In spite of the fact that many healthcare companies have made use of the primacy of data in order to support medicine based on evidence as well as the emergence of value-based care, most of them are still not guaranteeing that they are using that asset effectively by a comprehensive tool.
Taking advantage of infonomics for managing healthcare data more efficiently
In spite of the fact that many healthcare companies have made use of the primacy of data in order to support medicine based on evidence as well as the emergence of value-based care, most of them are still not guaranteeing that they are using that asset effectively by a comprehensive tool. This framework of measuring data, managing data and monetizing data is what you should take a look to learn more.
How to measure data
Measuring data is the task of making an investment in data because they would be a valuable property. When it comes to healthcare industry, data is everywhere. It is generated daily through the system via such activities in healthcare centers as the billing system, EMR, prescription writing software and so on. Most healthcare systems have realized that data has its high value while they are not able to treat it the way they should be. For example, all healthcare centers may have realized hơ many beds they have at a time. They would know the price of a bed and how much it would be if they want to replace it. However, it is not being invested into learning how much the data that the healthcare center has or what the financial effects might take place in order to replace that data.
We can take Allina Health center into consideration. By carrying out a data-drive solution to healthcare, the health system was capable of realizing 125 million dollars in financial development within only one year using analytics that made the most out of valuable property – data. In spite of the fact that it would not be important for healthcare centers to invest a fixed amount of money on just how much their data is worth, getting to know the order of magnitude can be useful when it comes to controlling companies when it comes to learning how much data they have got, where it is generated and how it could be taken advantage. If the company knows the value of their asset, they will move to make an investment into caring for and maintaining data. To simply understand, an investment into infrastructure is carried out in order to store and manage data. An information security program is used to protect data and people as well as programs will be able to turn that data into actionable insights.
As soon as the healthcare organization recognizes the true value of data, the next step is to control that data by using programs, software and people who can take care for that asset.
How to manage data
Managing data is the task of tracking data like a physical asset. After the health companies have known the value of their data by measuring it, the next step is to get to know where it is generated and how it is stored. Efficient healthcare data management means learning where the data comes from and the capability to turn that data into some forms in which it can be controlled properly. While the hospitals know how many beds they have got, and where they are, they do not know exactly the location of all data in its ecosystem. It is really challenging to promote and manage the access to data without a right data management platform.
Managing data in a healthcare center is making a data operating system accessible in order to get data under centralized control and make sure its availability throughout the company. For instance, with the health catalyst data operating system solution, data is taken from a lot of different source systems, offering a single control point in which individual access rights can be assigned. After that, the company can set up data governance and control data lineage when data is enriched and deliver to every corner of the company. As a result, the company will know what data they have, where it comes from, who can gain approach to it and how full the access is being done.
How to monetize data
Monetizing data is the task of making use of information assets. It means the ways by which an organization uses their data.
A hospital knows how many beds they have got, where those beds are located in the hospital, or how much they can charge for those who need to stay in specific room types. Monetizing data can come in a wide variety of form. However, monetizing data is not only related to money. Actually, it means developing the quality of care, advancing patient experiences, reducing the cost of care which is being delivered, exploring new revenue makers while optimizing and personalizing the services.
Taking Allina Health healthcare vendor above as an example, the mixture of clinical, operational and financial improvement projects led to a big positive effect finally. Thirty million dollars of their review were the result of limiting undesired clinical variation thanks to using different improvement projects such as lowering heart failure readmissions, bettering stroke care and advancing results for spinal cases and so on.
When the healthcare vendor owns the infrastructure in place in order to manage the data, they can start to use the tools and programs to monetize their data. For instance, hospitals can use Patient Safety Monitor in order to prevent harm for their patients, reduce the cost of care using the Corus Suite by which users would know the cost of care so that they can find solutions to cut costs properly. The Community Care advanced application can also be used to improve population health by which the quality data is delivered to healthcare vendors and let them know how effectively they are doing in treating people, as well as helping them recognize non-compliant patients so that they can be controlled in a right way. These are just a few examples of how many hospitals in the world are doing to monetize their data.