The Importance of Business Intelligence in Healthcare

The Importance of Business Intelligence in Healthcare

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Healthcare data- prying eyes or saving lives?

With all the talk of big data, you might be closed off from the idea of implementing business intelligence in your healthcare practice. The subject of prying eyes and information used for the sake of selling goods and services is a touchy one. Still, business intelligence is a valuable tool in the healthcare industry. You’ll see why when you read on.

In this post, you’ll read answers to the following:

  • What is business intelligence in healthcare?
  • How does business intelligence support businesses?
  • What are the benefits of business intelligence in the healthcare industry?
  • What are the top three reasons why healthcare needs business intelligence?
  • What are the best practices for implementing business intelligence?

What is business intelligence in healthcare?

Business intelligence in healthcare

Business intelligence in healthcare is often called healthcare analytics. It is the process of collecting and analyzing patient data. The use of analytics in healthcare provides insight into clinical care and the administrative and financial aspects of medical practice. 

It has even been saving lives! Examples of business intelligence aiding healthcare providers in preventing sepsis being just one way collecting and analyzing patient data is the healthy choice.

One way you might already be using business intelligence in your practice is through the use of electronic medical records (EMR). EMR’s allow providers to keep a living record of the patient’s medical history and various data relevant to his care. 

Some data kept in EMR are demographics, the patient’s medications, allergies, etc. Using electronic medical records is a simple solution to an old way of doing things far too complicated. 

Another way you might use business intelligence in your practice is through telehealth software. While many physicians were initially opposed to telemedicine, there is no doubt that it has been a valued tool throughout the COVID-19 pandemic. Developers answered physicians’ privacy concerns by ensuring HIPAA compliance. 

The ability to integrate your HIPAA-compliant telemedicine software and your EMR makes using both a breeze, and you can rest assured that your patients’ privacy is protected. 

Data analytics play their role in business intelligence for healthcare, too. Imagine compiling lists of data that improve patient’s safety and care. You can use data analytics to predict trends in healthcare and manage disease outbreaks. They are also helpful in managing the business aspect of your practice. 

How does business intelligence support businesses?

One way the healthcare industry is using business intelligence is to understand the COVID-19 pandemic. Researchers are using it to help develop a cure for the virus. In the meantime, it is being used in the diagnosis and assisting with patient care. 

PR Newswire says business intelligence allows stakeholders to make savvy business decisions. We are in the midst of an industrial revolution, during which much will change. Business intelligence can monitor patterns and use that information to help you keep up with changes in the business atmosphere. 

You can create better ways of completing old tasks and remarkable ways of achieving new ones. 

What are the benefits of business intelligence (BI) in the healthcare industry?

Benefits of business intelligence

Healthcare data is more complicated than data in any other industry. It makes sense to use BI software designed for the healthcare industry to aid providers in treatment plans, help offices run more efficiently, and achieve their business goals. 

Regulatory and digital transformation make healthcare analytics a must. In 2009, the Health Information Technology for Economic and Clinical Health Act (HITECH) initiated programs through Medicare and Medicaid that offered incentive payments to healthcare practices that meaningfully use health record technology. The result was an increase in quality of care and a decrease in medical waste.

Just a few benefits of using business intelligence to collect and analyze data in the healthcare industry are:

  • Improved operations
  • Improved decision-making
  • Enhanced strategy design
  • Enhanced office efficiency

What are the top 3 reasons why healthcare needs business intelligence?

  • Diagnosis Assistance. 

BI can aid in the diagnosis of unencountered viruses and diseases.

The COVID-19 pandemic shook the healthcare industry. Thankfully, technology can be a valuable partner for any healthcare provider or medical scientist. While software alone cannot heal a person, a physician wielding it can. 

  • Decreased costs. 

Previously, an office manager might devote several hours to creating reports. Then, she might spend another several hours taking the spreadsheets and cross-referencing them to analyze data. Unfortunately, that leaves room for human error, not to mention the cost of time spent. 

With BI, office managers can spend their time doing other things since the software can compile and analyze data- often in real-time. Plus, the software is more accurate than even the best human’s accounting, so you save the time you might spend correcting mistakes. The office manager can be better informed when meeting with the provider, saving both of you time. That way, you avoid meeting once, realizing the data is off, adjourning the meeting to correct the calculations, and meeting again to discuss the new data. 

Additionally, business intelligence is far more advanced now than it has been. You can often use one software to complete several tasks, opposed to having multiple platforms to reference. That leaves you more time for your patients and practice improvements you might have in mind. 

  • Improved patient safety. 

Human error is natural, but you need reliable information to make informed decisions as a healthcare professional. Having business intelligence as a tool for your practice can give you the peace of mind that you have calculated all possibilities for your patient. 

One way BI does this is in the prediction of sepsis. By collecting data from multiple sources and analyzing possible outcomes, you might see the possibility of infection ahead of time and save your patient. 

What are the best practices for implementing business intelligence?

The best ways to implement business intelligence in your practice are:

  • Research platforms to determine which is best for you. CareTime Md is specifically designed for the healthcare industry, but here is a review of multiple platforms so you can see the benefits and features of each and make an educated decision. 
  • Think scientifically. In experiments using the scientific method, a researcher starts by asking a question- what do I want to understand? Then, choose the data sets that answer your question and monitor them. By starting with scientific thinking, you ensure you view the correct data for the focus of your analytics. 
  • Use software meant for healthcare practices so that you can access the correct key performance indicators (KPI). Suppose you are using BI software that is for another industry or used across multiple industries. In that case, you might not have the features you need to get the best results from your analysis. 
  • Your strategy should evolve. This year you might be most interested in improving one aspect of your practice. Next year, you might have a new KPI that you hold most valuable. Evolution is natural in business. Keeping that front of mind will help you analyze the correct data and use the best software for your practice. 

Key takeaways.

Business intelligence is just that- it turns data into intelligence for your business. You can use reliable information to help diagnose, cut costs, ensure patient safety, and scale your practiceBy aiming for quality data, opposed to a large quantity of data, you improve your practice’s chance of success. 

What’s your take? Prying eyes or saving lives?