Among HCOs, the use of analytics for decision-making remains ‘negligible.” What’s holding health care leaders back?
Using purpose-built analytics is a way that health care organizations (HCOs) can pursue dynamic, data-driven, and high-impact performance improvement conversations that drive action and create value.
The health care analytics market is soaring, with more than $14 billion spent in 2019 and expected growth to $40 billion by 2024. This means that most HCOs have access to data analytics tools to support decision-making. But, according to at least one recent survey, hospital leaders greatly underuse data analytics. Why is this happening, and how can it be fixed?
An industry survey of 748 health care providers, released by Black Book last January, included financial, operational, informational, and clinical users from various health systems. It indicated that, despite greater accessibility of integrated data and the surge of new technologies, post-implementation analytics, and BI software and services are greatly underused, save for an occasional dashboard viewing. More than 90% of HCOs believe that using data analytics is critical in the ever-changing, value-based health care environment, but the study found:
- 84% C-Suite officers and board members only minimally use analytics to generate insights.
- 65% of those who have access to analytics applications don’t use them.
- Only 15% report any meaningful utilization in financial forecasting and strategic planning.
- An estimated 67% of all payer data and 90% of all data available to HCOs goes unused in advanced analytics.
- Only 2% of all C-suite respondents reported that they were recruiting and budgeting for data scientists with health care expertise.
- 77% of health systems lack a clear, integrated analytics strategy from their C-Suite.
The Reasons Behind the Data Analytics Underuse
Hospital leaders cite several reasons for this trend, particularly that they don’t see clearly how their organizations may benefit. Data analytics are seen as time-consuming and complex, partly because applications need to be customized for each HCO.
Other reasons include the lack of:
- Strategic direction
- A staff skilled in data science
- Internal or external IT support
The same Black Book survey indicated that 92% of the surveyed health care executives said their underuse was due to the fact that they’d forgotten how to use the tools, and 71% said they were too busy to learn.
What Should You Be Looking for in an Analytics Application?
For all these reasons, it’s important that analytics applications be customized, able to deliver ROI shortly after implementation, and are organically developed through the engagement of the stakeholders who are in a position to drive positive change.
To get to the underlying performance drivers, you need more than a dashboard. You need purpose-built analytics that tell “data stories” by pulling together relevant details on all potential causes and effects, providing clear insights that stakeholders can act upon.
d2i software is purpose-built for emergency and hospital medicine, designed with input from thousands of ED physicians, and built by experts. Our dashboards feature an intuitive user interface with prebuilt analytics storyboards for each KPI, and an adaptive architecture that allows for easy customization with new data, algorithms, and metrics. We also offer support after implementation.
A truly effective analytics solution also should be cost-effective, quickly delivering ROI. d2i’s tools allow for a rapid return on your investment with out-of-the-box solutions to meet your needs and budget. They require little upfront cost and no new infrastructure, and can be implemented in a matter of weeks.
Finally, the solution should organically evolve over time to provide insight into new questions, and provide a 360-degree view of the operational, financial, clinical, and patient satisfaction factors that impact performance. It should allow HCOs to quickly understand causal factors and develop action plans that make the most impact. As new learning, questions, and evidence-based practices emerge, the advanced data analytics tool should allow HCOs to focus on what is most timely, relevant, and actionable.
To see exactly how d2i can help put your data to work, contact us for more information, or to schedule a 30-minute demo.