Introduction
Optum Lab refers to a health information technology and service firm that is part of a United Health group. The firm mentioned above carries out different activities that benefit the health sector. The activities include; the organization aids in the provision of technological, operational and consulting solutions and services to people, health organizations and the state government. Optum lab together with the United Health serves more than 85 million individuals worldwide with the help of a workforce of more than 160000 people. Optum Lab has a CEO known as Larry Renfro who joins the organization in 2009. Optum lab entails three main objectives which include, aligning care delivery, engaging the consumer and modernizing the health infrastructure through health information technology. The firm mentioned earlier operates across North America, South America, Europe, Asia Pacific, and the Middle East (Johannes, 2016).
Optum Lab has a database that contains information of more than 150 million people. The Optum lab obtains data in relation to the Health Insurance Portability and Accountability Act (HIPAA) of 1996 (Johannes, 2016). The data present in Optum Lab entails the statistics of patients and the history of disease or health cases presented to the firm. The new abundant data collected in Optum labs entails complex insights about health needs and care delivery. Optum labs use big data because they can easily transform that data collected to health care. In other words, the firm under discussion translates or explains the big data collected in simpler terms to clinicians or researchers about issues concerning the health of individuals. For instance, the partners of Optum lab get to carry out researches such as knee replacement surgery and diabetes once they obtain translated or transformed data from the firm. Optum labs also collect some of the findings on various diseases and store them for future references or further research hence provision of cures (Theel et al., 2015). Also, the information or data does not get lost in the hands of journalists and written journals once collected by Optum labs. The data collected by Optum labs also enable experts or clinicians to find solutions to individuals' diseases. Data in Optum labs get maximum security due to the presence of high and maximum security and a restricted number of assessors.
Humedica also was known as the leading vendor in EHR-related analytics takes care of data operations and analysis in Optum Labs. The main objective of Humedica entails delivery of transformed and translated data to healthcare providers. A lot of clinical data elements get obtained from EHRs through natural language processing which ensures quality edited data. The optimum labs' main work refers to integration and identification of the problem and the general translation of the problem into simpler terms for the clinicians (Theel et al., 2015).
Optum Labs receive funds from their various partners such as the state government and different health research institutions. Once the firm mentioned earlier receives the funds, the organization becomes able to access the latest technology machines to store data. Also, with the latest machines to store data ensures maximum security of data stored. Optum labs also receive their funds through the selling of their medical plans and information. The firm mentioned above continues to do well in the market due to the increase of their income yearly. The growth in income leads to more or higher quality service delivery to their partners hence ensuring a healthy globe.
Conclusion
In other words, the presence of enough finances in Optum labs ensures that they get well equipped with the necessary workforce and technological machines required in data collection, analysis process, and storage. Quality service delivery in terms of information and storage refers to the major results of financial adequacy in an organization. Lastly, without enough finances within the Optum labs may lead to poor delivery of services. Also, the workers in the firm may lack the motivation to work and the presence of poor data collection and storage techniques. Funds refer to an essential element in any firm because most activities require finances to enhance the achievement of the organizational goals.
References
Johannes, M. (2016). Big Data for Big Pharma: An Accelerator for The Research and Development Engine? (Vol. 19). ibidem-Verlag/ibidem Press.Abraham, N. S., Singh, S., Alexander, G. C.,
Theel, E. S., Johnson, R. D., Plumhoff, E., & Hanson, C. A. (2015). Use of the Optum Labs Data Warehouse to assess test ordering patterns for diagnosis of Helicobacter pylori infection in the United States. Journal of clinical microbiology, 53(4), 1358-1360.
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Data Analytics and Financial Impact of Optum Lab - Essay Sample. (2022, Dec 21). Retrieved from https://midtermguru.com/essays/data-analytics-and-financial-impact-of-optum-lab-essay-sample
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