Future of Business Intelligence Systems in Healthcare Industry
Business intelligence systems help you make better business decisions through big data analysis. Some of the prevailing business intelligence technologies include data warehouses, Cloud data services, reporting systems, data discovery tools, pattern analysis applications and data dashboards.
The process also involves data gathering, data storing, and knowledge management and then analyzing and evaluating this data. Complex data is transformed into meaningful, actionable information and then this information delivers strategic, tactical and operational insights for better decision making. The data can be structured or unstructured.
Business intelligence that is used in the healthcare industry is called “critical business intelligence” or “healthcare business intelligence”. The healthcare industry has been using various business intelligence tools in different forms for many years now. They have been using them for patient health analysis, keeping the patient data secure and making the data available from a centralized data warehouse.
The healthcare organizations generate lots of data in the form of electronic health records, patient feedback, financial data of the patients as well as operational data. All this data can be used to draw intelligence for various healthcare and billing purposes.
Some of the prominent business intelligence techniques involve
- Data mining.
- Data querying.
- Data preparation.
- Descriptive analytics.
- Data visualization.
- Statistical analysis.
Business intelligence and the healthcare industry
As a leader in the healthcare industry, you want to provide the best possible patient care and medical facilities and increase your revenue, while keeping your costs low. Aside from efficiently running your operations, improved patient safety and monitoring is of utmost concern. Vital health signs are to be monitored accurately. Business intelligence tools can help you in this regard.
In the healthcare industry, business intelligence tools can help you in better and faster decision-making, patient care and satisfaction, better cost management and improved risk management.
A ton of data is created by different departments. In the absence of a solid business intelligence system, this data, though, is continuously being added through computers, mobile phones and tablets, exists in silos and the needed patterns and relationships cannot be formed.
Better and faster decision-making
Healthcare professionals from different departments often need to coordinate with each other in critical cases. There can be many roadblocks in the way of this critical coordination such as unavailability of resources, schedule mismatches or the equipment being used by other patients or doctors. In a big hospital, complicated system operations are needed to manage resources that may be scattered all over the place. Business intelligence systems can help you create an interconnected network that enables you to monitor all the resources and all the healthcare professionals through a single dashboard. One change may have a cascading effect on different decisions and health professionals and technicians can be immediately notified.
Patient care and satisfaction
You can use a business intelligence application to provide the best possible information to the patients and their family members. Often, multiple people and treatment methodologies are involved in patient care and the data is scattered. This can be excruciating for the family members, especially when it comes to making the payments. There is lots of confusion. A business intelligence system helps you create a visual map of all the expenses involved and deliver a clear picture. With increasing complexities and many bigger hospitals taking care of international patients, business intelligence tools are going to play a big part.
Better cost management
Hospital maintenance costs can easily escalate and both, the hospital management as well as the patients, often need to bear the brunt. Wastage happens because there is no round-the-clock monitoring of the resources being used. There is no way to recognize the patterns of wastage. With an incessant pressure to bring down costs, many hospitals are either already using business intelligence systems, or will be compelled to use them. They will be buying such business intelligence tools either off-the-shelf, or closely working with custom business intelligence solutions providers. There are many business intelligence software services specifically providing such solutions to the healthcare industry.
Improved risk management
Business intelligence solutions especially tailored to the demands of the healthcare industry brings to your fingertips every possible information about a patient including their clinical, social and heritage metrics, previous treatment histories, lifestyle patterns, the medications they have taken, and the progress or deterioration they have faced. This enables your healthcare professionals to manage the risks in a better manner and take timely precautionary measures to mitigate patient suffering. With more and more hospitals adopting a holistic approach towards patient care, business intelligence systems that depend on big data to find finer details, are going to play a big part.
Eliminating human errors through business intelligence in healthcare
There are many technologies being introduced in the healthcare sector to propagate a culture of transparency, increased accountability, improved performance and enhanced patient care. Lots of research and development is going on towards developing technologies that will help healthcare professionals provide preventive medical care instead of dealing with illnesses and sicknesses when they happen. Through business intelligence solutions, health records of thousands of patients can be monitored for years and their health patterns can be predicted before they become serious. This way, medicines and healthcare devices can be arranged in advance so that by the time the patient needs them, they are already at hand.
Modern day patient care is not possible via legacy systems and traditional reporting. Contemporary and future patient care is going to depend on big data analytics. Drug interactions side effects can be monitored on millions of patients. Even the tiniest of reactions can be caught by the BI tools and the medication dosages can be altered accordingly. Developments happening and alarms being raised on one part of the globe can be received and analyzed on the other part in a second and lives can be saved.
The impact of the various business intelligence solutions on the health industry is going to be multipronged. Although in every organization various departments need to coordinate with each other, nowhere it is more critical than in a hospital (or a chain of hospitals), a clinic or even healthcare insurance companies. Whether it comes to charging patients for micro and macro services or improving the overall health care system, the various business intelligence tools are increasingly playing a crucial role.