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Healthcare industry losing money through poor data management

The healthcare industry has a lot at stake when it comes to managing and verifying data quality. Providers must implement the proper tools and strategies to avoid using inaccurate patient information and to increase the likelihood of claims going through. However, a recent report by Oracle indicates the sector still has a long way to go, since it loses $70.2 million annually as the result of data issues, as reported by InformationWeek.

This translates to 15 percent of hospitals' revenue, the source points out. At a time when physicians are being pressed to reduce the costs of care and operate more efficiently, it's important to hold onto those dollars. Revenue cycle management is a top priority for many hospital executives, as highlighted by a recent Capsite study. When surveyed, 53 percent said they planned to upgrade their current systems to comply with new financial regulations.

Healthcare providers might find they are able to manage their data quality better when they implement the proper tools and hire individuals with adequate expertise.

"Senior healthcare executives are going to have to [incorporate] the algorithms, calculations and analytical engines that provide those insights on a much faster basis with much larger volumes of data, and the complexity around that data didn't exist before," Neil de Crezcenzo, senior vice president and general manager of the Oracle Health Sciences Global Business Unit, told InformationWeek.