When it comes to financial services, people’s lives can be somewhat fragmented. Depending on the situation, they might be juggling two or three different financial institutions along with several diverse financial products.
An extremely vital aspect of the banking and finance sector is their ability to manage exposure to losses & risk and to protect the value of its assets.
With the rapid growth of FinTech organizations, the banking and finance sector are chomping at the bit to figure out a way to accelerate their data initiatives.
Just like most industries, banking and finance have forever changed due to the explosion of big data and the infrastructure required for processing such data.
Siloed data hinders collaboration and can cause serious downstream issues affecting multiple departments such as enrollment, claims and reimbursement. This data fragmentation stops the payer’s ability to get a 360° view of their customer, making it difficult to provide a more personalized experience.
In order to implement automation applications and other machine-based processing, data must follow an agreed-upon structure and standardization. The global healthcare community believes they are close to achieving this with Fast Healthcare Interoperability Resources (FHIR).
It is important that payer organizations continue to seek ways of improving their HEDIS scores year-to-year. One certain way of doing this would be to implement a proper data management system.
The Imperative for Advanced Healthcare Business Intelligence In an time where data reigns supreme, the role of business intelligence (BI) in healthcare has never been more critical. The hospital system Chief Information Officer (CIO) stands at the forefront of this transformation, responsible for navigating the intricate landscape of data analytics to drive superior patient outcomes […]