Uncertainty in the healthcare industry has been the norm for quite some time, first leading up to the creation of ObamaCare and then throughout ACA’s implementation and maturity. At that time, the industry was ripe with business opportunities to help healthcare organizations understand and comply with government regulations that were difficult to interpret and seemed to be constantly changing. Now with a Trump administration, we are looking at the possibility of a 180 pivot back to privatization and less government involvement in the healthcare industry.
With Trump’s mandate that ObamaCare will be ‘quickly’ repealed, the uncertainty will only continue to deepen. There are many obstacles to a ‘quick’ change in healthcare management, along with the possibility that the industry will go back to pre-ObamaCare times. No one knows what is going to happen, but the one thing that I’ve learned over the last year is that anything can and does happen.
New business opportunities abound and a new business model should be appearing soon on the horizon to help healthcare organizations respond to this type of uncertainty. Many companies will, in fact, try to profit from this environment, but without analytics their services will not hit the target.
Let’s look at what analytics can and can not do.
Predictive Analytics? This is about probabilities and we won’t have enough consistent information for this to be useful.
Diagnostic Analytics? This type of analytics can play a role in identifying leading indicators. This will be part of the solution.
Prescriptive Analytics? This type of analytics provides guidance for decision makers in the form of recommended courses of action. It will be part of the solution.
Big Data Analytics? Examining social sentiment is going to be part of the solution. Everyone knows that Trump’s tweets change markets and behaviors.
What will the solution be?
The beginning of the solution starts with Diagnostic Analytics to create Simulation Models that can be used to analyze ‘what-if’ scenarios to prepare for a large number of possible outcomes. Here are the basic steps that should be followed.
1) Use Big Data Analytics to understand and define the possibilities.
2) Create Simulation Models for each scenario and analyze each ‘what-if’ scenarios.
3) Use Prescriptive Analytics to define a strategy and determine a course of action for each scenario.
4) Use metrics to assess the ongoing relevance of the model.
Be Prepared – Educate Yourself
I recommend that IT professionals educate themselves to help their organizations manage the fear, uncertainty, and frustration that rapid and unrelenting change brings. Don’t leave it to the analytics consultancies to deliver solutions. Establish a strong analytics foundation so that you are prepared to discuss solutions and be the driver in these discussions rather than the follower.
I’ve attended a number of Elearningcurve courses so I know about the robustness of their analytic courses. These are my recommendations.
Business Analytics Practices and Applications
In conclusion, the notion that Business/IT alignment provides value to an organization is an outdated message. Times have changed and now full integration of business and technical functions and practices is a primary factor in a business being successful. Educating yourself on analytics is a great first step to making this a reality in your organization. The article is about the healthcare industry, but this is just one of many industries that will be impacted.
About the Author – Jennifer Hay
“As a technical resume writer, my clients tell me I have the rare talent to transform a technical career into a clear, concise, and powerful technical resume. In fact, I’m known for innovative resumes that provide an advantage in today’s intensively competitive global employment market. As the world’s first nationwide resume writer for information technology (CRS+IT), I am a natural choice for technology professionals seeking high-impact career marketing documents. I love the geeky stuff, so bring it on!
I won a Toast of the Resume Industry (TORI) award in the technical category in 2011, a Career Innovator’s award in 2012, and served as a TORI judge in 2013.