Digital transformation is not just important, it’s critical for healthcare organizations that want to survive. A recent IDC survey revealed that 73 percent of respondent companies across all industries believe they will be out of business or marginalized if they don’t transform.
With growing need to reduce costs, enhance patient outcomes, and improve financial results, hospitals and healthcare organizations leveraging data analytics and business intelligence can drive action to support more informed financial and clinical decision-making to reach those goals. Analytics can help to lower costs, improve business KPIs, optimize patient care, and streamline operational processes by providing valuable insights for concrete decision-making.
Leading hospitals and healthcare organizations are harnessing real-time data to better understand patients’ and physicians’ needs. These insights are allowing physicians to focus on providing better service and more-informed care decisions and administrators to improve internal productivity and supply chain processes.
Healthcare providers have so much data coming from various sources making it difficult to digest and make sense of it all. A networked business intelligence (BI) model can bring together clinical, financial, administrative, and operational data in a meaningful way that will allow physicians and caretakers as well as C-suite leaders to make decisions about patient outcomes and financial strategies, faster. From revenue cycle to bedside, hospitals and healthcare organizations with a single source of truth can get a new level of insight into how to improve the quality of patient care while reaching their strategic goals.
The Power of a Network
In the traditional hospital setting, patient admissions and census peaks are treated as unpredictable, leading to delays and bottlenecks. A networked BI and analytics platform can help breakdown even the most complex healthcare problems.
- Supply Chain – Identify issues that may affect overall cost and quality of care. For example, is clinical hoarding resulting in pacemakers, defibrillators, and catheters being stashed away inside cabinets instead of being used in the operating room? Are life-saving drugs being stockpiled because nurses are fearful of a supply shortage? Large integrated delivery networks with insight into the supply chain can help solve some of the cost problems and close the loop between charge capture and the patient’s actual event at the hospital.
- Financials – Streamlined analytics are just as important on the financial side as the clinical side. From managing evolving payment models and new regulatory requirements along with pressure to succeed in the value-based care model, data analytics and business intelligence can help financial leaders to reduce waste, enhance efficiency, and make strategic decisions.
- Operations – Whether expansion of services or growth by adding more hospitals, disparate sources and systems make it impossible to have accurate visibility into operational performance. Networked business intelligence synthesizes data to give hospital leaders a holistic view of operations and ability to understand the opportunities for greatest improvement.
- Patient Experience – A service-excellence approach is a priority for many hospitals seeking to improve patient survey scores. Is the wait time in the emergency department too long? What’s communication like between care givers? Are providers happy or do the seem rushed when meeting with patients? Drilling down into the data can provide insight into patient needs, if they’re treated respectfully and the quality of care received.
The Epicenter of Data
Birst is a top-rated networked business intelligence and analytics platform that allows healthcare organizations access real-time data for faster, fact-based decision-making. Birst helps hospital leaders better understand costs, find opportunities to reduce labor and supply spend, and reduce IT and operations workload. With its short implementation time and cloud-based platform, Birst allows a quick time to value and lower cost of ownership than competing BI systems.
Learn how Birst can connect with your existing solutions to create a networked BI model in our on-demand presentation.
Brett Weiss is Vice President of Healthcare at Avaap. He has a track record of success working with healthcare organizations to implement strategic business applications to improve patient care and business outcomes.