Big Data brings big changes to health care industry

Big Data brings big changes to health care industry
An information revolution is taking place in the health care industry, and companies who want to succeed (or even survive) must take steps to be a part of these changes. In the last ten years or so, medical records have become increasingly digital, and even the decades’ worth of records that remain in paper form are, as we speak, being converted to a digital format.

All this information is a form of what’s been called “big data,” not only for its sheer volume but for the complexity, knowledge, diversity and immediacy of the information it contains. According to a recent report by McKinsey & Company, having access to this sort of “big data” could help the health care industry address issues regarding quality of care and the increasing costs of providing that care.

But for big data initiatives to succeed, according to the article, the health care system itself must change. The old ways of capturing data, such as unit-price discounts based on contracting and negotiating leverage, don’t take advantages of the more extensive insights available with the influx of data. Also, stakeholders at all levels of the industry must work to ensure that patient privacy remains protected, and safeguards remain in place to monitor the collection, storage and release of that information.

For companies to take advantage of these changes, seeking a reliable provider of data capture and medical industry-related services is an important step. Rather than investing in expensive and complicated new technologies and staff training, outsourcing data capture and other processes involving medical records (including medical bill payment, dental X-ray imaging and digital voice recording) can save time, money and staff resources. What’s more, by outsourcing to an experienced and reliable provider, means that the process will be more streamlined, more efficient and compliant with HIPAA rules and regulations, as well as other industry standards.

As the McKinsey & Company report says, “The big data revolution is in its early days, and most of the potential for value creation is still unclaimed. But it has set the industry on a path of rapid change and new discoveries.” The good news for companies looking to make the most of the this influx of data is that the technologies already exist to collect and manage them, and by relying on the providers who offers such services and solutions, those companies can be part of the Big Data revolution – and not find themselves left behind.

 

 

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