Within the Healthcare Finance community it is often said: “No Margin, No Mission”, which acknowledges that although many providers bear a non-profit status, the role of healthy financial performance is still important. Without it, the organization cannot carry out its mission of providing high quality clinical care to the community it serves.
There are many factors that hospital CFOs must deal with, including the financial impact of such regulatory initiatives as Meaningful Use and ICD-10. But another common challenge that can make or break an organization is significantly declining reimbursements. CFOs that are unable identify root causes and head off declines at the pass may soon be searching for another job.
Healthcare organizations have been working with large amounts of data for many years, and while the term big data is generating a buzz within the industry, the concept is far from new. Due to the rise in the prevalence and variety of healthcare IT systems put to use in hospitals, however, the sheer quantity of information being produced is reaching new heights.
Big data is not a new concept in healthcare analytics, but as we all know, collecting that information is only the first step. For organizations to derive true value out of their data, they need the ability to analyze it and make it actionable.
Big data: in healthcare, the term can mean different things to different people. To some, it’s simply a reference to the hoards of information being produced every day in the healthcare industry. To others, however, it’s a gateway to increased financial viability for providers and a better patient experience through strategic analysis and process improvement.