Before the advent of programs like Google Maps, drivers depended on maps. If the trip involved travel across several states with a number of stops, multiple maps were required. Imagine the confusion along the way as you familiarized yourself with each new map. It took time and effort to pre plan the trip to determine how long it might take, your arrival time, and where to stay each night.
Today you can simply pull up an app and plug in the starting point and the destination to get immediate answers. Technology has made the task easier.
You would think that in this modern business world, with the mass of data flowing through large organizations, decision makers would use technology to help them make decisions. An example of this is in the healthcare space. Hospitals have tremendous amounts of data at their fingertips and must make countless decisions affecting their patients and their operations. In a recent article published in HealthLeaders on January 15, 2020 written by Jack O'Brien,the statement was made that
“Eighty percent of healthcare leaders said their use of data analytics for decision-making and strategic planning is "negligible," according to a Black Book survey released this week. The research found that 95% of hospitals and physician group executives have access to data analytics applications, up 32% since 2016, but most don't utilize these decision-making tools.”
Take a moment and let the word negligible sink in. Why is this? The HealthLeaders article states there may be “a lack of strategic direction, financial resources, training, and the absence of internal data scientists.” To this list, other items can be added such as tools/platforms/resources to compile the data with the ability to easily distill massive amounts of information down to meaningful and actionable recommendations.
Every organization has computers and software programs and often very talented IT staffs. They are equipped to make many of their everyday operational decisions. But they may not be equipped to address issues that require other technologies or expertise. Think about this example. If a military battle were to be on land,would our modern military send in the Navy? No, the Army or Marines may be better suited. The same is true with the data analytics battles faced within the walls of today’s C Suites. Yet as the HealthLeaders article states, “90% of data in provider organizations goes unutilized”, ”65% of hospital managers with available analytic applications said they did not use advanced analytics”, and “77% of health systems lack a clear analytics strategy.”
To obtain better pharmacy benefit decisions and outcomes, C Suites decision makers will need:
- More timely decisions
- Specialized analytics resources for in depth data crunching
- Specially trained and experienced staff or consultants
- Custom reporting to distill complex data sets down into understandable executive reports highlighting true cost drivers
CobaltRx is a professionally equipped firm ready to help your firm attack your pharmacy benefit decisions, better utilize your own pharmacy data, improve your pharmacy analytics, and sharpen your overall pharmacy benefits strategy. You may reach Ginger Campbell at 225-927-1940 to learn more or visit our website at www.cobaltrx.com. We look forward to hearing from you.