Big Data: Is the Juice Worth the Squeeze?  

Category: Practice Management

Recently, while many have been banking on the ACA's projected ability to lower the cost of healthcare, another cost-saving industry shift has been playing out behind the scenes: Big Data. The Big Data phenomenon has promised the healthcare industry more efficient administration, superior clinical results, and $450 billion in savings, according to a study by McKinsey & Company. From Meaningful Use and the HITECH Act, to the implementation of ICD-10, to PQRS, to venture capitalists pushing the latest EHR product, the digitization of healthcare systems and medical documentation will inevitably become the standard in healthcare. So far, most of this data has improved healthcare administration--in the form of leaner budgets, less employee idle time, improved revenue cycle management and better fraud abuse prevention. Data is also poised to increase cost transparency--with side by...