Today was the final day of the 2013 OPEN MINDS Technology & Informatics Institute – and I’ve learned so much! Using technology to improve market position, the pending coding challenges for the field (‘Codeageddon’ all members), the “medical neighborhoods” concept for coordinated consumer care (see The Medical Home As Gateway all members), and a hundred new tech applications.
Across the range of presentations and discussions over the past two days, I am more convinced than ever that technology investments are all about providing the data we need for decisionmaking – for organizational survival in a time of transition, for developing sustainable business models, and for organizational success. This premise was the focus of my closing keynote – The Information Roadmap: From Information Input To Dashboards & Decision-Support.
The issue for most organizations in the field is how to move organizational information literacy from using data to tell what has happened to predicting what will happen. To do this, organizations must find a way to sort through the mountains of newly available data (from EHRs, personal health monitoring devices, from HIE, and more), and distinguishing between the signal and the noise (for more on that concept, check out Nate Silver’s The Signal and the Noise).
For any single organization, the ability to harness “big data” to make decisions will provide tremendous competitive advantage. Across the field, the collective ability to harness “big data”’ in decisionmaking could result in $450 billion in annual savings by harnessing data in improved consumer engagement; in decision support in diagnostics, treatment planning, and provider selection; in value-based purchasing; and in new treatment interventions (see Big data: The next frontier for innovation, competition, and productivity and McKinsey & Company’s The Big-Data Revolution In US Health Care: Accelerating Value And Innovation).
But there are challenges. The four big impediments to realizing the potential of data-driven decisions in the health and human service field include:
Lack of technology infrastructure in both public and private service organizations
Unresolved data policies – privacy, security, intellectual property, and liability
Shortage of analytical and managerial talent to use the information
The need for organizational cultural change to embrace analytics and metrics-based management
If you were not able to make it to this year’s Institute, stay tuned to our OPEN MINDS Circle daily briefings over the next week as we highlight many of the great presentations. Check out the institute coverage at www.openminds.com/tii/ for photos and resources from the event.
For another free resource, see: ‘Big Data’ For Dummies all members