The healthcare and life sciences vertical is expected to leverage the benefits of data quality tools substantially. The vertical has always been overloaded with data, chiefly from patient, clinical, claim, hospital system, financial, pharmacy, and most recently from wearable technology sources. The industry is pushing toward generating electronic health records and periodically updating reporting methods and data storage. The federal government is offering incentives to the hospitals to trade off paper medical charts with electronic health care records. With the records of the patients being captured digitally and getting stored on-premises or on cloud, any vulnerabilities in the data can be potentially hazardous. Thus, adopting a robust data quality program will be vital for this ever-growing industry.
Health insurance companies are also suffering huge revenue losses owing to poor healthcare data quality and data integrity within its critical business processes such as claims, billing and payment, enrolment, and membership. The healthcare industries need to comply with Affordable Care Act (ACA) but are grappling with the challenges of hidden data inaccuracies and lack of data integrity between numerous disparate systems. Data profiling and data matching features can come handy to tackle these challenges.