November 7, 2022 – Both quantitative and qualitative data have been the backbone of the lab business and its value to the clinical community since its inception. So much so that there is a widely held perception that lab data influences 7 out of 10 medical decisions. While there is no current quantitative market data to verify that bit of wisdom, we do know that over 266,000 labs are reporting patient data, with an annual spend of over $105 billion, and growing at over 9% as of 2021.
As a result, the demand to acquire, store and interpret the complex web of personal and population data, to understand which tests are most useful, which are under or over utilized, and which have the highest positive impact on treatment programs is becoming a prominent concern and subject to multiple opportunities for solutions. In the Repertoire November Physician Office Lab column, Jim Poggi examines what big data is, the new tools it is creating the need for, and how it is in daily use in labs today – as well as how it may be used to even greater advantage down the road. Read more here
Read more in the latest issue of Repertoire Magazine.