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50 Innovative Companies to Watch 2023

Since 1993: MedeAnalytics is a top-rated healthcare analytics solution provider, empowering payers, providers and payviders to achieve superior results by unlocking the untapped potential of their data with actionable insights

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“By embracing interoperability, MedeAnalytics supports effective collaboration among care teams, streamlines care coordination, and ultimately contributes to improved health equity.”

MedeAnalytics is at the forefront of healthcare analytics, offering creative solutions that deliver tangible benefits to healthcare organizations. Leveraging the most advanced data management in the healthcare sector, payers, providers and payviders rely on MedeAnalytics to provide valuable insights that enhance financial, operational and clinical results. And these insights have uncovered millions of dollars in annual savings.

MedeAnalytics, established three decades ago to address the analytical challenges of revenue cycle management in the healthcare industry, is currently undergoing an extraordinary transformation driven by innovation. With a new executive leadership team headed by CEO Steve Grieco, a seasoned veteran in the healthcare enterprise software industry, the company is poised to make an even greater contribution to healthcare organizations. MedeAnalytics is owned by JLL Partners, a private equity investor, renowned for its robust portfolio of healthcare companies.

MedeAnalytics is headquartered in Richardson, TX.

The Silicon Review contacted Mr. Grieco, and here is his response.

Interview Highlights

Q. As a leader in healthcare analytics, what are MedeAnalytics’ key focus areas?

By prioritizing substantial investments in a data fabric enabled cloud platform and developing productized SaaS solutions tailored for value-based care and population health management, MedeAnalytics empowers payers, providers and payviders to reap remarkable advantages from our cutting-edge innovation. By committing resources to this fresh innovation, alongside our revenue cycle management analytics solutions, healthcare organizations gain access to an unparalleled suite of analytics solutions. Founded in 1993, MedeAnalytics has over 30 years of data and domain expertise that delivers actionable insights to executives, managers, clinicians and analysts, enabling measurable value to organizations.

Q. What strategies do you have in place to encourage innovation in your company?

With an unwavering commitment to driving innovation, MedeAnalytics has crafted groundbreaking healthcare analytics solutions that transcend traditional boundaries. These solutions deliver actionable insights, harness the potential of multi-cloud data fabric, ensure seamless interoperability, facilitate additional visualizations in tools such as PowerBI and Tableau, and effortlessly integrates with workflow systems, solidifying its position as an unrivaled innovator in the field.

Core pillars of the MedeAnalytics Data Fabric platform strategy includes: 1) Data Interoperability, 2) Workflow Interoperability, 3) Data Fabric that negates data needing to be transported somewhere else, 4) Augmented Analytics, and 5) a new and modern UI/UX.

MedeAnalytics is playing a pivotal role in advancing value-based care and population health initiatives. Leveraging state-of-the-art analytics, MedeAnalytics empowers healthcare organizations to navigate the complex healthcare landscape by providing actionable insights. Using AI/ML and its Data Science Factory, MedeAnalytics can enable proactive care interventions, efficient risk stratification, and streamlined care coordination, facilitating optimized resource allocation, superior patient outcomes, and the achievement of population health management goals.

Tell us, what’s next for MedeAnalytics.  

Optimizing provider networks with network optimizer

As part of its comprehensive suite of solutions, MedeAnalytics offers a powerful network optimizer solution designed to assist healthcare organizations in optimizing their provider networks. By conducting in-depth analyses of provider performance, patient preferences, and outcomes data, organizations gain the necessary insights to make informed decisions regarding network composition. This empowers them to ensure the delivery of quality care while enhancing cost-effectiveness, fostering robust provider partnerships, and elevating patient satisfaction.

Comprehensive data source of health empowering holistic understanding

At the core of MedeAnalytics capabilities is its role as a comprehensive Data Source of Health. By adhering to FHIR standards, MedeAnalytics establishes a centralized repository encompassing clinical, claims, and social determinants of health (SDOH) data. This comprehensive integration of data sources facilitates a holistic understanding of patient health, allowing healthcare organizations to design targeted initiatives that address the influence of social determinants on population health outcomes. The inclusion of SDOH data strengthens the organization’s ability to identify and tackle social factors impacting health, leading to improved population health outcomes.

Promoting health equity and seamless interoperability

MedeAnalytics recognizes the paramount importance of health equity and strives to ensure that its solutions foster equitable healthcare delivery. Leveraging FHIR standards and enabling seamless data exchange and interoperability across disparate systems, MedeAnalytics facilitates the integration of diverse patient data sources. This integration plays a crucial role in helping healthcare organizations identify and address disparities in care and outcomes across different patient populations, especially those who are most vulnerable. By embracing interoperability, MedeAnalytics supports effective collaboration among care teams, streamlines care coordination, and ultimately contributes to improved health equity across the board.

Modern UI/UX for a superior executive decision-making experience

The upcoming generation of MedeAnalytics solutions will introduce an exceptional user experience tailored specifically for executive-level users. This new offering maintains the suite’s commitment to providing swift access to granular information, enabling executives to make informed decisions with just a few clicks. This focal point shift drives action to help organizations achieve desired outcomes.

Users will be empowered to curate their personalized dashboard, selecting key areas of insight aligned with their company’s objectives. These insights will be presented in a well-designed flow of information, facilitating a deeper understanding of the drivers behind expenditure and utilization. Moreover, MedeAnalytics solutions will provide recommended actions to drive impactful changes that we refer to as “managed action.” With a single click, users can create initiatives within the UI/dashboard, assigning them to specific individuals and establishing action plans. These initiatives can seamlessly cascade through relevant stakeholders, while progress can be effortlessly tracked.

Managed action: connecting insight to follow-through

Analytics without action is an academic endeavor. Every customer that MedeAnalytics supports with the analytics SaaS platform is leveraging insights to inform some action. Interoperability plays a key part in setting MedeAnalytics apart from other vendors in the space, leaning into the fact that its solution serves to inform the next best action. As a first demonstration of this value, MedeAchieve is integrated within the solutions, including within the new executive experience. Executives can kick off strategic initiatives, identify key metrics, and assign ownership with one click, all while never leaving the experience. Not only is this “insight to action” streamlined workflow valuable and novel, but also it is bi-directional, providing a blueprint for other integrated experiences. When an initiative has been created in MedeAchieve, key status information about that initiative is fed back into the executive experience, allowing users to see at a glance how it is progressing.

Q. Can you provide us with one or two success stories describing the challenges your clients faced and how MedeAnalytics helped them overcome those challenges?

Customer Success Story: One of the largest integrated health plans and providers in the US developed its analytics insights platform using the value-based care solution from MedeAnalytics to empower its employees, executives, brokers and customers with self-service analytics and reporting to drive measurable value and outcomes.

This enabled it to reduce ad-hoc report turnaround times for employers and brokers by 75%, lower ad-hoc report turnaround times for healthcare analysis and reporting to support the business by 80%, save Pharma prescription costs to the tune of $4,000 per script by substituting an HIV branded drug with a generic (bio-similar) and roll it out across all regions in months. This client saw a six-month payback (ROI) on its investment in MedeAnalytics solutions.

Q. Is there anything you would like to add before we wrap up?

With unprecedented investments in innovation, including its data fabric-enabled SaaS analytics and AI solutions for value-based care, population health management, and revenue cycle management, MedeAnalytics is poised to assume its rightful place as a thought leader in the healthcare ecosystem.

Steve Grieco | CEO

Steve Grieco joined MedeAnalytics as Chief Executive Officer in September 2021. A proven and experienced leader of global software-as-a-service organizations, Steve has successfully driven companies to new levels of performance and growth through innovation, sales and marketing excellence, operational execution, and an enhanced customer experience.

Prior to joining MedeAnalytics, Steve was CEO of ConnectYourCare, or CYC, one of the nation’s leading health savings account administrators, where he achieved significant organic revenue growth and assets under management until CYC’s sale to a Fortune 25 company. He was instrumental in driving a unique blend of highly innovative cloud-based FinTech and HCIT platform capabilities serving all segments of the healthcare ecosystem and driving the company’s mobile-first Fintech banking, payments and investment center architecture.

Earlier leadership roles include leading SourceHOV, a global provider of business process solutions, strategic consulting and data analytics services, as CEO, and several advancing leadership positions within Pitney Bowes over a 25-year career—ultimately heading up the firm’s $2.2B US mailing operations.

An attorney, Steve holds a J.D. from Seton Hall School of Law and a B.S. in Marketing from Seton Hall University.

“By prioritizing substantial investments in its data fabric powered cloud platform and developing productized SaaS solutions tailored for value-based care and population health management, MedeAnalytics empowers payers, providers and payviders to reap remarkable advantages from its cutting-edge innovation.”