One Golden Record to Rule them All
04/10/2019 in Blog
Even if you've never heard the term “golden record," you've probably run across the concept before. Any time someone mentions a “single version of the truth" or “single source of truth" when discussing consumer data, they're hinting at the existence of the golden record — a single, clearly defined, centralized version of all the data that flows through the healthcare ecosystem.
Years ago, the golden record was an idea that was nice to think about; but over the past few years, healthcare data has exploded. In 2013, we were sitting on 153 exabytes (about 1 billion gigabytes) of healthcare data. By 2017, that number had grown to 700, and by 2020, it's expected to balloon to 2,314 exabytes.
Data that size isn't just a pain to store. It also represents infinite possibilities of duplicate, conflicting, and anonymous records that healthcare marketers have to try to make sense of…and that highlights the power of the golden record. With one record unifying all the data under each individual's healthcare consumer experience, marketers can be much more successful in analyzing and utilizing consumer data in their marketing efforts .
A Healthcare Marketer's Dream?
If that sounds like a marketer's fantasy, that's because it really is.
The golden record translates to a lot more than just neat data. It gives birth to a 360-degree view of the consumer, and one that aggregates information across all the disparate marketing platforms you're using. This includes:
Marketing automation programs
Social media clicks and shares
Care program software
Sound like something out of a Disney movie? Well, the reality is closer than you think.
Customer data platforms (CDPs) are your gateway to the skeleton key of healthcare marketing data. That's because the CDP doesn't just clean up and organize all the corners of Big Data that you're dealing with. It also links anonymous user data to known data as soon as a person identifies themselves. (Think of someone filling out a form after browsing your website or giving their name after working their way through your IVR.)
It then matches, de-dupes, and cleanses the data and spits out a unified view on the other end, available to your technology solutions, third-party systems, and more. This unified view gives you deep historical insight into consumer behavior, what led them to your organization, what kinds of conditions and treatments they've been researching — and that's just the start.
The Golden Record and You
You might be thinking “Great, but we can do that now"…and that's somewhat true.
Hypothetically, almost anyone can do the work of sorting and piecing together the consumer experience; but it requires an amazing about of manual labor and time to create persistent, consolidated insight into your patients' behaviors and get you closer to the consumer experience they love so much in other industries.
Beyond that, once a record is created, a CDP's golden record will follow a customer's profile across all your systems — in real time. As amazing as your CRM and CMS might be, they just aren't up to the task. A CDP makes the leap for you.
Still, the golden record isn't just about convenience. It's the holy grail of the level of personalized marketing that will be necessary to keep up with the future of healthcare consumerization, and the increasingly complex environment of code sets, appointment scheduling, pharmaceutical use, home visits, and expanding services lines that the future of healthcare holds.