119: Healthcare Data is the New Oil

Have you ever heard the saying “data is the new oil”? I heard that on a podcast the other day and thought: “True!” The crude oil market is projected to be around $2.9 TRILLION in 2024. That’s a huge market! But, like oil, raw data by itself is mostly useless in the day-to-day lives of most consumers. Unless that data is filtered, refined, and delivered in a useful way, it’s just something that takes up space on the cloud. I’ve said for years that data is a main value driver for many healthcare tech, SaaS companies, and even provider organizations.  Data, when leveraged appropriately, provides the opportunity to: 1) Reduce the cost of delivering care (to patients, providers, & payers) 2) Improve clinical outcomes (which immediately helps patients & payers) & 3) Identify & capitalize on areas for improved financial performance (for payers & providers). But again, you need to do something to that data to make it valuable. In fact, I mentioned a few opportunities to do just that on this LinkedIn Post. That’s why I figured I’d do an entire episode with the title Healthcare Data is the New Oil. This week, I share some thoughts on healthcare data, it’s value, and some possible business opportunities for creative entrepreneurs who want to capitalize on this what can seem like an overwhelming sea of useless raw information.   What we cover in this Episode: Discussing the potential value of data in healthcare Leveraging data to reduce the cost of healthcare Improving clinical outcomes by leveraging healthcare data Positioning services and solutions in the healthcare data space A business idea I have around Data Analytics as a Service Achieving Better Outcomes by refining and leveraging healthcare data   We post videos of certain podcast episodes, including this episode, which can find on the YouTube Channel.   Get Your Copy of My Book Now! Connect with Me LinkedIn (Rafi Salazar) Hire me to Speak Book a Healthcare Positioning Workshop Learn About Working with Me   For More: If you enjoyed this episode: Join Rafael E. Salazar II, MHS, OTR/L (Rafi), principal of Rehab U Practice Solutions and host of The Better Outcomes Show as he explores the possibilities of a new healthcare. Guests range from clinicians trying new techniques and treatments to executives and entrepreneurs exploring new service delivery methods, business models, and organizational structures. You can sign-up to receive new episodes delivered directly to your inbox by filling out the form below.  Learn more about Rehab U Practice Solutions by reading The Manifesto for a New Healthcare, or listen to Episode 000. Or, grab a copy of the book: Better Outcomes: A Guide to Humanizing Healthcare.   Are You Ready to Humanize Healthcare? If you run an innovative healthcare company and are looking to develop a strategy that leverages best practices, new technology, and marketing/messaging in a way that returns the focus of healthcare to people, please reach out. I’d love to talk with you about how Rehab U Practice Solutions can help help you craft an business development strategy that leverages positioning, market research, UVP stakeholder alignment to drive business development strategy for specific healthcare stakeholders.