The world of healthcare and healthcare analytics is complicated and with little room for error.
Understandably, in dealing with the livelihood of patients, healthcare professionals tend to stay on the conservative side when it comes to introducing new technologies into their practice. However, as more and more healthcare organizations warm up to introducing technologies to improve the quality of care, business intelligence (BI) shouldn’t be overlooked for the 360-degree efficiency improvements it can provide.
How can BI optimize healthcare organizations? Here are three ways:
Streamline Your Billing
Costs can sometimes be a mystery to patients prior to service and, often times, they have limited ability to plan for health related costs or emergencies in advance.
As the burden shifts from insurance companies to patients in order to pay for health related expenses, healthcare organizations need to have a way to inform patients what to expect in terms of costs and processes after service. This is where BI comes in.
Business intelligence let’s healthcare organizations look at patient related data to see which patients are likely to go to collections, which are likely to pay after a specified date range, which have paid in the past, or which don’t have the ability to pay. In this way, financial and collections departments are able to be proactive and reach out to patients at an ideal time to make sure payment is collected as well as streamline and shorten the payment procedure for patients.
Integrate Your Data
With more and more data becoming available, the ability for a BI software to seamlessly and easily combine data sources is tantamount to increasing efficiency. Based on correlations between them, consolidating data from sources like your Electronic Medical Records (EMR), siloed departmental data, and financial data can provide operational insights that were never possible before.
Visualizing your data can enhance the key metrics you’re already tracking or give you a whole host of new ones. For example, in the above graph we see that by combining data from the Admissions Department, Divisions and ER, you’re able to get a more clear idea of hospital resources utilization by looking at the amount of patients admitted to the ER and the average time they end up staying in the hospital.
Improve Patient and Procedure Lifecycle
Improving patient care is always on the mind of healthcare providers. Aside from focusing on ways to improve communication and administration, a great place to begin is to first start with providing feedback to providers.
Take Advocate Radiology as an example. They see and do coding for every one of their clients’ radiology reports. They can see what insurers like and dislike and take in feedback from insurers – like what procedures should be done in conjunction with others. Giving that feedback to providers allows them to improve the way they provide care to patients by, for example, streamlining the number of times patients need to be called in for different procedures.
The Bottom Line
BI’s advantages for healthcare don’t stop here. As larger amounts of data is collected across EMRs, ERPs, billing systems, and more, organizations need powerful end-to-end business analytics to prepare and analyze their data. Allowing for a 360-degree view brings a whole host of benefits, all the way from providers to patients.
Want to learn more about those benefits? Listen to this audio recording to hear how Advocate Radiology and ReMy Health use Sisense to streamline their organizations.