Today, business intelligence (BI) in the healthcare industry is offering advantages of improved patient safety, reduced costs, remote healthcare, better visibility into financial operations, increased revenue, and more. The healthcare industry is taking big leaps to move into the data-driven world whether the goal is to stay compliant with regulations or monitor cash flows. No wonder, BI is now a necessity and no longer an option.
Let us explore some advantages of Business Intelligence.
Faster and better decision-making
In critical cases, healthcare professionals from different departments (even from different healthcare organizations) need to collaborate. However, their collaboration and the subsequent processes of decision-making and treatment can get delayed at times because of the immediate availability of resources, especially facilities, system operations, and equipment.
This is where BI comes into the picture. It aids quick and easy access to patient insights on a centralized portal among various departments and organizations to foster better decision-making, which ultimately promotes patient care and safety.
Better cost management
There is no denying the fact that patient variation and treatment waste are two of the biggest factors behind escalating healthcare costs. Healthcare professionals can count on data analytics to cut wastage and minimize cost of patient care. For instance, a healthcare enterprise data warehouse (EDW) can be leveraged to streamline the financial and clinical data along with details of patient satisfaction into a single source of data.
One of the biggest advantages of BI in the healthcare industry is that it not only helps in capturing and measuring data to transform them into easy-to-understand and value-driven reports, but it can also be used to store, cross, contextualize, and analyze real-time data. By doing this, it provides tools for evaluation, simulation, and forecasting that can significantly contribute to the smooth and seamless management of healthcare organizations.
Undoubtedly, business intelligence tools are highly useful to every healthcare management solution that based its decisions on numbers, allows predictive actions, and bring a real identification of the reality ahead. Moreover, BI can greatly direct strategic and tactical decision-making in a highly assertive way that can impact the quality of a healthcare organization’s deliverables in countless ways. Unlike management based on a manager’s general perceptions, BI in healthcare brings information, departments, processes, and people together to offer a wide and rich range of strategic management indicators to facilitate better decision-making.
In addition to that, business intelligence tools can be leveraged by healthcare professionals and institutions to gain access easily and quickly to detailed insights, irrespective of their source of origin. In this way, BI tools are helpful to support strategic decision-making and measuring control, management, and productivity of healthcare organizations.
BI tools can also be used to track readmission rates and create ideal patient profiles to better target, understand, and serve patients, residents, and census in a facility.
Improved risk management
Medical professionals can leverage predictive analytics based on the patient reports and history along with a bird’s view of their social, clinical, and hereditary metrics to pre-empt possible medical obstacles that patients may face. This helps medical professionals take proactive precautionary steps to ensure that all challenges are effectively and timely handled.
For instance, you can leverage the Enquire CRM (Customer Relationship Management) platform and Enquire MAP (Marketing Automation Platform) along with Enquire BI to make better financial decision through monitoring revenue and key metrics, tracking inventory and supply costs, and budget management. This will help you track key performance indicators (KPIs) and financial objectives in real-time.
Moreover, you can use these insights to create graphical indicators for every process and sub-process to monitor its performance. They can also be used to proactively anticipate fault identification and risk analysis for better and faster decision-making.
Patient care and satisfaction
Patients, residents, and their families may find it difficult to understand the possible reasoning behind repeated and redundant tests with no or ambiguous understanding of the health condition. This is where a business intelligence application can prove beneficial by collating all medical reports and history and presenting them in visual formats to offer detailed insights on all aspects of the patient’s health. This, also eliminates the need of repeated medical tests and helps patients and their families save on medical tests. Detailed and comprehensive data can offer better insights into individual patient care to boost patient satisfaction instead of following a one-size-fits-all approach.
Find out how your healthcare organization can become more responsive and agile to support critical and fast decision-making while driving seamless collaboration across departments and organizations.
Schedule a demo now and discover how you can increase the overall quality of your service and patient/caregiver satisfaction to cut down on medical risks and attain a completely new level of operational efficiency.