If you’re a healthcare provider and you’re not using healthcare business intelligence to drive your success, then you may be losing out on some important advantages. The benefits of business intelligence (BI) for healthcare providers are many.
Here’s why healthcare BI is growing and how it can positively impact your financial bottom line, improve the quality of your patient care, ensure healthcare security and aid in compliance with government-mandated regulations.
Not Just Big Data, But Massive Data
Healthcare organizations are producing and storing more data than ever before. From electronic health records to financial performance, from patient satisfaction results to industry health statistics, all this information forms a massive amount of data. Add to that the policy information from insurance companies and clinical trial results from pharmaceutical companies and you get what many experts describe as some of the most complex data warehouses on the planet.
Healthcare providers can use BI to process, present and analyze this enormous amount of data in meaningful ways. It can help them to track progress toward strategic goals, offering big-picture guidance that makes it easier to steer organizations in the right direction.
Skyrocketing Healthcare Costs
With healthcare costs rising at unprecedented levels, it has become increasingly important for providers to manage those costs. BI allows healthcare providers to gain more visibility into their financial operations, improving operational efficiency. It helps organizations monitor cash flow and make the proper adjustments to streamline it.
BI may also help healthcare providers identify services that are highly profitable or underutilized, generating the analysis they need to set pricing, control expenditures, allocate staff time and more easily process claims. BI can help organizations determine the effectiveness of their marketing efforts as well.
More and Better Healthcare
Per capita healthcare in the U.S. is among the highest in the world. With that expenditure comes an expectation for better outcomes from healthcare and higher patient satisfaction.
BI can help healthcare providers improve patient care and analyze quality and safety trends. It can offer information that allows providers to better manage logistics, such as patient flow in triage and optimal patient discharge times, making best use of bed space without sacrificing patient outcome. It can provide the evidence physicians need to make clinical decisions and to better monitor and predict patient diagnoses.
Federal health reforms have led healthcare providers to take regulatory compliance seriously, especially as more quality-based requirements are implemented. Complying with HIPAA rules concerning patient privacy and information security is particularly important.
To meet the demands of complex regulations, healthcare providers must have quick access to many different kinds of financial and patient data. BI can help collect, organize, analyze and present data to regulators, making it less likely that providers will be audited, sanctioned or otherwise fined for noncompliance.
Getting Expert Help with BI
A comprehensive BI strategy is essential for healthcare providers. While some organizations may think of BI as simply a pretty way to present data, it’s really much deeper than that. A sophisticated third-party BI administrator can more fully optimize the BI strategy of healthcare providers and give them the results they’re looking for in a BI solution. They can help healthcare providers drive real competitive advantage from their IT by providing the expertise, services and scale they need to optimize the business value of their mission-critical technologies
RDX – the #1 provider and pioneer of remote DBA services – offers Microsoft BI services to help healthcare providers leverage Microsoft’s industry-leading BI product suite, turning raw data into revenue. From strategic planning to production and beyond, our BI analysts are with you every step of the way, managing your solutions, empowering your success and maximizing your BI investment.
HIMSS, the Healthcare Information Management Systems Society, is continually helping healthcare providers evolve through the use of information technology. RDX will be exhibiting at HIMSS18, taking place March 5-9, 2018, at the Sands Expo Center in Las Vegas. We hope to see you there.