Exclusive Interview of Aditya Kumar, Chief Product Officer of HealthWorksAI an AI-based healthcare analytics software
HealthWorksAI is a platform that leverages public and private healthcare data to deliver intelligent product and market intelligence solutions. A reliable single source of truth for critical analytics is essential in the highly competitive market of Medicare Advantage. Any one of those criteria that is disrupted can have a severe, long-term effect on a company’s capacity to compete and gain market share. The technology that HealthWorksAI offers Health Plans combines essential data & superior analytics Speed of Business. They offer a genuine Gift of Time by making years’ worth of national-level market data, cutting-edge analytical modelling, and proprietary simulators instantly available with just one click.
This enables enterprises to concentrate on crucial strategic choices rather than time-consuming data procedures. Sitting at the intersection of business, math, and technology, Using proprietary methodologies, HealthWorksAI combines complex data sources, simulates the ecosystem, and analyzes the results. The result? Easy and quick access, with clear visualization, to enrollment predictions, winning plan design, marketing optimization, and market intelligence. The guiding principles of HealthWorksAI, plans, innovation attitude, difficulties, and an incredible journey are all covered by Mr Aditya throughout this conversation. For more information on the firm, check out the interview below.
Inventiva: How do you aim to keep up with the speed of evolving industry as the market for data analytics-based product solutions grows?
Aditya Kumar: We keep up with the latest approaches, technologies and business to ensure we do not fall behind the ever-evolving industry. The constant touch with academia (and their research) keeps us updated with any new approaches to solving business problems. We also keep upgrading to newer technologies so that we are ready to implement any new functionality without a major overhaul required on our end. Both of these would not suffice if we don’t put enough emphasis on business, the laser focus on business needs possible due to multiple avenues of business connect helps us keep up with the speed of the evolving industry.
Inventiva: With so many new startups emerging every day, where do you anticipate this market going in the following several years? What strategies do you have to reduce competition in the market you serve?
Aditya Kumar: The larger market is talking about metaverse, tinyML and healthcare is also starting to use these in some forms and shapes. Care management through analytics is going to become more acceptable, once the results start to become more accurate with explanations. The inclusion of data from wearables and daily patient reads makes the predictions more accurate, helping people pre-empt care needs with more accuracy and for the larger good.
Most organizations in healthcare analytics focus on care management. We do not touch that space directly, but our solution’s uniqueness and increasing complexity with each passing year make it very difficult for anyone to emulate. Our strategy to not dilute our offering and stay focused on what we trying to solve makes the product unique and fully aligned with the specific business problems.
Inventiva: With evolving technologies every year, how do you foresee the healthcare data analytics industry growing in accordance with the rapid developments?
Aditya Kumar: Healthcare data is exploding and getting more organized at the same time. The data privacy required in this space coupled with big data would make the healthcare industry start to utilize more of the cloud for data storage, processing, visualization and modelling.
Inventiva: With this cutting-edge competition in the healthcare analytics market, HealthWorksAI plan to expand its current product portfolio in order to cater to a much wider array of clients. Do you also intend to target regions other than the US in the future?
Aditya Kumar: As called out in a previous question, we do not intend to expand the product portfolio at the moment. There are still a lot of opportunities for us to grow in this space and room for some competition as well if that is what we face in future. We have heard of Australia adopting policies similar to US Medicare and that makes it interesting. However, it’s still very early for us to say if we can use our learnings here for Australia or if we want to look at it in the near future.
Inventiva: The US has a sizable market for private healthcare insurance and it’s a booming market. Tell us more about the products that HealthWorksAI offers.
Aditya Kumar: HealthWorksAI offers 5 products – xAI, ProductIntel, MarketIntel, NetworkIntel and MarketingIntel.
- xAI helps payers take strategic decisions on different verticals from the product, and network to marketing and brand for any market in the US.
- ProductIntel is designed keeping Medicare Product Teams in mind and focusing on product performance and member attributes.
- MarketIntel provides access to market data relevant to Medicare in a user-friendly format. It helps payers gauge competition, and market dynamics by aiding them to also expand into newer markets.
- NetworkIntel helps Payers analyze networks and take decisions on which ones to contract with to win the market.
- MarketingIntel is designed for Payer Marketing Teams, and aids in making informed marketing decisions on which channels to focus on and improving the marketing ROI.