Living In 2021: Part 1
A year ago today we had no idea what 2020 would have in store for us. Although we have each...
“Data is the new oil”, a term often joked about within tech spaces, is becoming more true for all businesses - especially those within the healthcare industry. Today more and more providers are finding the right business intelligence software to be a game changer for their practice. Therefore, the final segment of our “Provider Efficiency Series” explains how to find your right fit for all things business intelligence (BI), analytics and reporting!
Why Is Business Intelligence (BI) Critical For Healthcare Providers?
Whereas EHR/EMR software is essential for securely managing patient information in an optimal fashion, analytic platforms offer additional reporting tools that can be easily integrated with other digital healthcare technologies in order to efficiently process large sums of data. Now more than ever with COVID continuing to have a rippling effect on communities, providers need as much support as possible for both saving costs and improving the quality of care. These goals are achieved by having access to BI tools that help visualize where revenue is getting lost, pinpoint where there are opportunities to reduce costs and establish strategic decision making skills for fostering growth in the future.
How Has COVID Affected The BI Industry?
The last pandemic the world experienced was unfortunately during a time where there were no technological advances that could offer support to understanding and aiding the situation. However, this time around, one of the few benefits of BI we’ve seen during COVID is its ability to counter the disease by tracking exposure patterns and mapping out the virus’ spread. Along with the overwhelming surge of patient data from increased telehealth appointments and spiraling healthcare visit costs, it is imperative for providers to be able to accurately collect, define as well as translate data points into measurable business incentives. With this in mind, it is also important to acknowledge the recent influx of cyber security threats that only reinforce the significance of secure database storage and HIPAA compliant sharing capabilities.
Moreso, advanced analytics and artificial intelligence (AI) software have become more widely popular in terms of crisis response and emergency continuity efforts. During these unprecedented times, the usage of BI has been extremely useful for providers who need to track treatments, survey patient outcomes and examine long-term financial trends, so much so that we wanted to offer some key takeaways for learning how to leverage BI.
How Has Analytics and Reporting Evolved In 2020?
With the continuous push for artificial intelligence (AI), natural language processing (NLP) and machine learning, the process of data mining has become less tedious and much more tactical in terms of providers now utilizing powerful algorithms that help determine trends as well as influence data driven decisions. While predictive analysis is the future for successful business intelligence platforms, the healthcare industry has also seen that with access to actionable information and key financial insights, intuitive reporting software does develop more effective marketing strategies in addition to decreasing operational costs.
Personalized Medicine and Prevention
Aside from analyzing clinical performance, BI also allows for positive patient outcomes and improved workflow efficiencies. As data continues to overwhelm facilities, you should make use of an analytics software that aids in individualizing treatment protocols and prioritizing disease prevention efforts. With personalized medicine on the rise, BI also enables the increased analysis of genetic markers and care patterns as well as streamlines management of triage logistics, such as resource demand or patient discharge rates.
As patient management and patient engagement become more closely interwoven concepts of healthcare, it is important to remember that BI does not just entail reporting data, but also involves in depth analysis of that data through notifications that alert providers of staff productivity metrics, key performance indicators (KPIs) or even shifts in patient satisfaction. In addition to the obvious clinical benefits of business intelligence, providers should look for important engagement features that will ease the challenges of data storing and sharing. While being able to permit user access levels is important, your BI software also needs to include social integrations and collaboration settings that will help you analyze patient data from multiple sources.
Click here to read an article from Healthcare IT News, that details the success of one of our clients who utilizes Raintree’s fully integrated BI platform.
As Raintree's Creative Content Manager, I enjoy both creative and technical writing. Some of my passions include art, anthropology, music, cooking and traveling to new places. I hope you enjoy this article, please feel free to comment and share!