When it comes to making informed decisions about employee benefits, enterprise data management is one of the most important tools in your toolbox. However, as recent surveys have shown, only 20% of healthcare organizations fully trust their data. This lack of trust is not without reason; poor data quality, lack of interoperability, and siloed information are just some of the challenges that employers and benefits managers face when it comes to effectively leveraging data.
The good news is that there are solutions that can help you overcome these challenges and unlock the power of your utilization and benefits data. Enterprise data solutions can help you centralize, enrich, and analyze your data to gain valuable insights and make informed decisions.
Here are four primary impacts that enterprise data management can have on your organization:
One of the biggest challenges healthcare organizations face when it comes to managing their data is the presence of data silos that result from many sources of information. Enterprise data management can help you centralize and normalize your data, making it easier to access, manage, and analyze. This, in turn, can help you improve data quality and governance, which is critical to making informed decisions.
With the help of metrics and calculations, you can produce deeper insights into cost, quality, and performance. This includes risk factors (clinical and social), episode groupers (software programs that organize claims data into a set of clinically coherent episodes, usually linked by diagnosis), and other clinical metrics such as predictive risk scores, chronic conditions, ER visits, hospital admissions, gaps in care, procedure/DX/episode groupers, risk triggers, avoidable visits, utilization metrics, and benchmarks.
With high-quality, centralized, and enriched data, you can take your data analytics to the next level. Data analytics software spend, including business intelligence solutions, data science platforms, and analytics-focused data lakes, is expected to grow at a five-year compound annual growth rate (CAGR) of 7.5%. By leveraging the power of data analytics, you can gain valuable insights into patient care, medical trends, drug efficacy, and more.
Poor interoperability and scalability of disparate point solutions can exacerbate staff burnout and contribute to problems with training and retaining talent. By centralizing and normalizing your data, you can improve the scalability of your solutions and reduce staff burnout.
To stay ahead of the curve in healthcare, now’s the time to invest in enterprise data management. This will equip you to drive meaningful change in your organization. By leveraging the power of high-quality data, employers can gain deeper insights into cost, quality, and performance, and make informed decisions that improve patient outcomes and reduce costs. Whether through data governance, centralization, data enrichment, or analytics, the key is to break down data silos and ensure interoperability across disparate systems. By doing so, employers can unlock the full potential of their data, and ultimately transform the way they design and refine benefits plans.
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