Any medical practice of today should be paying attention to Business Intelligence (BI) as it could play a vital role in managing costs, enhancing patient safety, and increasing practice revenue. Other service sectors such as retail and law have leveraged Business Intelligence tools as they have seen the many potential benefits. Let’s dive in deeper to see why BI matters in the healthcare industry.
Why does Business Intelligence (BI) play a vital role in healthcare?
Business Intelligence has become a technology buzzword that is in the immense spotlight in healthcare. Business Intelligence in simple words uses the technology and power of data analytics to provide resolutions to business and practice operations. When hospitals implement Business Intelligence (BI) data analytics technology it helps practices in the following 4 operational capacities namely,
- Financial Opportunities
- Clinical Performance
- Patient Outcome Levels
- Growth Gaps
It has become indispensable for practices to leverage business intelligence analytics as the centralized and simple-to-read data helps to interpret information easily.
Applications of Business Intelligence in Healthcare and its Advantages
- Creates Financial Openings – Healthcare Business Intelligence is designed to create cost savings and increase revenue stream opportunities for hospitals and clinics while also offering the best care to patients. BI is powered by specialized analytics that classifies and organizes KPIs before they are translated into reports. Healthcare professionals can make the best decisions based on the valuable information provided by the readable reports. With robust Business Intelligence tools, medical organizations can avoid financial wastage as financial data can be obtained from your organization and can help you maintain a stronger financial position. Some of the healthcare financial costs include; pricing failure, failure of care delivery, waste related to fraud, and failure of care coordination. BI technology makes sure that the right KPIs are available that helps practices analyze the underlying causes of financial stress and then take the accurate cost-effective measures to bounce back.
- Clinical Performance – By deploying Business Intelligence tools practices can enhance their clinical operations by boosting patient experience, maintaining supply chain efficiency, streamlining clinical workflows, and optimizing staff scheduling. The real-time updates from personalized BI dashboards help practices identify any clinical performance gaps and areas for growth and improvements. The customized dashboards offer visual insights to valuable data that support the execution of the best strategies in every area of a healthcare organization.
- Enhance Patient Outcome Levels – Business Intelligence (BI) has played a vital role to have a positive impact on patient outcome levels. With the help of BI tools, patient care can be supervised more intently which creates opportunities to provide ultimate healthcare services to patients. Predictive analytics can be harnessed to prevent hospital readmissions and emphasize preventive care. The power of Business Intelligence improves patient safety, empowers healthcare providers with valuable data insights to support their decision-making process, and helps to engage patients. Administrators can use BI to design digital patient portals and mobile applications that offer the flexibility to support provider-patient communication round the clock. Patients can interact anytime with their provider and view results through the patient portal which makes them feel involved in their healthcare process which ultimately has positive impacts on patient outcomes.
- Growth Opportunities – Medical administrators know the importance of growth and profitability and how important it is to sustain this growth. Business Intelligence tools can be used to provide actionable insights and help administrators identify any areas of growth that can be effectively tapped. With the right data at hand, best practice growth decisions can be made and also manage medical billing procedures.
Utilizing information technology and Business Intelligence can unlock practice growth and enhance patient care and patient safety. The use of BI elements and tools in the existing Practice Management (PM) Software system can improve performance levels and help practices operate efficiently. Leveraging clinical BI in clinical settings is the only way forward to enhance healthcare management and patient care.