As information strategies evolve, the organizational leadership roles change appropriately to deliver value to information consumers. New leadership roles are created to fill gaps on information strategies that can provide business transformation and value. Gartner Research predicted that the second generation Chief Data Officers (CDO) of 2015 will be tasked with raising the information-related business competencies within, across and external to their entire organization, and maximizing the value of information assets. As CDOs mature in their role and improve their organization’s ability to better manage the risks associated with data (such as data quality, security and data breaches), their role will evolve, and different priorities will emerge. To derive value from information assets, organizations must focus first on data quality and data governance.
Why worry about your Data Quality?
- A large employer group just signed up with your organization. Lots of new data flowing through internal IT systems.
- It is enrollment season. That means there are issues such as active members with cancelled groups, active members with cancelled coverages, active members with no attached products, and so on.
- You are sourcing information from a third party vendor. You see the following:
- Standardization issues such as SSN, date of birth, and HIC #
- Validity issues such as date of birth greater than 150 years (I am positive this data is not valid YET), invalid codes such as gender codes, marital status codes, and claim status codes
- Incorrect payment issues leading to re-submissions or duplication of claims
- Incorrect providers leading to incorrect utilization management
Gartner Research indicated that by 2017, 33% of the largest global companies will experience an information crisis due to their inability to adequately value, govern and trust their enterprise information.
In addition, data quality impacts business driven initiatives by only achieving 40% of the anticipated business value from projects and impacts labor productivity by 20%. Creating and measuring business metrics and correlating them to financial outcomes improves operational efficiency, business processes, analytics, and overall productivity for decision making.
Conduct a data quality assessment using our Payer Data Quality Hub (PDQH) and take advantage of our catalog of payer specific data quality requirements. In addition, utilize our technology specialists who have “been there done that” and will help you find the return on investment using your data and our expertise.