Robust data analysis will be critical for health organizations as the industry moves from volume-based payment to a value-based system, but there's still a long road ahead for hospitals and health systems to get where they need to be, according to a market trends report from Chilmark Research.
The report looks at all the challenges providers face when it comes to leveraging analytics to both meet needs of a volume-based payment system and deliver true population health management.
Currently, providers are struggling under all the data, including how to aggregate and store information, as well as how to integrate data into daily workflows, the report finds.
Another reason why health organizations analytics capabilities are not keeping pace with a rapidly evolving industry, the report says, is that vendor product capabilities remain "immature."
To move to more mature analytic capabilities,the report suggests organizations focus on the following areas for improvement:
- Robust data governance strategies. "Building an over-arching analytics governance framework can uncover potential choke points and identify opportunities to leverage data," the report says.
- Role of chief information officer. "The new CIO role needs to operate in an [environment] where Web-based tools, open APIs and more complex data analytics capabilities are needed to succeed," the report finds.
- Cloud technologies. While adoption of the services still lags, the report's authors say they are hopeful it will accelerate in 2016. In fact, 40 percent of providers that responded to a recent IDC Health Insights survey said their budgets are still growing, with many using the funds to expand analytics use in the cloud.
- Relationships between industry players. So far there has been little coordination between payers, medical associations and other sources of new quality measures.
"The development of robust data analytics capabilities … are still likely several years away," the report's authors write. "But leading institutions are beginning to meld operational and financial data with clinical to understand the costs and outcomes of care delivered within the community they serve. This will naturally drive a need for more data."