Are data lakes the answer to privacy regulations, competition in healthcare?

The U.S. healthcare industry, which generates approximately$2.9 trillion annually and is the fifth-largest economy in the world, still lags behindmany industries in digital transformation. Getting on board the big data bandwagon has been difficult for an industry that is highly regulated and required to keeppatient dataprivate.

The opportunities for data in healthcare has not seen its full potential, according to Richard Cramer, chief healthcare strategist at Informatica Corp.

Cramer spoke with John Furrier (@furrier) and Peter Burris (@plburris), co-hosts of theCUBE, SiliconANGLE Media’s mobile live streaming studio, during Informatica World in San Francisco, California, about the transition to digital happening in healthcare.(* Disclosure below.)

This week, theCUBE features Richard Crameras its Guest of the Week.

There is a shift occurring in healthcare, according to Cramer, that began with HITECH(known as the Health Information Technology for Economic and Clinical Health Act) in 2009, which helped to define electronic record management. There are many drivers to the transformation that seem to be coming together, he pointed out.

“Arguably, for the first time, we finally have the deep, rich, clinical data that we’ve needed to do analytics with, [and] big data processing power, the Internet of Things and all of the rich sources of new data that we can learn new things about how to treat patients better. And then the final component is … the financial incentives are finally aligned,” Cramer stated.

What he finds most exciting about all the changes is by having the ability to analyze data it enables organizations and practitioners to measure the quality and outcomes of their work by removing inefficiencies that were prevalent in the past and providing value.

With all the conversations over the years on theCUBE, when it comes to digital transformation there is a pattern emerging, according to Furrier: how to run an organization, how to take care of the users and giving the customer or patient a great experience.

Healthcare organizations are behaving like real businesses because the patient experience matters, Cramer explained. As the industry grows, there are more choices out there for consumers. Other sectors are providing a customer-centric experience, and patients are seeking the same results from healthcare providers.

Digital transformation is disrupting healthcare because it is removing the local and regional aspects of going to the nearest hospital and removing geographic barriers. “The goal in healthcare today is we’re reducing cost. You want to push healthcare out of that high-cost hospital into the most cost-effective highest-quality organization you can,” Cramer said.

Posted on 7wData.be.