Data is the lifeblood of any organization. This is especially true of the healthcare field, which is responsible for storing patient information that is highly sensitive. As more health providers are transitioning to electronic medical records, the opportunities for this field to analyze content are invaluable to improving patient care and creating more personalized marketing campaigns.
In order for healthcare providers to accomplish these goals, however, they will require access to the right data analytics tools to gain insight into this massive volume of information. A recent Health Catalyst survey found that 76 percent lack even the basic analytics solutions for meaningful use purposes, which are measured on a scale of 0 to 8, with the former labeled as "Fragmented Analytics Point Solutions" and the latter as "Personalized Medicine and Prescriptive Analytics."
Only 3 percent of respondents believe the health industry has reached a maturity level of 5, which is considered "Waste and Care Variability Reduction."
Dale Sanders, Health Catalyst's senior strategy vice president and author of the organization's recent white paper, explained that health providers have been unable to gain cost savings and deliver quality care with their IT solutions up to this point.
"The next wave of technology – data analytics – promises to enable large numbers of healthcare organizations to at last realize a significant return on their IT investments. We developed the Healthcare Analytics Adoption Model to help healthcare organizations move progressively from basic operational reporting to personalized medicine," Sanders said.
The big data phenomenon is taking over
Big data is one of the reasons why the healthcare industry is struggling mightily to use analytics effectively. The ever-growing volume of information that organizations are generating, receiving and storing is difficult for even the largest health providers to maintain.
A Gartner survey found that 64 percent of of organizations had planned to invest or were in the process of purchasing big data technology in 2013, up 6 percent from 2012. North American respondents were responsible for 38 percent of such expenditures.
Lisa Kart, research director at the firm, explained that big data is impacting all types of industries.
"Industries that are driving the customer experience priority are retail, insurance, media and communications, and banking, while process efficiency is a top priority for manufacturing, government, education, healthcare and transportation organizations," Kart said.
Kart also asserted that organizations across these fields and regions are seeing the value of big data, rather than the hype that typically surrounds the movement.
Data is both a challenge and opportunity
Healthcare organizations struggling to leverage analytics solutions to improve operational efficiency, enhance patient care and launch more personalized marketing campaigns can accomplish all of these goals with the right tools and support. As research has shown, however, health providers are simply lacking in one or both of these areas.
This is where Altair Data Resources can come into play. The service provider helps clients understand their customers like never before, gaining insight into key demographic information, buying habits and cues that they are likely to leave for a competitor.
Healthcare organizations no longer have to miss out on an opportunity to enhance their marketing strategies because of inadequate analytics or a lack of expertise in this field. Altair Data Resources can be a health provider's eyes and ears when it comes to understanding how customers think and map out their future moves before they ever happen.
To learn more about Altair Data Resources and its comprehensive analytics knowledge, click here.