CHIME Series: Creating Value Out Of Your Analytics Investment
We are continuing to focus on the insights from our College of Healthcare Information Management Executives (CHIME) survey. This week we’re exploring the response to one of the questions asked: Do you feel that you have realized the full ROI of your data warehouse and analytics investment? The results to this survey question were astounding with close to 100 percent (95.7 percent) of respondents stating they have not realized the full potential of their investments.
In this blog post, we outline the necessary steps to take to ensure a return on your analytics investment. With nearly every healthcare organization somewhere along the value journey, it’s important to keep in mind that each step should be tailored to meet specific business objectives. Here are three guidelines to start:
- Offer Self-Service Access to Business Users: Although an investment has been made many organizations struggle to fully adopt the platform due to IT bottlenecks in reporting and analysis. By empowering business users with the ability to perform their own analysis to identify the root cause of trends, the speed from insight to action will increase.
- Find New Value in Existing Claims and Billing Data: Most data warehouses focus on aggregating clinical data from EMRs, but many healthcare organizations fail to recognize the potential in claims and billing data. Most data models are built on this type of data, so their value should not be underestimated.
- Achieve Quick Wins: Starting small is key. Sifting through and analyzing data can be a large and daunting task, so it’s important to remain focused at the start of your project and then expand. Focus on one or two small use cases such as medication adherence or hospital readmissions. Once those initiatives are deployed, set realistic metrics and timeframes to properly measure progress. If progress is being made, make sure to continue driving the initiative and look for additional growth opportunities.
With these best practices, healthcare organizations can begin to realize the value of their analytics implementation. To learn more, download our white paper here. If you’d like to partner with us – go to: medeanalytics.com/company/contact.