As organizations in every industry invest heavily in business intelligence and analytics to transform their business models, healthcare providers are looking for opportunities to catch up. The challenges to digital transformation in the healthcare industry are significant, but the opportunities are tremendous as applying modern analytics can dramatically speed and improve quality of care while also creating opportunities for new revenue streams and customer retention.
Take, for example, the transformational opportunities presented by applying analytics to Electronic Health Records (EHRs). By applying a layer of advanced analytics to EHRs, providers can identify areas for improvement and opportunity, which is especially important when you consider that these insights can anticipate outcomes and inform actions that can directly affect (and improve) the standard of care.
Analytics aren’t just improving the quality of patient care; they are creating entirely new revenue opportunities in the healthcare industry. MediGain for example, which provides revenue cycle management services to medical practices, hospitals and other care providers, was able to harness advanced analytics to combine data from 300+ sources to deliver on-demand revenue management analytics to their clients. As a result, reporting time was reduced from weeks to near real-time, greatly improving client performance while earning MediGain 1044 percent ROI.
These are just a few examples of healthcare companies leveraging their data and analytics to transform their businesses. These services are no longer optional offerings; Nucleus Research confirms that customers are demanding accessibility to analytics in their daily workflow, meaning that organizations need adapt and offer these solutions in order to remain competitive.
GoodData recently partnered with Anne Moxie, Sr. Analyst of Nucleus Research and Ian Maurer, CIO at MediGain to create a webinar that features the latest strategies and tactics that healthcare companies are using to turn their data and analytics into a profit center, click this link to view on-demand session.
Sam Osborn is head of content at GoodData. This is post is published in conjunction with GoodData‘s sponsorship of the Health 2.0 Conference