Business intelligence in healthcare: How data helps in transformation
Everyone who cares about health should care about data
According to Grandview Research, “The global healthcare business intelligence market size was valued at $4.61 billion in 2018 and is projected to expand at a CAGR of 12.8% over the forecast period.”
The increasing need to attain a better operational workflow and enhanced patient care mainly by healthcare providers, payers, and manufacturers are some of the key factors propelling the growth.
Business intelligence and big data are expected to play key roles in the future and are projected to boost market growth. The healthcare industry has the potential to positively impact all the stakeholders including patients, clinical staff, physicians, employers, payers, and providers with the help of the business intelligence solutions.
How data helps healthcare to transform:
All major global tech giants gather, aggregate and monetize personal data in return for free online services. What if this data-sharing model was applied to medical discovery, or expanding treatments for rare-disease patients?
Recently, digital health has been growing exponentially as big data, artificial intelligence and other technologies come to the fore, although many would argue healthcare is slow to adopt and innovation is behind wider society.
Healthcare analytics enables hospitals and other healthcare units to strategically move the core focus of their organization from ‘volume of patients’ to ‘value provided to each patient’.
With the help of a healthcare data analytics platform, organizations will be able to reduce operational costs, increase access, and improve care while creating a positive financial margin in a dynamic health economy.
Digital technologies will help in understanding the patient experience better, their environment and lifestyle, particularly during clinical trials. Data-driven decisions could increasingly determine whether to accelerate or stop the development of new innovations in healthcare.
Harness the Power of Data Across Health Systems and Institutions:
Healthcare Business Intelligence solutions (BI) enable institutions to unlock the full potential of the healthcare business, making it quicker and easier to get actionable insights out of the huge amounts of data recorded from every individual from clinic to specialist to hospital and back again.
Technoverts Data & Analytics solutions help healthcare institutions to unlock the power of data across health systems and institutions with healthcare data analytics. We help in creating analytics applications for any type of end-user, technical or not, with the ability to embed insights directly into the end-user workflow.
Better Patient Care (Analytics and Digital Technology)
Electronic Health Record (EHR) Centralization
Better Expense Management and Allocation
Accessing eHealth and Wearable Devices
Data Mining for Better Treatment
The major benefits of Business Intelligence in the Healthcare Sector include:
Better and faster decision-making:
There is a necessity that healthcare professionals from different departments need to collaborate in critical cases. However, their collaboration, the following decision-making, and treatment, sometimes may be delayed due to the unavailability of resources, especially of equipment, facilities as well as complicated system operations.
If there is a centralized Business Intelligence portal in place, it will provide easy and quick access to patient’s insights which can enable rapid collaboration among various departments, decision-making, ultimately expediting patient care. Fluid visualization provided can make it easier to derive value from a patient’s historical data and so, elevated care.
Improved risk management:
If the complete patient history is on the system and based on their clinical, social and hereditary metrics, Predictive Analytics enables healthcare institutions to pre-empt potential medical challenges patients would face.
This helps them to take timely precautionary measures to diminish the impact. Leverage BI to electronically integrate and distribute patient data across ER departments and significantly reduced consecutive ER visits for many patients.
Patient care and satisfaction:
Patients might be spending extensively on tests and the treatment as they and their families do not have clarity of their medical conditions which can be troublesome.
Healthcare institutions can leverage a BI application that can collate all reports and present them in a visual format, providing a detailed insight on every aspect of the patient’s health.
This solution helps in eliminating the requirement of repeated tests which in turn, helps to save money. Moreover, with patient data becoming so comprehensive and detailed, physicians will be able to provide individual patient care, thereby boosting patient satisfaction, rather than continuing with a one-size-fits-all approach.
Better Cost Management:
Patient variation and waste associated with treatment are the major contributors to escalating hospital costs. Healthcare providers should turn to data analytics to reduce the cost of patient care and cut wastage.
A healthcare enterprise data warehouse (EDW) organizes a health system’s clinical, financial, patient satisfaction and administrative data into a single source of reliable information that helps to take a data-driven path of cost management.
With all the data available in one place, tasks like costing and billing become free of errors and variables can also be easily calculated.
Digital health has been growing exponentially as big data, artificial intelligence and other technologies come to the fore, although many would argue healthcare is slow to adopt and innovation is behind wider society.
The industry will have to change the way it talks. This is much broader than drugs or data. It’s about optimizing patient care and delivering real outcomes. Pharmaceutical innovations have saved millions of lives in the hands of healthcare professionals.
Digital health is the next step and it could go a lot further with the right dialogue, so let’s start talking.