1. Defining analytics. Analytics is one of healthcare’s newest buzz words, and like many buzz words (i.e. innovation or population health) it is tossed into conversation only to be met with disagreement on what it actually means. At the most basic level, analytics is the science, or art, of examining raw data, said Mr. Hendricks. “Whether a science or art, we want to take that data and draw conclusions from it at the end of the day.”
2. Putting analytics to work. Analytics is often confused with reporting, but it is a distinct area. Effective use of analytics, according to Mr. Hendricks, will result in:
• Statistical analysis including control charts, statistical significance testing and population probing
• Forecasting including cost and utilization trend models, as well as benchmarking
• Predictive modeling including high risk patient identification
• Optimization leading to the fine-tuning of predictive models
3. Learning from other industries. Many industries aside from healthcare are several steps ahead when it comes to analytics. “They are embracing data, leveraging data and engaging consumers differently with data,” he said.
4. Buy vs. build. Analytics is a technology-driven field and any time technology is called into question healthcare leaders must decide whether to build their own or look elsewhere to buy. “You can’t build it fast enough,” said Mr. Hendricks. “You need to build and buy.”
More articles on health IT:
How intelligent care can cut down on waste
6 lessons in health IT innovation
Safeguarding your hospital: How to select the right CISO
