In today’s world, people rely on data services more than ever. We all use data when using our phones, and searching the internet. However, with all of this data usage, it can be hard to paint a clear picture of what it all means in certain situations and contexts.
In the world of healthcare, there is tons of data out there, but it is all very fragmented and incomplete. Having one source of good and accurate data is extremely important in order to keep healthcare costs affordable for patients, as well as ensuring the best health care is being provided.
Let’s get into the nitty-gritty about some of the barriers that exist in this space when it comes to data and why having good and accurate data is so important.
Healthcare Is Complicated
Healthcare is a huge behemoth of a machine with several moving parts. Hospitals, insurance companies, doctors, medicines, and patients all have their own data being tracked, but it can be one big convoluted mess.
Over the years, we’ve seen a big shift in digitizing medical records, networks, providers, and other processes to try and make the transition of data seamless. With all of these moving parts, it can be very hard to quantify all of this data and make sense of it. Due to this hurdle, data companies are quickly becoming a big business and are bringing in executives with years of experience, such as David Geithner with ReactiveCore. Experienced executives such as Geithner provide data companies with the vision needed to provide the best reporting, forecasting, and cash management solutions in order to make better sense of the complicated health care industry.
Experienced executives also have the business chops to know how to break down some of the complicated barriers that exist in the healthcare industry such as the breakdown of communication when it comes to data which leads to higher costs and digital and financial waste. The patient journey differs from one healthcare network to the next so greatly, that having the data just for that network is not enough. With healthcare moving more under government control, moving away from individual network data to having national data that includes all patients and providers is a major barrier and hurdle to overcome.
Even though there are barriers, the data still exists and requires innovation and processes in order to connect it to positive decision-making. The goal of data companies in this space is to better integrate national healthcare data to ensure continuity of care, improved health outcomes as well as cost reductions. If this goal can be achieved, every American benefit greatly in the world of healthcare.
Types of Data
It’s no secret that the Medicare system is wasting a ton of money on outdated processes and procedures. In fact, it is projected that so much money is being wasted, that the next generation may not have access to these benefits when they hit retirement age.
This is due to a communication breakdown and gaps in data analysis. By bridging these sort of data gaps at a national level, it will not only help the private insurance providers but also healthcare programs at the national level such as Medicare.
With more accurate data, the $1 trillion annual waste can finally be addressed by better-automating processes, streamlining claims, and providing better communication tools between patients, providers, and payers.
Not only can accurate data potentially lower patient and provider costs, but it can help doctors to better predict patient outcomes. With a better source of data, doctors could make better decisions regarding prescriptions, rehab, or surgical procedures to name a few. This data would not only save patients money, but it would save providers, manufacturers, and big pharmaceutical companies money as well.
As you can see, if a more complete accurate data set can all be put into one place, every aspect of the healthcare industry can be improved as it essentially creates one source of truth. This one source of truth would help the healthcare industry to better connect the dots to make sure care can be affordable and available to all who need it. It would also improve medicine effectiveness, patient security, and better awareness among doctors as to which treatments, and medical care procedures will net patients the best results.
