Self-service data preparation platforms are in high demand among healthcare organizations seeking to overcome the common hurdles to data access, reconciliation and reporting. According to Grandview Research, the global healthcare analytics market will grow to $42.8 billion by 2024 as organizations look to leverage data for financial applications, operational and administrative purposes. This surge is being driven by the increased use of electronic health records (EHRs) and the digitization of financial records and insurance claims processing. Self-service data preparation solutions are vital to ensuring that all the data critical to the analytical processes are pulled into the proper format, thus confirming the highest data quality.
In fiscal year 2016, 118 healthcare organizations turned to Monarch’s self-service data preparation tool to radically expedite data analysis and fact-based decision making. More than 720 hospitals and other healthcare services providers now rely on Monarch to improve the preparation and analysis of patient, physician and financial data and gain insights vital to driving down operational costs, increasing productivity, maintaining regulatory compliance and improving quality of patient care.
Dana-Farber Cancer Institute’s reimbursement manager, Tom Pellerin, uses Monarch and states, “Our monthly net-revenue calculations are based on several different PDF reports and databases, and Monarch helps to expedite this process by gathering, filtering and blending data into an Excel spreadsheet. It is a significant time-saving solution and a tremendous analytical tool.”
If you are faced with the challenges of data quality with reconciliation and reporting, try a free version of Monarch today.