Healthcare analytics can provide the necessary information to make informed clinical, financial, operational, and organizational decisions, which is why it's of vital importance to understand just how analytics is defined and how to implement it within your organization.
ZirMed Vice President of Product Ric Sinclair recently wrote an article for Health Management Technology revealing that a majority of professionals today still have a common misconception of what analytics really is and what it can do.
Many think of the word "analytics" and immediately picture a dashboard filled with pre-existing and pre-known information. Yet there is far more to analytics than just a dashboard—and it's often the information you haven't yet uncovered that can provide the most significant value to your organization down the road.
There are three types of analytics: descriptive, predictive, and prescriptive. Descriptive analytics produces information reflecting what has already taken place and helps you understand why it happened. Predictive analytics will help you leverage that information into modeling the most likely future scenarios. Prescriptive analytics will take pieces of both the descriptive and predictive outcomes and help create a path that will result in the most favorable outcome.
This understanding is the first step to properly utilizing analytics, but to get the full "bang for your buck", the information you glean needs to be actionable and meaningful. That, unfortunately, can be easier said than done, and as Sinclair reports, it can feel like trying to solve a Rubik's cube. There are several different paths and methods that can be used to solve the cube—but the "right" one depends on the situation. In Ric's words:
Knowing the steps you could potentially take to solve the puzzle is actionable information, but it doesn’t become meaningful until you add the insight of which steps are most likely necessary or of greatest value in that instance (predictive analytics) as well as a more granular recommendation on which of those specific steps to follow (prescriptive analytics).
Easier said than done, right? Luckily, ZirMed has your back, as does James Gaston, HIMSS Analytics’ Senior Director of Maturity Models. As far as Rubik's Cubes are concerned...well, we can't guarantee either our services or Mr. Gaston's to help you solve those bright and colorful boxes of frustration. But we can provide some insight to help get your analytics program up and running!
On Wednesday, June 8, Mr. Gaston will be hosting a webinar from 1:00 PM to 2:00 PM EST entitled Planning, Launching, and Advancing Your Analytics Program, in which he will explain the proper definition of analytics, the analytics maturity curve, how to transform data into action, and how to best achieve balance.
He will also cover in detail the healthcare-specific HIMSS Analytics Adoption Model for Analytics Maturity (AMAM) and explain how healthcare organizations can profile their analytics maturity and identify the right next steps for improvement.
Learn all about the world of healthcare analytics from Mr. Gaston by registering for the webinar today!