As we find ourselves in the second month of 2016, how many New Year’s resolutions have already been abandoned? Research shows that more than 80% of New Year’s intentions – many of them health-related – fall by the wayside by the second week in February. The good news is, it’s never too late to recommit, or to make new resolutions. After all, isn’t the real goal to improve life throughout the new year?
With that in mind, now is a great time for healthcare organizations to resolve to use existing data for improved patient and business outcomes. In fact, this would be in keeping with the findings included in the recently published 2016 Global Data Management Benchmark Report from Experian Data Quality. At long last, organizations are realizing it’s not just the IT department, but the organization overall – not to mention the patient – that benefits from data gathering, analysis and usage.
Still on the fence? You’re not alone. Even with so much to be gained, the volume of data and its complexity can be both intimidating and confusing to many healthcare providers. As a starting point, consider the benefits that managing and making better use of your organization’s existing data can provide in these three key areas:
1. Quality of Care
It’s not just medical professionals who have the power to improve patients’ lives. When healthcare system data is explored, monitored and analyzed in real time, it can uncover real opportunities for improved quality of care. For example, access to data allows you to:
- Gain clear insight into patient flow and discover where the bottlenecks exist in the treatment process allowing you to uncover ways to improve efficiency
- Quickly find answers to questions so patients don’t have to wait longer than absolutely necessary
- Uncover diagnostic information resulting in reduced medical errors
2. Financial Management
Healthcare executives with access to the right data at the right time can improve day-to-day business functions by:
- Identifying opportunities for increased profitability through performance monitoring across departments, practices, facilities, and providers
- Reducing operational costs through more effective resource planning and purchasing
- Increasing patient retention and referrals with visualizations that blend data on treatment, medications, length of stay, outcomes, and patient satisfaction
3. Operational Excellence
Optimizing operations through data allows you to achieve and maintain a competitive advantage by:
- Reducing latency in the decision-making process
- Increasing the ability to respond to the unpredictable turbulence that frequents the healthcare industry – namely achieving compliance to ever-expanding and stringent regulations
- Enhancing proficiency in the identification of potential issues
By resolving to harness the power of the data they already have, healthcare organizations will be able to identify patterns more quickly and accurately, and pinpoint opportunities to reduce waste and costs. And, more importantly, they’ll be able to better allocate resources to enhance patient outcomes and improve the quality of care.
To learn more about self-service data prep and information optimization for healthcare, check out our whitepaper: Healthcare: Addressing Big Data Variety with Information Optimization.