Role of Business Intelligence in Healthcare Industry
Business Intelligence (BI) is transforming the world today at a huge pace
Business Intelligence in Healthcare Industry
Business Intelligence (BI) is transforming the world today at a huge pace in the current environment today, across domains. Business intelligence has been there since times around, however, combined with technology, the output is manifold. BI is playing a very critical role in the healthcare domain as well.
What does Business Intelligence (BI) do?
Business Intelligence includes tools, strategies, technologies that help convert unstructured raw data into meaningful information. Data is strength and knowledge for any domain. BI helps view this data in a mature form to gain insights and show us trends, patterns and understand the customer behaviors. It slices data into various forms and shapes and highlights pivotal information in the form of reports.
How is BI affecting the healthcare industry?
Usage of business tools in healthcare is sweeping the industry in improvising the patient care, reducing costs, increasing the revenue of the healthcare provider and track and efficiently improve on the overall finance of the organization. The entire industry is becoming data driven and a lot of decisions are made based on insights derived from them.
Data starts from the creation of the patient records. Maintenance of the records digitally is the first point of starting to use business intelligence. BI is no longer a choice or demand for this industry. It is a need that nurtures the survival in the healthcare industry.
A few examples of BI derived from clinical data from multiple sources are:
• Scheduling appointments, following up schedules of patients
• Tracking the medical history of patients and providing preventing treatment plans
• Tracking the volume of patients and scheduling patient visits accordingly
• Improvising the revenue by efficient claims management
• Managing the supply chain of the facility
Benefits that business intelligence bring to the healthcare industry
Integration of data benefits both the patient and the healthcare providers. Big data is revolutionizing the healthcare industry by uncovering huge insights into the future of medicines, drugs and the complete patient care. Using big data and analyzing them help see various patterns, provide better insights in managing the entire inflow of patients, into the patient medical history, create better treatment plans, take better business decisions to invest in medical equipment, R&D.
How does BI benefit patient care?
Personalized healthcare for patients including personalized medicines is slowly becoming a trend in the healthcare industry. With individual patient records capturing all information including individual and family health histories, diagnosing a health issue is becoming easier. Personalized treatment plans are charted than generic treatment plans covering everyone.
BI helps in Prevention of genetic and or life style disorders in patients. With access to family medical history data, genetic disorders are easy to identity. This helps the practitioners majorly in assessing the risk of the patient to any diseases and provide life style changes and or any other treatment chart to prevent the disease in the patient or reducing their impact on patients.
With more data available in the entire process of the hospitals providing patient care and treatment, analytics on them help identify areas of wastage easily.Data analytics help reduce variable costs accordingly and the overall billing and of the patient is reduced notably. It thus reduces the entire patient treatment cost significantly.
Overall, patient satisfaction is improved with more BI applications.
How does BI benefit positively impact healthcare providers?
Healthcare organizations and providers can leverage on business intelligence and improve their financial health and their clinical treatments to patients in a big way. By studying the trends in the process, hospitals manage the entire logistics from the patient inflow to discharge in a more efficient manner. Hospitals are able to schedule through follow ups of patients, book prior appointments and create a hassle-free experience to the patients. Bed space is utilized effectively to treat optimal number of patients.
Big data analytics help practitioners and hospitals fasten and improvise their decision-making process. With integration and smooth flow of data across multiple functions and departments, collaboration becomes easier. With easier collaboration, there is no delay in the further decision making and the treatment to follow becomes uninterrupted and smooth.
You should implement the correct healthcare business Intelligence solution for your organization so as to improve the overall patient care, revenue and the overall efficiency of the healthcare organization across cross functional departments. With improved BI, you will be able to build and grow your business higher, create a personal patient care and boost the overall quality of the treatment and patient experience.
SAVE BIG and SAVES LIVES with Big data and business intelligence.