Many of today’s leaders in the Healthcare industry are grappling with some of these questions. How do we use data and use it to make Transformational Change? How will Data Governance impact Organizational Strategy? How do we turn IT into a Revenue Generation Model? How do we engage our customers and patients in a different way in this digital world? And, what is that strategy to make our consumers more engaged in their own healthcare? Lastly, how do we use our massive amounts of data and provide value back to the company and how do we ultimately attain Business Benefit Realization?
Big Data initiatives in Healthcare need to integrate a motley of structured and unstructured data coming from many sources. The biggest challenge will be to align these data sources to ultimately improve patient care and well-being. Furthermore, having structured and centralized data is key in order to attain business benefit realization. Having a comprehensive and strategic data governance layer is critical to bring the power of this big data to the fore.
Healthcare providers are under intense pressure to improve patient care and population outcomes while simultaneously managing costs. Increasingly, they are looking to utilize the massive amounts of structured and unstructured data they own to achieve their strategic goals through big data (predictive analytics) analysis. One of the main problems that healthcare organizations are facing is how do they protect patient privacy while utilizing the rich data to improve patient care?
The challenge for healthcare organizations is to harness the vast quantities of structured data and unstructured data to support business initiatives. These business initiatives, in turn, will focus on the vision and the goals of the organization. With the emergence of continuous regulatory legislation and the resulting policies, the healthcare industry is flooded with massive amounts of duplicity within their data. Big Data Predictive Analytics has the potential to transform the healthcare industry; however, this can only be accomplished if the companies can translate these vast quantities of data into actionable and meaningful business intelligence.
With data captured via legacy EHRs (Electronic Health Record), continuous real-time patient monitoring devices, and social media; combined with complicated rules related to the Affordable Care Act, proper data governance, and HIPPA compliance, there is a critical need to ensure accuracy, availability, standardization, quality, centralization, integrity, and security of data assets.
Most of the healthcare organizations are “data rich” and “information poor.” What is the strategy to make our consumers more engaged in their own healthcare? The healthcare organizations worldwide are grappling with this quandary. How do we use the data and use it to make transformational change and simultaneously gain business benefit realization?
RoundWorld Solutions can help bring in the business initiatives aligned with existing programs to align the numerous IT projects and initiatives under each company program. It could be a project under finance or patient billing or patient health record management. Going from volume-based medicine and healthcare to value-based medicine and healthcare is paramount. Managing these large volumes of data to information and knowledge is critical and pivotal.
For healthcare companies and their Data Governance Security Initiatives, balancing the patient’s needs to advocate and take control of their own healthcare, juxtaposed with the need to be in regulatory compliance, is indeed, a tough balancing act. In addition to the zero tolerance requirements of HIPPA regulations, the healthcare security governance policies have to be balanced to distribute the healthcare information; and at the same time, the data will need to be managed to ensure that this information is not accessed by inappropriate recipients. This will be one of major challenges in evolving appropriate controls and mechanisms as the healthcare industry engages with customers for better individual and population health outcomes.
ICCG CXO Interview Panel Discussion – Healthcare
RoundWorld Solutions’ unique 360 degree view of Data Governance provides a model for administering data in a standardized way across the healthcare organization, which reduces expenditures on data and results in improved quality data that meets clinical, business, regulatory, and compliance requirements.
By utilizing the RoundWorld Solutions (RWS) Big Data 360 view tool, healthcare organizations can truly align their business initiatives, company-wide programs, and the numerous projects under each program to be used and reused to unleash the cost benefits and savings. To utilize the data visualization dashboard for a specific business initiative, it is imperative that the scope is narrow with well-defined KPIs (Key Performance Indicators). The Big Data 360 degree view tool will assist in leveraging the programs in different groups within the organization (e.g. finance, medical records, diagnostic data group in IT) to harness the various data sources to cull and apply analytics to support business initiatives.