Healthcare Data Analytics is a process that makes use of qualitative and quantitative data with the objective to enhance productivity while making use of specific cloud-based technology, in order to grow your business, optimize your business processes and increase overall profitability. Over the past decade, drastic changes in healthcare have been mounting causing new Electronic Health Record (EHR) systems and processes to become difficult to manage and report on; thus the digital transformation of the entire industry is a challenge Healthcare organizations everywhere are now facing. The need to collaborate and make visual real-time day-to-day data faster and more readily available is evermore so critical. A digital transformation is underway that promises to alter the way patient care is delivered. One leadership poll named 3 of its top 10 issues for 2021 as technology-related; including the need to become “digital healthcare organizations.” Another showed that 62% strongly agree that “healthcare leaders need to play an active role in implementing new technologies to effectively drive transformation, stay ahead of the competition and continue to drive business growth.”
Some of the few major trends facing healthcare today are….
- The healthcare data that is currently being collected and curated is vast and typically not deep and horizontal enough to give real-time insights across multiple operational and financial systems
- Robust analytics have now been introduced to resolve complex challenges in healthcare
- New innovations and advancements in patient care have been introduced to the market to provide for the best patient care and wellness possible
The first step healthcare organizations need to take to overcome these challenges is to simplify the collection and visibility of the data that their organization is collecting day-to-day. It requires tools to unlock, simplify and access this powerful data, which is key to solving business challenges and streamlining operations that will benefit healthcare organizations. It increases the opportunity to provide value to patients and their care, increase efficiencies, and improve the quality of affordable healthcare.
When at management’s fingertips – these top-notch analytics help provide cutting-edge solutions while catering to the critical needs and current demands facing the Healthcare Industry. As the COVID-19 crisis emerged, Healthcare systems were faced with increased scrutiny and were forced even harder to produce effective outcomes, solutions, and results. Data Analytics, Digital Transformation, and Data Science – through powerful and intuitive dashboards – support, nurture, and grow overall productivity throughout the Healthcare Industry.
Use Cases for Data Analytics in Healthcare:
Optimizes Administrative Costs:
The daily tasks performed in a hospital setting produce tons of big data and insights into patient admission, discharge, care, service, drug inventory, bed movement & availability, and treatments. With the right tools, capturing and processing this data through data analytics provides for insight and optimized workflows around patient management, enhancing the workforce and drug inventory & accountability; cutting down administrative costs, providing for the best service to patients, and providing tools to better minimize risk and liability of the Treatment Center or Healthcare Facility.
Fraud Prevention and Risk Mitigation:
Insurance fraud and abuse cases are now both easily preventable and detectable through tracking and controlling patient data combined with the use of machine learning algorithms that will identify and alert your management team of any suspicious occurrences or patterns. Without these structured data sets, these fraud cases go unnoticed, these instances can continue, and your organization could be at great risk.
Improving Patient Wellness:
Each patient’s comprehensive information record can be maintained, managed and carefully controlled & monitored in the hospital while providing both Doctors and patients access which enables your organization to foster the best patient care. Leveraging the latest technologies and the data available from new wearable devices helps in reminding patients to live a healthy and cautious lifestyle. Innovations in patient care and the insight they have at home through these new devices are enhancing patient care every day.
Providing Data in Real-Time, Making Better Informed Decisions with Actionable Insights:
Hospitals and Healthcare Facilities using data analytics tools are more at ease when they are able to provide the best insights and information to their staff, caregivers, and patients, enabling them to improve their services and operations daily. Since data is now real-time and available at their fingertips (such as patient admission rates, level of care, treatment protocols, prescription drug information, bed movement and management, workload per doctor, nurse, therapist, etc., readmission with same or different health issues) improving treatment management and predictability for the best patient care can now be attained. Different data sets can be compared to identify the problematic areas and corrective actions needed to take – now proactively.
Supportive clinical Decision:
When the hospital uses the data analytics tools, it provides the doctor & caregivers with the information needed about the patient’s past history, investigation reports, and treatment criteria which enable them to understand the case without ambiguity while providing the best treatment possible.
These powerful Data Analytics tools provide top-notch solutions with end-to-end data while modeling capabilities that help with prudent decision making, providing for the best patient care and safety while increasing the overall productivity of the facility.