Hospital sector must unlock the power of Big Data to improve operational performance“Hospitals across the U.S. are embracing data, primarily as part of the implementation of electronic health records,” says Scott Boyd, senior vice president and head of Healthcare Solutions at Prudential Retirement.
However collecting and organizing this data has become a costly and overwhelming endeavor for them. To make data worth the investment, he says, the hospital sector must put data to work by transforming it into actionable insights that can improve operational performance.
According to a recent research report from Prudential Retirement in collaboration with The Economist Intelligence Unit, the health care market is already investing in solutions to make health care data more actionable. In the first half of 2015, $6.4 billion went into venture capital funding for health care analytics startups. The report also found that 57 percent of hospital executives surveyed believe hospital data can be a significant game changer in operational performance, and 63 percent said the value of the data hospitals possess about patients and outcomes remains largely untapped.
When harnessed efficiently, hospital data has the potential to improve long-term individual patient disease prevention and care, evaluate hospital processes and procedures, monitor the performance of individual medical personnel, and improve administrative and other non-medical processes, according to Boyd.
Interested in learning more? Read the news release or visit www.healthcare.prudentialretirement.com. Want to speak with Scott? Contact Monique Reuben.