• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

  • Opinion
  • Health IT
    • Behavioral Health
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Patient Engagement
    • Population Health Management
    • Revenue Cycle Management
    • Social Determinants of Health
  • Digital Health
    • AI
    • Blockchain
    • Precision Medicine
    • Telehealth
    • Wearables
  • Life Sciences
  • Investments
  • M&A
  • Value-based Care
    • Accountable Care (ACOs)
    • Medicare Advantage

Improvements in Data Quality Could Yield Up to $42.1M for Healthcare Organizations

by Fred Pennic 01/13/2022 Leave a Comment

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print

What You Should Know:

– InterSystems and Sage Growth Partners announced research that reveals just how much healthcare organizations could save from investing in higher quality data – including up to $42.1 million over the course of three years.

Report Background

According to the respondents from 100 C-level leaders from top healthcare organizations, hospitals, and healthcare systems are using inefficient practices that can impose a significant financial burden. The research found that 43% of IT staff time is spent on data extraction and harmonization but cutting that time in half alone could save an HCO upwards of nearly $1.6M in three years.

Further, the report reveals that by investing in higher quality data and solutions that promote interoperability, healthcare organizations could save upwards of $42.1 million over the course of three years. 

The report looks at the cost of manual data input, duplicate and inaccurate testing, and errors during transition of care as some of the impacts of poor data quality. It also considers the costs of shadow IT systems – hardware, software or other programs not supported by a central IT department – and finds these currently consume 40% of the total IT capital budget. Reducing them by half could save the typical HCO a total of $10 million over three years.

“The financial burden of bad data cannot be ignored,” said Stephanie Kovalick, Chief Strategy Officer of Sage Growth Partners. “The annual cost of poor data quality in the U.S. across all industries tracks upwards of $3.1 trillion. According to Gartner, this burden can be as much as $12.9 million for an organization due to data management challenges. With the escalating cost of healthcare in the US, health systems must start to pay more attention here. Investing in a smart data fabric is key to significantly reducing costs and saving clinicians valuable time spent otherwise on chasing and cleansing data to ensure the best possible outcomes.”

Other key findings from the report include:

– Only 20% of healthcare organizations fully trust their data

– Half say poor data quality has serious consequences, leading to ineffective or slow decisions and the inability to identify gaps in care

– Data integration and interoperability issues hurt their ability to achieve their strategic priorities related to data analytics

– A smart healthcare data fabric that includes a robust data model and data harmonization could solve these persistent challenges

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print

Tap Native

Get in-depth healthcare technology analysis and commentary delivered straight to your email weekly

Reader Interactions

Primary Sidebar

Subscribe to HIT Consultant

Latest insightful articles delivered straight to your inbox weekly.

Submit a Tip or Pitch

Featured Interview

Reach7 Diabetes Studios Founder Chun Yong on Reimagining Chronic Care with a Concierge Medical Model

Most-Read

Bayer Exits Radiology AI Market, Discontinuing Calantic and Blackford

Bayer Exits Radiology AI Market, Discontinuing Calantic and Blackford

Oracle Health Launches AI Center of Excellence for Healthcare

Oracle Health Launches AI Center of Excellence for Healthcare

Particle Health Addresses Integration to Epic Data Despite Dispute

US Court Allows Particle’s Antitrust Claims Against Epic to Proceed

Epic Launches Comet: A New AI Platform to Predict Patient Health Journeys

Epic Launches Comet: A New AI Platform to Predict Patient Health Journeys

Preparing for the ‘Big Beautiful Bill’: How Digitization Can Streamline Medicaid Eligibility & Social Care Delivery

Preparing for the ‘Big Beautiful Bill’: How Digitization Can Streamline Medicaid Eligibility & Social Care Delivery

Evernorth Health Services Invests $3.5B in Shields Health Solutions

Evernorth Health Services Invests $3.5B in Shields Health Solutions

KLAS Report: Oracle Health Faces Customer Losses and Declining Satisfaction

KLAS Report: Oracle Health Faces Customer Losses and Declining Satisfaction

Tempus AI Acquires Digital Pathology Leader Paige for $81.25M

M&A:Tempus AI Acquires Digital Pathology Leader Paige for $81.25M

Mira Launches Ultra4™, the First At-Home Hormone Monitor with Lab-Quality Insights

Femtech: Mira Launches Ultra4™, the First At-Home Hormone Monitor with Lab-Quality Insights

How Healthcare CIOs Can Solve the Unstructured Data Crisis and Reduce Storage Costs

How Healthcare CIOs Can Solve the Unstructured Data Crisis and Reduce Storage Costs

Secondary Sidebar

Footer

Company

  • About Us
  • Advertise with Us
  • Reprints and Permissions
  • Submit An Op-Ed
  • Contact
  • Subscribe

Editorial Coverage

  • Opinion
  • Health IT
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Population Health Management
    • Revenue Cycle Management
  • Digital Health
    • Artificial Intelligence
    • Blockchain Tech
    • Precision Medicine
    • Telehealth
    • Wearables
  • Startups
  • Value-Based Care
    • Accountable Care
    • Medicare Advantage

Connect

Subscribe to HIT Consultant Media

Latest insightful articles delivered straight to your inbox weekly

Copyright © 2025. HIT Consultant Media. All Rights Reserved. Privacy Policy |