Since data doesn't live on the balance sheet, many healthcare organizations may fail to realize it is an asset, just like plant, property and equipment. But think of the consequences if it disappeared – how would you operate? Your data – unique to your organization – is critical to the transformational success needed in today's rapidly-evolving healthcare industry.
Data governance is the process of creating accountability and stewardship for your information assets. A multi-disciplinary, strategic framework that brings together operational, clinical, financial and IT stakeholders to manage and optimize your information can create a strong foundation for analytical decision-making that supports your strategic plan.
Executing change – such as transitioning to value-based care – requires time. Financial success and care quality are a now single continuum, and interdisciplinary effort is required for execution. Creating a single source of truth through a data governance program can help decision makers across your organization manage issues related to quality outcomes, patient throughput, volume, revenue, and more.