Business Intelligence in Healthcare: A Comprehensive Guide
A guide to be on the top of the table
Harness the true power of the data!
Yes. That’s the ultimate goal of Business intelligence (BI).
BI has the potential to unlock the endless possibilities for the healthcare industry to thrive.
In other words, data is evolving as a new diagnostic tool in healthcare.
That’s the reason, healthcare organizations, startups, enterprises, and individuals are now implementing the BI tools to unclose the thriving opportunities.
So, this blog is going to be all about how BI is elevating the entire healthcare industry with ease.
First, what is the real meaning of business intelligence in healthcare? An example
Rather than giving the definition of BI in healthcare, let’s understand it with a real-world example. Like functions of digestive enzymes, Digestive enzymes play a key role in breaking down the food you eat. How can we use business intelligence to manage healthcare?
Suppose, a large-scale healthcare organization is falling short of administrative and clinical staff.
So, there are two possibilities to identify the exact need of the talented staff.
1. Count the patients’ footfalls and do the manual calculation for the staff needs in order to manage the daily task effectively and efficiently
2. Simply put the BI tool in action by feeding the past and current data of the staff and daily patients intake
What will you choose?
- A traditional method that only gives a headache or
- Modern-age BI tool which saves time, operation costs and resources along with offers an accurate value
You have the answer!
Business Intelligence in healthcare means peace of mind to the healthcare stakeholders.
It uses large-scale data and AI algorithms in order to give clear and useful insights.
As a result, healthcare organizations can make their clinical, business and other organizational decisions in a faster, accurate and efficient manner without compromising cost, time and resources.
What is the ideal role of BI in healthcare?
In simple terms,
Support healthcare organizations to make outcome-driven short-term and long-term decisions using the data.
Now let’s understand it in a technical context.
#1. Descriptive analytics:
It is the simplest form in the BI.
Descriptive analytics is the process of analyzing the historical and current data in order to identify the changes, patterns and trends in the business.
Its use cases:
- Summarizing past performances and events
- Analyzing the engagement and financial performance
- Identifying the supply and demand patterns
#2. Predictive analytics:
It is an advanced form of the BI.
The ultimate goal of predictive analytics is to identify the future trends and the outcomes of the decision based on the current and historical data.
Its use cases:
- To identify the risk and opportunities potential
- Understanding the behaviour of the patients
- Identifying the healthcare outcomes
- Enhancing the quality of care solution
- Helps in creating better strategies
#3. Prescriptive analytics:
It is another form of advanced Business Intelligence.
Prescriptive analytics examines the organization’s data and gives the most suitable answers for the questions like,
- What should be done?
- What should be done to make it happen?
It uses complex methods such as event processing, graph analysis, simulation, neural networks and recommendation engines.
Its use cases:
- Optimizing the scheduling procedures
- Risk evaluation
- Regional policy optimization
- Optimizing research and activities
- Scaling up the clinical procedures
What are the benefits of Business Intelligence in healthcare
BI opens boundless doors for the healthcare industry to stay on top of patient care experience, clinical outcomes and revenue.
And here are some of its benefits in healthcare.
- Impactful decision:
BI assists the healthcare stakeholders to make result-driven decisions that completely work in the favour of patients, healthcare professionals and the entire ecosystem.
- Gives the bulls-eye:
BI helps in getting a clear and insightful view of the workable and non-workable operations within the system.
- Ensure operational efficiency and saves time, money and resources:
Data gives actionable insights. This helps the organization to focus on the key areas without putting extra time, resources and costs.
As a result, clinical and administrative staff can easily finish their assigned work with ease.
Top use cases of the business intelligence in healthcare
BI completely helps the healthcare organizations’ clinical and administrative staff to avoid headaches.
Here is how it’s done.
- Measuring financial performance
- Improve patient onboarding process
- Predicting the patient’s inflows
- Identifying the opportunities for implementing robust health tech solutions
- Analyzing the ideal steps towards organizational goals
- Identifying active and inactive areas of the healthcare ecosystem
- Improve patient engagement and satisfaction
- Predicting the short-term and long-term medical supply needs
- Manage clinical and administrative staff more efficiently
- Predicting the care outcomes and optimizing the clinical approach
- Support clinicians in outcome-driven decision-making
- Reducing the clinical and administrative hardships
- Creating effective scheduling procedures
- Providing personalized treatment plans
- More efficient claims management
- Reducing the care delay with efficient supply chain management
The need for BI in the healthcare world: With a real-world example
Pandemic has shown us the loopholes and broken legs of the healthcare system.
And talking about the current scenario – the USA, Canada, the UK and many more other developed countries are experiencing another pandemic.
Healthcare staff shortage!
Yes. It is a new pandemic.
Their healthcare system is collapsing due to the staff shortage in the various corner of the ecosystem.
For instance, Ontario-based hospitals (Canada) have recently closed their emergency departments as of the lack of medical staff.
The prior cause behind the staff shortage is the “BURN OUT” of the healthcare professionals.
High work burden, time-consuming workflows, lack of transparency and low-grade strategies are the driving parameters for it.
Business Intelligence has the ability to empower healthcare professionals by eliminating the madness from their clinical hours.
What’s more important is that it allows them to identify the care outcomes which directly helps in improving the care approach and reduces the time and task associated with the same.
Healthcare stakeholders are now implementing custom healthcare solutions in order to harness the true potential of the clinical and administrative data.
This is just the beginning of the BI in healthcare.
The future is promising as more and more advancements are being made by tech experts across the globe!