TerraPLM in Healthcare:
Bringing Business Benefits to the Healthcare Industry
In today’s market, health plan providers find themselves facing increasing pressures – customers demanding specialized products, government mandates requiring widespread product changes, and larger offering portfolios that must be managed, updated, and maintained. How can health plan providers manage these new demands, keep customers happy, and stay successful in a challenging market? The key is in the way companies think about “product lifecycle management."
One of our clients - a major industry player ranked as one of the top 5 HMO providers for the past 4 years by US News & World Report is leveraging a PLM strategy with TerraPLM™ to meet its product development goals. This innovative insurer was able to introduce new insurance products more quickly - reducing the time-to-market from over 365 days to less than 60 days. By automating previously manual processes, they were able to respond faster to both clients and state mandates.
TerraPLM™ is a robust solution that helps Health Insurance Providers automate, streamline and create a repeatable product development process to accelerate the development of insurance products and take them to market faster.
TerraPLM™, allows Health Plan Providers to more easily apply proven Product Lifecycle Management (PLM) concepts to support the management and creation of product data that constitute Healthcare Plans. With TerraPLM, Healthcare providers are now able to manage and store product data in a central repository or a Product Data Library (PDL). From this central location, product related information is managed, accessed and configured to create new or updated products. Each assembled product is made up of components that can be reused to create other insurance products.
Each product data component in the Product Data Library ( PDL) is qualified by a set of configuration parameters that allows the plan creator to use a configuration interface to easily create and update health plan products. By simply selecting components based on pre-set rules from the Product Library Configuration Interface, a new health plan is created. These components may be reused across other products and as an example, may represent pricing, eligibility or underwriting rules. Rather than having to re-create data for a new product, a health insurer easily re-uses existing components for speed to market , consistency and reduced development cost.
Additionally, the ability to respond to state mandates is automated and streamlined from the PDL Mass Change interface. A Health Plan Provider may simply make the required change in the Product Data Library and that change will propagate across all products to reflect the state mandate. This is possible through the ability to update or add a required re-usable component easily within the central repository or PDL. This eliminates the time-consuming and manual processes typically associated with responding to state mandates.
TerraPLM™ allows leading Health Insurance companies to be responsive to both the marketplace and state regulatory bodies within a complete validated environment increasing speed to market while reducing development costs. It addresses all phases of PLM and provides intuitive interfaces to manage product development cycles.
Please contact us at terraplm@terraxml.com for more information on TerraPLM and TerraXML.
