Captive audience for Monarch data prep demo during HIMSS Analytics
I recently attended the Big Data & Healthcare Analytics Forum (presented by HIMSS) in San Francisco. This year, the show had a laser focus on real-world use of analytics in healthcare, and attracted a wide cross-section of titles including nurse managers, physicians, finance, IT, engineers and data scientists. The one thing they had in common was an interest in healthcare analytics – from improving patient care and treating diseases to reducing mortality rates and improving revenue cycle management.
During the two-day conference, the biggest message I took away is that there’s no shortage of data in healthcare today. Data is everywhere and there’s plenty of it. The problem these organizations face is the lack of trained people who can make sense of the data and who understand what the data can provide for them. With more than a dozen vendor sponsors at the conference, there were lots of discussions around how data can be used today and a consistent theme around the lack of resources to take advantage of it.
Our CMO Dan Potter’s presentation – The Big Data Revolution and Challenges in the Healthcare Industry – directly addressed that concern and resonated with the attendees who lined up to get a close-up view of our demo. Dan talked about how analysts waste up to 80% of their time preparing data versus analyzing it which costs healthcare organizations an average of $22,000 per year, per analyst. And how only 12% of enterprise data is used to make decisions since the rest of it is trapped in other hard-to-access data sources.
Healthcare organizations are only accessing the tip of the iceberg when it comes to data
While hospitals have invested millions of dollars in legacy technologies and most recently, electronic health record (EHR) solutions, data is moving so fast and is so fluid that they need an analytics solution that can keep up. Altair Monarch helps healthcare providers extract data trapped in PDFs and other enterprise reports into important insights that let these organizations make better, smarter, and faster decisions.
Want to find out how self-service data prep can help your healthcare organization? Download your free trial of Monarch today.