Analytics and Value
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This article appears in the January/February 2014 issue of HealthLeaders magazine.
For the healthcare industry, a key to unlocking the value formula is to manage the healthcare enterprise in a more targeted way. Analytics can provide a basis for making the quality and value decisions that healthcare reform is bringing to the forefront by grinding through a diverse set of detailed information that can include virtually all of the financial and clinical details of delivering care.
Indeed, that is a principal finding from the 2014 HealthLeaders Media Survey on Healthcare IT and Analytics: Organizations are going to depend on data in new ways, and the way to stay on top of it instead of being bowled over will be to approach analytics with a comprehensive understanding of how one's healthcare business operates.
Moving toward an at-risk environment
All segments of the industry are involved in analytics: Nearly half of physician organizations (49%), two-thirds of hospitals (67%), and fully 74% of health systems say they are doing analytics now. But analytics can be quite complex, so advisor Steven D. Shapiro, MD—chief medical officer and chief scientific officer of UPMC, an integrated healthcare delivery system headquartered in Pittsburgh—wonders how much challenge people are actually taking on. "I'm not sure they fully realize the opportunities available with analytics, or the extent of the commitment they're going to need," he says.
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