Smart Trading

According to a recent study by RBC Capital Markets, an estimated 36% of the world’s data volume will be generated by the healthcare industry by 2025.

The success of value-based care depends not just on the effective collection and use of healthcare data, but on ensuring that that data can be seamlessly exchanged across all healthcare stakeholders. Building a truly interoperable healthcare system simply isn’t possible without effective data exchange.

For over 20 years, the ONC and CMS have made it a priority to facilitate the secure and free-flowing exchange of patient data, and their regulatory mandates reflect that goal. Technology solutions like Smart Trading help health plans comply with regulations.

A recent study by Sage Growth Partners found that 43% of IT staff time is spent on manually extracting and harmonizing data. Reducing manual workloads by 50% for those processes alone could save healthcare organizations nearly $2 million over three years.

To truly reduce costs, healthcare organizations should look to implement a smart data fabric and embrace interoperability standards. The Sage study found that by doing so, healthcare organizations can save upwards of $42 million over three years.