The client – A renowned health care service provider
Area of engagement – Data governance
The healthcare industry is shifting from a traditional fee-for-service model to a value-based model to address the increasing concerns for health. The health care services providers are deploying innovative care delivery models to deliver high-quality, cost-efficient, and smart health care access to customers. Amid the rising revenue pressures and declining profit margins, the growth of the health care services space can be attributed to factors such as the growing geriatric population, rising clinical and technology advances, and rising awareness about health and wellness. Although the health care services space is witnessing promising growth, owing to the presence of numerous competitors, several factors that may curtail the growth of the industry include.
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- Technology acquisitions and investments: Technology is growing at a fast pace and prominent health care services providers need to rely on robust technologies to extend their services and improve operational efficiency. In addition, the growing concern for quality care and patient safety is also compelling health care service providers to leverage the use of digitally advanced health care solutions to offer better diagnostics and offer more reliable services to the patients.
- Reducing costs: The spending on health care is outpacing all other expenses covering the majority of the consumers To cope up with rising costs, prominent health care services providers are planning to pursue new cost reduction measures, such as developing alternative staffing models and reducing the administrative and the supply costs.
To address such challenges and shorten lead times and efficiently reach out to the target audience, organizations are facing the need for a data governance solution. In the health care services space, data governance helps businesses manage health information throughout its lifecycle – right from the patients’ admission until the patient is discharged.
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The Business Challenge
The client, a renowned health care services provider, wanted to understand and identify the healthcare industry trends and manage and leverage the use of data to stay in compliance with regulations and corporate policies. With the help of a data governance solution, the health care services provider wanted to monitor data and develop strong data quality measures that are consistent and repeatable. Moreover, the primary concern of the objective was to leverage the use of these datasets to improve operational efficiency, reduce costs, and enhance the quality of care.
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The Solution Benefits and the Business Impact
Strategies that we recommend to manage data and improve data efficiency.
The data governance solution offered by Quantzig helped the health care services provider understand the latest healthcare industry trends and gain better access to health care information. With the help of Quantzig’s data governance strategy, the health care services provider was able to extract clinical, financial, and administrative data to support organizational initiatives and improve the business value. Moreover, the data governance solution also assisted the health care services provider to make business decisions, optimize operations, and create new products and services.
Data Governance Solution Predictive Insights
Quantzig’s data governance solution helped the health care services provider implement policies and procedures for handling data. The data governance solution also offered insightful ways for the client to resolve issues and allowed health care service providers to make high quality and informed business decisions. The health care services provider was able to stay compliant, reduce costs, and mitigate potential risks.