How To Financially Optimize Your Business During A Pandemic
While society is just beginning to reopen in phases, the healthcare industry has been facing this...
For decades, the therapy and rehab industry has been leveraging evidence-based research as the basis for determining best practices. However, in today's modern world of electronic medical records (EMR) and regulatory agencies requiring mandatory reporting, "big data" is still a concept that healthcare professionals have been struggling to understand since it’s about so much more than just meeting your baseline documentation needs. With business intelligence (BI) and analytics, you can unlock crucial insights from your data as well as leverage this information to make more informed decisions regarding your practice's operational or financial health. Keep reading to learn more about the difference between business intelligence and business analytics.
What Is Business Analytics?
Aside from BI, business analytics (BA) is a science that looks for patterns, trends or relationships in groups of "big data" and then draws conclusions based on the information it analyzes. While business analytics is closely related to business intelligence, there are some differences to be aware of, specifically, BA and BI answer different questions.
The Four Types Of Analytics
These four types of analytics, when considered together, provide the information any therapy practice needs to know: from the current state of operations to what solutions need to be implemented for optimizing functionality.
Incorporating these analytics into your therapy practice can make your entire team more productive. With business analytics, you can use accurate and current data to ensure that your decisions are based on a solid foundation of information, rather than just relying on unsupported intuition.
How Business Analytics Can Benefit Your Therapy Practice
Why is "big data" and analytics important in the healthcare industry? What's in it for your business, patients and employees? Here are a few examples of how to use data to improve your delivery of patient care:
Putting Business Analytics To Work
Now that you understand business analytics and have a bit of insight into its potential, what should you do with this newfound knowledge? Here are a few suggestions:
When goals are measurable, they are achievable. By making information available to your therapists and allowing them to be creative, you are empowering your staff to help patients achieve their goals faster as well as streamlining clinical efficiencies. Ready to kick your therapy and rehab practice up a notch? Let us show you how - check out our business intelligence and analytics platform.
As a retired nurse and teacher, I now spend my time writing freelance as well as working on my debut novel. Please like, comment and share. Thank you!