How Health Systems Can Achieve ROI in Analytics Investments
The journey to value-based care is filled with challenges, especially as it relates to measuring quality metrics. This challenge can be difficult to overcome without the right tools and skillsets but analytics can be an invaluable asset to help track and benchmark progress towards value. In fact, this is already becoming a widely-adopted tool, with the healthcare analytics market expecting to reach $42.8 billion by 2024. In this week’s blog post, we’ll outline the necessary steps healthcare organizations can take to ensure return on investment (ROI) with analytics. With nearly every healthcare organization somewhere along the value journey, it’s important to keep in mind that each step should be catered to help meet specific business objectives. Here are three guidelines to start:
1. Lead with Business Use Case, Not Technology
A successful analytics project begins by identifying key stakeholders and understanding their needs for reporting and analysis. Think of the following question when getting started: what business problems are we trying to solve and how can enterprise analytics create value? Analytics programs need to be built with problems at the center.
2. 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.
3. Create a Data-Drive Culture
Healthcare organizations typically work in siloes, especially as it relates to analytics. Each department has various levels of competency and integration of analytics tools. Establishing a dedicated analytics department that is separate from others instills its importance and creates a data-driven culture. Through centralizing analytics, the healthcare organization can spread expertise across the organization, standardize analytical platforms and create governance for consistent calculations and metrics.
To learn more on how to make the most of your analytics investment, check out our latest whitepaper here. If you are interested in ways we can help you on your analytics journey, learn more about our enterprise analytics options.