Most Health Execs Say Big Data Needed To Maintain Market Share
October 28, 2014 in News
The majority of health care executives believe implementing big data analytics is necessary to avoid losing market share in the health care industry over the next one to three years, according to a new poll from GE and Accenture, Health IT Analytics reports.
The poll found that health care executives said they would like to implement data analytics on a large scale. Specifically:
- 89% of executives said using big data is needed to avoid losing market share;
- 66% said using big data as an integral tool can help them boost profits;
- Nearly 60% said they hope big data analytics can help boost patient outcomes and satisfaction scores;
- 56% said big data could help reduce patient wait times and the length of patient stays; and
- More than 50% said big data analytics can more quickly produce diagnoses with higher confidence levels.
Meanwhile, more than half of respondents said they intend to allocate between 10% and 30% of their overall IT budgets to big data analytics.
The poll also found:
- Nearly 50% of executives said they intend to develop an integrated data source for patient data over the next three years; and
- 40% said they plan to invest in a big data analytics platform.
In terms of competition, the poll found that more than 80% of executives said that providers who implement an analytics strategy over the next three years will be able to outperform peer companies in care quality and operations. In addition, more than half of executives believe that their competitors are capitalizing on analytics for at least one area of operations.
However, about 60% of respondents said it might be difficult to achieve the level of interoperability needed to develop a data-driven care continuum (Bresnick, Health IT Analytics, 10/27).