Sunday, Apr 22, 2018
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Leveraging Data-Driven Technology in the Health Industry

As the health industry faces extraordinary changes, how can leaders use data-driven technology to drive efficiency and optimize resources? U.S. healthcare is undergoing unprecedented change, creating a dynamic industry grappling with new innovations, mergers and consolidations and an unsettled legislative and regulatory environment. But one thing is certain in all this uncertainty: The industry must become more efficient and optimize its resources. One way to get there is to turn to data-driven technology.

Amid the rapid growth of market consolidation comes an increasing alliance of disparate health IT systems – and this is one of the main barriers to efficiency. Today’s leading health organizations are implementing identity management software that interfaces with multiple disparate clinical workflows and integrates data sources from beyond their own enterprise-level data to accurately match, govern and protect patient data. Going forward, this also allows health organizations to follow the entire patient journey for a more complete and accurate medical picture.

To help the industry deal with the growing challenge of patient matching, we recently launched Universal Identity Manager, which we offer to our clients at no charge.

Currently, more than 40 healthcare organizations are leveraging our solution, and that number is growing rapidly.

Our current client base spans provider and pharmacy organizations, and we’ve processed more than 50 million records. Our alliance with the National Council for Prescription Drug Programs, the pharmacy standards organization, allows them to not only address the complexities of managing patient identification, but also support patient safety initiatives such as Prescription Drug Monitoring Programs.

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Healthcare systems that incorporate a universal identity now will be far better equipped to break down the boundaries that currently prevent proper care coordination across the entire continuum. And as the industry begins to adopt this solution, universal identities can facilitate the process for ensuring that the right stakeholder has access to the right patient’s information at the right time.

To optimize resources, health organizations must turn to this type of data integration and data transparency for their payment and financial systems as well. For example, patients now have higher deductibles and are responsible for more of the payment, making them a key part of providers’ revenue stream. Using a data-driven platform that can aggregate clinical and financial information in real time allows providers to give individual patients information regarding coverage, required out-of-pocket payments and possible payment options based on their individual financial situation.

Obtaining clear, individualized information can put patients at ease when addressing healthcare payment options.

This means they will be more likely to follow through with needed appointments, can budget effectively to meet financial obligations and will feel empowered in their patient journey.

Additionally, health systems that see the correlation between the patient’s payment experience and their organization’s brand will ultimately be the ones to succeed. In healthcare, we are just at the beginning of using the technology and marketing tools we see in other industries.

As we have done for other industries, Experian® is at the forefront of bringing this type of consumerism to healthcare.

Through our data assets and technology, we empower our clients to connect with consumers through a tailored approach that is personalized along the patient journey.

The interview was filmed with Sarah Lockett, Business Correspondent of The Business Debate and Jennifer Schulz, Group President, Experian Health.

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