The healthcare industry has moved into the data-driven world, and while there is more to be done, huge advancements have been made technologically. Business intelligence BI in the healthcare industry is no longer something to be considered, it is a requirement.
Healthcare providers can insight needed to reduce costs, increase revenue, and improve patient safety while remaining compliant with regulations by integrating BI. Additionally, Business Intelligence increases visibility into a hospital’s financial operations, identifying both highly profitable and underused services, tracking cash flow, and generating compliance reporting.
Claims analysis, clinical analysis, and operational performance are also areas where BI may help lower costs. Utilizing BI, healthcare providers can improve pricing, simplify the claims process, control costs, and optimize operational efficiency. Additionally, it can provide awareness of the effects of marketing strategies.
Patient Care and Satisfaction
Perhaps most importantly, business intelligence can provide an immense amount of data to aid in improving patient outcomes. Physicians are provided with the information they need to monitor, as well as forecast, patient diagnoses. The ways in which BI benefits patient care are listed below:
- Eliminate redundant tests – BI merges and provides all claims and the physician is able to access them via EHR. This is the exact health records software the physician uses daily; therefore, the data gathered is delivered flawlessly. While with the patient, the physician sees each and every test and treatment the patient has received, both at that facility and elsewhere, as well as any remaining tests to be performed. Eliminating repeat tests helps save money and satisfies the patient who does not have to repeat the same test, due to missing information. The physician is also happy because he/she is better able to care for their patient.
- Personalized medication – Patient data is becoming more accessible and analyzing the data is easier than ever before using BI. Treatment regimens can now move from a one-size-fits-all category to a treatment based on each individual patient’s medical history and current medical concerns.
- Prevention – Analyzing genetic markers gives physicians the ability to prevent disease(s) or, at least reduce the impact of a disease on patients. Utilizing big data, physicians can establish better insight on patterns of determinants that increase patients’ risk of disease. This information allows physicians the ability to recommend medications or advise patients about making lifestyle changes to reduce their overall risk of disease.
Using BI tools to analyze patient throughput, improve patient triage flow, and make improved decisions based on the population of the healthcare organization, hospitals will know the ideal discharge times thus making the best use of bed space without sacrificing patient outcome. Furthermore, emergency and trauma patient cases can be more accurately prioritized and treated thus improving patient outcomes while minimizing costs by providing the correct treatment at the correct time.
There is absolutely no doubt BI currently plays and will continue to play, a crucial role in the future of the healthcare industry. With the ability to positively impact everyone in the industry – from patients to healthcare providers to executives – BI is a necessary component that rewards healthcare organizations with both clinical and financial success.