Author: Tanya Kumari
Big data analytics in the healthcare industry today is evolving into a promising field for delivering real-time insights from very large data sets. Plus, it also helps improve outcomes while reducing costs.
The trending digitization is leveraging the potential of data analytics and business intelligence.
According to Industry experts, the AI health market is to reach $6.6 billion by 2021, and by 2026 can potentially save the U.S. healthcare economy $150 billion in annual savings.
Today, the changing landscape of healthcare is creating a huge demand for health data analytics. Modern and cutting-edge data analytics are used to improves patient care in the healthcare system. Analyzing the available data with the best modern practices helps cut costs and also improves the health of the people in a faster way.
Data Analytics- A Brief Intro
Data Analytics is a process of collecting, inspecting, transforming, and analyzing data to generate real-time insights that can help in making crucial decisions faster.
In Gartner terms, ”Big Data is defined as volume, high-velocity and high-variety information assets that require cost-effective, innovative forms of information processing for enhanced insight and decision making”.
Advantages of Data Analytics in Healthcare
Let’s check out some of the key advantages of the Big Data Analytics in Healthcare industry:
Monitoring
The monitoring of vital signs is important to ensure a proactive approach to a person’s healthy state. For instance, diabetic patients can track their next insulin dosages, upcoming medical appointments, and so on.
Cost reduction
Big Data facilitates managing crucial information and uses it to drive cost improvements. With real-insights assistance, health care organizations can track areas where cost can be minimized such as diagnostic tests, admission rates, etc.
Error minimization and precise treatments
Big Data helps healthcare organizations to provide accurate and personalized care treatment. With real-time insights, it is easier to get a fast response to a particular treatment.
Preventive care
Big data provides preventive care services to enhance the prevention of medical risks and work more efficiently in taking care of the patients.
Streamline hospital operations
With big data analytics, the data is generated at fast speed and helps in easily managing the operational aspects of the organization. It helps to streamline hospital operations and also tracks staffing metrics.
Big Data role in Healthcare
The potential of Big Data in healthcare relies on the ability to detect patterns and to turn high volumes of data into actionable knowledge for making crucial decisions in a patient’s health. Big data analytics upgrade efficiency in development operations for smart healthcare providers by delivering real-time updates.
The present scenario utilizes real-time dashboards to facilitate businesses to operate seamlessly. Analytics solutions not just only focus on improving a patient’s life but also help enhance stakeholder value, and boost revenues. It helps healthcare organizations with real insights that impact patients’ health.
Healthcare Business Intelligence
Healthcare Business Intelligence is the digital process through which bulk data from the healthcare industry can be collected, refined, and analyzed into real-time insights. The 4 key healthcare areas where business intelligence can be used are- costs, pharmaceuticals, clinical data, and patient behavior.
The health care organizations used business intelligence to store data in a centralized data warehouse, the security of patient’s data, accurate data analysis, and share digital reports to all departments.
Healthcare providers get real actionable insights to reduce cost, boost sales, and improve patient safety with regulations by integrating Business Intelligence.
According to a report from the McKinsey Global Institute, applying big data to predict U.S. healthcare needs and enhance efficiency and quality could save between $300 and $450 a billion annually.
Benefits Of Business Intelligence in Healthcare
Business Intelligence is a big spectrum and delivers enormous benefits to the Healthcare industry. Let’s have a look into it.
Financial assistance
Automated database systems and intelligent data alerts facilitate maximum transparency in the finance department. Health organizations should implement analytics solutions to address operational, financial, and patient care related activities.
Evaluating performance
Healthcare business intelligence software can easily track healthcare organization activities and create an analysis based on real-time. Specific actions can be taken after collecting data that can enable reduced costs.
Patient satisfaction
By integrating the right analytics software facilitates administrators to easily handle critical tasks, and also keep track of patients’ updated data.
Coordinating communication
Healthcare analytics software can be used to access patients’ data, current progress, and review the patient’s medical history at any time and any place. The healthcare staff gets updated information faster with real-time data. The medical cases are enhanced and improved by rapidly addressing crucial patient data.
Managing reputation
The healthcare industry today requires agile, fast, interactive software to maximize data values and support decision making. Business Intelligence in healthcare permits organizations to build a reputation around the patient, clinical care, and also drive collaboration through all departments.
Predicting the future
Advanced analytics helps healthcare professionals to have the power to predict certain critical conditions about the future. It helps in taking proactive steps by providing the best care for the patients, and also delivers high-quality treatment.
According to a report, the overall market share of business intelligence in healthcare is to increase by about 17.4% from $3.75 billion in 2017 to $15.88 billion by 2026.
Key Takeaways
- The incredible technologies avoid excessive waiting times in healthcare organizations and also improve patient-doctor relationships
- It optimizes patient care and revenue streams
- Take advantage of real-time data for real-life situations
- Revolutionizing the healthcare industry with the best tools and technologies that affect profits
- Balancing and recognizing patient-doctors needs with real-time insights
- It uncovers profound insights and improves operational efficiency
Putting it all Together
The digital era is rapidly changing with the evolving brainstorming technologies every passing day and so as the healthcare industry. The data-driven business intelligence tools and analytics enhances healthcare performance, revenues, and patient experience. Initiating business intelligence in your organization can help you boost your revenues and also improves customer satisfaction.
The upcoming technologies like predictive analytics, Artificial Intelligence, and Machine Learning are revolutionizing healthcare standards and affecting our lives to a great extent.
It’s time for all of us to get digitized and be prepared for miracles going to happen in the coming years.