With the deepening of the medical insurance payment method reform and the medical insurance digitalization construction, the value of medical insurance data in promoting high-quality development of medical institutions is increasingly prominent. Based on the theories of information asymmetry and collaborative governance, this study systematically explores the practical path and internal mechanism of medical insurance data empowerment through the analysis of policy and practice in Wuhan City and cases of two typical hospitals. Research has found that medical insurance data effectively promotes the refinement and high-quality development of medical institutions by driving management transformation, optimizing performance evaluation, and promoting clinical rationalization. However, issues such as data quality barriers, uneven application capabilities among institutions, and imperfect collaboration mechanisms have constrained the depth and breadth of empowerment effects. Therefore, this article proposes targeted suggestions such as building lifecycle management of data, deepening application of digital intelligence, and improving collaborative ecosystems.