The analytics and BI tools have created their dominant space in the healthcare industry. The primary objective behind using Business Intelligence tools and concepts in the healthcare industry is to transform business-related data into meaningful insight or information. Business Intelligence is considered a blessing to the industry as it helps to identify customer behavior, demographics, and other related insights to make the entire decision-making process efficient.
What is Healthcare Business Intelligence?
It refers to the healthcare process using which large-scale data obtained from the massive healthcare industry is converted into refined information. Particularly, these insights are derived from four healthcare areas – Clinical Data, Patient Behavior, Pharmaceuticals, Costs, etc. Using this advanced tool industry is paving the way for remote healthcare and offering multiple benefits to both service providers and patients. With the help of modern BI concepts, the patients are able to experience advanced care. Considering the impact of Business Intelligence in the healthcare industry its market is projected to grow at 14.05% CAGR by 2027.
Use Cases of Business Intelligence in Healthcare
The Business Intelligence has emerged as the useful concept for the healthcare industry with its multiple use cases. From delivering efficient services to individual patient to taking care of complete infrastructure Business Intelligence has proved its worth over the years of introduction in the industry.
|Patient Care||The emergency clinics and other such services require immense resources to make the process get well executed. Business Intelligence consolidates the data and helps to generate digital reports. As a result, it eliminates the need for repeat testing, data duplicity, or mishandling allowing patients to feel satisfied.|
|Patient Personalization||The Business Intelligence tools make the healthcare facilities more accessible for the patients. Using such tools doctors can understand the history and diagnose each patient’s health condition separately. It helps to plan the personalized treatment for the patients.|
|Process Implementation||Business Intelligence tools help to break down the patient flow and improve implementation. The perfect service time optimizes the use of available amenities and ensures their effective and timely use for the patients as and when required. As a result, BI is known to make the patient handling process more precise and organized.|
|Claim Management||With the use of BI technology the health insurance companies experience a good deal of benefits while dealing with claims. It helps to plan and improve the reaction time for claim cases and their settlement. BI tools can effectively identify the gap between real and fake cases using diverse social insurance rehearses.|
|Cost Allocation||Health Industry as the BI users is consistently observing improved cost efficiency due to its increased patient rate and lower wastage. As a result, BI is highly prevalent in identifying the relevant need of the medical institutions.|
Examples of Business Intelligence in Clinical Structure
Organizations use clinical BI in several aspects which include operation management to process implementation. However, the applications of Business Intelligence are more elaborative and precise.
- It helps to plan patients’ treatment based on distinct symptoms.
- Ensuring proper coordination and scheduling of the staff in proportion to the patient volumes.
- Facilitate profound supply chain management.
- Generating alerts to understand the patients’ need patterns and eliminating their multiple visits
- It acts useful in identifying the patients requiring special care and attention.
- Follow up on the scorecards for understanding the readmission rates.
Popular Business Intelligence Tools for Healthcare
There are several Business Intelligence tools and techs that have made healthcare industry flourish over the time. These tools are the solution to address the problems arising out of massive data structure which lack substantial information.
|Domo||It is the cloud-based business management software that coordinates with various information present in the excel sheet, and databases to organize the medical institutions. Furthermore, it provides better visibility to gauge income, profitability rating, ROI, etc. Hence, allows access to a broader information set.|
|Sisense Software||This business intelligence software presents information in the form of analytics, visuals, and reports to define future business patterns. The information so collected using the software is used to monitor and improve the quality and cost-efficiency of the services.|
|Data Watch||This tool is known for its self-service data preparation which supports the organization in simplifying the BI processes in the healthcare industry. Its user-friendly solutions are deployed to offer clinicians access to financial, and operational system data.|
|Acmeware||It is designed as the solution for Meditech Data Repository where the large data is analyzed and gathered during the physician visits, inpatient stays, outpatient care, etc. This tool possesses the analytical attributes due to which data categorization and assessment become easier. As a result, the authorities are able to manage chronic diseases better.|
|Inovalon||This cloud-based platform facilitates hospitals to transit the care model from volume-based to value-based by leveraging interconnectivity and data-driven interventions in hospital management. Presently, it provides actionable insight for almost 500 organizations along with 856000 physicians, and 375000 clinical facilities.|
|Getwellnetwork||Its Management Console provides access to actionable data and also helps to prepare monthly performance reports making it the largest interactive patient care provider. It allows hospital staff to evaluate the problems and determine the solution for the improvements.|
|Qlikview||It provides the BI platform to over 24000 healthcare organizations across the globe. Its analytical capabilities enable users to search consolidate, visualize and make the data available to the right department. The tool provides unrestricted analysis of the application on its simplified user interfaces.|
Healthcare Business Intelligence Analyst
These professionals deal with the massive data throughout their operations. As a result , it can be said that BI Analyst are responsible for collecting , analyzing , and sharing the data inferences to the right audience. Hence, their core responsibility is to break down vast and detailed data into smaller and understandable parts.
However, the basic process begins from collecting the business intelligence data from various sources such as industry reports, field reports, public information, purchased findings, etc. Here after, the relevant technology is used to identify trends in the industry and use the data in the same respect.
The next priority task of the BI Analyst is to store the data for regular updates and ensure technical support and software maintenance for the distinct programs. Thereupon, the analyst analyzes the data and identifies the trends which impact the business strategies. Such data is utilized to support recommendations and execute actions plan based on the same.
The professional is then responsible to prepare analytical reports and summarize the findings to ensure seamless communication. While the data goes through several stages, as a result increasing the interaction with other set of professionals too. As a result BI Analyst manages the complete flow of information through the detailed data study in the organization.
The proper analysis and assessment of data require a balance combination of professional experience, education, and technical skills which BI analyst are expected to have in the competitive growing field of business intelligence and analyst.
Growth of Business Intelligence in Healthcare Industry
Business Intelligence has kept its progressive foot in the industry long back and even today its spectrum remains unaffected despite the advancement in various AI-driven technology rather it got a big boost. Various studies suggest that in the decade 2017 to 2026 the BI is going to extend its wings into the Healthcare industry at a much larger level.
As per the reports Statistics MRC, the healthcare industry can witness an overall increase of about 17.4% by 2026 from merely $3.75 billion in 2017 to $15.88 billion in 2026. The Clinical Analysis segment is believed to see maximum growth in the usage of BI-driven equipment. This broadly includes EHRs across various clinics to build up the patient data.
Alongside, the health care reforms taking place across various part of the world has provoked the use of BI in the sphere. The Federal reforms introduced in North America are key indicators to understanding the importance of quality care along with the reduced cost of medical bills for the patients. Hence, it is certain to increase the use of the business tool in achieving such healthcare efficiency.
The Business Intelligence tools have added immense strength in the healthcare industry as a result of which the improvement in the delivery of healthcare services to the patients can also be seen. The end users benefitting from the technology at a larger scale is a sign of growing reliance on the healthcare system which is backed by powerful Business Intelligence (BI) technologies.