Taking a Pulse on Healthcare MDM
By Kerry Young on Sep 11, 2020
Which industry has the most data to manage? The answer might surprise you. The Healthcare sector is outpacing them all. A recent IDC study covering industry rates of data growth shows Healthcare topping the list at 36% per year through 2025.
That’s why many healthcare enterprises urgently require Master Data Management (MDM). Relying on spreadsheets and siloed data systems can no longer support their changing needs.
So, how should healthcare organizations utilize their volumes of data to keep pace? Here are three best practices that can help.
Improve Coordination of Care
According to patients, one of the three major improvements that could take American Healthcare from a “C –”to an “A” is this factor: “when multiple doctors treat a single patient, they must establish a higher degree of coordination.”
Patients are accustomed to having information at their fingertips. And, they expect the same from their doctors. It’s frustrating when a specialist doesn’t have all the background information, including medical history, blood work, and x-rays. This lack of coordination diminishes their trust and experience.
Furthermore, duplication of effort – by both the patient and the practitioner – to update a patient’s file is a waste of time and energy.
According to the Department of Health and Human Services, electronic health records (EHRs) can be shared with other organizations involved in your care “if the computer systems are set up to talk to each other.” With the centralized view of data available through MDM, records can be linked to a common identifier so that all stakeholders can securely access it and make better decisions.
Additionally, with the spread of value-based care models, consistent and accurate records help patients get optimal care without unnecessary (and often costly) tests or procedures. The combination of reliable and informed care with lower costs creates happy and loyal patients.
Balance Progress with Privacy
Clearly, there’s an upside to well-managed patient data. Not only can it improve patient care and experience, but analyzing synchronized data can lead to breakthroughs resulting in new diagnoses and treatments.
However, many patients fear their health data will fall into the wrong hands. Data security is a concern for healthcare organizations as well, with the average breach costing $408 per record, the most of any industry.
HIPAA compliance is another big concern for healthcare companies. This privacy rule establishes standards to protect individuals from having their medical records and other health-related information shared without their permission.
With MDM, healthcare providers can make data security and HIPAA compliance a priority while still innovating patient care and research. MDM is structured to add additional security measures to your existing data governance protocols through:
- User Authentication – each user must be verified through specific credentials to access data in the system.
- User Authorization – users can gain access to data through role-based authorizations, allowing them to see information pertinent to their position, and denying access to non-relevant data.
- Audit Trails – the platform creates access logs and time stamps, telling who accessed data, when, and from what location. The system can flag suspicious or insecure actions and create alerts.
With secure access to data, healthcare organizations can ease patient fears and reduce potential liabilities.
Prioritize Medical Product Data
Product data is essential in the healthcare industry, especially for medical supply manufacturers, distributors, and the hospitals themselves.
We recently published an article about how data is helping healthcare battle the coronavirus. Read more on that topic here.
When it comes to medical resources, there’s a high volume of data related to medications, testing kits, surgical equipment, hospital facility supplies, etc. Not only must this data be accurate and consistent for the health and safety of patients, it can also help medical organizations evaluate inventory needs, enable cost savings, and support an agile response to emergencies like COVID-19 and other outbreaks.
Managing product data for a vast number of items, with possibly thousands or even millions of attributes, is a daunting task, particularly when you factor in strict compliance mandates. Multi-Domain MDM with Product Data helps medical companies manage extensive product data and attributes, deliver rich product content consistently across channels, and gain invaluable insights throughout the data lifecycle.
EnterWorks Delivers a Golden Record of Healthcare Data
The healthcare industry faces exciting opportunities and significant challenges – and data is at the core of it all.
To compete in this evolving marketplace, healthcare companies are turning to EnterWorks Multi-Domain Master Data Management to gain a golden record of data, meet regulations, efficiently publish vast product catalogs, and work seamlessly with suppliers and vendors.
To learn more about EnterWorks Multi-Domain MDM, download our platform overview.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
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