Healthcare companies generate considerable patient data and arguably have more processes for collecting data than nearly any other industry. What happens, however, to patient data after collection? Is it actually being used to its full potential? Perhaps, it is time for healthcare companies to start investing in managing and harvesting value from the vast array of data assets they have accumulated. Here are 5 reasons healthcare companies should prioritize data management in their business.
Keep healthcare costs affordable for patients – Applying data management to patient data can help companies identify the relationships between symptoms, diagnostic tests, treatment recommendations and patient results, enabling providers to identify more efficiently the best tests and treatment options for the patient. An integrated perspective will reduce the need for unnecessary tests – saving costs for both patients and insurance companies.
Profitability for shareholders – For an industry built on a foundation of hundreds of years of science and research, managing the business of healthcare can often seem more like art – involving a high degree of subjectivity. Data management can improve the integrity and consistency of patient data – providing healthcare companies aggregate data insights that can lead to cost savings and higher profits through process optimization and better use of a company’s resources. It is important to remember that healthcare companies are businesses that, at the end of the day, exist to make money for their shareholders.
Regulatory Compliance – Healthcare is arguably one of the most highly regulated industries, both in how care is provided to patients and the records that must be maintained related to that care. A complex web of patient data privacy regulations and protocols, which restrict and provide guidelines as to how data may be shared both within a company and with outside parties, further complicates the compliance landscape. Maintaining compliance requires healthcare companies to ensure patient health records are maintained with high levels of integrity and trustworthiness.
Mitigation of legal risk – In healthcare, sometimes patient outcomes are not positive, which can often result in legal action. Higher levels of data quality, accuracy and consistency provide healthcare companies with documentation of why patient care decisions were made, what treatments were recommended and any actions that were taken. This documentation is critical in the event of litigation, as explanation and justification of the provider’s actions.
Better patient care – Greater awareness of the health of the “whole patient” can enable healthcare providers to be more confident in their diagnosis and treatment recommendations. Data management can help healthcare providers assemble a more complete and accurate picture of the patient’s health history and present conditions by gathering data from multiple sources. By integrating, validating and reconciling it, a company can confidently identify what is already known and what is unknown and yet to be diagnosed.
Healthcare companies have collected an enormous amount of patient data during the past and continue to collect more every day. Data management can help them translate the raw data into actionable insights that can lead to value for both a company and for patients. Blazent is a recognized leader in data management and data quality management solutions, helping organizations drive value by validating and transforming data into actionable intelligence. To learn more, download Blazent’s whitepaper on “Data Quality in the Healthcare Industry,” here. You can also contact us directly at email@example.com