Four Benefits of Implementing Data Governance in the Healthcare Industry

As a member of the healthcare industry, you have a lot of data you need to keep track of. However, this data is unorganized and difficult to access. This is where data governance can help. 

Implementing master data management in healthcare has many benefits, including organization and improved patient care. This article will review four of the most beneficial reasons to marry tech and health care. 

Efficient data organization

Data governance provides a framework for organizing and managing data effectively, which can be extremely helpful in the healthcare industry, where there is a lot of data to keep track of. The average person generates about 1.7 MB of data every second, with healthcare providers collecting even more information daily. While this data is essential to the day-to-day operations of the healthcare industry, it can be challenging to manage effectively.

Patient medical records 

With data governance, you can organize patient medical records in a way that is easy to understand. Doctors and nurses can quickly find the information they need to provide life-saving care. In addition, data governance can help you keep track of changes to medical records over time to understand a patient’s long-term health better.

Insurance claims 

Another benefit of a master data management in healthcare is the ability to manage insurance claims effectively. You can track which claims have been paid and which ones are still pending. This will help you stay on top of your finances and ensure you get the reimbursement you deserve.

According to a study by the American Hospital Association, the cost of unpaid insurance claims in the healthcare industry is estimated to be $242 billion annually. This number will only continue to grow as the population ages, and more people require healthcare services. Data governance can help you manage your insurance claims effectively and ensure that you receive reimbursement.

Research Results

With data governance, you can easily share research results with other healthcare community members. Sharing this information with brilliant research doctors across the globe can help to speed up the process of developing new treatments and cures for diseases.

Improved patient care

Another significant benefit of data governance is that it can help to improve patient care. For example, if a nurse in the hospital’s ICU needs to order medication for a patient, they will need to know the patient’s current weight. If the provider has access to accurate and up-to-date data from the patient’s recent check-up, they will be able to ensure that the patient receives the correct medication dosage.

Reduced costs

Data governance can also help to reduce costs in the healthcare industry. When data is managed effectively, it can help to improve operational efficiency and reduce waste by avoiding unnecessary ordering of medications and supplies. It can also help billing accuracy, and tracking expenses, like food costs in a hospital.

Improved compliance

When data is managed effectively, tracking and monitoring compliance with regulations such as HIPAA can be more accessible. This is important for ensuring that the healthcare industry provides quality care and protects patient privacy.

Another regulation that data management can help with is the Centers for Medicare and Medicaid Services (CMS) requirements for electronic health records. CMS requires all hospitals and clinics receiving Medicare or Medicaid reimbursement to use certified electronic health records. They must meet specific standards for capturing, storing, and sharing patient data.

Final Thoughts

The healthcare industry is under tremendous pressure to provide quality care while reducing costs. Data governance can be a helpful tool in achieving these goals. By organizing and managing data effectively, the healthcare industry can improve patient care, reduce costs, and increase efficiency.