8 Ways To Monetize Data - InformationWeek

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Data Management // Big Data Analytics
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1/22/2016
09:05 AM
Lisa Morgan
Lisa Morgan
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8 Ways To Monetize Data

Data may be a company's most valuable asset, but few are maximizing its economic benefit. Here eight ways that organizations are deriving real, bottom-line value from their data.
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Stop Revenue Leaks 

Busy hospitals, clinics, and healthcare providers can easily lose track of the services they've rendered. Each procedure has a description and an assigned code, both of which may include errors. Using analytics, those organizations can identify patterns associated with the codes and the procedures, so that patient invoices can be flagged for potential errors or missing charges. Intelligent data use also helps those same organizations improve the ROI of collections. Specifically, they are able to identify the right person to contact, the channel that is most likely to elicit a response, and the time of contact that is most likely to yield a positive result. 
'Who is likely to pay and how much they will actually pay are common predictive models,' said Alex Guazzelli, chief scientist at advanced analytics software company Opera Solutions, in an interview. 'Companies are segmenting their collections to see who's likely to pay, and who's likely to pay more so they can maximize their collections. A lot of people don't pick up their phones anymore, so it's important to understand which channels you should use to contact a person and the right time to make that contact.' 
(Image: Yourschanz via Pixabay)

Stop Revenue Leaks

Busy hospitals, clinics, and healthcare providers can easily lose track of the services they've rendered. Each procedure has a description and an assigned code, both of which may include errors. Using analytics, those organizations can identify patterns associated with the codes and the procedures, so that patient invoices can be flagged for potential errors or missing charges. Intelligent data use also helps those same organizations improve the ROI of collections. Specifically, they are able to identify the right person to contact, the channel that is most likely to elicit a response, and the time of contact that is most likely to yield a positive result.

"Who is likely to pay and how much they will actually pay are common predictive models," said Alex Guazzelli, chief scientist at advanced analytics software company Opera Solutions, in an interview. "Companies are segmenting their collections to see who's likely to pay, and who's likely to pay more so they can maximize their collections. A lot of people don't pick up their phones anymore, so it's important to understand which channels you should use to contact a person and the right time to make that contact."

(Image: Yourschanz via Pixabay)

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