Healthcare is undergoing major changes that are making health organizations to face an unavoidable question. How to increase the performance? How to lower the costs? Analytics showed them a solution. By using analytics, health care groups can evaluate the effectiveness and efficiency of a company and find opportunities, which would not have been possible if not for analytics. But, what is the best way to approach analytics?
There are two main approaches for performing analytics that high-level organizations often choose:
Outsourcing the analytics
Companies that offer Software as a Service (SaaS) collect data from different organizations and come up with a comparison by running the data through company’s proprietary software.
Pros:
Outsourcing
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They don’t specify solution for improving performance or the ways to change those outcomes. Reliability and accuracy of data is another drawback with this process. When comparing data of one healthcare system with another, we can’t trust that the assumption is precise. There would be data quality concerns that come into play, as all the health care systems do not necessarily have resources to deliver high quality data.
In-house analytics
In this approach data is handled in-house with company’s own healthcare Enterprise Data Warehouse (EDW). Data foundation is created using the financial and clinical data is collected from company’s own sources for improvement projects. This process majorly concentrates on improving internal performance rather than comparing it with competition
Pros:
The major advantage with In-house analytics processes that uses Enterprise Data Warehouse is instead of just reporting on performance, they provide ways to improve it. EDW provides access to fine-grained data that helps improvement teams to find the root causes of performance problems. Using these understandings a solution is developed and tested to measure how the solution impacts the