In 2023, an anticipated 33% of large businesses globally will utilize BI solutions, marking an increase from 26% in 2020. However, the adoption rates of BI software differ based on regions, industries, and company sizes.
For example, the US boasts the highest adoption rate of BI tools, standing at 30.9%. It also serves as the leading source of BI revenue, with a projected revenue of $13.15 billion for 2023.
What is Healthcare Business Intelligence
Healthcare business intelligence gathers health data from various sources such as electronic health records (EHR), labs, eHealth/mHealth apps, wearables, government agencies, and accounting tools.
The collected data undergoes analysis and reporting. Healthcare BI tools assist in integrating both internal and external data, including medical research and market trends.
Healthcare BI tools with predictive analytics can identify a patient’s risk of post-surgical complications like kidney failure or stroke.
Additionally, BI tools analyze electronic health records to spot patterns in patient outcomes.
This information enables healthcare providers to enhance patient satisfaction. Also, it boosts financial performance across medical centers, clinics, hospitals, insurance vendors, research facilities, pharmaceutical companies, and tech firms.
Cloud-based databases streamline healthcare data storage, retrieval, and analysis. It makes the process more efficient, scalable, and secure.
In healthcare, a skilled BI analyst is crucial, especially during the initial setup of BI software. The job of a Business Intelligence Analyst goes beyond reporting. They actively use company data to identify areas for process improvement.
BI Dashboards for Healthcare
Healthcare organizations such as providers and payers benefit from BI dashboards. They allow exploring trends and Key Performance Indicators (KPIs) linked to patients, providers, departments, records, and finance.
They provide real-time visuals of healthcare KPIs. Using them, customers can measure and compare metrics like patient satisfaction, physician allocation, Emergency Department Wait Times, and occupied bed count.
These dashboards enhance operational efficiency, leading to improved outcomes and smarter decisions.
Executive Key Performance Indicators Dashboard
Many measures, including critical ones directly tied to reimbursement, are now publicly reported. Prioritizing tasks, adapting to evolving needs, and achieving patient experience enhancement, cost reduction, and improved population health with limited resources is a challenge.
The Executive KPI Dashboard shows crucial KPIs swiftly. It’s crucial to have a clear understanding of performance and concentrate efforts where maximum returns are possible. This dashboard speeds up information sharing by setting up a structure to automate the collection of crucial data. Also, it unifies analytics across multiple platforms.
The Executive KPI Dashboard presents crucial measures clearly. A quick look shows KPI numbers, performance against benchmarks, trends over time, and recent performance. Users have the option to explore connected dashboards for more detailed information or access supplementary materials such as an internal wiki.
Also, users can view performance using a statistical process control chart, highlighting signals for specific cause variations automatically.
Dashboards Showing Hospital Performance
The department can track hospital admissions, comparing doctor numbers and average wait times. This helps decide the resources needed for each department.
Tracking patient satisfaction measures doctors’ performance and overall division quality. Linking users to dimensions helps control which divisions are visible to specific users for security purposes.
Analyzing and Predicting Patient No-Shows with Dashboards
Outpatient practices often face problems with patients not showing up or canceling late.
It reduces practice revenue and makes other patients wait longer. A goal of BI dashboards is to boost patient attendance and minimize last-minute cancellations, allowing more patients to see healthcare providers.
To reach the goal, they must categorize appointments by patient characteristics and forecast likely cancellations. Then, they’ll schedule appointments accordingly. Additionally, they’ll use personalized reminders as a simple preventive measure.
Dashboards for Insurance Claims
Insurance companies need to monitor claims regularly. They can change premiums for policies with high claims ratios or introduce new policies to lower premiums for their clients.
Knowing the number of claims per customer or policy allows insurers to assess the risk associated with providing coverage. If insurers notice a higher frequency of claims for a particular customer or policy, they might adjust the premium to reflect the increased risk.
Customers pay premiums commensurate with the risks they pose. Promoting responsible behavior and offering more accurate, fair insurance pricing are key aims.
The insurance analytics dashboard plays a vital role in achieving these objectives.
In summary, Business Intelligence Dashboards in healthcare offer a complete solution for managing data, tracking performance, enhancing care, and ensuring operational efficiency in healthcare organizations.