Healthcare Data Is Growing, With a Profound Impact
“According to IDC, data in healthcare is expected to grow at a rate of 36 percent per year through 2025, outranking industries such as manufacturing, media, and financial services,” says Salchin Kalra, vice president of customer success at Infostretch.
He says this is no accident. Read on for an excerpt from his new article:
Data has long been a driver of change in the healthcare industry, and its impact has been profound. Recent research has shown that improving data collection and analytics could save the healthcare industry more than 25 percent of its total operating costs.
But sheer volume of data by itself isn’t something the industry should strive to achieve. Instead, the key is how data is used to improve market growth, patient retention, and the overall patient experience.
With the right technology platforms in place, data acquisition can become an almost automatic process. But this passive acquisition of data can lead to problems such as duplicate records, which can end up costing as much as $1,950 per patient per inpatient stay, a national survey said, and more than $800 per ER visit.
And while more data certainly facilitates better outcomes, leaders within the healthcare sector need to be able to temper this data flow to achieve long-term, sustainable growth. Put simply, the integrity of data wins out over sheer volume.
There’s no doubt that data-driven technologies have had a seismic impact on the quality of healthcare delivered today. Thanks to advanced data analytics and automation of mundane processes, healthcare has the potential to be more timely and, importantly, more efficient than at any point in our history.
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