Adapting Data Analytics to Drive Operational Intelligence and
Data integration and insight are prerequisites for optimizing organizational capability. Learning from research agencies, digital companies, and insurers can drive operational intelligence and greater efficiencies across healthcare sectors. Data analytics has increasingly become a critical strategic asset helping organizations to be more competitive and innovative.
According to a McKinsey survey, companies that leverage big data and analytics effectively boost their productivity and profitability by at least six percent, giving them a competitive edge over their peers who do not leverage analytics-driven insights.
Why is Big Data Vital in Healthcare?
Despite the increasing excitement regarding the prospects of big data analytics in investments and healthcare, most healthcare organizations are still lagging in adoption. A recent survey by Dimensional Insight has revealed that about 56% of healthcare facilities and hospitals lack a long-term analytics plan and proper data governance.
The risks of inadequate data governance include records duplication, missed reimbursement opportunities, financial benchmarking challenges, and other operational hurdles. An effective strategy around this can effectively fix these!
As patient care becomes more intertwined and complex, the lack of proper analytics makes it progressively more challenging to deliver safe and quality care while simultaneously achieving better outcomes at lower costs. Due to data inaccuracies and mismatches, many healthcare facilities experience data disparities between their accounting and clinical departments.
However, when implemented and used properly, big data can support improvements at healthcare organizations in the following ways:
- Help ensure identification and delivery of care to complex patients
- Reduce administrative and utilization costs for healthcare providers by at least a quarter
- Limits human errors in medical services
- Enables rapid innovation of population-specific healthcare solutions
The ABC of Big Data
Here’s an overview of the ABC of big data:
Artificial Intelligence (AI)
Everyone is turning to AI or is beginning to master machine learning. Organizations need algorithms. Some may not understand why but can’t bear missing out on a revolutionary trend.
Companies require data analysis technologies and methodologies to extract insights from their bulk data. You need data to run your business, but this simple fact is a continuous challenge.
Like well-organized IT assets and leading tech teams, customer focus is a vital consideration for any company. The customer must sit at the core of every business endeavor viewed from a data analytics lens.
Information is considered the new oil for healthcare organizations, but similar to crude oil it is often inaccessible and challenging to use in raw form. Data intelligence can help understand how business information is structured, where it is, its connection, and the actual quality of the information itself.
If you’ve reached this level of data analytics maturity, making investment decisions is more effortless. It would be best to consider the customer database as a company asset to provide a sound basis for decision-making regarding BI, AI, and tech investment.
Big Data Key Performance Indicators (KPIs)
KPIs should simplify how CFOs and executives monitor the strategic performance of their healthcare facilities – but that’s not always the case. You may be tempted to track every bit of data in your hands, which can distract you from reporting used to predict future performance and critical forecasting needs.
Refining your KPIs using this lets you mine datasets for insights that will influence vital business decisions to enhance your performance and impact your bottom line.
Effective KPIs must be:
- Quantifiable and well-defined
- Thoroughly communicated within your healthcare facility
- Crucial to your goals
- Relevant to your line of business
Achieve Better Results Using the Clinify Health Approach
Clinify Health is focused on enabling providers to develop, deploy, and manage population health strategies specific to their patient populations through a technology and services offering with the goal of improving their ability to enter in to and succeed in alternative payment arrangements. As the leading value-based care enablement partner, Clinify Health empowers success through customized practice transformation and access to actionable business and clinical data.
Clinify’s approach covers vital areas like KPIs, patient stratification, billing, and 837 and 835 analyses. Reach out for more information or to request our demo.