Why it’s Time to Create a Chief Data Officer Role for Your Organization
Last year, CMS announced the creation of a new Chief Data Officer role to oversee and manage data collection in hopes of improving insights that will impact organizations. This new role in the healthcare industry addresses and helps apply analytics to the vast amounts of data created on a daily basis. Gartner predicts that this year, 25 percent of large global organizations will have appointed Chief Data Officers (CDO). Tackling endless amounts of data is challenging, putting in place a new professional to handle it is even more difficult. However, the benefits are worth the risk. Here are a few things every organization should consider when creating a CDO role:
Why A New C-Suite Member
Creating a leadership role that is solely responsible for all data initiatives is essential to a successful healthcare organization. A lack of centralized approach is expensive and weakens an organization's ability to compete. With the recent exponential growth of data, there is a high demand to explore the meaning of this information, which can be achieved by appointing a CDO.
Why your Organization
In today’s data-driven environment everyone has the ability to capture data. The real challenge that the healthcare industry is facing is how to take this existing data and use it in an innovative way that benefits the patients and the organization. According to Accenture, 92 percent of companies that implemented a big data initiative are fully satisfied with their business outcomes. Analyzing your existing data allows your company to improve business functions and provide informed, personalized care. Managing this data is no longer IT’s responsibility, but the responsibility of the organization as a whole.
Why your Data
Healthcare organizations are constantly searching for innovations to help lower the cost of care. From implementing EHRs to optimizing revenue cycles, the industry is filled with IT solutions that optimize care and costs. CDOs offer a human, internal solution who can provide meaning to existing data. Through the leadership of a CDO, implementing data analytics is potentially a business opportunity of 300 billion to 450 billion dollars a year, according to consultants at McKinsey & Company. Understanding your data means adding to your bottom line.
Data is the key to innovation within the healthcare industry, but many organizations are slow in adopting the appropriate solutions and professionals to handle it. The insights and benefits are at their fingertips, they just need to put in place the right tools and leadership to take business to the next level.