Buy vs. Build: Unlocking the Right Analytical Solutions for Healthcare
Buy vs. Build: Unlocking the Right Analytical Solutions for Healthcare
In today’s rapidly evolving healthcare landscape, the imperative for data-driven decision-making is stronger than ever. Healthcare organizations face a pivotal decision when considering analytical solutions: to build in-house or buy an off-the-shelf solution?
Responsibilities when Building
Building an analytical solution from scratch is not just about the initial cost. It involves substantial ongoing investments in personnel to not only develop but also maintain and upgrade the system. The total cost of ownership can spiral, demanding resources that healthcare organizations often do not possess. Unlike IT organizations, healthcare providers typically lack expansive IT departments skilled enough in data analytics to manage such complex projects all by themselves.
What is Your Core Business Focus
Healthcare organizations excel in patient care, not IT infrastructure development. Diverting focus from core competencies to build intricate data systems can detract from their primary mission. Furthermore, developing a solution internally may not significantly differentiate a healthcare organization in the competitive marketplace. Instead, it can delay impact due to iterative development cycles and unforeseen challenges in data governance, ultimately providing little leverage in attracting new clients.
The Case for Buying with Focus INSIGHTS
Focus INSIGHTS offers a compelling choice for healthcare providers aiming to stay agile and competitive. Our insights solution includes a comprehensive reporting model that spans various data types such as patient management (PM), electronic medical records (EMR), accounting, and even call center interactions. This built-in versatility helps organizations seamlessly integrate and utilize data without extensive custom development.
One standout feature of Focus INSIGHTS is its Common Data Model (CDM), which enables the creation of reports and dashboards with ease. Users can generate insights in-house or with the assistance of Focus resources, offering flexibility that internal builds can rarely match. Additionally, our CDM supports both current and future reports, ensuring fast-tracked, reliable delivery that aligns with organizational growth.
Efficiency in Reporting
Automated reporting and real-time dashboards significantly reduce the time frontline leaders and executives spend on exporting, importing, and visualizing data. This addresses the burdensome process of manual spreadsheet-based analysis and the lag time in accessing data, ensuring leaders have the most recent insights for decision-making.
Data Timeliness
Purchased solutions like Focus INSIGHTS eliminate the latency between data gathering and analysis, allowing healthcare leaders to make informed decisions with the most up-to-date information. This ensures that decisions are based on the latest and most relevant data, crucial for effective healthcare management.
Resource Optimization
By freeing up valuable human resources, purchased solutions enable skilled personnel to concentrate on strategic activities rather than manual data manipulation. This ties into Focus INSIGHTS’ predictable pricing and seamless scalability, allowing organizations to optimize their workforce efficiently.
Enhanced Decision-Making
The aggregated data model of Focus INSIGHTS offers comprehensive views that traditional methods can’t match. It integrates multiple data types within healthcare settings—such as PM, EMR, and accounting—providing managers with actionable insights that drive strategic decisions and improve patient care.
To Build or to Buy?
While building an in-house analytical solution for healthcare may offer a degree of flexibility, it often leads to complicated data governance issues, unpredictable costs, and diverted resources from core healthcare services. Buying a robust, ready-made solution like Focus INSIGHTS provides healthcare providers with the scalability, predictability, and support they need to leverage their data effectively, enhancing patient care and staying ahead in today’s competitive market.
