Top 5 Reasons for the Healthcare Sector to Embrace Data Activation Platforms
British mathematician & Data Scientist Clive Humby 1 has rightly coined the phrase ‘Data is the new Oil’. It’s no secret that today data is reshaping the landscape of every industry and healthcare is no exception. Data activation platform firms are playing a decisive role in translating complex data into actionable insights to empower the head-honchos in making data-driven decisions.
According to the surveys by Black Book Research 2 between August 2021 to January 2022, the healthcare technology integration and data platform arena is expected to reach a global market size of USD $21 Billion by 2027 and convey a notably high 18.5% CAGR over the projected period. Needless to say, Data activation platforms are the key ingredient in the recipe for the success of the healthcare sector.
Where Does Healthcare Sector Stand in Data Collection?
Despite being one of the top 5 industries in the US by revenues3, the healthcare sector is lagging in functionality to capture the data of its consumers. The sector is ‘hitting a brick wall’ in storing the data in one place and processing it efficiently. This is hindering its capabilities to make faster & wiser decisions. The payer market is looking for effective engagement of time in the conversations to ensure buyers continue to buy insurance from them. They are after personal-centric design in healthcare applications to build memorable engagement.
Why Healthcare Firms Should Adopt Data Activation Platforms?
Data activation platforms will equip the industry in offering better care to their patients and delivering value while keeping their costs to a minimum. Thus, it makes sense for the healthcare industry to embrace the data activation platforms to turn their data into actionable insights.
Here are Top 5 Reasons for the Healthcare to Embrace Data Activation Platforms:
1. Lack of Availability of Real-time Data:
One of the most pressing challenges faced by the payers is their conventional technology infrastructure which restricts them from getting access to real-time data. Due to the gaps in their existing technology infrastructure, they are highly reliant on hospitals to find out whether patients’ insurance covers the services they will be receiving in the ER. The implementation of Data activation platforms will allow them to swiftly process the patient information and get access to real-time insights for the greater good of both patients and the healthcare sector.
2. Managing Regulatory Challenges:
US healthcare industry operates under a very dynamic regulatory environment. This creates an urge for the sector to always stay compliant with the CMS regulations. Data activation platforms can serve as a panacea for the healthcare sector in capturing and maintaining the required information and staying compliant with the frequently changing regulations to avoid legal challenges and hefty lawsuits.
3. Making Accurate Predictions:
The triumph of any industry is widely dependent on how accurately its top leaders can predict the upcoming trends and industry landscape. Data activation platforms are backed by newfangled analytics and AI & ML-powered applications4 to accurately forecast the correlations & patterns and make accurate predictions to prepare well for the uncertainties.
4. Challenges in Finding out the Right Talent:
Another major reason for the healthcare sector to welcome data activation platforms with open arms is the talent gap. It is indeed an uphill battle to find the special skilled data scientists who can implement AI and enable advanced analytics in their process. And even if the healthcare sector is fortunate to find out, it will cost them a fortune to hire them as they will charge somewhere between $100-120 per hour. Furthermore, building the process in-house is a time-consuming and lengthy process.
5. Promoting Digital Transformation:
The role of data activation platforms has been instrumental in accelerating the pace of digital transformation and upgrading their legacy systems. They have also made it possible for healthcare firms to design new applications and create workflows for effective and cost-friendly management of their operations.
Data activation platforms can play a decisive role in simplifying the complex workflows and operations of the healthcare sector. Their implementation will unify the records of millions of patients through a connected care framework which will result in substantial savings for the healthcare industry.
Data activation platforms will also assist them in managing colossal, diverse, and dynamic challenges pertaining to cost, regulations, skills, efficiency, forecasting, decision making, and achieving better returns on their investments. There has been a surge in the number of healthcare organizations across the globe implementing data activation platforms as they want to stay the frontrunner in the competition. For those who still have ‘butterflies in the stomach’ about the impact of data activation platforms on their business, it’s time to ‘test the water’ because ‘every accomplishment in the world starts with a decision to try’.
Humby, C., 2022. Clive Humby | The University of Sheffield. Available at: Sheffield University
AP NEWS. 2022. Innovaccer Data Activation Platform Rated Top End-to-End Hospital & Health System Population Health Solution, 2022 Black Book™ Survey. Available at: AP News
IBISWorld 2022. – Industry Market Research, Reports, and Statistics. [online] Available at: IBIS World
2022. What is AI/ML and why does it matter to your business? Available at:Redhat.com