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Compelling Reasons Why You Need Healthcare Data Solutions



Billions in Waste
A recent article released by Deloitte reports that hundreds of billions of dollars are being wasted in the United States alone by “low-value care” (unnecessary diagnostic tests, trips to the emergency room, avoidable surgeries) which “can result in adverse patient outcomes, excessive costs, and poor patient experience.” This level of waste shows how far we are from the healthcare triple aim of better health, better care, and better value. Fortunately, there are healthcare data solutions to help remedy these inefficiencies which will only be discovered by developing a data analytics strategy.

Opting out of Insights

Choosing to delay your efforts on developing a healthcare data solution for your organization creates waste and missed opportunities, and can potentially create harm. On the other hand, if we get clear on what it is we would like to accomplish, we can gather and analyze data accordingly—toward that aim. 

The amount of data we can stream in real-time can produce great benefits if you are willing to put action behind the insights you gather. A great example of this type of data-driven decision making comes from the same Deloitte article  in which they use an example of a hospital that used pedometers to track the number of steps a nurse was taking and then redesigned the ward and improved processes so nurses spent more time with the patient.

In another example, the University of Utah Health created a computer program with “200 million rows of costs for items like drugs, medical devices, a doctor’s time in the operating room and each member of the staff’s time.” Putting this data into use, the university has seen a cost decline of 0.5 percent a year, “while costs at other academic medical centers in the area have increased an average of 2.9 percent a year over the past few years.”

The Bottom Line

The bottom line is that the increase in speed and complexity of the healthcare industry will force anyone who wants to participate to learn and adapt. Developing a healthcare data solution for your organization is the path to reach its aim, and to contribute to the evolution of healthcare.

Feel free to reach out to us if you would like to learn more about how we help our clients set up their data analytic strategies and/or take a look at how we helped a major southern payor identify at-risk members and target them via strategic interventions at critical moments in the renewal process to address the increasingly challenging rate of member churn on the individual insurance market.

Have any questions or want to know more? We have answers.


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