Half of Healthcare Execs Have Analytics Initiatives
In a recent report posted sponsored by GE Healthcare on ModernHealthcare.com, only 49% of healthcare executives say they have an established strategy for Big Data or a specific Data and Analytics initiative. With the move to electronic medical and health records, I would have thought this number was higher given the access to a gold mine of data. I was also disappointed that of those who do have an initiative, 42% said they were unsure if the organization benefited from applying analytics so far!
I understand that fighting for budget and time to implement analytics is a challenge with all the changes happening in healthcare (ICD-10, M&A, etc.). But hospitals using analytics to drive Value-based care are leading healthcare reform and setting a higher bar for quality of service. Value-based care promises quicker recoveries, fewer readmissions, lower infection rates, and fewer medical errors – something we all want as consumers.
In order to truly achieve value-based care, analytics is a must have. If you are looking for the business case or inspiration for the business driver, here are a few ideas:
- In surgery, do you have the data to show how many patients had lower complication rates and higher long-term survival rates? Do you have that data across the different surgical procedures you offer?
- Do you have data to benchmark your practice quality? How do you compare to other practices in terms of infection rates? Can you use that data to promote your services from a marketing perspective?
- Do you know how much a readmission is costing your hospital?
- From a finance perspective, have you adopted best practices from other industries with respect to supply-chain management or cost optimization strategies?
If you don’t have the expertise, there are plenty of consulting organizations who specialize in implementing analytics to provide insight to make the transition to value-based care and pricing.
We are always going to be facing limited budgets, the day will always have 24 hours in it, and organizations are constantly changing as new leaders take over with a different agenda. But one thing is certain; a decision without data is just someone’s opinion. In healthcare with only half of the executives making decisions based on analytics, maybe we should all be asking for a second opinion – and one based on data.