Business Intelligence as a Secret Weapon to Resiliency
Healthcare is one organization where efficiency can literally save lives. Business intelligence analytics has become a figurative lifesaver in healthcare organizations today as well, as it allows them to easily collect data that is infamously large in size or located in many different places, and visualize it in BI dashboards to draw important business insights, monitor KPIs, and improve financial and operational efficiency. The perfect way to grasp the scope of business analytics in healthcare is to see how dashboard software can help healthcare providers react quickly to change and maintain efficiency during the introduction of the Affordable Care Act, or Obamacare.
When Obamacare came into act, there was a greater focus was placed on the quality of care rather than the volume of patients treated. Healthcare providers faced the new and pressing issue of the Hospital Readmission Reduction Program that imposed significant penalties on hospitals who readmit patients within 30 days of discharge. This change raised concerns from healthcare management teams around America as they scrambled to stay effective. Using BI dashboard software, healthcare providers could actually predict the financial and operational implications of the Obamacare and understand how to maintain or even enhance their efficiency.
Healthcare Organizations Hoard Lots of Data
Healthcare is a prime example of an industry taking part in the data revolution by using innovative BI technology to transform their organization’s strategy and efficiency levels. Healthcare is an industry known for accumulating lots of data, big data, as data streams from electronic health records, online interactions, doctor reports, insurance claims, phone calls and more–and it’s growing exponentially. Collecting all this data is often the simpler first step of business intelligence. Making sense of the data–or even better, drawing valuable insights from the data is more complicated. Which is why organizations are turning to business intelligence tools to help them consolidate, visualize, and analyze this data. Today, healthcare providers are looking at their data differently, realizing business intelligence analytics can provide them with the ability to improve quality of care, increase financial and operational success, and automate regulatory requirements.
The Value of Consistency in Healthcare
Business intelligence analytics allow healthcare organizations to overcome what is often considered a greatest vice facing organizations made up of endless records, names, and numbers–that is, to create a single repository of information, one version of truth. Creating an authoritative repository of all an organization’s data in a single place is key as it allows everyone in the organization to be consistent by looking at the same numbers, codes, and more. By joining multiple datasets, healthcare organizations can ensure the consistency of critical assets such as master patient indexes, physician masters, and diagnosis and procedure codes. Healthcare organizational data can be used for anything from service line profitability and claims management, to surgical analytics. Not only do companies save money from a more efficient use of time and resources, but with neatly organized historical data at the fingertips of innovators, new research is easier to conduct. Just last month, Google Ventures invested in a big data healthcare startup that promises to gather all cancer treatment records–incredibly big data– and deliver a clearer view of patients’ needs to practitioners, hoping to make strides on a cure for cancer.
How BI Predicts Future Implications of Obamacare
Understanding how BI can help healthcare providers during the introduction of Obamacare [watch video] is a powerful way to see the possibilities of BI. Using BI dashboard software, healthcare providers can visualize historical and current data in dashboards to predict certain implications of Obamacare by identifying several main issues:
- Admission costs associated with medical conditions Healthcare providers can easily pinpoint patient costs across various medical institutions in the country by analyzing data of locations of hospitals and information on average cost to care for a patient. Using smart data visualizations, such as interactive mapping, a BI dashboard can identify locations to prioritize cost reductions.
- Patients with greater readmission rates Using demographics data such as age range, gender, average cost for care, it’s easy to understand the characteristics of patients most likely to be readmitted. BI tools allow users to filter data in a dashboard and drill down on the number of patients and their costs, causing insights to pop out. For example, male patients between the ages of 24-45 have spikes in cost in a certain period of time or location–which can be explored further to develop even more sophisticated insights.
- Cross analyze medical conditions and patients readmission Filtering a database by diagnosis and total patient cost in a dashboard lets users track changes in costly conditions and susceptible patient groups over time by revealing the most costly conditions to treat, for example, chemotherapy and EKGs. Adding a time element to a dashboard shows monthly, quarterly, or annual trends.
Understanding Obamacare Improves Businesses
Not only does analyzing these three issues help healthcare organizations prepare for Obamacare, but it also allows them to collect useful insights to assess current performance for readmission, identify areas of concern, and set up a good basis to explore relationships in data. Dashboard software feeds from live data that is synchronized in real-time, so users always get the most up-to-date insights.
A New Affinity to Technology
As leaders in the industry understand the impact that BI dashboard software have on the future of the healthcare industry, many healthcare CEOs want to know how their organizations can use these tools. In a PwC study, 95% of healthcare CEOs said they were exploring better ways to use and manage big data in order to harness more information about pain points in their industries. Another 86% of healthcare CEOs believe technological advances will transforms their businesses in the next five years, helping them establish the strategic oversight they are seeking.