The Use of Business Intelligence in Healthcare and Why It Matters
Patient data is flooding the healthcare industry. Each individual that enters your practice generates more than 80 MB of data in electronic health records and medical images alone. With business intelligence (BI), you can easily deduce meaningful information from intricate data into actionable insights. This shapes treatment plans and enhances operational efficiency, innovating patient care so that you can serve them better. At Synapse, we embrace technologies that lean into a more data-analytical approach to managing patient health. Learn more about BI and its role in the dynamic healthcare arena.
What is Business Intelligence (BI)?
Business intelligence (BI) is a set of strategies and software organizations use to analyze data, improve operational efficiency, and gain competitive advantages over business rivals. Through tech-enabled business analytics solutions like BI, we can make informed business decisions and use various patterns and behaviors to predict future trends. Ultimately, you get more revenue by doing less.
Importance of Business Intelligence in Healthcare
Integrating healthcare and business intelligence isn’t a new idea. It all stemmed from the excessive amount of data governance due to multiple stakeholders, such as patients, healthcare providers, pharmaceutical companies, and insurance firms, who are acting each of their roles with different priorities. Using business intelligence in healthcare allows us to answer the question, “How can we become a cross-functional team?”
There is significant evidence that BI advancements help ensure that medical decisions are consistently data-backed. At a global scale, $25.86 billion is projected to be the healthcare business intelligence market’s growth, growing at a CAGR of 12.50% from 2023 to 2032. Many organizations are engaging with BI and its innovative qualities that enable providers to make informed decisions based on complex data analysis.
By pre-processing data from disparate sources, you can discover hidden insights that illuminate opportunities for practice improvement. Learn more about the benefits of healthcare business intelligence below.
Benefits of Healthcare Innovation Powered by BI
Business intelligence has been pivotal in transforming patient care. Here are some ways it improves patient outcomes, increases profits, and enhances the patient experience.
- Efficient and improved bottom line: BI tools can help manage information for all staff and team members, displaying a comprehensive view of operations so that there are no negative impacts due to a lack of tracking and scheduling. For instance, managers can determine a low staff-to-patient ratio during certain times and adjust to meet the needs of these hours.
- Faster billing and claims process: BI sees the unique hurdles of healthcare receivables as a potential for improvement rather than a hindrance. By providing a comprehensive view of the flow of funds across various KPIs, such as average claim processing time, the claims denial rate, and various other claim statuses, BI tools can spot issues with insurance companies ahead of time and allow your team to address any insurance problems.
- Better patient outcomes: Knowing whether treatments are successful is crucial to healthcare organizations. BI tools can track patient stays and reveal successful treatments, allowing you to use these insights to improve treatment practice, evaluate drug efficacy, and improve staffing.
Most of all, BI’s centralized tools can help treat critical patients who need collaborative decision-making across various departments in an instant. In one click, in one place, BI may show you the complete gamut of information you need for immediate reference.
Discover the Power of BI With Synapse
Synapse invests in cutting-edge technology to ensure business intelligence for hospitals is an excellent driver of efficiency, excellence, and optimization. We embrace BI tools, so every data analysis proactively improves patient health. Financial waste is reduced, and clinicians are adept at managing patient data, leading to quicker life-saving decisions. Contact us today and find out how you can integrate BI into your practice.