“Global health care expenditures are expected to continue to rise as spending is projected to increase at an annual rate of 5.4 percent between 2017-2022, from $7.724 trillion to $10.059 trillion,” states the Deloitte report. Compared to the annual rate of 2.9 percent between 2013-2017, this is quite a figure.
There are many reasons why this is happening. Growing and aging populations, rising labor costs, and the emergence of innovative but high-cost technology is only the tip of the iceberg. It’s worth mentioning that out of all the money spent on the health care industry, over 35% comes from out-of-pocket expenses. This annually impoverishes millions of residents of developing countries, where the average growth rate is 6%.
In a situation where expenditures grow, but there is no visible improvement, everyone starts looking for a solution that actually works.
Today we can observe one global trend though. The health care industry experiences an increase in the volume of data that results from the rapid digital transformation. Now that the clinical data is available to the public, and electronic health records exist, amassing and analyzing patients’ data is much easier. Implementing BI to leverage this information may be the game-changing solution that will bring about much-needed change.
BI software allows health care providers to gain insight into their financial operations, labor distribution, and management. It will help control costs, increase revenue, and enhance operational efficiency. But above all, BI can improve patient care, safety, and satisfaction. Physicians’ decisions will become evidence-based, as they will refer to clinical data instead of their schooling or professional opinion. Thus, doctors will better monitor and forecast a patient’s diagnosis. Treating a disease at an early stage is certainly easier and less expensive.
Let’s investigate what BI can bring to the table for the health care industry.
1. Boost of patient care and satisfaction.
BI software enables the physician to provide more efficient and personalized treatment for the patient.
The doctor can develop a unique treatment plan based on the patient’s medical history and current concerns. Furthermore, the physician sees all the tests and treatments the patient has undergone, both in this hospital and elsewhere. This makes it easier to decide which examinations a person still needs, eliminating the risk of getting the same tests again. It saves time and money and creates a positive patient experience.
But the biggest advantage of BI is the ability to pinpoint both genetic and behavioral factors that predispose a person to a certain disease. Even if it is not possible to prevent it, physicians can reduce its impact. They can prescribe the necessary medications and encourage the patient to adopt a healthier lifestyle.
2. Efficient decision-making.
Health care is a high-stakes industry where every second matters and each decision can either save or take a person’s life. That’s why it’s paramount for hospital personnel and management to work like a well-oiled machine.
To achieve coordination between the departments, the administrators can track Key Performance Indicators (KPIs). They provide useful insights into financial, operational, and clinical aspects of the organization. Among them are treatment costs, average hospital stay, average waiting time, and readmission rates. Specialists can use this information to make fast, intelligent, and proactive decisions.
Data analysis tools also allow users to create visualizations that make complex data comprehensible to anyone. Through visuals, managers and personnel can recognize patterns within the data and incorporate this knowledge into practice. This way, health care providers can better address issues concerning management and clinical care.
3. Cost reduction.
Health care institutions can cut their expenses by providing the right treatment at the right time. BI tools will help health care providers to analyze patient flow, triage, and hospital population. As a result, they can determine optimal discharge time without sacrificing patient outcomes. It will also be easier to prioritize and tend to emergency cases as well as allocate necessary resources faster. The hospital will not only reduce its expenses but also increase revenue thanks to positive reviews from satisfied patients.
These days, implementation of a BI software is not an option; it’s a must. Health care providers should have it if they wish to gain a competitive advantage on the market. Seeing how digital transformation is gathering momentum, business intelligence will play a crucial role for years to come. And it’s no wonder because BI allows health facilities to build a reputation around patient outcomes, valuable insights, and collaboration between the departments.