Why use Healthcare BI anyway?
The most common motivation behind BI adoption in healthcare is shared among all industries: improving the organization’s bottom line. Healthcare providers, like other organizations, are constantly searching for ways to cut costs. Healthcare organizations that apply big data and business intelligence could collectively save between $300 and $450 billion annually in the US alone, according to a McKinsey Global Institute study.
The healthcare industry uses business intelligence software to save money in many of the same ways that other industries do. Business intelligence software can identify financial patterns, and provide insight into those patterns that assists with decision making. In budgeting for the next year, BI is essential to identify historical spending patterns by day, week, quarter or year through reporting. Meanwhile, predictive analytics can help practices anticipate both costs and profit margins.
One of the biggest revelations available through the use of BI software is finding out which services are the most profitable and, more importantly, which are underused. Many healthcare organizations find that some of their most profitable services are ones that they took for granted or didn’t market very heavily. After discovering this information, healthcare companies can make the necessary changes to get as much out of those services as possible, reducing operating costs by focusing on delivering the most valuable services.
Access More Data
Healthcare BI software reduces the amount of time and resources necessary to leverage data. Without BI, your data lives in a myriad of places – your financial data in an accounting tool, your patient relationship data in a CRM platform, medical records in an EMR tool – and so on. Instead, consider centralizing all this information in a BI platform. A BI tool connects to disparate sources, collecting valuable information and creating a single source of truth through a data warehouse or data management system, offering a more comprehensive view of the organization’s operations as a whole. Users can see all their data in one place, without the time-consuming nature of switching platforms or importing data manually.
But the horizon widened by BI software can stretch even further out – BI tools can also integrate information such as medical research and pharmaceutical data to augment the data that lives in your system with new ideas and new lines of thought, increasing the value of your information without any additional work necessary.
Improve Operational Efficiency
The data in your EHR can reveal things that impact your healthcare organization. A 2018 study from Duke University found that predictive models using clinic-level data can identify the risk of patient appointment no-shows. Big data analytics can even improve patient utilization rates, making it easier to manage the flow of patients and resources through actionable insights.
Healthcare BI tools can identify operational inefficiencies, ensure that data is up-to-date across all systems and highlight trends revealed through analysis that show where organizations can make decisions that will enact change. BI platforms can also automate and standardize processes and reporting, as well as visualize information through dashboards that are easy to understand and share throughout organizations. Business intelligence allows users to monitor healthcare KPIs such as average hospital stay, emergency room cost, patient satisfaction, ER wait times and more to find areas where operations can be optimized.
Decision-makers can use the insights gathered by healthcare BI solutions to answer important business questions such as, “How can we optimize our provider-to-patient ratios?” and “How can we minimize losses from insurance claims?” Through healthcare BI, organizations can effectively facilitate greater productivity and develop more efficient processes.
Provide Better Patient Care
The goal of any healthcare organization is to take care of their patients by offering them the best care possible. Every doctor and nurse can attest to the fact that even the most basic treatments aren’t always one-size-fits-all. Therefore, they must provide individualized care to patients, but without healthcare BI tools, it’s difficult to provide the most accurate, comprehensive care possible at scale.
One of the ways that healthcare BI tools allow organizations to provide better care is through patient tracking. BI tools can identify and track a patient’s progress, treatments, tests and more, allowing institutions to enhance and coordinate the care they provide according to the individual’s unique medical history. BI software can compile a patient’s information from disparate sources to build a unified view of their entire history, allowing their providers to make the most informed recommendations for their health. Healthcare BI software can also empower patients to take charge of their own care through patient portals and dashboards, all while assuring data privacy.
Another way that healthcare BI can improve patient care is through disease prevention. After an EHR performs the data collection of all of your patient’s medical histories, BI solutions can use that information to run analyses and help providers identify data points such as genetic markers. This analysis allows physicians to be more proactive in disease prevention, as well as reduce the impact of diseases on their patients.
By improving the quality of patient care as well as the patient experience, BI tools help healthcare providers ensure better outcomes for their patients through more effective treatment. Better treatment means fewer repeat visits, which means happier patients, more referrals and increased business overall.
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