Business intelligence (BI) in healthcare refers to the process of collecting, analysing, and presenting data and information to support decision-making and improve overall operational and clinical performance in the healthcare industry.
It involves gathering data from various sources, such as electronic health records (EHRs), medical devices, financial systems, and other healthcare-related platforms, and transforming it into meaningful insights.
Tableau in Healthcare
Tableau, for example, is a business intelligence tool that healthcare organisations use for population health management and patient outcomes analysis.
By integrating data from multiple sources such as electronic health records and clinical databases, Tableau enables healthcare providers to gain insights into patient populations’ health.
Through interactive visualisations and dashboards, healthcare professionals can identify patterns, trends, and factors influencing patient outcomes, including readmission rates, infection rates, and mortality rates.
This information allows for targeted interventions, proactive planning, and evidence-based decision-making, ultimately leading to improved care delivery and better patient outcomes.
Why is BI necessary in healthcare?
A Merit expert says, “BI delivers a host of benefits to healthcare organisations, from making data-driven decisions, improving patient outcomes, and optimising resource utilisation to monitoring performance and complying with regulatory requirements.”
According to a recent study, the global healthcare business intelligence market is set to grow from USD 3.4 billion in 2022 to USD 7.4 billion by 2032, growing at a CAGR of 8.1%.
This growth is expected to ride on the back of increasing number of patients at healthcare units, increasing availability of data, rising tech adoption in the industry, heavy research, especially in developing countries like India and China, to improve healthcare business models, and greater emphasis in encouraging the healthcare ecosystem to rely on powerful BI tools.
The Undisputed Benefits of BI in Healthcare
To delve deeper into this, the primary advantages of BI are that
BI systems in healthcare integrate data from multiple sources, including clinical, financial, and operational systems, to create a comprehensive view of the organisation’s performance. This allows for better data management and accessibility.
Analysis of Larger Volumes of Healthcare Data
BI tools enable these organisations to analyse large volumes of data, identify trends, patterns, and correlations, and generate meaningful reports and visualisations. These insights can help healthcare professionals make informed decisions about patient care, resource allocation, and strategic planning.
Real-time Monitoring
They provide real-time monitoring of key performance indicators (KPIs) and metrics, allowing healthcare providers to track their performance against established targets and benchmarks. It helps identify areas of improvement, such as patient wait times, readmission rates, and revenue cycle management.
Predictive Analytics to improve healthcare outcomes
These tools leverage predictive analytics to forecast future outcomes based on historical data. By applying advanced algorithms, organisations can predict disease outbreaks, patient readmissions, medication adherence, and other critical factors. This information helps in proactive planning and intervention.
Streamline operations in the healthcare system
They empower healthcare organisations to streamline their operations by identifying bottlenecks, reducing inefficiencies, and optimising resource allocation. For example, BI can identify areas where process improvements can be made to enhance patient flow, reduce costs, or improve inventory management.
Quicker and surer reactions to regulations
With the increasing emphasis on healthcare regulations and reporting requirements, BI plays a crucial role in ensuring compliance. BI systems can generate accurate and timely reports required for regulatory compliance, such as quality measures, meaningful use, and population health reporting.
6 BI tools to explore for your healthcare organisation
In the realm of healthcare, several leading business intelligence (BI) tools are widely utilised for data collection, analysis, and decision-making support.
These tools possess common functionalities such as data integration, analytics, and visualisation capabilities. However, each tool also brings unique strengths to the table. Some prioritise intuitive visualisations, others offer seamless integration with existing software, some emphasise data discovery, and still others focus on mobile analytics or advanced analytics and reporting.
Let’s look at the most widely used BI tools that you can consider for your healthcare business.
Tableau in data visualisation of complex healthcare data
Tableau is a widely adopted BI tool known for its powerful data visualisation capabilities. It offers intuitive dashboards, interactive reports, and allows for easy integration of data from multiple sources.
Tableau enables healthcare organisations to analyse and present complex healthcare data in a visually appealing and easily understandable format.
PowerBI in Analytics of Healthcare Data from Disparate Sources
Developed by Microsoft, Power BI is a comprehensive BI platform that provides robust data analytics and visualisation features. It allows healthcare organisations to gather and analyse data from various sources, create interactive reports and dashboards, and collaborate on insights. Power BI also offers advanced AI capabilities for predictive analytics.
Sisense in-chip high speed analytics from complex data sets
Sisense provides healthcare organisations with robust analytics and data visualisation capabilities. It enables them to integrate and analyse vast amounts of healthcare data, identify trends, and gain actionable insights.
This tool stands out with its in-chip technology for faster data processing, single-stack architecture for seamless integration, and user-friendly interface. These unique features enable healthcare organisations to derive insights from complex data sets quickly, streamline data workflows, and empower users with intuitive analytics for informed decision-making.
Qlik Sense’s associative engine that draw deeper insights
Qlik Sense provides healthcare organisations with powerful capabilities for BI management. It allows them to consolidate and analyse diverse healthcare data sources, enabling comprehensive insights.
Qlik Sense’s unique associative engine enables users to explore data freely, making connections across various dimensions. It also offers advanced data storytelling, self-service capabilities, and AI-powered analytics. These features empower healthcare organisations to make data-driven decisions and gain actionable insights in a user-friendly and intuitive environment.
Holistics’ data modelling fluidity
Holistics offers healthcare organisations robust BI management capabilities. It allows them to seamlessly integrate and analyse healthcare data from multiple sources.
Holistics’ unique feature lies in its data modelling capabilities, providing a user-friendly interface for data exploration and visualisation. It allows non-technical users to create complex reports and dashboards without coding.
Holistics also emphasises data security and compliance, making it a valuable tool for healthcare organisations in managing and analysing their data effectively.
Precision BI’s ML built for Healthcare
Precision BI is designed to support healthcare organisations in effective BI management. It offers comprehensive data integration and analysis capabilities, enabling organisations to derive actionable insights from their healthcare data.
What sets Precision BI apart is its focus on predictive analytics and machine learning algorithms specifically tailored for healthcare. This allows for advanced forecasting, risk assessment, and personalised patient care. With its emphasis on predictive analytics, Precision BI stands out as a unique tool in the healthcare BI landscape.
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At Merit Data & Technology, our team of data scientists have extensive, in-depth experience in working with data to facilitate web scraping in an efficient and effective manner.
Our data scientists understand your data needs and create customised tools to deliver the right data in the format you need. They scale up and scale down the data collection process based on your business needs and validate data quality before it is used for analytics and decision-making.
To know more about our web scraping technologies and practices, visit https://www.meritdata-tech.com/data/
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