Much has been written about healthcare data analytics. Some of it is good content, but there are many myths out there. We’ll allay some of the more common misconceptions in this article.
1. A Major Investment Is Required
Healthcare is an industry in which there is no shortage of data. To help corral that data vendors have created products they purport will help organizations. We’re not arguing about the helpfulness of their solutions. We argue, however, that big data solutions can be simpler and less expensive. For example, any spreadsheet software or open-source data analysis tool will help you start to recognize patterns in your data.
2. There Is No Return On That Investment
Speaking of money, software can also be perceived as a sunk cost and not an investment. Consider instead that the return on investment for more robust and usable solutions have been found to have returned $13.01 for every dollar spent.
3. Anyone Can Do It
Just because your healthcare organization bought a software product for data analytics doesn’t necessarily mean anybody who’s computer-savvy can pick it up. Data analysts provide high value for organizations by managing data collection, providing context for data, and helping stakeholder make decisions.
4. It’s Too Late To Start
Yes, other healthcare organizations have implemented data analytics before you. Yes, any business intelligence software has a learning curve. No, that doesn’t mean you shouldn’t do it anyway.
5. The Technology Is Too Difficult
TADA’s platform creates a digital duplicate, meaning it connects all of your organization’s data points for a 360-degree view. This data is structured and formatted so that it can talk to each other.
6. It Won’t Work For Me
We’ve taken a look at 3 unexpected uses of predictive analytics in healthcare. Each of the examples given is for healthcare organizations of varying sizes and in different parts of the United States. We are confident that you can find a data analytics solution that will work for you wherever you’re located and however big or small your organization is.
7. Analytics Platforms Are The Same
Each data analytics platform varies in the depth and breadth of what it offers.
If you’re thinking about implementing data analytics in your healthcare organization, or you want to change course, contact us today to see how TADA can help you.