5 Master Data Management Tools for Healthcare Businesses
The global healthcare data market is on pace to triple – from $32.9 billion in Q4 of 2021 to $105.7 billion by 2030 – over the next seven years. As healthcare organizations generate and manage rapidly expanding volumes of data, the need for master data management (MDM) tools continues to invite more IT developers to the market. Going into 2023, healthcare businesses have dozens of options in MDM platforms.
As MDM products require a sizeable upfront investment and commitment of IT resources, organizations need to know the capabilities and limitations of different platforms. This brief guide provides an overview of several leading MDM products with applications in the healthcare industry.
- Healthcare businesses have a variety of options when selecting master data management tools.
- Master data management (MDM) tools help organizations resolve data inconsistencies and establish a comprehensive, authoritative dataset.
- Among the dozens of MDM platforms on the market, Coperor by Gaine stands out as the only product designed specifically for the unique requirements of the healthcare industry.
What Is Master Data Management?
MDM is a subset of data management that focuses on creating and maintaining an authoritative master dataset for critical data domains within an organization’s larger network of contributing databases and applications. When organizations create and store data in multiple isolated IT systems, data in shared categories and domains diverges over time. This means it becomes increasingly difficult to reconstruct simultaneously comprehensive and accurate datasets.
MDM refers to practices and technologies that route data through a centralized hub and apply uniform identifiers, attributes, and formats to resolve inconsistencies and enable data sharing between different applications. MDM strives to ensure that data is uniform, accurate, and semantically consistent across complex data management environments. To achieve this, organizations must define data standards, map the flow of data between systems, and implement sufficiently capable MDM tools.
5 Top Master Data Management Tools for Healthcare in 2023
Here are five top MDM platforms used in the healthcare industry.
1. Stibo Systems MDM
Stibo Systems MDM is a multi-domain data management platform popular in financial services, insurance, and healthcare and life sciences. Stibo excels in aggregating data across domains in large enterprise environments, enabling users to consolidate as much as 95% of customer and product data on a single screen.
While the platform has powerful domain integration capabilities, the initial setup is complex and requires extensive upfront customization. Users have also noted that UI contains limited front page options and that the platform’s internal search feature frequently lacks scope.
2. TIBCO EBX
TIBCO EBX is a flexible, extension-friendly MDM platform for managing master data, reference data, and metadata in a single application. The platform gives users control over customizable configurations for data models, workflows, and business logic. In healthcare applications, TIBCO EBX offers the compliance settings for the International Organization for Standardization (ISO) for identifying medicinal products (IDMP) and a suite of tools for auditing historical data and providing proof of action for specific compliance tasks.
Image Source: Polarising.com
TIBCO EBX has powerful integration capabilities. Nevertheless, the service and data integration API is Java-based, and IT teams need extensive knowledge of Java and custom scripts to wield and configure the platform effectively. Combined with scarce documentation, the platform’s reliance on inflexible, high-level APIs may exceed the technical skillset of many IT teams.
3. Intelligent Master Data Management Platform by Informatica
Informatica’s Intelligent Master Data Management Platform is a cloud-native MDM software-as-a-service (SaaS) with developed AI capabilities. For master dataset assembly, users can merge data from different systems with high integrity using machine learning features for match-tuning and adaptive rules to distinguish duplicates from similar but unique entries. Once extracted, the platform facilitates sharing master data with downstream systems using low-code, drag-and-drop scripts.
Unlike other MDM tools on this list, Intelligent Master Data Management Platform can prove challenging to budget up front as the platform’s baseline SaaS subscription does not include all available features. As such, users may need to make additional service purchases to unlock the needed functionalities for their MDM requirements.
4. Semarchy xDM
Billed as the low-cost option among MDM platforms, Semarchy xDM offers organizations no-code MDM capabilities with minimal upfront technical setup. The out-of-the-box configuration performs master data monitoring with reliable integrity and easily scales up or down as user needs change.
Image Source: Learn.Microsoft.com
Although Semarchy xDM contains a suite of useful in-app MDM features, exporting master data to downstream applications may prove challenging and time-consuming in large organizations. As users on the business software review site G2 have remarked, the platform lacks a dedicated Extract, Transform, and Load (ETL) tool capable of automatically updating contributing data sources with current master data.
5. Coperor by Gaine
While MDM needs are generally consistent across industries, compliance requirements combined with complex third-party networks of providers and contracted partners make healthcare a uniquely challenging MDM environment. Gaine’s MDM platform Coperor meets these challenges with a data model designed for healthcare data ecosystems spanning payers, providers, and pharmaceuticals.
Coperor’s API and out-of the-box integration connectors enable real-time data updates across complex custom networks, reducing errors and eliminating manual data management tasks. With live integrations, external users – such as providers and patients – always have access to the most current and accurate master data.
Coperor’s healthcare-specific features also include automated compliance with health data regulations such as HIPAA, the California Consumer Privacy Act (CCPA), and the European Union’s General Data Privacy Regulation (GDPR). These capabilities help organizations protect private patient data and mitigate the financial risks of non-compliance.
Real-Time MDM for Healthcare and the Life Sciences
With built-in features for real-time interoperability and regulatory compliance, Coperor eliminates the costly and uncertain task of adapting generic MDM tools for use in healthcare. Reflecting more than 15 years of experience in healthcare data management, Coperor offers healthcare businesses an industry-first solution to the persistent challenge of establishing a single source of truth in complex data networks.
Schedule a live demo today to learn more and experience Coperor’s capabilities firsthand.
Opt-in with Gaine for More Insight
Keep ahead of the rest with critical insight into Healthcare and Life Sciences MDM and interoperability technique, best practices, and the latest solutions.