Should Your Healthcare Organization Build Its Own MDM System?

by | Jun 22, 2022 | Healthcare, Life Sciences, Master Data Management

Building a Data Management System is a unique challenge for healthcare organizations

As many companies are reevaluating their approach to managing data, you may be asking yourself if you need to build your own Master Data Management (MDM) system. Data is an emergent field, and navigating the complicated topic of data management presents unique challenges for healthcare organizations. 

Even outside of health delivery systems, there is significant overlap in the details of unrelated people. This data confusion results in law enforcement mistakenly arresting many individuals on warrants put out for those who share their names every year.

Take the case of Davon Clark, a student at Penn State University and a member of the wrestling team with a passion for poetry. Unfortunately for him, those words describe not one but two students.

Both named Davon Clark, the similarities were amusing at first, but when one of the Davon Clarks began getting into trouble—stealing from Uber drivers, getting into fights, and matching with the other Davon’s friends on Tinder—it started to get uncomfortable. When police arrested Davon Clark, even the other Davon’s family and friends were confused. A THIRD Davon Clark in the area was arrested for cocaine possession charges to make matters even worse.

While these confusions can range from humorous to harmful, the good news for companies is that Master Data Management systems can help you maintain accurate, useful data and avoid frustrating or even dangerous confusions.

Key Takeaways:
  • Mass Data Management is an emerging priority for healthcare organizations

  • COVID-19 has accelerated the growth of digital data by several years

  • The costs of building your own system outweigh the benefits for most organizations

  • Bad data is expensive and dangerous

Where Do You Keep Your Golden Record?

Elvis Presley has 101 Certified Gold Records, but it’s important that you only have one.

Unlike music, in data management, a golden record is the definitive single version of all the data in every system of record (SOR). While your data manifests in many different locations, it should all derive from one definitive source.

Like the International Prototype of the Kilogram, your golden record is the definitive source that all other accurate information references. Unlike the kilogram, however, data changes rapidly and constantly. Names, addresses, billing details, contact information—information changes, and creating a depository of that data isn’t as simple as just setting up a database.

When your accounting department fixes a misspelling, where does that data go? Do your records fracture and propagate? When your sales team obtains an updated address for a prospect, does the old address still lurk in the shadows, waiting for its chance to come roaring back to cause confusion down the line? How much money have you lost due to bad information?

The average company loses 12% of its total revenue due to bad data management. Companies with weaker data stewardship pay more than their fair share of the $3.1 trillion lost to bad data every year. If a known bad practice in HR was costing your company 12% of its revenue every year, would you keep following that practice? Then why willingly lose 12% of your revenue to a known bad practice in data management?

COVID-19 has accelerated the digitalization of data by several years, according to a report by McKinsey. This rapid move to the digital world means exponentially more data for you to manage, and having a robust MDM system is more important now than ever.

 

The digitalization of customer interactions post-COVID crisis means more data for your organization to manage.
Image source: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever

 

When to Build Your Own MDM System

In 2020, lockdowns and work-from-home fueled a renaissance of DIY crafting. Many people realized that making their own candles, knitting their own sweaters, and writing their own books was not only possible but enjoyable too. While this DIY ethos makes sense for arts and crafts, does it make sense for your business?

1. Building Your Own MDM System Can Be Flexible

With no template forcing your hand, building your own system can give you the flexibility to form it after your specific needs and priorities. Data is not a one-size-fits-all discipline, and each company’s unique data needs can make data management a uniquely individualized pursuit.

However, at Gaine, we create MDM solutions with flexibility in mind. Designed to serve healthcare organizations and their unique needs, they can take some of the guesswork out of creating your own system from scratch, so building your own system is not the only way to stay flexible.

2. Building Your Own MDM System Can Be Efficient

For some small businesses, data management can be a one-person show. Every business that has data recorded in more than one location has a mass data management system, whether they realize it or not. Very small organizations may get by without a designated data steward.

However, as a healthcare organization, the integrity of your data is a top priority, and you may find that as your business scales, your data management system grows exponentially more complicated. Waiting until you need an MDM system likely means you’ve waited too long.

3. Building Your Own MDM system Is the Wrong Choice for Most Businesses

There are 40 times more bytes of data in the digital universe than stars in the observable universe. Put another way, there are an estimated 44 zettabytes of data in the digital world, a number that is rapidly rising as the richness and connectivity of the digital world continue to grow.

While your business only uses a fraction of that sum, the data management needs of your business will grow exponentially in the coming years, and having a comprehensive mass data management system is the key to success.

There are exceptions to every rule, but the most concise answer to the question of whether or not you should create your own MDM system is: probably not. Trust the experts at Gaine to help you manage your data with integrity and accuracy.

 

Video: What is Master Data Management?

 

Unique Challenges for Healthcare Organizations

It’s no secret that healthcare has been a turbulent field in recent years. In just seven years, the number of health apps on major marketplaces has doubled to over 350,000. The complexity and richness of data continue to grow exponentially as healthcare organizations are faced with new challenges daily.

While overall data is growing at an incredible rate, healthcare data is outpacing other industries. That unprecedented growth means unique challenges for healthcare organizations, and expert solutions are required.

 

Healthcare data is projected to continue growing exponentially in the coming years
Image source: https://healthcareappraisers.com/bytes-to-bucks-the-valuation-of-data/

 

Why Gaine?

Healthcare is a complicated and diverse field, and the data management solutions that worked just a few years ago won’t work today. The unique needs of today’s healthcare and life science organizations require unique solutions, and Gaine is the expert in MDM systems for healthcare organizations.

Doing it yourself may make sense when it comes to watercolor painting and sourdough bread, but it doesn’t make sense when bad data is taking a heavy toll on most businesses. The complexity and interconnectedness of healthcare data deserve the attention of a company that knows what it’s doing.

Gaine offers a full solutions stack of Mass Data Management systems tailored around the specific needs of healthcare and life sciences organizations. Take the guesswork out of managing your data by contacting Gaine today

 

 

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