Blogs

Most of us have a very linear approach when it comes to dealing with data. If A and B are above a definite number, C has to be a certain value. Not just sometimes, but all the time. And I think it’s safe to say that healthcare data isn’t that way. It’s complex and at times inconsistent, making it difficult to perform a linear analysis.

The number of Accountable Care Organizations in the US has grown exponentially. Currently, there are more than 900 public and private ACOs spread out in the U.S. According to a breakthrough report by CMS highlighting the performance of ACOs, a total of $466 million were saved for Medicare in 2015. The key point to notice- only one-third, 31% of the ACOs managed to generate enough savings to qualify for bonuses.

Data integration is a daunting task for organizations in every sector. We are generating and collecting more data than ever before. However, due to system and integration challenges, we are only halfway through understanding that data and transforming it into knowledge.

We are living in an era of information technology that has been radically transformed by the advent of digital technology as it has shaped the way we communicate. Digital communication, wherein any information transmission largely takes place in the form of data, has deeply entrenched the realm of healthcare. Electronic health records (EHRs) that electronically store all medical data have revolutionized the way care is delivered by making information more accessible and easily transferable.

The healthcare industry, needless to say, has become very efficient at collecting data- be it electronic health records, lab information systems, claims and more. All the incoming data has created a massive reservoir of clinical and financial information- enough to drive considerable healthcare improvement.

The amount of data is just increasing. In fact, the amount of electronic data that exists today is massive and is growing at a rapid rate – more than 2.7 zettabytes (that’s a 1 with 21 zeroes after it) of data exist today. This is projected to grow to 67 times that number in less than two decades. The way to manage this volume of data? – big data technology. With data is the ‘new oil’ being the mantra of leaders today, big data and analytics are all set to drive the next evolutionary jump of healthcare and business as we know it.