Business Intelligence – a Vital Element When Providing Healthcare Services

by | Published on Jan 18, 2016 | Outsourcing Services

Business IntelligenceImportant business decisions are heavily reliant on the business information available. Business intelligence (BI) is significant from the point of view of obtaining the right and crucial information. This is highly relevant in the case of a healthcare facility or organization. The data harvested has to be entered into relevant databases for reference and use on a frequent or even daily basis. Data entry is one of the most important business processes in any health care unit. Accurate healthcare data enables physicians to provide quality care, ensure better diagnosis and appropriate treatment thereby ensuring patient satisfaction. Healthcare is associated with huge volume data that should be maintained with high security. Reliable data entry services provide high quality data management services for healthcare organizations ensuring security and confidentiality.

What is Business Intelligence?

Business intelligence refers to the technologies, applications and practices that are used for collection, integration, analysis and presentation of any type of business data. Business intelligence is used by many organizations to identify new revenue-making opportunities, reduce cost, reallocate resources and improve operational efficiency.

Business intelligence gives past, current and future predictive views of business operations. In the healthcare sector, it helps in increasing competitive advantage and facilitates better business decision making. It provides organizations the ability to use their data to improve the quality of care, increase financial efficiency and operational effectiveness, conduct innovative research and satisfy regulatory requirements.

The data healthcare organizations deal with can be classified into three main categories:

  • Financial
  • Operational
  • Clinical

Business intelligence can be applied in healthcare units to organize clinical, financial and operational data for better decision-making purposes. It also helps in disease management, outcome management, clinical performance, cost and waste reduction, quality accreditation and predictive analytics. Here are some hospitals that have already adopted business intelligence.

  • Harvard Medical School
  • Columbus Children’s Hospital
  • Joseph’s Medical Care and St. Joseph’s Hospital
  • Hartford Hospital

Benefits of Using Business Intelligence

  • Organized, consolidated and protected data: With business intelligence you can access data from a single point. It also ensures complete protection of your data as it is accessible only to authorized personnel.
  • Increased efficiency, margins and revenue with reduced costs: Updated and accurate data enables quick access which results in better decision making and thereby improved efficiency. Business intelligence also helps in improving gross margin. Healthcare organizations can avoid waste and utilize data mining to examine and reclaim denied claims. The cost of healthcare professionals, lab equipment and consumables, cost per type of medical intervention and others can be reduced with business intelligence.
  • Less medical errors and better patient safety and satisfaction: Business intelligence is capable of supporting a large health care system by exchanging medical information pertaining to all patients. The performance of the physicians, departments and other medical materials requirements can be monitored that help in improved decision making by the authorities in health care policy areas. Easy accessibility of accurate data will ensure enhanced decision making and make data actionable.
  • Better patient care and treatment: With business intelligence, physicians and other healthcare professionals have access to accurate data that helps them to make organized and classified   reports based on age, sex, and demographic data. Physicians can provide better treatment and care with clear data. BI improves efficiency of clinical decisions.
  • Other benefits: Some of the other benefits are better data management, cost optimization and fraud detection.

With accurate and timely data, business intelligence helps to improve the workflow efficiency of the health care sector. But majority of the healthcare units face problems in handling huge volumes of patient data which in turn affects the functioning of the hospitals. To successfully resolve this problem, health care units can outsource their data processing tasks to a reliable vendor. This is a practical way to boost the productivity of healthcare professionals and the institution. It also helps them to focus more on providing good quality care to the patients.

Providers of professional data entry services make use of the latest high end technologies to ensure quality data and data security. They have a team of experienced and well-trained professionals who make sure that all critical information is documented accurately and the finished documents are made available to you within a specified time. This allows the healthcare professionals to concentrate on their work and enhance their productivity rather than wasting time in checking the accuracy level of medical documents. When healthcare institutes have access to the correct information, they can speed up the care process and ensure good service to patients who need the services.

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