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.
Get our take on industry trends
Use SDOH + Analytics to power better outcomes for underserved population
Whether you’re a payer, provider or patient, on the front lines of care, sitting in front of a computer or receiving treatment, you’ve been affected by the pandemic. Of all the groups who participate in healthcare in one way or another, perhaps no single group has suffered more over the last year during the pandemic than the underserved— those people without ready access to needed healthcare services.
Read on...
Go beyond recognition: Use data to take meaningful action this Nurses Week
Since 1994, America has observed National Nurses Week annually from May 6-12. This year more than ever before, it’s critical that healthcare organizations go beyond recognition and start taking action to more effectively support and serve nurses.
Read on...
The future of digital health part 3: AI, machine learning and robotics
This post is part three of a new series featuring healthcare visionary and thought leader Andy Dé. In this series, Dé discusses how COVID-19 has triggered remarkable digital transformation and uncovers five, long-term innovation implications that providers, healthcare leaders, and payers need to consider.
Read on...
The future of digital health part 2: Digital patient engagement and virtual healthcare delivery
Protecting the health, well-being and safety of healthcare practitioners and first responders is paramount — and will accelerate adoption of Digital Patient Engagement (DPE), enabled by Virtual Healthcare Delivery (VHD) solutions (also known as “Hospital at Home.)”
Read on...