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May 28, 2024 by Laurie Dowd
TRANSFORMING DATA INTO ACTIONABLE INSIGHTS
In a recent meeting, a CFO shared a common frustration among healthcare
systems—having an abundance of data but lacking meaningful information. This
trend is seen across the nation as health systems struggle to make sense of the
statistics and metrics they collect. That raises the question: How can you turn
this data into insights you can act on to improve performance?
Health systems are constantly acquiring new data sets and advancing their
applications but often struggle to effectively utilize them. The focus tends to
be on data acquisition instead of applying it. This challenge is further
complicated by the wave of mergers and acquisitions in the healthcare industry.
This results in varying IT platforms, disparate electronic medical records
(EMRs) and a multitude of data sets and software platforms.
To overcome this challenge, health systems need to shift their perspective. Data
alone isn’t the answer; it’s a means to an end. The true value lies in
extracting actionable insights from the data. This requires not only collecting
and organizing data effectively but also prioritizing and contextualizing it
within the broader strategic objectives of the organization.
To illustrate this transformation, let’s look at a real-life example. A health
system partnered with our consumer innovation team to analyze their market share
and assess patient loyalty. They wanted to identify areas where patients were
seeking services outside their system. By reviewing claims data from the past
four years within their designated service area, we uncovered valuable insights.
One immediate finding was that patients who initially engaged with service lines
like physical or occupational therapy were more likely to remain loyal to a
system, and increased their healthcare spend overall. This highlights the
importance of offering access to entry point services like physical therapy,
occupational therapy and primary care. By understanding patient behaviors and
preferences, the health system could optimize revenue and improve patient
satisfaction to reduce leakage outside the system.
By strategically and gradually employing and unifying their data, the health
system could move beyond being “data rich, information poor.” They realized that
focusing on data analysis in healthcare decision-making could drive meaningful
change and improve patient outcomes. This transformation allowed them to
ultimately transform healthcare delivery for the better.
The key to making data actionable lies in shifting the focus from data
acquisition to extracting meaningful insights. Health systems must collect and
organize data effectively, while also prioritizing and contextualizing it within
their strategic objectives. By doing so, they can unlock the true potential of
their data, drive meaningful change and ultimately improve healthcare delivery.
How do you get started? Here’s a few tips:
1. Determine if you have the necessary data to accurately address your
challenges.
2. Determine how you will synthesize and analyze the data to extract meaningful
insights.
3. Evaluate how you are prioritizing which challenges get the attention of your
efforts to improve performance.
Are you ready to take the next step? Reach out to us today.
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Analytics (1) Care Redesign (6) Consumerism (14) Disruption (8) Enterprise
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Payer Strategy (4) Payment (5) Payment Evolution (14) Physician
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AUTHOR BIO
LAURIE DOWD PRINCIPAL
As a principle on the Consumer Innovation team, Laurie’s focus is on health
systems’ identification and implementation of growth strategies. Additionally,
she helps hospitals and health systems better understand and evolve consumer
loyalty with their patients and prospective patients within their health care
ecosystem.
Email: ldowd@sg2.com
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