In the healthcare industry, the data landscape is unique. With an estimated 30% of world data generated in healthcare-related industries, organizations are faced with the challenge of managing vast amounts of information. Early adopters of electronic health records (EHRs) now store two decades of clinical data and numerous other distinct and disparate datasets. As data volumes expand, new solutions are emerging to improve data insights, storage, and retrieval. EHRs are improving at collecting structured data, and emerging AI tools are opening up new opportunities to process unstructured data such as physician notes, laboratory notes, and clinical images.
Even so, adequately managing data differs from extracting maximum value from data. Payers, providers, and health tech companies alike are increasingly seeking to do more with their data. They need three-dimensional strategies that go far beyond using data to support legacy operations, traditional revenue streams, and internal reporting.
Organizations capturing healthcare data have likely explored data monetization opportunities, and the concept of creating value should be a key element of any data strategy. Healthcare companies need to think beyond monetization and explore how to create new value with data outside of conventional methods. For example, a longitudinal record of patient data can inform many member-centric initiatives, while the data itself can be monetized through appropriate API’s and services.
