Inaccurate data is limiting organizations from realizing the game-changing power big data can bring to healthcare. Clinical and financial benefits are within reach, but bad or “dirty” data continues to be the Achilles heel of actionable information in healthcare.
Content is enabling provider and supplier organizations to make more strategic and effective business decisions in a rapidly changing market. Among the many forces driving change in healthcare are financial pressures, regulatory reform, systems change and standardization, and a surge in mergers and acquisitions.
Healthcare organizations have traditionally worked to limit the product data held in item masters to the products used most commonly. Today, with expanded use of electronic health records, the item master is becoming more of a strategic asset and the single source of truth for item information in multiple systems. This evolution suggests that the item master may become more valuable by extending item data beyond routine stock and products.
The healthcare industry is undergoing a transformation aimed at providing higher quality, more cost-effective care. Key to striking the balance between cost and quality is data.
At GHX, we know data can help organizations set strategic direction and direct critical business and care decisions. However, this only holds true when “bad data” does not serve as the foundation for efficient and effective value analysis efforts.
For instance, healthcare providers take advantage of their supply chain data to help reduce cost and improve standardized patient care. That data, coupled with predictive analytics, helps to better anticipate future product demand — which enables providers to avoid losing speed to patient care due to discontinued or backordered products.