By the end of year, healthcare data is expected to double every 73 days.
With that much data on the table, the possible insights are endless. But what good does it do if you can’t access them?
While there is a tremendous amount of hype around advanced analytics capabilities, many organizations still struggle to unlock the value in their data—much less, what a 360-degree view of a patient or payor/provider operations could do for improvements in health, cost and experience metrics. Figuring this out is critical but healthcare leaders need to be strategic and intentional in where advanced analytic capabilities are deployed to focus on impact and minimize risks. The way forward requires:
- Focus on value first, technology second
- Strong support for data governance and quality
- A reliable strategy for change management
Value Before Technology
Advanced analytics does indeed hold huge promise for helping healthcare organizations spot inefficiencies and unseen areas of opportunity. However, with the vast amount of data on hand, an across-the-board approach is likely to end in little but frustration. A precise strategy that begins with an in-depth assessment to identify the value opportunities for your organization is key to capitalizing on data’s true potential.
Once you’ve identified the areas where advanced analytics are most likely to have an impact on your organization, only then should you start thinking about the available tools and capabilities. We advise our clients to take a “fast follower” approach. Unless the area is very strategic, let others pay for the learning curve.
Clean & Reliable Data
Advanced analytics tools run on data and the “learning” phase requires significant volumes of it. But volume doesn’t equal value. “Garbage in, garbage out” is the guiding mantra of data analytics for good reason. At Amitech, we plan for significant time and effort to clean-up existing data and establish strong data governance to support our clients’ data analytics solutions and generate real and meaningful value.
A Framework for Change
Even the most carefully considered data analytics strategy with well-chosen tools and strong data governance is doomed to fail if change management isn’t baked in to the plan. A number of mission-critical dimensions of change management include:
- Executive sponsorship in impacted areas
- The involvement must be direct and active with clear accountability for process and value metrics
- Organization-wide education
- Raise the organization’s understanding of the capabilities and positive impacts, highlighting both broad (organization, patients) and narrow (enhanced roles) elements, where possible
- Integrated workflows
- The analytics capability must mesh with the new workflow rather than operating as an ill-fitting bolt-on
- Effective communication
- A critical but often underutilized tool, communication should be prioritized from establishing intentions to highlighting early wins
Tackling the Triple Aim
Advanced analytics will be a key driver in transforming healthcare in ways that WILL improve care, reduce costs and increase satisfaction for consumers and healthcare workers; but there will be winners and losers. The winners will anticipate capabilities which will be key in their delivery and business model and engage early to identify and prepare their organizations to adapt and apply the capabilities. Those playing catch up will be trying to make accelerated changes to already stressed organizations with reduced financial positioning – and will likely fall by the wayside.
Amitech can help. We are is focused on the healthcare payor and provider space and both know and understand the technology tools and capabilities, and how to apply them to the unique challenges of the industry. Our primary focus is on delivering business value, before technology. In healthcare, that’s often the difference in improving care and reducing costs or maintaining the status quo. If you’re interested in shaking things up, give us a call.