|Limited funding and lack of resources hinder organizations from harnessing big data analytics / Photo Credit: Panchenko Vladimir (via Shutterstock)|
Health systems are increasingly investing in technology that will enable them to bolster big data analytics strategies and precision medicine, but lack of reimbursement for these tools and limited resources are roadblocks for organizations, said healthcare center and content hub Center for Connected Medicine and IT data and insights company KLAS Research, as cited by Jessica Kent of HealthITAnalytics, a news platform on healthcare big data and IT analytics.
Precision medicine, data analytics, and patient engagement are connected to the shift from fee-for-service to value-based care, said the report. Considering that organizations are shifting their payment models and take on more risks, there is a greater need for data transparency to allow organizations to manage the most vulnerable populations and make better decisions.
After interviewing 70 leaders representing 65 unique health systems, the report found that many of them are investing heavily in technologies that will enhance data analytics and aggregation efforts. It explained, “Effective and comprehensive data aggregation has the potential to enable better clinical decision-making and power population health management,” according to the report. On average, the respondents admitted they are 71% of the way to integrating clinical data. However, the full integration of clinical data with data from financial systems and other sources is a little slower. In fact, organizations reported “61% completion with full integration.”
Alternatively, common barriers to data integration were limited sources and funding and poor data normalization at 44%, as well as lack of standards (40%). Data integration can be costly and it is common for organizations to have limited funding or resources to integrate and analyze data.
Aside from that, organizations are looking to “ramp up their precision medicine efforts.” Nearly 70% of respondents report low maturity or low deployment of precision medicine efforts, while 12% of health systems can be “categorized as mature in their precision medicine efforts.” Sadly, 51% struggled with return on investment (ROI), while 11% faced technical challenges.
Most precision medicine initiatives are funded through out-of-pocket payments by patients or fee-for-service models. Many organizations resort to research grants for funding their efforts. However, this is not a viable option for long-term growth. “Organizations expect that these funding strategies will decrease in usage as value-based payments for precision medicine increase in alignment with the general industry’s shift to value-based care,” the research said.