Leveraging Data Analytics to Drive Strategic Growth
Learn how health care planners use a variety of data sources to optimize business development.
// By Brian Griffin //
Data analytics is more important than ever, given industry pressures tightening health system budgets and making it essential to use limited financial assets wisely.
Fortunately, expanding data resources provide planners with additional analytical tools they need to identify and capitalize on the most promising strategic growth opportunities.
Nick Fromell, senior product manager for Optum
“Two decades ago, planners had to rely on their own internal patient data and health care data from their states to inform growth planning,” notes Nick Fromell, a senior product manager for Optum, a health care services innovation company. “The problem is both of these sources have limitations. Data from just one health system leaves blind spots on what’s happening in the rest of the service area, and state data is often spotty and doesn’t include all outpatient care.”
Fromell says the emergence of all-payer claims data, longitudinal data, and consumer data has largely solved this dilemma by offering a much more robust view of patient activity and consumer segments in a particular market. He addressed the topic as part of a recent Society for Health Care Strategy & Market Development (SHSMD) course on data analytics.
Read on to discover how planners can leverage these information sources to develop effective growth plans.