Risk Adjustment

Healthcare + Big Data: Bridging the gap

Those are mind-boggling statistics…and the pace of information creation is only going to increase as mobile and Internet of Things become even more ubiquitous.

This knowledge explosion has created a paradox for healthcare companies: the more data we have, the harder it is to find the information to drive business value for practices and payers while improving outcomes. So while the ability to deliver data-driven quality and cost improvements has never been better, it has become difficult for providers and insurers to find the “needles in the haystack.”

Traditionally, data analysis has been the responsibility of IT departments, but today that’s an outmoded approach. Today, managing data is no longer simply a technology problem but rather a business problem – and for forward-thinking companies, it represents a tremendous opportunity if viewed as an asset that can be leveraged.

The time is now for users of Big Data in the health care industry – including providers and payers – to sit down at the table with IT departments and rethink what kinds of data are collected and how information is shared and used.

One clear benefit of Big Data collection is that no one’s data needs to be viewed in isolation anymore. This ultimately provides not only better outcomes for patients, but it also improves the efficiency of processes for all participants in the healthcare ecosystem – from patients to payers – to drive positive results.

Thanks to the Big Data revolution, the healthcare industry will be able to use data collected across a range of sources and use it to anticipate problems and issues while helping payers get a better handle on administrative issues, cut costs, and address inefficiencies. And in the not-too-distant future doctors will be able to use genomic data to develop truly personalized treatment regimens for everything from cancer to Alzheimer Disease – and payers will be able to tap into this data to create new best practices to support these innovations in care.

As the users of Big Data in the healthcare industry increasingly collaborate with the people who are collecting the data, there is a unique opportunity to create innovative solutions that can help improve patients’ lives. But it can’t happen until we all recognize that more data doesn’t automatically mean better information.

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Presentation @ RISE VBC: Effective Collaboration Strategies Between Payer & Provider

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