Most business organizations have a bounty of data available to them, and this is definitely true of health care organizations, who have rich resources from patient records to payroll to EHR records. As The Harvard Business Review writes, “The vast majority [of organizations] readily acknowledge themselves as ‘data rich and information poor.’”
The problem is that 90% of healthcare providers underutilize that data, according to industry analyst McKinsey & Co.
Organizations are parsing those piles of data to make use of them the results are spectacular. Beckers Hospital Review reports, for example, that intelligent scheduling platforms can analyze workforce data with enough sophistication to produce accurate staffing forecasts up to four months in advance. One company that implemented such a solution saw up to 7% year-over-year savings in labor spend, and “time savings of 7-15 hours per manager per pay period.”
Such benefits aggregate. Technology research and analysis firm Forrester Research says, “Predictive analytics can have a multiplicative model on the bottom line.”