CHIME Series: Are You Making the Most of Your Analytics Investment?

This week we are continuing to share our College of Healthcare Information Management Executives (CHIME) survey results with you. The focus is specifically around the question: Do you feel that you have realized the full ROI of your data warehouse and analytics investments? The results were telling – with close to 100 percent responding “no.” The healthcare industry continues to view data and analytics as top priorities to driving change. We have outlined best practices and strategies to ensure healthcare organizations receive the full potential of their IT investments while making strides to maximize value through the improvement of quality care and reduction in costs.

In partnering with our clients, MedeAnalytics works to ensure that the large hospital investment – both from a cost and organizational perspective – is realized. The key to achieving an overall best-practice strategy is to not only take data to insight but also into action. Below are five steps healthcare organizations can do to get their analytics investment on track: 

  • Identify enterprise champions – They will be the point-people to turn data into change as they will lead the entire organization’s attitude on data governance. Establishing authority will create a trickledown effect ensuring value is tracked and achieved.
  • Find value in existing data – Organizations should leverage their core data set and claims data, but also pull in existing ancillary data to have a better understanding of their organization.
  • Create a data-driven culture – An analytics department ensures that the entire business is standardizing and handling data consistently, but also encourages the new analytics department to champion a holistic approach towards data management.
  • Outline and develop manageable goals – Instead of tackling all problems at once, start small. By setting a goal with real, manageable next steps, the organization can quickly perceive value in an enterprise initiative.
  • Train, train, train – Repeated trainings and regular communications ensure long-term success. By holding teams accountable, while empowering them with resources to succeed, data sharing efforts across the enterprise are bound to improve.

An investment in analytics is the first step toward becoming a data-driven healthcare organization; however, the real change comes from leadership and education. To learn more about analytics best practices, download our whitepaper here. For success stories, access our case studies here. If you’re looking for guidance on how to make the most of your analytics investment – make sure to contact us: https://medeanalytics.com/company/contact

Posted in

MedeAnalytics

MedeAnalytics is a leader in healthcare analytics, providing innovative solutions that enable measurable impact for healthcare payers and providers. With the most advanced data orchestration in healthcare, payers and providers count on us to deliver actionable insights that improve financial, operational, and clinical outcomes. To date, we’ve helped uncover millions of dollars in savings annually.

Leave a Comment





Get our take on industry trends

Adapting nursing education and practice in a post-pandemic, technology-dependent world

July 19, 2024

Can AI help reduce nurse burnout? What role should nurses play in regulatory conversations? How do clinical training programs incorporate…

Read on...

Championing transparent technology: Why we’ll always show you behind the scenes

June 19, 2024

Modern, tech-enabled innovations are demonstrating immense potential to transform the way healthcare is planned, delivered and paid for in the…

Read on...

Optimize your revenue cycle for today’s challenges and tomorrow’s goals

May 15, 2024

In this dynamic LinkedIn Live discussion, Christine Stetler, BSN, RN and AVP of Solution Engineering at MedeAnalytics, unearthed strategies for…

Read on...

Enhancing healthcare delivery with explainable AI: A methodological leap forward

April 25, 2024

Healthcare providers and payers continually seek methods to enhance patient care and operational efficiency. With the advent of complex data…

Read on...