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8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 187
Untapped Opportunities for Actuaries inHealth Care Market Research Summary Report
to Membership
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 287
Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
With health reform a reality and sweeping changes to the health care industry on the horizon this is a perfect time to
assess the opportunities for health actuaries and how well our skill sets match them The Society of Actuaries (SOA) has
recently done just that This report presents the results of a market research study commissioned by the SOA as part of
its strategic initiative to explore Untapped Opportunities for Actuaries in the health care industry This initiative was first
presented to the SOArsquos Board of Directors in 2007 based on results from a survey of Health Section membership Work
continued with a series of interviews with chief health actuaries and continued into 2008 with interviews of actuaries
(and their managers) who had made a mid-career transition into health practice An article in the JuneJuly 2009 issue
of The Actuary provides a summary of the work done through mid-2009
In early 2009 the SOA Leadership Team approved an external market research project to give a more in-depth analysis
of potential roles for actuaries in the broader health care industry After an extensive Request for Proposal (RFP) process
the SOA selected the firm GfK Healthcare to perform the study With SOA volunteer and staff assistance GfK began
work in August 2009 and concluded in January 2010
In 2010 the SOA recommitted this initiative to its strategic portfolio and a work group has been meeting regularly
to fuse the market research results with their own experience and strategic thought in order to recommend actions
that the SOA should consider to help actuaries tap into the broader health care market
This report is an executive summary of the results of GfKrsquos analysis GfKrsquos final report is provided as an appendix to
this report This executive summary presents high level implications to you as an actuary as you work through your
career We have tried to present these
implications as they related to a variety ofsituationsmdashcareer status business skills
technical skills and SOA-related activities
At the very highest level the market re-
search results have made clear that we
Introduction
HEALTH ACTUARIAL VALUE PROPOSITION
n Actuaries have a neutral and objective voice
n We are excellent with modeling and datamdashnot just the
technical aspects but also our level of sophistication rigor
discipline and transparency
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Details of the market research can be found in GfKrsquos report included as the appendix of this report We have pulled
out the key findings as they relate to you a practicing actuary or candidate and organized them into focused areas
of interest Career Opportunities Skills Needed Research Basic Education Continuing Professional Development
and the Branding of the Health Actuary
CAREER OPPORTUNITIES
Nontraditional employers and roles
n The market research points to several areas that have had limited or no actuarial representation in the
past but appear to be a good fit for our skill set These areas include
bull management consultants (who work on large-scale health care projects)
bull wellness and disease management companies
bull clinical outcomes organizations
bull comparative effectiveness research firms bull providersmdashparticularly large hospital systems and
bull health care analytics groups within health plans
n Actuaries who have taken on nontraditional roles have had to stretch out of their comfort zones and
adapt quickly to seize these opportunities The health care industry is changing and actuaries will be
needed to analyze more than just financial data Models will be needed to assess health outcomes
compliance quality of care comparative effectiveness research and clinical study design
n It should be noted that roles at these organizations might not be full-time on-staff actuarial roles Instead
actuaries working for consulting firms may take on project-based opportunities to fulfill the needs of
these companies Alternatively an actuary might be hired to do a multifaceted role at a company for
example the actuaryrsquos job description might include marketing client management or financial duties
in addition to analytical (traditional actuarial) work
Implications to YOU as an Actuary
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
n Many health care executives are looking for analytical professionals with extensive experience in the
health care industry Actuaries with such a background would be welcomed into such organizations as
health care management consulting disease management and wellness companies hospital systems
or pharmacy benefits managers (PBMs) This is especially true if they can also bring a broad base of
business skills such as big picture thinking flexibility adaptability and strong communication skills
Barriers to new opportunities
n
Knowledge of health actuaries is generally limited except by those working for health plans Health careexecutives were very interested in a professional who has the analytical skills of an actuary combined
with experience in health care We are working to find ways to brand ldquoThe Health Actuaryrdquo to the
broader health industry
n The market research confirmed the perception that actuaries command higher salaries than other
similarly experienced professionals The study did not include a comprehensive analysis or survey of
compensation so although we cannot prove or disprove this perception we do need to be aware
that the perception exists Any major career change will come with risks and compensation levels (pres-ent and future) should be considered when evaluating all of the risks involved in change Just as our
organizations evaluate risks we professionals must continually perform our own personal enterprise
risk management assessment
n Actuaries must compete with other professionals for these nontraditional roles Some of these compet-
ing professionals are health economists statisticians (with PhDs) MBAs public health professionals and
public policy professionals
SKILLS NEEDED
Technical skills
The market research confirmed the need to develop or enhance several skill sets to compete in nontraditional
areas These skills include
n Clinical knowledgemdashunderstanding of diseases especially chronic diseases and especially related to
alternative treatments and drugs
n Study and clinical trial designmdashdeveloping the statistical rigor and understanding of studies that can
affect treatment of conditions and outcomes and comparative effectiveness research study design
n Accountability for resultsmdashensuring a thorough understanding of how our results will be relied upon
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Business skills
Executives interviewed and surveyed in the market research study pointed to several key business skills that they seek
in any professional working on forecasting and analytics in their organizations These skills align with other studies
that the SOA has conducted proving that the health care marketplace is seeking the same skills as other markets
where actuaries work Health care executives want analytical professionals with the following skills
n Strategic thinkingmdashthe ability to think about the bigger picture of an organization is a skill that health care
executives say is critically important and is also currently lacking in their existing staffs Actuaries who can
demonstrate abilities as both detailed analysts and strategic thinkers will have the greatest potential to
develop in a nontraditional role
n Problem-solving abilitymdashactuaries are typically excellent problem solvers and while health care execu-
tives find this to be among the most important skills it is also found among existing professionals in
nontraditional health areas Actuaries will need to demonstrate the value of our unique training and
perspective
n Communication skillsmdashoral and especially written communication
n
Decision-making skillsmdashthe need to be flexible and adaptive and not necessarily always have theldquorightrdquoanswer
SOA RESEARCH
SOA health research has historically been executed with an
actuarial audience in mind consideration of the downstream
value of our work to the broader health care industry has been
secondary Yet our research has considerable value to a wider
audiencemdashfor example our 2007 report on health risk assess-
ment tools and our 2009 Quality amp Efficiency tool inventory
The Untapped Opportunities Work Group has allocated a signif-
icant portion of its budget to promoting actuarial research and
funding researchers to attend and present their results at new
forums In addition to sponsoring research on traditional actuarial
topics we are targeting new areas that will appeal to academics
and health professionals with the ultimate goal of submitting our
work to broad-reaching peer-reviewed health care journals
The SOA is committed to helping get the word out about our
UNTAPPED OPPORTUNITIES
WORK GROUP
Jim Toole FSA CERA MAAA Chair
Alice Rosenblatt FSA CERA MAAA
SOA Board and Strategic Team Ac-
countability
Bob Cosway FSA MAAA
Kate Fitch RN MEd
Jennifer Gillespie FSA MAAA
Francois-Joseph Poirier FSA FCIA
Mayur Shah MA
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
With health reform a reality and sweeping changes to the health care industry on the horizon this is a perfect time to
assess the opportunities for health actuaries and how well our skill sets match them The Society of Actuaries (SOA) has
recently done just that This report presents the results of a market research study commissioned by the SOA as part of
its strategic initiative to explore Untapped Opportunities for Actuaries in the health care industry This initiative was first
presented to the SOArsquos Board of Directors in 2007 based on results from a survey of Health Section membership Work
continued with a series of interviews with chief health actuaries and continued into 2008 with interviews of actuaries
(and their managers) who had made a mid-career transition into health practice An article in the JuneJuly 2009 issue
of The Actuary provides a summary of the work done through mid-2009
In early 2009 the SOA Leadership Team approved an external market research project to give a more in-depth analysis
of potential roles for actuaries in the broader health care industry After an extensive Request for Proposal (RFP) process
the SOA selected the firm GfK Healthcare to perform the study With SOA volunteer and staff assistance GfK began
work in August 2009 and concluded in January 2010
In 2010 the SOA recommitted this initiative to its strategic portfolio and a work group has been meeting regularly
to fuse the market research results with their own experience and strategic thought in order to recommend actions
that the SOA should consider to help actuaries tap into the broader health care market
This report is an executive summary of the results of GfKrsquos analysis GfKrsquos final report is provided as an appendix to
this report This executive summary presents high level implications to you as an actuary as you work through your
career We have tried to present these
implications as they related to a variety ofsituationsmdashcareer status business skills
technical skills and SOA-related activities
At the very highest level the market re-
search results have made clear that we
Introduction
HEALTH ACTUARIAL VALUE PROPOSITION
n Actuaries have a neutral and objective voice
n We are excellent with modeling and datamdashnot just the
technical aspects but also our level of sophistication rigor
discipline and transparency
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Details of the market research can be found in GfKrsquos report included as the appendix of this report We have pulled
out the key findings as they relate to you a practicing actuary or candidate and organized them into focused areas
of interest Career Opportunities Skills Needed Research Basic Education Continuing Professional Development
and the Branding of the Health Actuary
CAREER OPPORTUNITIES
Nontraditional employers and roles
n The market research points to several areas that have had limited or no actuarial representation in the
past but appear to be a good fit for our skill set These areas include
bull management consultants (who work on large-scale health care projects)
bull wellness and disease management companies
bull clinical outcomes organizations
bull comparative effectiveness research firms bull providersmdashparticularly large hospital systems and
bull health care analytics groups within health plans
n Actuaries who have taken on nontraditional roles have had to stretch out of their comfort zones and
adapt quickly to seize these opportunities The health care industry is changing and actuaries will be
needed to analyze more than just financial data Models will be needed to assess health outcomes
compliance quality of care comparative effectiveness research and clinical study design
n It should be noted that roles at these organizations might not be full-time on-staff actuarial roles Instead
actuaries working for consulting firms may take on project-based opportunities to fulfill the needs of
these companies Alternatively an actuary might be hired to do a multifaceted role at a company for
example the actuaryrsquos job description might include marketing client management or financial duties
in addition to analytical (traditional actuarial) work
Implications to YOU as an Actuary
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
n Many health care executives are looking for analytical professionals with extensive experience in the
health care industry Actuaries with such a background would be welcomed into such organizations as
health care management consulting disease management and wellness companies hospital systems
or pharmacy benefits managers (PBMs) This is especially true if they can also bring a broad base of
business skills such as big picture thinking flexibility adaptability and strong communication skills
Barriers to new opportunities
n
Knowledge of health actuaries is generally limited except by those working for health plans Health careexecutives were very interested in a professional who has the analytical skills of an actuary combined
with experience in health care We are working to find ways to brand ldquoThe Health Actuaryrdquo to the
broader health industry
n The market research confirmed the perception that actuaries command higher salaries than other
similarly experienced professionals The study did not include a comprehensive analysis or survey of
compensation so although we cannot prove or disprove this perception we do need to be aware
that the perception exists Any major career change will come with risks and compensation levels (pres-ent and future) should be considered when evaluating all of the risks involved in change Just as our
organizations evaluate risks we professionals must continually perform our own personal enterprise
risk management assessment
n Actuaries must compete with other professionals for these nontraditional roles Some of these compet-
ing professionals are health economists statisticians (with PhDs) MBAs public health professionals and
public policy professionals
SKILLS NEEDED
Technical skills
The market research confirmed the need to develop or enhance several skill sets to compete in nontraditional
areas These skills include
n Clinical knowledgemdashunderstanding of diseases especially chronic diseases and especially related to
alternative treatments and drugs
n Study and clinical trial designmdashdeveloping the statistical rigor and understanding of studies that can
affect treatment of conditions and outcomes and comparative effectiveness research study design
n Accountability for resultsmdashensuring a thorough understanding of how our results will be relied upon
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Business skills
Executives interviewed and surveyed in the market research study pointed to several key business skills that they seek
in any professional working on forecasting and analytics in their organizations These skills align with other studies
that the SOA has conducted proving that the health care marketplace is seeking the same skills as other markets
where actuaries work Health care executives want analytical professionals with the following skills
n Strategic thinkingmdashthe ability to think about the bigger picture of an organization is a skill that health care
executives say is critically important and is also currently lacking in their existing staffs Actuaries who can
demonstrate abilities as both detailed analysts and strategic thinkers will have the greatest potential to
develop in a nontraditional role
n Problem-solving abilitymdashactuaries are typically excellent problem solvers and while health care execu-
tives find this to be among the most important skills it is also found among existing professionals in
nontraditional health areas Actuaries will need to demonstrate the value of our unique training and
perspective
n Communication skillsmdashoral and especially written communication
n
Decision-making skillsmdashthe need to be flexible and adaptive and not necessarily always have theldquorightrdquoanswer
SOA RESEARCH
SOA health research has historically been executed with an
actuarial audience in mind consideration of the downstream
value of our work to the broader health care industry has been
secondary Yet our research has considerable value to a wider
audiencemdashfor example our 2007 report on health risk assess-
ment tools and our 2009 Quality amp Efficiency tool inventory
The Untapped Opportunities Work Group has allocated a signif-
icant portion of its budget to promoting actuarial research and
funding researchers to attend and present their results at new
forums In addition to sponsoring research on traditional actuarial
topics we are targeting new areas that will appeal to academics
and health professionals with the ultimate goal of submitting our
work to broad-reaching peer-reviewed health care journals
The SOA is committed to helping get the word out about our
UNTAPPED OPPORTUNITIES
WORK GROUP
Jim Toole FSA CERA MAAA Chair
Alice Rosenblatt FSA CERA MAAA
SOA Board and Strategic Team Ac-
countability
Bob Cosway FSA MAAA
Kate Fitch RN MEd
Jennifer Gillespie FSA MAAA
Francois-Joseph Poirier FSA FCIA
Mayur Shah MA
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Details of the market research can be found in GfKrsquos report included as the appendix of this report We have pulled
out the key findings as they relate to you a practicing actuary or candidate and organized them into focused areas
of interest Career Opportunities Skills Needed Research Basic Education Continuing Professional Development
and the Branding of the Health Actuary
CAREER OPPORTUNITIES
Nontraditional employers and roles
n The market research points to several areas that have had limited or no actuarial representation in the
past but appear to be a good fit for our skill set These areas include
bull management consultants (who work on large-scale health care projects)
bull wellness and disease management companies
bull clinical outcomes organizations
bull comparative effectiveness research firms bull providersmdashparticularly large hospital systems and
bull health care analytics groups within health plans
n Actuaries who have taken on nontraditional roles have had to stretch out of their comfort zones and
adapt quickly to seize these opportunities The health care industry is changing and actuaries will be
needed to analyze more than just financial data Models will be needed to assess health outcomes
compliance quality of care comparative effectiveness research and clinical study design
n It should be noted that roles at these organizations might not be full-time on-staff actuarial roles Instead
actuaries working for consulting firms may take on project-based opportunities to fulfill the needs of
these companies Alternatively an actuary might be hired to do a multifaceted role at a company for
example the actuaryrsquos job description might include marketing client management or financial duties
in addition to analytical (traditional actuarial) work
Implications to YOU as an Actuary
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
n Many health care executives are looking for analytical professionals with extensive experience in the
health care industry Actuaries with such a background would be welcomed into such organizations as
health care management consulting disease management and wellness companies hospital systems
or pharmacy benefits managers (PBMs) This is especially true if they can also bring a broad base of
business skills such as big picture thinking flexibility adaptability and strong communication skills
Barriers to new opportunities
n
Knowledge of health actuaries is generally limited except by those working for health plans Health careexecutives were very interested in a professional who has the analytical skills of an actuary combined
with experience in health care We are working to find ways to brand ldquoThe Health Actuaryrdquo to the
broader health industry
n The market research confirmed the perception that actuaries command higher salaries than other
similarly experienced professionals The study did not include a comprehensive analysis or survey of
compensation so although we cannot prove or disprove this perception we do need to be aware
that the perception exists Any major career change will come with risks and compensation levels (pres-ent and future) should be considered when evaluating all of the risks involved in change Just as our
organizations evaluate risks we professionals must continually perform our own personal enterprise
risk management assessment
n Actuaries must compete with other professionals for these nontraditional roles Some of these compet-
ing professionals are health economists statisticians (with PhDs) MBAs public health professionals and
public policy professionals
SKILLS NEEDED
Technical skills
The market research confirmed the need to develop or enhance several skill sets to compete in nontraditional
areas These skills include
n Clinical knowledgemdashunderstanding of diseases especially chronic diseases and especially related to
alternative treatments and drugs
n Study and clinical trial designmdashdeveloping the statistical rigor and understanding of studies that can
affect treatment of conditions and outcomes and comparative effectiveness research study design
n Accountability for resultsmdashensuring a thorough understanding of how our results will be relied upon
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Business skills
Executives interviewed and surveyed in the market research study pointed to several key business skills that they seek
in any professional working on forecasting and analytics in their organizations These skills align with other studies
that the SOA has conducted proving that the health care marketplace is seeking the same skills as other markets
where actuaries work Health care executives want analytical professionals with the following skills
n Strategic thinkingmdashthe ability to think about the bigger picture of an organization is a skill that health care
executives say is critically important and is also currently lacking in their existing staffs Actuaries who can
demonstrate abilities as both detailed analysts and strategic thinkers will have the greatest potential to
develop in a nontraditional role
n Problem-solving abilitymdashactuaries are typically excellent problem solvers and while health care execu-
tives find this to be among the most important skills it is also found among existing professionals in
nontraditional health areas Actuaries will need to demonstrate the value of our unique training and
perspective
n Communication skillsmdashoral and especially written communication
n
Decision-making skillsmdashthe need to be flexible and adaptive and not necessarily always have theldquorightrdquoanswer
SOA RESEARCH
SOA health research has historically been executed with an
actuarial audience in mind consideration of the downstream
value of our work to the broader health care industry has been
secondary Yet our research has considerable value to a wider
audiencemdashfor example our 2007 report on health risk assess-
ment tools and our 2009 Quality amp Efficiency tool inventory
The Untapped Opportunities Work Group has allocated a signif-
icant portion of its budget to promoting actuarial research and
funding researchers to attend and present their results at new
forums In addition to sponsoring research on traditional actuarial
topics we are targeting new areas that will appeal to academics
and health professionals with the ultimate goal of submitting our
work to broad-reaching peer-reviewed health care journals
The SOA is committed to helping get the word out about our
UNTAPPED OPPORTUNITIES
WORK GROUP
Jim Toole FSA CERA MAAA Chair
Alice Rosenblatt FSA CERA MAAA
SOA Board and Strategic Team Ac-
countability
Bob Cosway FSA MAAA
Kate Fitch RN MEd
Jennifer Gillespie FSA MAAA
Francois-Joseph Poirier FSA FCIA
Mayur Shah MA
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
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43
Conclusions and Recommendations4
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
n Many health care executives are looking for analytical professionals with extensive experience in the
health care industry Actuaries with such a background would be welcomed into such organizations as
health care management consulting disease management and wellness companies hospital systems
or pharmacy benefits managers (PBMs) This is especially true if they can also bring a broad base of
business skills such as big picture thinking flexibility adaptability and strong communication skills
Barriers to new opportunities
n
Knowledge of health actuaries is generally limited except by those working for health plans Health careexecutives were very interested in a professional who has the analytical skills of an actuary combined
with experience in health care We are working to find ways to brand ldquoThe Health Actuaryrdquo to the
broader health industry
n The market research confirmed the perception that actuaries command higher salaries than other
similarly experienced professionals The study did not include a comprehensive analysis or survey of
compensation so although we cannot prove or disprove this perception we do need to be aware
that the perception exists Any major career change will come with risks and compensation levels (pres-ent and future) should be considered when evaluating all of the risks involved in change Just as our
organizations evaluate risks we professionals must continually perform our own personal enterprise
risk management assessment
n Actuaries must compete with other professionals for these nontraditional roles Some of these compet-
ing professionals are health economists statisticians (with PhDs) MBAs public health professionals and
public policy professionals
SKILLS NEEDED
Technical skills
The market research confirmed the need to develop or enhance several skill sets to compete in nontraditional
areas These skills include
n Clinical knowledgemdashunderstanding of diseases especially chronic diseases and especially related to
alternative treatments and drugs
n Study and clinical trial designmdashdeveloping the statistical rigor and understanding of studies that can
affect treatment of conditions and outcomes and comparative effectiveness research study design
n Accountability for resultsmdashensuring a thorough understanding of how our results will be relied upon
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Business skills
Executives interviewed and surveyed in the market research study pointed to several key business skills that they seek
in any professional working on forecasting and analytics in their organizations These skills align with other studies
that the SOA has conducted proving that the health care marketplace is seeking the same skills as other markets
where actuaries work Health care executives want analytical professionals with the following skills
n Strategic thinkingmdashthe ability to think about the bigger picture of an organization is a skill that health care
executives say is critically important and is also currently lacking in their existing staffs Actuaries who can
demonstrate abilities as both detailed analysts and strategic thinkers will have the greatest potential to
develop in a nontraditional role
n Problem-solving abilitymdashactuaries are typically excellent problem solvers and while health care execu-
tives find this to be among the most important skills it is also found among existing professionals in
nontraditional health areas Actuaries will need to demonstrate the value of our unique training and
perspective
n Communication skillsmdashoral and especially written communication
n
Decision-making skillsmdashthe need to be flexible and adaptive and not necessarily always have theldquorightrdquoanswer
SOA RESEARCH
SOA health research has historically been executed with an
actuarial audience in mind consideration of the downstream
value of our work to the broader health care industry has been
secondary Yet our research has considerable value to a wider
audiencemdashfor example our 2007 report on health risk assess-
ment tools and our 2009 Quality amp Efficiency tool inventory
The Untapped Opportunities Work Group has allocated a signif-
icant portion of its budget to promoting actuarial research and
funding researchers to attend and present their results at new
forums In addition to sponsoring research on traditional actuarial
topics we are targeting new areas that will appeal to academics
and health professionals with the ultimate goal of submitting our
work to broad-reaching peer-reviewed health care journals
The SOA is committed to helping get the word out about our
UNTAPPED OPPORTUNITIES
WORK GROUP
Jim Toole FSA CERA MAAA Chair
Alice Rosenblatt FSA CERA MAAA
SOA Board and Strategic Team Ac-
countability
Bob Cosway FSA MAAA
Kate Fitch RN MEd
Jennifer Gillespie FSA MAAA
Francois-Joseph Poirier FSA FCIA
Mayur Shah MA
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Business skills
Executives interviewed and surveyed in the market research study pointed to several key business skills that they seek
in any professional working on forecasting and analytics in their organizations These skills align with other studies
that the SOA has conducted proving that the health care marketplace is seeking the same skills as other markets
where actuaries work Health care executives want analytical professionals with the following skills
n Strategic thinkingmdashthe ability to think about the bigger picture of an organization is a skill that health care
executives say is critically important and is also currently lacking in their existing staffs Actuaries who can
demonstrate abilities as both detailed analysts and strategic thinkers will have the greatest potential to
develop in a nontraditional role
n Problem-solving abilitymdashactuaries are typically excellent problem solvers and while health care execu-
tives find this to be among the most important skills it is also found among existing professionals in
nontraditional health areas Actuaries will need to demonstrate the value of our unique training and
perspective
n Communication skillsmdashoral and especially written communication
n
Decision-making skillsmdashthe need to be flexible and adaptive and not necessarily always have theldquorightrdquoanswer
SOA RESEARCH
SOA health research has historically been executed with an
actuarial audience in mind consideration of the downstream
value of our work to the broader health care industry has been
secondary Yet our research has considerable value to a wider
audiencemdashfor example our 2007 report on health risk assess-
ment tools and our 2009 Quality amp Efficiency tool inventory
The Untapped Opportunities Work Group has allocated a signif-
icant portion of its budget to promoting actuarial research and
funding researchers to attend and present their results at new
forums In addition to sponsoring research on traditional actuarial
topics we are targeting new areas that will appeal to academics
and health professionals with the ultimate goal of submitting our
work to broad-reaching peer-reviewed health care journals
The SOA is committed to helping get the word out about our
UNTAPPED OPPORTUNITIES
WORK GROUP
Jim Toole FSA CERA MAAA Chair
Alice Rosenblatt FSA CERA MAAA
SOA Board and Strategic Team Ac-
countability
Bob Cosway FSA MAAA
Kate Fitch RN MEd
Jennifer Gillespie FSA MAAA
Francois-Joseph Poirier FSA FCIA
Mayur Shah MA
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
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GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 687
Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
BASIC EDUCATION
The health-track exam committees are constantly working to revise the format and content of the Modules and
Fellowship exams to reflect current topics The FSA Modules especially allow for considerable flexibility to introduce
cutting edge material As an example the Module committees are planning to add more material on the clinical
aspects of common chronic diseases More clinical education will be added to the modules and syllabi over time
CONTINUING PROFESSIONAL DEVELOPMENT
One of the most logical outcomes of the Untapped Opportunities initiative will be educational opportunities that
provide actuaries with the cutting edge knowledgemdashboth technical and soft-skills-focusedmdashto enable them to
succeed in nontraditional areas in the health care industry An outcome immediately available for implementation
will be to offer sessions at meetings and webcasts to educate actuaries on topics that the market research has
uncovered such as clinical topics and study design In fact the upcoming SOA lsquo10 Health Meeting (June 28ndash30
in Orlando) has a planned session on study design
We are also exploring more comprehensive outlets for health care education At this yearrsquos Health Pricing and
Valuation Boot Camps we will offer a half-day session called ldquoMedical School for Actuariesrdquo in which a physician
will provide an in-depth education on several key chronic conditions that actuaries may encounter This sort of
clinical training will hopefully be continued in future meetings and webcasts since there is considerable interest
in this particular topic The work group has discussed other possible CPD ideas including more collaborations
with other organizations for symposia and seminars
BRANDING OF THE HEALTH ACTUARY
As we develop new research and education opportunities we will be looking for ways to expand the reach ofthese activities to include professionals outside the traditional actuarial profession This expansion will enable
ldquoThe Health Actuaryrdquo to become known to professionals all over the broader health care industry
This brand expansion might come from partnerships with other organizations to deliver robust educational
content For example in the past we have joined with the DMAA The Care Continuum Alliance to co-sponsor
the Predictive Modeling Symposium bringing disease maagement professionals together with actuaries for a
common networking and educational event
Brand expansion might also come from presenting our thought leadership at conferences or in publications of
other organizations and from continuing to bring non-actuarial thought leaders to our conferences and publi-
cations The SOArsquos health meeting each year brings many professionals to speak and these sessions are highly
rated proving that there is great value in enabling actuaries to hear from the broader industry
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
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Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Phase 2mdashQualitative research
During Phase 2 GfK interviewed non-actuarial executives in various health care sectors These interviews identified
future needs roles and employers for forecasting and analytic professions These interviews helped set the frame-
work for the Phase 3 Quantitative study design
Phase 3mdashQuantitative research
Phase 3 consisted of a detailed survey completed by 224 executives recruiters and hiring managers in various traditional
and nontraditional health care companies The respondents were asked questions about
n Current roles in their health care analytics and forecasting environment
n The importance and performance of current and desired staff on key attributes
n Other questions related to roles in their organizations regarding experience education compensation and
anticipated shortages
n Perceptions of actuaries
Final report
GfK issued reports on all the phases of the projects with a final report summarizing all findings The final report is
included as the appendix to this document The interim reports are available upon request to SOA staff (please contact
Jill Leprich jleprichsoaorg)
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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Untapped Opportunities For Actuaries in Health Care Market Research Summary Report to Membership
Appendix Market Research Results Report from GfK Healthcare
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
8132019 Untapped Opportunities Health
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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GfK Healthcare Marketing research built for youSM February 2010
Exploring OpportunitiesFor ActuariesPrepared for Society Of ActuariesFebruary 18 2010
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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2
GfK Healthcare Marketing research built for youSM February 2010
AGENDA
1 Introductions
2
5 Q amp A
Research Objectives
Study Design
Key Findings
Conclusions and Recommendations
3
4
6 Appendix ndash Detailed Phase 3 Study Findings (Quantitative)
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3
GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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GfK Healthcare Marketing research built for youSM February 2010
Introductions1
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GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
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Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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4
GfK Healthcare Marketing research built for youSM February 2010
Introductions
Susan R Wild Senior Vice President
983085 Sue assisted in the research design supported the research team coordinatedteleconferences debriefs etc to ensure all research objectives were met
Linda Krank Vice President Custom Research
983085 Linda was responsible for the quantitative portion of the research study She designedthe quantitative questionnaire provided oversight for the fielding and analyzed the
quantitative findings To ensure seamless execution from the qualitative to thequantitative research Linda provided input into the qualitative discussion flow andobserved a portion of qualitative interviews
Katie Fordyce Associate Vice President Research and Consulting
983085 Katie provided complete oversight and execution of the qualitative interviews She wrotethe screeners and discussion guides managed the recruitment of respondentsconducted the interviews and analyzed the qualitative findings In addition Katieprovided insight into the quantitative questionnaire
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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5
GfK Healthcare Marketing research built for youSM February 2010
Research ObjectivesStudy Design
2
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6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 1587
6
GfK Healthcare Marketing research built for youSM February 2010
Research Objectives
The Society of Actuaries is looking to expand opportunities for actuariesoutside traditional roles
983085 Focus was on the US healthcare industry which is one of the fastest growing
segments of the economy
The SOA has commissioned marketing research to examine theuntapped opportunities for actuaries in healthcare
The overarching strategic objective of this research program is to
expand job opportunities for members of the SOA within the healthcareindustry
983085 Additional objectives include Define the skills and education required to manage healthcare forecastinganalytics and
identify gaps or perceived gaps in these skills and educational requirements
Determine if perceptions differ across disciplines and industry groups
Uncover potential future hiring needs and the skills needed to fill them Identify perceptions of credentialed actuaries and how these perceptions may impact their
perceived value for key healthcare positions
Explore specific reasons for perceptions of actuaries across industry groups
Determine the degree to which healthcare experience changes the perceived value of actuaries Assess the salary potential for individuals hired to undertake healthcare forecastinganalytics
and the specific earning potential of actuaries who fill these positions
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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7
GfK Healthcare Marketing research built for youSM February 2010
Study Design
GfK Healthcare conducted multiple phases of research utilizing bothqualitative and quantitative methodologies
983085 Each phase allowed us to explore the untapped opportunities in the healthcare industry
983085 Initial phases of research assisted in the study design for subsequent phases
Phase Type ofResearch
RespondentTypes
Sample Size
Phase 1 Qualitative Actuarial Thought Leaders n= 14
Phase 1b Qualitative Healthcare Recruiters n=3
Phase 2 Qualitative Hiring Managers n=30
Phase 3 Quantitative Practicing Actuaries
Healthcare Recruiters
Hiring Managers
n=224
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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8
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
For Phase 1 the SOA provided GfK Healthcare with a list of Actuarial ThoughtLeaders
983085 This list included those individuals who had made in-roads into the healthcare industryoutside of traditional roles
The Healthcare Recruiters included in Phase 1b were recruited from lists withinGfK Healthcare
In Phase 2 GfK Healthcare recruited Hiring Managers employed in the followingindustry segments
983085 Biotech manufacturers
983085 Healthcare Consulting
983085 Wellness Companies
983085 Large Hospital Systems
983085 Health Plans
983085 Health Economics
983085 Pharmaceutical Manufacturers
983085 Health IT
983085 Disease Management
983085 PBMs
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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9
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
For Phase 3 GfK Healthcare recruited professional HealthcareRecruiters and Hiring Managers employed in the following industrysegments
983085 Pharmaceutical and Biotech
983085 Healthcare Consulting
983085 Large Hospital Systems
983085 Health PlansHealth Policy
983085 Wellness Companies
983085 Health Economics
983085 Disease Management
983085 PBMs
983085 Clinical Research Organizations
Additionally the SOA requested the participation of key opinion leadersfrom within their membership in this phase of research
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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10
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Quantitative
Recruitment of respondents for the quantitative portion of theresearch (Phase 3) was accomplished through a variety of methods
983085 Healthcare Recruiters and Hiring Managers were recruited throughpurchased industry lists
983085 GfK Healthcare provided the SOA with unique access codes to allow the Association to personally invite their membership
983085 To ensure the overall sample included representation from larger more
prestigious firms within the key industry groups telephone recruitmentwas used to augment the internet sample
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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11
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Screening
All respondents in Phases 1b 2 and 3 were screened for participationin the study based on criteria developed jointly by SOA and GfK
Years in current industry (Hiring Mgrs - min of 3 Recruiters ndash min of 5) Title level (emphasis on C-suite senior management director levels)
Work in one of four key analysis areas (strategicbusiness intelligencefinancerisk clinical outcomes health analytics)
Attitude toward importance of forecastinganalytics (very or extremelyimportant)
Be responsible for or involved in hiring process
Respondents in Phase 1 were not screened but came from a listprovided by the SOA
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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13
GfK Healthcare Marketing research built for youSM February 2010
Study Design- Qualitative
In Phase 2 the interviews focused on the following
983085 Respondentrsquos background and primary responsibilities in their current
organization983085 Skill Set Information
Skills most important for analytical positions
Pertinent backgrounds
Educational requirements
Training provided
How candidates for open positions are found
983085 Future Needs
983085 Actuarial Assessment
Familiarity with actuaries Positivenegative perceptions
Use of actuaries in their department
Best fit within the organization
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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14
GfK Healthcare Marketing research built for youSM February 2010
Study Design - Quantitative
The Phase 3 quantitative interviews lasted between 15 and 20minutes and focused on
Current healthcare forecastinganalytics environment
Importanceperformance of staff on key attributes Experience andor education required to fulfill job responsibilities
Reasonable salary expectations for forecastinganalytics positions
Anticipated industry shortages of qualified employees
Perceptions of actuaries and their ldquofitrdquo within the healthcare industry
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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16
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Skill sets developed in the actuarial profession are seen (by thosewho know the profession) as pragmatic and applicable for fields asdiverse as advertising health policy and marketingmarket research
However actuaries are competing against other highly qualifiedcandidates for roles outside of their traditional responsibilities
983085 In the current marketplace (and presumably in the future) actuariescompete with the following candidates for nontraditional roles
Health economistsndash especially when it comes to government employment andhealth policy roles
PhDrsquos in statistics
MBAsndash especially for primarily strategic positions (it was explained that MBAsdo the strategic work and actuaries do the underlying data analysis)
Masters in Public HealthMasters in Public Policyndash for health policy positions
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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17
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The positive attributesassociated with actuariesinclude
Strong technical skills
Trained in mathematics and riskanalysis
Very analytical
Focused on risk View world in black and white
Ability to convert ldquodatardquo into ldquoanalysisforecastrdquo
Understand the data and can predict
the financial risk
Could do modeling for large hospitalsystems if they understand thebusiness and understand health reform
The negative attributes associatedwith actuaries include
Viewed as number crunchers with no
personality
Lack good communication skills
The models they create may not reflectreal life as they are unable to take intoaccount all of the nuances within
healthcare
Viewed as not being able to ldquoplay in thegreyrdquo and interpret data as well aspeople with finance backgrounds
Potentially overqualified for analyst
positionsndash unlikely to take thesepositions for pay reasons
Have capability but not clinicalknowledge to understand outcomes
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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18
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
There was limited familiarity among most respondents in Phase 1band Phase 2 about actuaries especially among those who do notcurrently work with actuaries
983085 They typically viewed actuaries as people who worked for insurancecompanies who calculated the odds of certain events happening
983085 Some described actuaries as those individuals who determine who getshealthcare and who lives and dies
According to several respondents actuaries make decisions based onpopulation trends
Hiring managers from health plans health IT and PBMs were themost familiar with actuaries and viewed them most favorably
983085 Among the few companies with actuaries already on staff the work ofactuaries is highly valued
983085 Some respondents who were familiar with actuarial work but had nopersonal experience believed actuaries commanded a very high salary
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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19
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
Actuarial thought leaders described a need to broaden theirexperience in order to gain nontraditional roles
983085 Each of these respondents took the initiative to stretch their horizons They wereprovided opportunities and had the ability to learn quickly and adapt to these new
roles
Future analytical roles within the healthcare industry will likely focus more onclinical data with less emphasis on purely financial data
983085 Healthcare is becoming more data driven and actuaries are thought to be uniquelyqualified with the skills required to analyze these data and build models These data may not be purely financial data but also include health outcomes compliance
data and costeffectiveness of care983085 However this will put more pressure on those doing the analysis as important
decisions will be based on their work and analysts will be held accountable
983085 Additionally outcomes trials will be much larger with more risk and expenseassociated with them and more meta-analysis will need to be done to combineresults across trials Therefore knowledge of clinical study design will be critical
In order to meet these future opportunities current actuaries must stretchtheir horizons increase their visibility and become a stronger voice while stillremaining objective
983085 The future skills needed for actuaries to attain nontraditional roles involve becoming lessnarrowly focused and more flexible
SM
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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20
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
The fundamental skills that will be useful for actuaries to have inorder to compete for nontraditional healthcare roles include
983085 A broader background which might include a more well-rounded college
program (so that the candidate is thought of as more than just a numbercruncher)
983085 A better understanding of the ldquobig picturerdquo For business-related opportunities this perspective can be attained through
several pertinent business classes (at a minimum) or an MBA degree
For health policy positions a Masters in Public Policy or Public Health would bean advantage
983085 Business ldquocuriosityrdquo which includes asking a lot of questions about what thedata is used for above and beyond what the actuary personally does withthe data
983085 Knowledge of what impact their work has on the organization
983085 The ability to employ nonlinear thinkingndash to be flexible and adaptive
983085 Improved communication skillsndash the ability to communicate effectivelyoutside of an actuarial audience (ie take a complex situation and explainit to most other people ldquoin plain Englishrdquo)
GfK H lth M k ti h b ilt f SM F b 2010
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
8132019 Untapped Opportunities Health
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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21
GfK Healthcare Marketing research built for youSM February 2010
Key Findings
From the quantitative phase the two skills reported to be the mostimportant for individuals managing healthcare forecastinganalytics are problem-solving and strategic thinking
983085 Most of these respondents feel the current pool of professionalspossesses the problem-solving skills needed but there is a need-gap interms of strategic thinkers
The need for strategic thinkers (and not just number crunchers)came across clearly in the qualitative research as well
983085 ldquo Always have to have some ability to think strategicallymdashlooking at howwhat you are doing fits into the big picturerdquo ndash Pharma
983085 ldquoWe need strategic thinking to stay ahead of the pack and createdifferent ways of moving forwardrdquo ndash Health Economics
983085 ldquoThere is a need for strategic planning and the ability to pull a lot ofthings togetherrdquo ndash Large Hospital System
GfK Healthcare Marketing research built for youSM February 2010
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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22
GfK Healthcare Marketing research built for youSM February 2010
Problem-solving is a much-desired characteristic and seems to be a readily
available skill while strategic thinking is important but not as well-fulfilled
Base Total respondents
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalyticsQ3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
542
524
Strategic
thinking
Supervisory
skills
Study design
Problem
solving
Programming languages
Verbal communication
Written
communication
Financial acumen
Cross-
functionalcoordination
Knowledge of
clinical issues
Knowledge
of regulatoryissues
Knowledge of
policy issues
Knowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Total Respondents
GfK Healthcare Marketing research built for youSM February 2010
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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23
GfK Healthcare Marketing research built for you February 2010
Key Findings
In the qualitative phase most respondents believe that it is easiertoday than in the past to find qualified candidates for open positions
983085 This is due to a number of factors including
A smaller number of currently open positions Previous layoffs which have provided a large number of experienced candidates
looking for new opportunities
Outcomes research and health IT are industries that have been around a littlewhile now so there are more people with previous experience in these areas
Health IT positions that require frequent travel tend to be difficult tofill as turnover is high and employees burn out quickly
983085 Therefore it is difficult to find interested candidates with a lot of previousexperience
However when looking out five years about three in fiverespondents in the quantitative phase believe there will be ashortage of qualified candidates for healthcare forecastinganalyticspositions
983085 Healthcare reform and changes in technology are expected to expand themarket for qualified healthcare forecastinganalytics specialists
GfK Healthcare Marketing research built for youSM February 2010
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24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 3387
24
GfK Healthcare Marketing research built for you February 2010
Supporting the consensus that good candidates are hard to find a majorityof respondents in all groups believe there will be a shortage of qualified
candidates in the next few years
Base Total respondents
Q10 Do you anticipate a shortage of qualified candidates for positions in healthcare forecastinganalytics over the next 5 years
There are no significant differences across industry groups in this belief although directionally more respondentsfrom Health PlanPolicy organizations (65) anticipate a shortage (not charted)
(n=29) (n=38) (n=157)
GfK Healthcare Marketing research built for youSM February 2010
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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25
GfK Healthcare Marketing research built for you February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcare
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41
61 A
70 A
70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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27
Key Findings
Segment Opportunities Barriers
Biotech Mfgr bull Financial risk analysis (ieprofitloss new product
development risk analysis etc)
bull Smaller companies with limitedbudgets
bull New employees will have to hitthe ground running little to notraining
HealthcareConsulting
bull More flexible projectsndash manyskills needed
bull Likes ldquological thinkersrdquo withstrong business skills
bull Analysis functions from othercompanies (especially pharmaand biotech) are beingoutsourced to consultingcompanies
bull Many require previousconsulting experience
bull Need to bring in a book ofbusiness in most cases
bull Prefer to hire HC professionals
Wellness Company bull Growth industry
bull Looking for individuals with
strong analytical skills
bull Requires clinical knowledge
bull Headed by medical
professionals
GfK Healthcare Marketing research built for youSM February 2010
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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28
Key Findings
Segment Opportunities Barriers
Large HospitalSystem
bull Analysis and modeling of largehealthcare databases
bull Requires clinical knowledge
bull Staffed by MDs licensed inforeign countries
Health Plans bull Have knowledge of and highrespect for actuaries
bull Less healthcare experience
required
bull MBA+ desired
bull Use consultants to monitor
government policies
Health Economics bull Outcomes research bull Need more knowledge of clinicaltrial design
Disease Mgmt bull Modeling amp cost analysis
bull Clinical outcomes analysis
bull Background in health plans is
useful in understanding claims data
bull Requires strong communicationskills
bull Little training available
GfK Healthcare Marketing research built for youSM February 2010
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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29
Key Findings
Segment Opportunities Barriers
PharmaceuticalMfgr
bull Clinical studies
bull Financial risk analysis (ieprofitloss new productdevelopment risk analysis etc)
bull Clinical staff looking for PhD inStatistics
bull Knowledge of study designneeded
Health IT bull Less healthcare experiencerequired
bull Familiarity with actuaries
bull Growth industry
bull May not be willing to pay highsalary
bull SQL database language needed
PBMs bull Familiarity with actuaries
bull Growth industry
bull Training usually offered
bull Must be SQL trained
bull HC (ie nursing medicalpharmacy etc) backgroundpreferred
GfK Healthcare Marketing research built for youSM February 2010
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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30
Key Findings
There is consensus across respondent groups that analyticalexperience healthcare experience andor previous employment as ahealthcare analyst are desirable qualifications for a healthcare
forecastinganalytics candidate983085 No respondents from PharmaBiotech or Large Hospital Systems would
make actuaries their ldquofirst choicerdquo for this type of position
983085 Although nearly two in five respondents employed by Health PlanPolicyorganizations find actuaries to be a good fit for this type of positionthere is some concern about the lack of clinical knowledge ldquoActuaries have capability but not the clinical knowledge to understand
outcomesrdquo ndash Health Plan
GfK Healthcare Marketing research built for youSM February 2010
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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31
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ4 What type(s) of work experience is required for healthcare forecastinganalytics positions
Actuaries and Hiring Managers feel strongly that specific experience in healthcare forecasting is key
Significantly fewer respondents from PharmaBiotech agree that healthcare experience is necessary (not charted)
All groups agree that analytical experience is required prior experience in
the healthcare industry is also valuable
B
B
B
B
B
B
B
GfK Healthcare Marketing research built for youSM February 2010
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32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4187
32
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you bemost likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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33
Key Findings
Healthcare Recruiters and Hiring Managers place a higher value onbusiness education than on professional accreditation
983085 Business degrees andor MBAs are also strongly desired by respondents
from PharmaBiotech and Large Hospital Systems ldquoI like to pull kids out of college or grad school and train themrdquo ndash Biotech
983085 Professional credentials are held in higher esteem by HealthcareConsultants and respondents from Health PlansPolicy organizationscompared to other industry groups
Whether or not an open position requires an advanced degree orprofessional credentials more than half of all respondents report ldquoexperience in a related fieldrdquo is what differentiates one candidatefrom another
ldquoIf we need a person to hit the ground running we will lean towardexperience over educationrdquo ndash Health Economics
ldquoIt doesnrsquot matter what their educational background is as long as they haveexperience in a similar industryrdquo ndash Pharma
GfK Healthcare Marketing research built for youSM February 2010
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34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4387
34
Base Total respondentsRanked on total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
A
BC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
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35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4487
35
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic orprofessional degreescredentials do you look for if any
Respondents from Large Hospitals and PharmaBiotech put stronger
emphasis on advanced business degrees than other respondents
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
A
CD
AB
A
ACD
D
C
Professional credentials are valued more by Healthcare Consultants and respondents from Health PlansPolicyorganizations
AB
GfK Healthcare Marketing research built for youSM February 2010
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36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4587
36
Key Findings
Familiarity with actuaries is low with only 23 of Hiring Managersand Healthcare Recruiters saying they are ldquoveryrdquo or ldquoextremelyrdquofamiliar
983085 Not surprisingly familiarity is highest among respondents from HealthPlansPolicy organizations where actuaries have already made inroads
983085 Among those with familiarity however actuaries are viewed positively
About one-quarter of Hiring Managers and Healthcare Recruiters
would be highly likely to hirerecommend a credentialed actuary fora position in healthcare forecastinganalytics management
983085 Nine out of 10 respondents from Healthcare Consulting and Health Plansfeel actuaries would fit best in financerisk andor health analyticsdepartments
983085 More than half of PharmaBiotech respondents see strategybusinessintelligence financerisk andor health analytics as a good fit
GfK Healthcare Marketing research built for youSM February 2010
One in 10 Hiring Managers but no Recruiters say they are ldquoextremely familiarrdquo
8132019 Untapped Opportunities Health
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37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4687
37
One in 10 Hiring Managers but no Recruiters say they are extremely familiar
with the trainingbackground of Credentialed Actuaries
Q12 How familiar are you with the trainingbackground of the following
Hiring Mgr = 10 Recruiter = 0
ldquoFamiliarrdquo RecHM(n=46)
RecHM (n=195)
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
Three out of five Recruiters and Hiring Managers with some familiarity have ahighly positive impression of Credentialed Actuaries
FAMILIARITY
POSITIVE IMPRESSION
GfK Healthcare Marketing research built for youSM February 2010
Ab t 9 t f 10 d t f H lth C lti d H lth
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38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
8132019 Untapped Opportunities Health
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4787
38
Base Total respondents who answered questionUppercase letters denote significant differences at the 90 confidence level
Q15 Whether or not you would personally consider this candidate in what department(s) do you feel a credentialed actuary would fitinto your organization based on skills and credentials
More than half of PharmaBiotech respondents think Actuaries would fit in strategybusiness intelligence financerisk andor health analytics departments
About 9 out of 10 respondents from Healthcare Consulting and HealthPlansPolicy feel Actuaries would fit in financerisk and health analytics
departments
AB A
AC
BC
A
A
C
A
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GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4887
GfK Healthcare Marketing research built for youSM February 2010
Nearly one quarter of respondents from Large Hospitals and Healthcare
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40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 4987
40
Base Total respondents
Uppercase letters denote significant differences at the 90 confidence levelQ16 At what level do you feel such an individual would start
Nearly one-quarter of respondents from Large Hospitals and HealthcareConsulting organizations feel Actuaries could start in a senior management
role but most see Actuaries entering in mid-level positions
BC
DD
GfK Healthcare Marketing research built for youSM February 2010
f
8132019 Untapped Opportunities Health
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41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5087
41
Base Total respondents who believe salary range is appropriate for a manager of healthcare forecastinganalyticsCaution small base sizeUppercase letters denote significant differences at the 90 confidence level
Q16a Earlier you said [INSERT SELECTION FROM Q6B] would be a reasonable salary range for aan individual hired to manage your organizationrsquoshealthcare forecastinganalytics Do you think a credentialed actuary hired for a similar position would be entitled to a higher salary lower salary or the samesalary
86 of respondents believe a credentialed Actuary would be entitled to asalary equal to or greater than one paid to others in a similar role
(n=194) (n=2) (n=21) (n=78) (n=41) (n=28) (n=16) (n=5) (n=3)
GfK Healthcare Marketing research built for youSM February 2010
There is little question that an Actuary with training or experience in the
8132019 Untapped Opportunities Health
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42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5587
46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6287
53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5187
42
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q16b If a credentialed actuary presented to you with additional training or experience specifically aligned with the healthcare field (health actuary) would this increase your interest in this candidate
There is little question that an Actuary with training or experience in thehealthcare field will have a greatly increased chance of being hired for a
healthcare forecastinganalytics position
PharmaBiotech(n=39) (A)
Large Hospital(n=57) (B)
Healthcare Consulting(n=46) (C)
A
Health PlanPolicy(n=54) (D)
A
CD
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5487
45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5587
46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
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43
Conclusions and Recommendations4
GfK Healthcare Marketing research built for youSM February 2010
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44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5387
44
Conclusions and Recommendations
Many of the actuaries who currently have nontraditional actuarial rolesobtained these positions by taking the initiative to step ldquoout of the boxrdquo
983085 In order to be more competitive for future employment opportunities
outside of health insurance firms there is a need for current and futureactuaries to broaden their horizons
983085 Improving communication skills as well as strategic thinking will greatlyenhance their competitiveness in the marketplace
There is little recognition of actuarial credentials outside of traditional roles983085 The actuarial brand needs to be strengthened in other areas of the
healthcare industry
983085 To be competitive in obtaining nontraditional roles the focus of actuariesshould be less on conveying pure credentials and instead showcasingtransferable skills
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6187
52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6287
53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5487
45
Conclusions and Recommendations Strategic thinking is a very desirable trait but is in short supply
Include this element in all resumes presented for employment regardlessof industry
Graduate degrees are highly valued but experience trumps an MBA
Look for opportunities to place new graduates in entry-level healthcarepositions as part of ldquohealthcarerdquo credentialing
Changes in federal healthcare reform and technology will expand themarket for healthcare forecastinganalytics
Prepare current members to fill this impending void through targetedcontinuing education
Actuarial skills are a good fit for healthcare but awareness is low
Seek high visibility speaking engagements or articles in businesspublications tout ldquostrategic thinkingrdquo and introduce the idea ofcredentialed ldquohealthcare actuariesrdquo
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5587
46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6187
52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6287
53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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46
Questions and Answers5
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
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48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5687
47Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115
katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157
susanwildgfkcom
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5787
48
Appendix A ndash Detailed Study Findingsfor Phase 3 (Quantitative)6
GfK Healthcare Marketing research built for youSM January 2010
8132019 Untapped Opportunities Health
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Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5887
Current Business Environment
GfK Healthcare Marketing research built for youSM February 2010
A majority of respondents working in strategybusiness intelligence come from
8132019 Untapped Opportunities Health
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50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
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62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
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64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
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65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
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66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
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67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
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68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
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69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 5987
50
PharmaBiotech while health analytics departments are dominated by
respondents from Health PlansPolicy groups
Base Responding Actuaries and Hiring Managers (excludes consultants)Uppercase letters denote significant differences at the 90 confidence level
S4 Which of the following best describes the department in which you currently work
Two-thirds of responding Actuaries are employed in departments handling financerisk data (not charted)
C B
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
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52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6087
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6187
52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
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57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
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58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
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8132019 Untapped Opportunities Health
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GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
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61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6187
52
Importance vs Performance =Needs Gap
GfK Healthcare Marketing research built for youSM February 2010
Gaps of 50 basis points or more exist for 5 of the 6 ldquomost importantrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6287
53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
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78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
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53
Base Total Actuaries (n=29)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-05
-05
-03
-08
-06
-01
-10
-08-07
-05
-06
+10
-05
+03
-03
+04
Gaps of 50 basis points or more exist for 5 of the 6 most importantattributes according to Practicing Actuaries
The largest gap is reported for the attribute ldquostrategic thinkingrdquo which although not one of the most importantattributes among Actuaries is significantly more important to Recruiters and Hiring Managers
GfK Healthcare Marketing research built for youSM February 2010
Large gaps exist across the top three attributes rated highly important by
8132019 Untapped Opportunities Health
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54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
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55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
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70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
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71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
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77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6387
54
Base Total Recruiters (n=38)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-09
-10
-05
-04
-03
-04
-02
+01
-02
+03
-03
-02
-01
+01
+07
---
g g p p g y p y
Healthcare Recruiters
Once again the attribute ldquostrategic thinkingrdquo is seen to be relatively lacking among the available pool ofprofessionals
GfK Healthcare Marketing research built for youSM February 2010
There is more parity between importance and performance among Hiring
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6487
55
Base Total Hiring Managers (n=157)
Q2 Please rate the following attributes in terms of importancehellipQ3 How well do your employees [available pool of professionals] fulfill these attributes
Need Gap
-04
-07
-03
-04
-01
-02
-02
-02
-03
---
-01
+01
-02
---
+03
+03
Managers compared to the other groups
Among Hiring Managers the largest gap is also reported for the attribute ldquostrategic thinkingrdquo
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6587
GfK Healthcare Marketing research built for youSM February 2010
The attribute ldquostrategic thinkingrdquo which is deemed extremely important
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
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72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
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73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
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74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
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76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6687
57
Base Total respondents from Large Hospitals (n=57)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
520
555
Strategic thinking
Supervisory skills
Study design
Problem solving
Programming languages
Verbal
communication
Written communication
Financial acumen
Cross-functional coordinationKnowledge of
clinical issues Knowledge of
regulatory issues
Knowledge of
policy issues
Knowledge of health
systems financing
Leadership
Decision-making
Scientific
curiosity
Large Hospital
can be improved somewhat in terms of performance
GfK Healthcare Marketing research built for youSM February 2010
There is a need for more strategic thinkers and healthcare analyticsmanagers who have strong writing skills according to Healthcare
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6787
58
Base Total respondents from Healthcare Consulting (n=46)
Q2 Please rate the following attributes in terms of their importance for fulfillment of all aspects of healthcare forecastinganalytics
Q3 How well do your employees who currently manage healthcare forecastinganalytics (does the available pool of healthcare forecastinganalyticsprofessionals) fulfill these attributes
492
531
Strategic
thinking
Supervisory
skills
Study design
Problem solving
Programminglanguages
Verbal
communication
Written communication
Financial acumenCross-functional
coordinationKnowledge
of clinical
issues
Knowledge of regulatory issues
Knowledge of policy issuesKnowledge of health systemsfinancing
Leadership
Decision-making
Scientific
curiosity
Healthcare Consultants
managers who have strong writing skills according to Healthcare
Consultants
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6887
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 6987
GfK Healthcare Marketing research built for youSM February 2010
Whereas an MBA or other business degree is desirable for Recruiters andHiring Managers Actuaries strongly favor professional credentials or an
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7087
61
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q5 When you are looking to [hire place] individuals in analytical positions what specific academic or professional degreescredentials do you look for if any
g g g y p
advanced degree in statistics
Business degree
Professional certificationcredentials
Scientific healthcare degrees
MBA
Advanced degree in statistics
Advanced degree in economics
Other advanced degree
No specific degreecredentials required
BC
A
B
AB
B
A
ABC
B
BC
GfK Healthcare Marketing research built for youSM February 2010
Clinical supervisory IT and specific industry experience along with priorconsulting assignments are significantly more important to Recruiters and
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7187
62
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q4 What type(s) of work experience is required for healthcare forecastinganalytics positions
g g g y p
Hiring Managers than to Actuaries
A
A
A
A
A
A
B
A
A
A
A
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7287
63
Opportunities
GfK Healthcare Marketing research built for youSM February 2010
Nearly all Healthcare Consultants anticipate changes in federal healthcarereform and three-quarters foresee state healthcare reform as well
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7387
64
reform and three-quarters foresee state healthcare reform as well
Base Total respondentsRanked on total respondentsUppercase letters denote significant differences at the 90 confidence level
Q11 Which of these events do you believe will occur in the healthcare industry in the foreseeable future
More respondents from PharmaBiotech than others anticipate changes in FDA policy
PharmaBiotech
(n=39) (A)
LargeHospital
(n=57) (B)
HealthcareConsulting
(n=46) (C)
HealthPlanPolicy
(n=54) (D)
77 88 98 AB 94 A
49 81 A 76 A 82 A
62 68 76 72
44 67 A 76 A 69 A
41 61 A 70 A 70 A
54 53 74 ABD 56
74BCD 39 50 50
41 53 54 52
36 40 44 46
33 35 50 41
GfK Healthcare Marketing research built for youSM February 2010
While only two out of five total respondents anticipate changes in the use ofmeta-analysis most agree any change will result in increased employment
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7487
65opportunities
Base Total respondents who expect event to occurUppercase letters denote significant differences at the 90 confidence level
Q11a How do you anticipate these changes in the healthcare industry willincrease
ordecrease
the need forqualified healthcare forecastinganalytics professionals
It is interesting to note that net increases and not decreases in need are foreseen when any change isanticipated
TotalPharmaBiotech
LargeHospital
HealthcareConsulting
Health PlanPolicy
+85 +77 +80 +83 +91
+81 +88 +83 +78 +87
+73 +79 +67 +74 +73
+64 +63 +72 +60 +63
+62 +59 +58 +57 +70
+57 +38 +50 +62 +60
+48 +33 +28 +46 +69
+40 +35 +32 +44 +52
+40 +19 +47 +48 +29
+35 +36 +22 +45 +32
GfK Healthcare Marketing research built for youSM February 2010
Significantly more respondents from Health PlansPolicy organizations thanfrom other groups would be ldquomost likelyrdquo to select an Actuary to fill an open
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7587
66
Base Total respondentsRanked on total respondents ndash ldquoMost likelyrdquoUppercase letters denote significant differences at the 90 confidence level
Q6 If there were only one mid- or senior-level opening for a healthcare forecastinganalytics management positionhellipwhich one of the following would you be
most likely to consider Q7 Which one would you be least likely to select
Respondents from Large Hospitals would first select a Financial Analyst while PharmaBiotech respondents favorBiostatisticians
Regardless of which title is selected as ldquomost likelyrdquo the most common reasons cited are analytical abilities andexperiencefamiliarity
healthcare forecastinganalytics position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7687
67
Credentialed ActuariesWho are they and where dothey fit
GfK Healthcare Marketing research built for youSM February 2010
Three out of five Recruiters and Hiring Managers have a highly positiveimpression of Credentialed Actuaries
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7787
68
p ess o o C ede t a ed ctua es
Base Respondents who are somewhat or very familiar with Actuaries
Q13 Please rate your impression of hellip [Very positive=7 very negative=1]
29 of Hiring Managers provided ldquotop boxrdquo (very positive) ratings for Actuaries (not charted)
Mean Score
55
56
GfK Healthcare Marketing research built for youSM February 2010
Respondents who have worked with actuaries in the past have positiveimpressions but perceived intelligence and analytical abilities are also
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7887
69strong motivators of positive impression
Base Respondents who have positive impression of Actuaries (rating 567)
Q13b Why do you have a positive impression of actuaries
Reasons for Positive Impression of Actuaries
GfK Healthcare Marketing research built for youSM February 2010
Respondents from Large Hospitals assign a lower value to someone whomanages healthcare forecastinganalytics compared to other industry
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 7987
70
Base Total respondentsUppercase letters denote significant differences at the 90 confidence level
Q6b What would you consider to be a reasonable salary range for an experienced individual forthis healthcare forecastinganalytics position
groups
ACD
PharmaBiotech (n=39) (A)
Large Hospital (n=57) (B)
Healthcare Consultant (n=46) (C)
Health PlanPolicy (n=54) (D)
B
B
$100K+
57B
35
59B
63B
The majority of other groups feel a salary of $100000 or more is warranted for this type of position
GfK Healthcare Marketing research built for youSM February 2010
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8087
71
Perceptual Mapping
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8187
72
A perceptual map visually displays how various products (or in thiscase industry representatives) are related to one another in terms of
attributes evaluated
Mean ratings of respondents on selected attributes were used tocreate perceptual maps In these maps respondent groups aredisplayed as points on the map while the attributes are displayed as
vectors (directions) By graphically displaying the association betweenrespondents and their corresponding perceived traits perceptual mapsallow marketers to detect points of differentiation misperceptions andnew positioning opportunities in the market
The benefits of the map are threefold First respondent similarity anddissimilarity are easily discernible on visual inspection Specificallyrespondent groups clustered closest together are perceived as mostsimilar
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Maps ndash Introduction (Contd)
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8287
73
Secondly respondent attitudes relative to attribute fulfillment can alsobe determined by visual inspection Specifically drop an imaginary
perpendicular line from a group label to an attribute vector--the pointof intersection is the rating of the group on the attribute (extend theattribute vector backward through the center if necessary) Groupsprojected closer to the head of the arrow are rated more well-fulfilledon the attribute than groups projected nearer the tail
Finally perceptual maps portray the relationships among attributesThe closer two attribute vectors are to each other the higher thecorrelation between the attribute means If attribute vectors areheading in opposite directions the correlation between attributemeans is negative
At the end of this section is a brief background on how to furtherinterpret perceptual maps
GfK Healthcare Marketing research built for youSM February 2010
Summary
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8387
74
PharmaBiotech employees are perceived to be strong in mostareas Strategic thinking Problem solving Written and Verbalcommunication skills Knowledge of clinical issues Knowledge of policyissue Leadership skills The same is true for Other Respondents (Health IT Electronics record management Health economicscompany Enterprise risk management CROs)
Large Hospitals and Health PlanPolicy members are ratedaverage on the above They are different primarily in that LargeHospital employees are seen to be poor in Programming languageswhile Health PlanPolicy respondents see strength
HC consulting respondents are quite critical and perceive weakness
on all the attributes
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8487
75
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
(1 ndash 5)
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
Strategic thinkingKnowledge ofpolicy amp clinical issuesCommunication skill set
Knowledge of programminglanguages
GfK Healthcare Marketing research built for youSM February 2010
Perceptual Map ndash Performance on Key Attributes
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8587
76
Statements that show no signif
difference across brands1 Supervisory skills
2 Study design3 Financial acumen
4 Knowledge of regulatory issues
5 Knowledge of health systemsfinancing
6 Decision-making skills
1 Leadership skills2 Cross-functional coordination3 Knowledge of policy issues4 Strategic thinking5 Written communication skills
Problem solving
Programming languages
Verbal communication skillsKnowledge ofclinical issues
PharmaBiotech
Health planpolicy
All others
Large Hospital
HC consulting
167
739
2D Fit = 906
GfK Healthcare Marketing research built for youSM February 2010
Appendix Perceptual Map ndash Interpretation
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8687
77
Safe long-termLow incidence of side effects
Effective
Fast onset
Product A
Product B
Product C
1 By drawing a perpendicular line
from Product A to the attributevectors we see that it rated highly
on Safe long-term and Lowincidence of side effects
Product A is closer to the end of
these vectors than Product B thusit is higher rated on these
attributes than Product B
2 Product B is rated moderately
on Safe long-term and Low
incidence of side effects compared to products A andC However itrsquos position is
stronger on Effective andFast onset than products Aand C
3 Product C is associated
with Low cost but isnegatively associatedwith other attributes
Low cost
GfK Healthcare Marketing research built for youSM February 2010
Fl ibl i l i h ll
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom
8132019 Untapped Opportunities Health
httpslidepdfcomreaderfulluntapped-opportunities-health 8787
78Flexible resources responsive to your evolving challenges
Marketing research built for youSM
Linda Krank
Vice President
609-683-6328
lindakrankgfkcom
Katie Fordyce
Associate Vice President
Tel 267-463-1115katiefordycegfkcom
Susan Wild
Senior Vice President
Tel 267-463-1157susanwildgfkcom