The healthcare analytics market continues to grow at a rapid pace. A report by market research firm MarketsandMarkets notes that this market is expected to reach $18.7 billion by 2020 as healthcare organizations seek to enhance compliance, monitor metrics and KPIs, and improve overall operational performance.
Hospitals, health systems, physician groups, and other healthcare entities are increasingly investing in healthcare analytics tools along with business intelligence efforts in order to gain improvements in patient outcomes, population health management, patient care, and clinical quality.
Though these tools are designed to equip healthcare organizations with various predictive analytics, data modeling, and trending for operational, financial, and clinical data -- and transform this data into actionable insights -- choosing the wrong one can impact patient care, costs and data integrity. Therefore, it’s important to consider the following 7 items to ensure choosing the right analytics tool:
- Assemble a team to oversee the selection, implementation, and customization process. Include clinical users, technical staff, the reporting team, and members of leadership.
- Build a list of data and reporting requirements, and a “roadmap” or project plan for getting there. This can be achieved by first defining the mission critical needs that the analytics tool must address.
- Assure the proper infrastructure is in place. Implementing a tool that doesn’t integrate with the appropriate applications can result in extra costs, disruption in service, and other avoidable issues. Similarly, it’s important to note any organizational structures that would prevent a successful implementation.
- Ensure the analytics tool can create complete and relevant data sets, and provide real-time analytics.
- Verify that privacy and security measures have been proactively addressed and are effectuated.
- Select a data analytics tool from a trusted vendor that can offer tangible, proven benefits. Ensure the company has experience in healthcare.
- Ask prospective vendors for references from implementations of their analytics tools at facilities that are similar in size and scope.
One Size Does Not Fit All
Although these steps provide an overview of important items to note when choosing a healthcare analytics tool, each organization is different and has its own unique needs. Some organizations may be more focused on the capability of a tool to contribute to “Meaningful Use,” while others may be looking for one that is scalable and offers customization. Either way, doing the appropriate research and taking the time to select the right tool will result in a smoother implementation.
Syntrix Consulting Group specializes in helping leverage the appropriate technology to address the specific needs of the healthcare industry. We’re experts in data reporting and business analytics for healthcare organizations, We Make Healthcare Data Talk™. Find out how by contacting us today!
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