Healthcare Industry Explores Data Monetization
Financial pressures and technology trends are accelerating the pace of change in the healthcare industry, and are increasing the need for the healthcare providers worldwide to adapt, according to a new study by Frost & Sullivan.
The report, Next-Generation Healthcare—Global Advanced Medical Technologies 2014, finds that healthcare delivery is transitioning from service-type models toward business models built around value and quality of service.
“The future of healthcare sustainability requires a significant evolution in how value is compensated and what means and methods are used to pay for care,” Venkat Rajan, Frost & Sullivan healthcare principal analyst, said in a statement. “Solving issues plaguing the healthcare system will require the aggregate impact of many lower key changes rather than a handful of enacted macro overhauls.”
Although healthcare organizations have looked to launch services and value-added components to their offerings through big data efforts, there is little market value for generating, collecting and storing large sets of data, Frost & Sullivan says. The key to data monetization, it says, involves integrating and leveraging information from multiple relevant sources to benchmark performance, identify risks, forecast trends and make recommendations.
“As opposed to discrete interactions, the provision of healthcare is moving to a model where information is transmitted and shared in real time between individuals and caregivers,” Rajan said. “Collaborative patient-centric disease management strategies and industry convergence will bridge the disconnect between various clinical specialties and transform care delivery models globally.”