design, and technical operations. Engineering needs technologies built on actuarial science, so they can spend their time working on top business goals. And with Accorded, this is possible. 

Bringing It All Together

Accorded is writing a new love story in value-based care. We’re drawn to the strengths of actuarial science and data engineering, and we know they’re the ultimate power couple that helps companies accelerate their value-based care strategies. 

With Accorded, organizations can seamlessly integrate actuarial science and data engineering. This frees functional leaders to focus on other business-critical priorities and actuaries to deliver insights with speed and accuracy. You can also adhere to industry-standard actuarial principles, de-risking your organization’s clinical, finance, and contracting operations.

How It Works

Our solution combines actuarial science, medical economics expertise, and data engineering to deliver instant, rigorously analyzed insights directly into your existing tech infrastructure. From efficient input handling to real-time data transformation and customized output, Accorded empowers teams to drive informed decision-making in the value-based care space.

For an in-depth look —-> Our Technology 

  1. Efficient Input Handling: Design input schemas beforehand to transfer only essential data, saving time and ensuring accuracy.
  1. Real-time Data Transformation: Translate business and analytical logic into automated models, seamlessly integrating them into your workflow for instant insights.
  1. Customized Output: Tailor output schemas to deliver relevant, enriched data that drives informed decision-making.

Bottom Line

Accorded empowers you to accelerate your value-based care strategy by combining actuarial expertise and modern data engineering. Our platform gives you everything you need to execute a value-based care strategy. This includes:

  • Dedicated actuarial & med econ support 
  • Access to 1B+ reference claims across commercial and Medicare datasets
  • Actuarially enriched data integrated with your existing tech stack 
  • And more!

Meet with an expert and join forces with Accorded. 

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The Power Couple of VBC: Actuarial Science + Modern Data Engineering