What You Should Know:
– A new study by Arcadia, a healthcare data platform, reveals a paradox within the industry: while 80% of healthcare leaders believe most of their data is accurate, a staggering 47% remains underutilized for critical clinical and business decisions.
– The report findings uncover a significant challenge – the immense potential of healthcare data remains largely untapped despite the rise of artificial intelligence (AI).
Healthcare Data: A Treasure Trove of Untapped Potential
The study, conducted in partnership with the Healthcare Information and Management Systems Society (HIMSS), surveyed healthcare leaders across various institutions. Here are some of the key takeaways:
- Vast Underutilization of Data: While 80% of healthcare leaders believe most of their data is accurate, a staggering 47% remains underutilized for clinical and business decision-making.
- Data’s Potential for Improved Care: More than half of healthcare leaders acknowledge the power of data in enhancing care quality. Nearly a quarter view data as essential for patient engagement and care management strategies. Additionally, 28% recognize the role of data platforms in improving health outcomes and patient satisfaction. These findings underscore the critical role of data analytics in the transition towards value-based care models.
- Actionable Insights for Efficiency and Productivity: A significant majority (95%) of healthcare leaders see the potential for data and analytics to improve clinician productivity. Furthermore, 30% believe data platforms can generate cost savings through optimized resource allocation and workforce management, while 25% acknowledge their role in better decision-making. In a healthcare landscape facing workforce shortages, burnout, and rising costs, data can be a powerful tool for optimizing operations and delivering quality care with fewer resources.
- Embracing AI for Innovation: The future of healthcare data lies in artificial intelligence (AI). The study revealed that 84% of leaders have plans to integrate AI, machine learning, or large language models with their data platforms. Additionally, 55% plan to leverage unstructured data (images, audio, PDFs) to extract valuable insights and streamline workflows. For instance, Arcadia’s AI-powered clinical co-pilot, Arcadia SageAI™, has demonstrably reduced patient appointment preparation time by over 20%.
- Bridging the Usability Gap: While data holds immense potential, healthcare leaders acknowledge challenges in data utilization. Enhancing data literacy (58%), implementing AI solutions (47%), and addressing productivity concerns (34%) were identified as key priorities for improving data usability. Interestingly, 76% of large healthcare organizations emphasized the need for comprehensive enterprise data solutions, highlighting the growing need to unify disparate data sources for holistic insights.
- Real-Time Data for Real-Time Care: Although 61% of organizations refresh data daily for business intelligence, that figure dips to 32% for AI model development. Similarly, only a fraction leverage daily data for tasks like identifying care gaps and patient stratification. Real-time data activation equips care teams with the most current patient information, ensuring informed decision-making.
“Our findings show that healthcare leaders view data analytics platforms as critical tools to confront growing workforce shortages, financial pressures, and the shift towards value-based care,” said Michael Meucci, President and CEO of Arcadia. “Investing in a strong data analytics platform can further transform these challenges into opportunities and progress towards a more efficient and effective healthcare system.”
