No industry has faced more challenges than the healthcare industry over the last year. With the rise of COVID, a shift to telehealth medicine, and cybersecurity risks, the healthcare industry has had a bumpy road for much of the past year and a half.
One of the ways that healthcare organizations can weather the storm is by turning to business analytics. While it may not be obvious to tie business analytics and healthcare together, data can help your healthcare organization increase service quality, lower costs, and provide better care to your patients.
Today, we’re going to examine the role that business analytics play in the healthcare industry.
The Main Roles of Business Analytics in Healthcare
In a 2014 study, researchers wrote at length about how business analytics has the potential and ability to drastically revamp and reshape healthcare. In an industry where tools are needed to control costs and improve quality care, researchers pointed to data and metrics being the answer to help progress any healthcare operation.
There are a few areas where business analytics can be used.
Establish Disease Databases
Databases allow analytics professionals to collect, store, and exchange data from numerous patient visits. This allows healthcare professionals to broaden their knowledge of chronic diseases and the effectiveness of potential treatments.
Reduce Administrative Costs
Businesses all around the world are always looking to cut costs and healthcare organizations should as well. Usually, these costs tend to be on the administrative side. Administrative costs have long been a burden for the US healthcare system, often unnecessarily driving up costs and slowing down other functions.
Through analytics and data, hospitals and clinics can effectively streamline, freeing up room in your budget to improve on resources and other costs. That means better patient care and happier employees.
Assist in Disaster Planning and Recovery
Disasters can strike at any time. For your healthcare organization, that disaster could be a natural disaster or a major cybersecurity attack. Business analytics professionals can harvest your data to make sure that your organization isn’t slowing down. By sending necessary supplies, tools, and personnel to the right places, your analytics will make sure you haven’t lagged.
Improved ICU and Emergency Care
Hospital staffers know that the ICU and emergency rooms are constantly bustling. With the use of predictive analytics, ICU and emergency hospital staff can figure out which patients are at higher risk of health issues such as infection or further injury. This can help in fast-paced decision making and making health predictions.
Find the Best Real Estate
If your healthcare organization is thinking about expanding, analytics can help you find the areas of need. You can project areas where your services may be needed, helping you establish new branches to better serve a new area.
Can Analytics Help Lower Patient Costs?
We talked about how business analytics can help lower your administrative costs, but can they also help lower patient costs?
In short, yes, they can. By implementing analytics into your healthcare organization, you can start to identify the health of your patients and the general population. This will help you to reduce unnecessary patient costs and overall program costs.
Electronic health records become more valuable when they are connected and examined. By applying prescriptive analytics, your healthcare organization can efficiently estimate patient costs, properly allocate personnel, and adjust resources. This will allow you to reduce waste and help save on patient costs.
Analytics can help you understand what is happening both in and outside your hospital or clinic. With better data and insights, you can make better decisions.
Business Analytics Makes Data Easy to Understand
Data comes with a stigma that it will be hard to read and understand. That could be true, but it doesn’t have to be.
Electronic health records, or EHRs, have revolutionized the healthcare industry.
Instead of relying on old, physical copies that can easily be lost, damaged, or destroyed, EHRs make it easy for healthcare organizations to store and access patient data and history.
Optimizing one’s EHRs can be a tough task though, which is where a professional business analyst can come in. By examining large amounts of data, analysts can take that information and turn it into easy-to-read data. This can help cut down on patient wait time, processing, and billing.
Optimized data isn’t just for doctors and nurses. Health administrators and senior-level staff can also use this data to examine trends and make future decisions. Funds can be reallocated from one department to another and financial planning can become tighter and more efficient.
How Atiba Can Help Your Healthcare Organization
Business analytics and data can play a crucial role in your healthcare organization. You can cut down on costs, improve work efficiency, and allocate resources in a timelier manner.
Here at Atiba, our healthcare business intelligence gurus can help you make the most out of your data and analytics. We can sit down for a strategy session, provide evaluation, a proper plan, and ongoing support for your healthcare organization.
If you’ve got a question or want to chat, don’t hesitate to contact us today.