The explosion of data is something that executives across industry are trying to wrap their heads around. Healthcare is no different. In fact, healthcare data is expected to grow 99% – patient data, wearables, medical literature, scientific articles, etc. are adding to the explosion of healthcare information. This data deluge is a big challenge for healthcare organizations because they are unable to leverage information to make timely and profitable business decisions.
To solve the data challenge many organizations try:
- Implementing Master Data Management or some other data management initiative
- Acquiring quality tools or other technology
- Putting people “in charge” whether through committees or assignments to “manage the information”
Demand during the COVID-19 pandemic has left B2B healthcare industry manufacturers and distributors struggling to keep up. Subsequently, many organizations have discovered gaps in areas of their business such as ecommerce, site experience, product information management (PIM), and more.
Unfortunately, these approaches are not very effective. In order to tackle data challenges healthcare organizations must turn to governance. Governance helps address the information challenges by:
- Ensuring information is fresh, available and accessible
- Articulating who can make changes and when and enforces these decision rights to prevent rogue changes
- Identifying all repositories, their purpose and their content based upon an enterprise-wide common vocabulary
- Defining, maintaining and publishing a common vocabulary specific to the enterprise’s needs and language
- Supplying an enterprise-wide description of each areas information use and the mechanisms to ensure cross-functional alignment and management support
- Providing clearly defined rules for quality, integrity, representation, etc. of the information and clear processes and responsibilities for stewarding the information for adherence to these rules
- Assigning, communicating and enforcing decision rights across the enterprise, as well as ensures actions taken and decisions made are broadly communicated
Information and data governance are quickly becoming imperative for a healthcare industry that is both seeking to capitalize on the value of its information assets and that is committed to ensuring the reliability and integrity of information and data used to improve care quality, operations, and financial performance. After all, trust in health information and high-quality patient care depend on it.
To learn more about trends impacting healthcare governance, download our recent guide, Healthcare Governance, Trends to Watch.