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Home Business Intelligence Insights Healthcare firms working to evaluate their data-driven investments

These are rapidly changing times for many healthcare businesses, as new developments in modern medicine and technology have coupled with an evolving regulatory climate to make for a great deal of complication. Corporate leaders can no longer depend on the same strategies that kept them afloat 10 or even five years ago – they're forced to adapt and develop new tactics.

Often, doing so requires looking at reams of data and using it to evaluate the many options in front of them. How can they make strategic changes to their businesses that will keep costs low and revenues up? Every small modification they make may have ripple effects in numerous other areas. It's clear at this point that gut instinct alone is not enough, and that even the savviest organisational leaders might need to depend on both data analysis and outside consulting help with devising future business plans.

Getting maximum ROI from data-driven investments?

Every decision that healthcare leaders make brings both benefits and costs. When you invest in expanding an area of your business, you always have to worry that the investment might not be worth the risk.

Healthcare companies can't depend on their same strategies from 10 or even five years ago.

This is even true where big data analytics are concerned. According to Quality Digest, healthcare organisations have to think about the return on investment (ROI) that comes with each data-driven decision. Brooke Pierce, senior manager of healthcare services at Horne LLP, told the news source that as technology evolves and the regulatory climate changes, these choices only become tougher.

There are many examples of how data analysis can help healthcare companies improve:

  • Medical decision-making – Patient health always comes first. Are companies making good decisions for the sake of people's quality of life?
  • Administrative costs – Are they spending optimally on the talent they need to run effectively?
  • Detecting and preventing fraud – Fraudulent medical claims happen all the time, and according to Business Insurance, they can be costly. Can data help detect them?

All of the above are worthwhile pursuits, but it can be difficult to calculate exactly what price tag should be attached to them. Fortunately, this is where healthcare consulting can help.

Consultants help navigate untrod territory

Healthcare organisations today have the potential to make smarter decisions than ever before. They've never had this much data available to them, and analytics represents an incredible opportunity.

According to TechTarget, this opportunity exists not just for health companies, but for consulting providers. Because big data is so new to so many business leaders, there may well be a need for qualified IT experts to weigh in and share their experience and skills in a way that benefits their clients.

There are numerous steps that go into the effective use of big data in health, beginning with data warehousing and also including analysis, visualisation and ultimately decision-making. The best consultants are those who can provide guidance at every single step of the way, using their knowledge to show where business intelligence solutions can provide the most positive impact.

Tailored consulting services are essential

Staying competitive in a crowded healthcare marketplace requires paying attention to the latest trends, making smart decisions and scaling out solutions to fit companies of all sizes. In some situations, large-scale enterprise solutions are necessary for meeting high demand in a timely fashion.

For this, there's no alternative to tailored consultancy services that are designed to fit the specific needs of your business. Good consulting starts with good listening – the first step of the process is to analyse your organisation and assess your BI needs. From there, it's time to work together and find a solution.

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