In Healthcare, Data Drives Value

Much has been written and discussed about preparing and positioning for value-based care, with efforts under way across the health system to reduce costs, expand access to care, and improve outcomes. However, attempting to meet these demands without the requisite information, analytical competencies, and a clearly defined strategy for doing so will bury an organization. Health systems cannot and should not underestimate how data, and the insight it provides, is vital to an organization’s readiness for value. I recently shared some thoughts on this topic with Alison Lake Benadada of The Washington Post for her article How Data Can Inform Value-Based Healthcare.

Producing or accessing data is not an issue.  Being able to apply it in a rational and strategic way is the challenge. Gorging on data or, conversely, failing to take advantage of pertinent and readily available data, leads to wasted opportunities, ineffective practices and processes, and uninformed decision making. Informed organizations are sophisticated in understanding what type of data they need. They also are aware of the capabilities and limitations of existing technical systems, and therefore, what additional data solutions might be necessary.

Further, prevailing value-based enterprises recognize the power data holds in analyzing the present and future course of the healthcare system, as well as in designing the best strategies for improving patient care, access, outcomes, and costs.

Being an informed organization may seem like a banal statement, but it is foundational for organizations seeking to evolve into thriving value-based enterprises.

For a more detailed discussion on what it means to be an informed organization, see what Michelle Holmes, one of our HCIT practice leaders, had to say on the topic.

This entry was posted in Information Systems & Management and tagged , , by Steve Messinger. Bookmark the permalink.

About Steve Messinger

Steve, who is Managing Partner of ECG, has extensive experience in strategic and business planning, business development, mergers and acquisitions, and managed care. He assists health systems, academic medical centers, and medical groups with developing and implementing strategies that drive competitive advantage, and he is an effective adviser to boards and executives who are managing the challenges and implications of transformational change. Steve has been a featured speaker on healthcare strategy and hospital/physician relationship issues for a variety of professional associations, trade groups, health systems, and physician groups. He has been published in several healthcare journals, including Modern Healthcare, Modern Physician, hfm (a publication of the Healthcare Financial Management Association), Group Practice Journal, and Health Care Strategic Management. He earned a master of health services administration degree from The George Washington University and a bachelor of science degree in clinical sciences from Cornell University.

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