Like most other industries, healthcare lingo typically includes a lot of buzzwords. Terms such as “interoperability” and “ICD-10” and phrases like “population health management,” “big data” and “interdisciplinary care team coordination” are often discussed in terms of the healthcare industry. Two phrases we are hearing quite often among our customers and colleagues are “business intelligence” and “healthcare analytics.”
Business intelligence (BI) is utilized to support better business decision-making, and healthcare organizations can use it to organize clinical, financial and operational data for improvements in patient outcomes, population health management, patient care, clinical quality and more. According to a 2015 Gartner report, the BI and analytics market will grow to $20 billion by 2019. In addition to providing historical, current and predictive views of operations, it benefits healthcare organizations in four main areas: finance, patient care and safety, compliance and standardized data.
Many healthcare organizations implement BI programs and tools for cost savings. They’re able to reduce and control operational costs while increasing revenue and financial efficiency. With BI, most organizations can better understand and justify the cost of delivering care while monitoring financial operations to identify highly profitable or underused services. Some healthcare providers use BI tools for fraud detection or to streamline their claims processes.
Safety & Patient Care
Through providing a foundation for timely, evidence-based clinical decision-making, BI enables healthcare organizations to improve patient safety, care and outcome, reduce medical errors, facilitate quality performance and eliminate waste. Physicians can better monitor and forecast patient diagnoses and make more informed clinical decisions at the point of care.
By using BI programs and tools, healthcare organizations can more easily gather, manage and generate the data needed to develop reports and extracts necessary to meet mandated compliance requirements. BI tools allow organizations to quickly hone in on potential problem areas before they fall below regulatory limits. Conversely, BI discovery tools help to highlight areas of high achievement and best practice.
Healthcare organizations that implement BI have secure, consolidated and standardized data and streamlined reporting, which often allow better decision-making by clinicians. They are able to track organizational performance against strategic goals, understand replicable drivers to their business success and prioritize business activities.
At Syntrix Consulting, our consultants accelerate the move from data to results by applying our combined expertise in healthcare and business intelligence. Our BI professionals are experienced with and can support multiple business intelligence suites of applications including SAP BusinessObjects, Microsoft, QlikTech, Logi Analytics, our proprietary Smart Medtrix™ platform and more. Contact us today for a free consultation.
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