Table of Contents
- Introduction
- The Radical Market Analysis of Business Intelligence Software
- Revolutionary Features of Healthcare Business Intelligence Software
- Compelling Use Cases for Executing BI Tools in Healthcare
- Curated Benefits of Business Intelligence Software in Healthcare Settings
- Conclusion
Introduction
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Business intelligence software, if executed appropriately, can lead to a breakthrough in the growth and profit of a healthcare organization. Learn more about healthcare BI software in this exquisite blog.
A lot of industries, encompassing healthcare, are witnessing a potential transformation helped by business intelligence. Business intelligence can help reason meaningful information from raw, unstructured data. The insights acquired using BI tools and technologies aid businesses in making smart decisions and better serve their customers.
Since today’s modern businesses believe in adopting a data-driven approach, they rely heavily upon business intelligence (BI) to derive actionable insights from huge amounts of data they gather in the form of EHRs (patient electronic health records), administrative data, surveys, feedbacks, clinical trial data, etc.
The significant approach emanates from using huge data volumes produced in the healthcare sector so that organizations, encompassing those in the healthcare industry, can drive their internal and external business processes more optimistically, and make informed decisions at the right instance.
This undeniably alarms the relevancy of healthcare business intelligence software in assisting healthcare organizations to turn more optimized, and proactive, and stay competitive.
The Radical Market Analysis of Business Intelligence Software
- The global value of the market size of BI software was around USD 24.9 billion in 2018 and is likely to grow more between 2019 to 2025, at a CAGR of about 10.1%. (Source: Binmile)
- As per the Fortune Business Insights, the market size of business intelligence will reach up to $39.35 billion by 2027. Based on the report by FinancesOnline, the BI market is on the way to its growth trajectory of $176 billion by 2024. (Source: Binmile)
- The healthcare industry accounts for 30% of the world’s data volume produced. The CAGR for health data, by 2025, will be around 36%, as per RBC Capital Markets (Source: Binmile)
Revolutionary Features of Healthcare Business Intelligence Software
Data Integration
Business Intelligence software assists businesses in accessing the maximum value of their data in one place. Incorporating your healthcare BI tools with present EHR (electronic health record) and EMR systems, accounting tools, etc. can help you with a centralized view of your organization and its operations.
Data Security
As self-explanatory as it appears to be, protecting sensitive and confidential health data and patient records is crucial, which significantly needs unbreachable security measures and data governance. Healthcare BI software provides enhanced security and the quality of private data consistent with regulatory compliance bodies, such as HIPPA.
Alert Notifications
BI tools concerning healthcare make use of machine learning algorithms to spot anomalies in particular metrics and share notifications by the users.
Facilitates Better Decision-Making
Medical Data presented by BI tools are usually easy-to-understand graphs and charts in an interactive dashboard. Healthcare professionals can use the dashboard to chart out a proper treatment plan for the patient, resulting in better decision-making based on data insights enabled by the BI software.
Compelling Use Cases for Executing Business Intelligence Software in Healthcare
- Business intelligence software when applied in healthcare settings makes sure to save time and more patient throughput, which allows clinicians to get rid of manual treatment planning for the patients.
- Through real-time analysis of huge data for hospital infection rates, resource shortage, readmissions, etc. Business Intelligence software enables healthcare professionals to proactively manage resource management.
- The BI healthcare software enables enhanced communication flow between patients and clinicians by tracking and identifying people who require follow-up appointments. It further minimizes delayed diagnosis.
- BI software concerning supply chain management capabilities allows healthcare companies with procurement, sourcing, supply chain management, as well as value analysis.
Curated Benefits of Business Intelligence Software in Healthcare Settings
Although, BI software in a healthcare facility serves multiple purposes, such as offering better patient care, and a minimization in preventable fatalities, here’s a brief outline of other varying benefits that BI tools in a healthcare facility provide.
Enhances Business Core
Healthcare providers believe in finding ways to minimize healthcare costs. Applying big data and business intelligence is considered a smart approach to cater to the goal.
BI software aids the healthcare industry in saving money in multiple ways, such as helping it detect financial patterns with data-based help resulting in improved decision-making.
Besides, the software can help identify historical spending patterns through reporting, and with predictive analytics, it assists a firm in anticipating both costs and profit margins. It also provides insights into services that are profitable and the ones that are not used.
Optimized Patient Care
One of the most compelling benefits of implementing business intelligence software incorporated with EHR is acquiring timely access to patient data. Consequently, clinicians acquire a holistic view of patient history and prognosis.
Healthcare BI software integrated with the progressive treatment plan of the patient paves the way for better patient care in the quickest way possible.
The software further enables caregivers to bring health awareness to their patients, promoting handling their own health and well-being through healthcare management services, encompassing test results, appointment booking, and billing information.
Facilitates Centralized Data Access
The software makes it easy to reduce the excess time and resources needed for leveraging data. That is, the software is proficient enough to maintain all the data centrally in a single dedicated platform, hence, providing a holistic view of an organization’s operations.
With BI tools, users can easily access their data in one place, devoid of having to switch platforms or import data manually.
Another vital benefit of business intelligence software in healthcare is that it can easily integrate data linked to medical research and pharmaceuticals to boost the pertinence and informativeness of the data stored in your system.
Leverage Operational Excellence with Actionable Insights
Medical data backed up in HER can significantly influence a healthcare organization, as proved in a study from Duke University. It’s been seen that predictive models using clinic-level data can pinpoint the risk of patient appointment no-shows.
Actionable insights enabled by Big Data analytics result in improved patient usage rates that facilitate an organization to manage the flow of patients and resources. Besides, BI tools in healthcare settings can identify operational inadequacies, making sure data is up-to-date across all systems.
These particular tools allow organizations to validate changes as per the trends as revealed through the actionable insights they offer, together with automating and standardizing processes and reporting via easy-to-understand dashboards.
Conclusion
Undoubtedly, healthcare organizations can sense a lot of benefits by implementing business intelligence healthcare software.
Right from enhancing their business core and patient care as well as minimizing operational costs and unnecessary hospital admissions, the benefits served by BI tools together with actionable insights are sure to transform the healthcare industry profitably, along with enhanced patient treatment experience.
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