Did you know that nearly 100 zettabytes of data have been generated this year? That is one trillion gigabytes, and that number is only going to grow in years to come.

What’s more, a full 30% of worldwide data comes from the healthcare industry.

Healthcare data plays a crucial role for all different types of essential jobs, including but not limited to:

• Insurance companies acquiring a new claims system
• Providers stitching together longitudinal patient records
• Administrators balancing business expenses
• Data architects creating reports to improve organizational efficiency

Data has always been essential for healthcare organizations to function effectively, but the volume and complexity of incoming data are simply too much to analyze manually. There is enormous pressure on every part of the healthcare system.

The good news is that data lineage can support thorough data visibility for your healthcare organization, and potentially save millions of dollars in lost revenue by improving business intelligence.

The Challenge of Healthcare Data

In the fast-evolving landscape of healthcare, data has become a prized asset. It’s not just about the quantity but also the quality of data that can make or break healthcare operations. The year 2023 has seen an unprecedented surge in data generation, and the healthcare sector is at the forefront, contributing a substantial 30% of the world’s data.

Why is healthcare data so critical? It underpins a variety of essential functions within the industry, including:

1. Insurance Companies

Insurance companies, tasked with managing vast amounts of claims, rely on data to assess risk, process claims efficiently, and offer competitive premiums. With the sheer volume of claims pouring in, data becomes the lifeblood of their operations.

2. Healthcare Providers

For healthcare providers, from small clinics to large hospitals, delivering quality patient care is paramount. This involves piecing together comprehensive patient records over time, often referred to as longitudinal records. These records are essential for making informed decisions about patient care.

3. Administrators

The business side of healthcare requires meticulous management of expenses, budgets, and resources. Data helps administrators balance the financial aspects of healthcare institutions, ensuring they run smoothly and cost-effectively.

4. Data Architects

Behind the scenes, data architects work tirelessly to create reports and systems that enhance organizational efficiency. These reports are instrumental in improving processes, optimizing workflows, and supporting data-driven decision-making.

However, as the healthcare industry grapples with this exponential data growth, manual analysis is no longer a viable option. The complexity and volume of data have reached staggering levels, creating immense pressure on every facet of the healthcare system.

The Power of Data Lineage

Amid this data deluge, there’s a beacon of hope – data lineage. Data lineage is the key to achieving comprehensive data visibility in your healthcare organization. It’s not just a tool; it’s a strategic asset that can transform your data management practices.

What is Data Lineage?

Data lineage is essentially the map of your data’s journey. It traces data from its origin through all the transformations and processes it undergoes, until it reaches its final destination. Think of it as a GPS for your data, allowing you to see where it’s been, how it’s changed, and where it’s going.

How Data Lineage Benefits Healthcare

1. Improved Data Quality: Data lineage ensures data accuracy and reliability. It helps identify errors and inconsistencies, enabling healthcare organizations to maintain high-quality data.
2. Enhanced Compliance: With the ever-increasing regulatory requirements in healthcare, data lineage provides transparency and traceability, ensuring compliance with data protection and privacy laws.
3. Cost Savings: By optimizing data processes and reducing data errors, healthcare organizations can potentially save millions of dollars in lost revenue.
4. Streamlined Operations: Data lineage simplifies data management, making it easier to track patient records, insurance claims, and administrative processes, ultimately leading to more efficient operations.

Planning for Healthcare Data Visibility in 2023

As we step into 2023, the healthcare landscape continues to evolve. To navigate the challenges and seize the opportunities presented by this dynamic industry, you need a strategic approach to data management.

MANTA is here to support your organization as you plan for 2023. Their latest whitepaper, “Planning for Healthcare Data Visibility in 2023,” delves into the recent trends in the healthcare ecosystem. It explains how data visibility can help you address new healthcare challenges and meet crucial business objectives.

Here’s a sneak peek at some healthcare statistics from leading industry research that you’ll find in the whitepaper:

• Medicare and Medicaid have increased enrollment by 7-8% since 2021.
• 25% of the U.S. population will use remote patient monitoring tools (RPM) in 2023.
• 25% of medical expenses are administrative.
• The last 8 periods of economic downturn have resulted in new medical regulations.
• Bankruptcy filings for large healthcare organizations are 28% higher than in 2021.

But numbers alone don’t tell the whole story. The whitepaper provides context and insights into these statistics and explains how data lineage can empower your organization to achieve its goals in the coming year by offering greater data visibility.

Don’t miss out on this invaluable resource. Download the full whitepaper here and embark on a data-driven journey to success in healthcare for 2023.

In a world where data is the lifeblood of healthcare, data lineage emerges as the compass guiding you through the data wilderness. As you prepare to tackle the challenges and opportunities of 2023, remember that data visibility is your ally, and MANTA is here to be your guide.