The Role of Business Intelligence and Analytics in Healthcare Industry

Today, the amount of data available to healthcare professionals is unprecedented, and the opportunities to leverage that data are almost endless. With today's affordable software, investing in business intelligence for health care is more important and easier than ever.

 

Table of content

• Introduction

• Aspects of healthcare analytics to consider

• Underestimation of BI in Healthcare

• Benefits of BI in the hospital

• Business intelligence in the field of tension between costs and benefits

• Conclusion

 

Introduction

Implementing data analytics by the healthcare sector helps maximize efficiency, increase revenue, and save costs. Market research confirms that increasing adoption of data analytics is one of the key growth factors in the healthcare sector's business intelligence market.  

 

The Americas are expected to become a major revenue contributor to the healthcare business intelligence market due to the market advantage of the United States. 

 

Aspects of healthcare analytics to consider

 

• Fast and secure access to real-time data

Access to real-time data is only granted to users who have a need for that data. All users in your organization can find the information they need without the supervision of an analyst.

 

• Improve efficiency and patient care

A top business intelligence platform should be easy to use. Healthcare providers have access to patient information so they can provide better care, identify future health risks, and provide preventative treatment. Customers will have access to analytical information that will enhance the medical outcomes of patients and hospitals in the future.

 

• Maintain data security and compliance

Complex regulations pose challenges in managing a variety of data, from medical records to insurance defaults. Business intelligence leverages on-premises and cloud options to identify connections between such data and enable analysis in a secure environment.

 

• HIPPA compliant configuration

Looker is also built to be HIPPA compliant. A business intelligence solution, familiar with HIPPA requirements, will work with you to restrict access to sensitive data and protect patient information.

 

Underestimation of BI in Healthcare

Hospitals, rehabilitation clinics as well as other institutions and companies in the health care system have to pay more attention to costs, as the funds for the provision of services are very restrictive. It is important to check expenses for medical technology, administration or vehicle fleet and to recycle any operating equipment that is not required.

 

However, real-time, differentiated revenue and cost controlling or analyses of revenue and cost deviations can often not be created automatically. Direct marketing to the patient is not possible; services and value-added services based on clinical pictures and patient profiles cannot be offered. Business intelligence offers a way out of this dilemma.

 

Business intelligence can be translated colloquially as business analytics. However, BI is understood, defined and interpreted differently in companies. Depending on the conceptual orientation, it is understood as an instrument for decision support or as a process through which business data is converted into information in order to be able to control companies. The pithy term also includes the collection and processing of data with the aim of presenting relevant information.

 

Benefits of BI in the hospital

Significant advantages can arise from a holistic BI strategy. In this way, it can help to meet internal and external requirements for modern hospital management. The external requirements include, quality management (QM) or risk management.

 

BI helps to sustainably reduce business risks. Structured data storage leads to direct management information and thus to a quick and well-founded basis for decision-making, be it for controlling or resource and personnel planning. Marketing activities can also be accelerated. Due to the large amount of information, additional medical services can be offered or offers relating to the care of relatives. 

 

Control processes

Key figures provide important and useful information for the management of hospitals and specialist departments. They support decision-making and enable the control of processes within the organization. For example, they provide information about the degree of achievement:

 

• Hospital-specific goals (e.g. compared to economic planning)

 

• Specified guide values from external parties (e.g. center-specific quality indicators)

 

• Compliance with legal requirements (e.g. penetration rate of compulsory training)

 

• Recommendations from associations (e.g. degree of maturity of the CIRS)

 

They also provide information on comparative values from other companies (e.g. staff cost ratio).

 

Gain security

The control of these key figures is part of medical and business risk management. As a result, the efficiency and quality of the services provided will have an even stronger influence on the success of a clinic in the future. A verifiable and stringent quality as well as well-organized processes are therefore imperative.

 

Business intelligence in the field of tension between costs and benefits

The hospital management should recognize that BI is not just an IT issue, but a measure to improve company-wide business processes. If a BI strategy is planned, it is important to include the areas of administration, medicine and nursing at an early stage.

 

The existing processes must also be checked and optimized. This also includes a nationwide conversion of electronic data acquisition.

 

Planned BI projects are often caught between effective costs and benefits. Central BI management is therefore necessary. The focus is then on tasks that are particularly important for the hospital.

 

The IT department can position itself as an interface between interest groups in BI projects and make a positive contribution to the company's success.

 

Conclusion

The importance of BI in healthcare has often being underestimated. BI helps to sustainably reduce business risks and increase efficiency. HData System can assist you with the development of excellent BI solution that is adapted to your individual need. You can enjoy the many benefits that BI offers healthcare organizations by contacting a top data analytics company.

 

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