Here at Ludi, we’re obsessed with data. Thousands of physician contracts flow through our software each month, and the quality of the data we collect is the driving force behind the value we deliver to our hospital and health system clients.The reality is, health care has become an increasingly data driven industry (thankfully). Some might even say health care has a data problem now because there is so MUCH of it and it’s not being leveraged effectively. In fact, a recent survey of over 1,000 CFOs and controllers by Ernst & Young found “nearly half of respondents said they spent more time gathering and processing data than analyzing the information.” Yikes.
But what good does all that data do if you’re unable to derive the necessary insights from it? As a product designer, that’s something I think about constantly, particularly when it comes to product strategy. And, yet, I always come back to three simple data-driven principles I’ve learned over the years…
1. Take a ‘Quality In, Quality Out’ Approach
Yes, you’ve probably heard the inverse of this, “garbage in, garbage out.” Yet, what actually happens is more like “garbage in, nothing out” because it’s unusable data. That’s why our implementation team places such a large emphasis on data quality. Having collectively scrutinized tens of thousands of physician contracts to date, these experienced professionals, supported by flexible software, are able to separate the wheat from the chaff, and ensure all of the salient contract details make it into our software.
2. Think Ahead
We can’t predict the future but get enough smart people in a room focused on lofty, blue sky thinking and you’ll find you get pretty close. This principle helps inform the first: it’s important to think ahead about insights you will likely want in the future, so you can begin collecting that data today. For example, there are data elements that we collect as a part of our implementation process today that are not currently used by our flagship product DocTime® Log, but we know that — by thinking ahead and talking with our clients about their needs — those elements will be important in the future.
3. Performance Matters
Whether you’re generating quarterly reports or simply trying to answer a question that popped in your head, speed and responsiveness matter. This is why it’s important to pay special consideration to how your underlying databases are structured. A well architected database means the difference between waiting a few seconds or a few hours for insights.
