Business intelligence
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This document discusses the importance and opportunities of business intelligence (BI) in the healthcare sector. It outlines how BI can help consolidate and protect data, improve efficiency and patient satisfaction, reduce costs and medical errors. BI can be used to measure service quality, reduce administrative costs, optimize supply costs, and identify cost-effective treatments. However, adopting BI also faces challenges like lack of resources, complex IT systems, and initial costs. The document asks complex questions about how to reduce healthcare operational costs through data analysis and which healthcare services could be outsourced based on costs. It also lists several important supplier selection criteria.
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Business intelligence
- 1. Submitted to: Prof. R. Dorai Submitted by: Group 1 Business Intelligence in Healthcare Sector
- 2. Introduction • Healthcare Equipment & Service – Healthcare Providers – Medical Equipment – Medical Suppliers • Pharmaceutical & Biotechnology – Biotechnology – Pharmaceuticals
- 3. Importance Of BI in the Healthcare Industry • Consolidation & protection of data • Improved Efficiency • Reduce costs • Improved patients’ satisfaction • Improved Patient Treatment & Care • Reduction of medical errors and improved patients safety • Better data management
- 4. Need for BI • To measure and improve Service Quality • Reduction in administrative costs • Supply cost optimization • Identifying cost effective treatments
- 5. Challenges to BI adoption • Lack of resources • Complexity of IT systems • Initial Cost
- 6. How BI Can Be Used to Enhance Performance • Analytics and reporting • Clinical data analysis • Claims analysis • Financial analysis • Patient care
- 8. Complex Questions • How to reduce healthcare operational cost from analysis of resource utilization? • Which service in health care sector can be outsourced based on operational cost?
- 9. Supplier selection criteria • Competitive pricing • Ability to meet specification and standards. • Product and service quality. • Product yields and durability. • Reliable delivery method. • Quality control and practices. • Technical abilities. • Credit strength. • Warranty, Insurance • Proven performance and experience.
- 10. Thank You
Editor's Notes
- improve patient satisfaction Taking the decision is very fast.Now a days we adopting information and communication technology (ICT) in health care is currently seen as an opportunity to improve not only effectiveness, efficiency, and quality of health care services but also the transparency of the economic activities and the availability of information in real time
- Lack of resources. With the economy on the rocks, more companies are putting the brakes on large IT projects. The market for BI products will continue to grow in 2013, but more slowly. Complexity of IT systems. Healthcare organizations have many very different types of specialties within them, each with its own IT system – Radiology, Admissions, General Ledger, Scheduling, Pharmacy, Patient Records, etc..
- 1.Analytics and reporting. Business intelligence analytics and reporting tools can assist providers with the data needed to implement effective ways to identify, measure, and monitor quality of care, said Pennic. “The reporting capabilities assist with complying with industry standards as well as meaningful use, ICD-10, and ACOs,” he said.2.Clinical data analysis. “Healthcare BI software can track and monitor all clinical activities to help providers identify trends and their most efficient areas,” said Pennic. He added physicians can diagnose and prescribe more efficiently, which leads to improved medical outcomes. “BI software can help healthcare organizations meet and monitor their quality measures such as meaningful use, ACOs and health information exchanges,” he said.3.Claims analysis. The software can also come in handy when identifying an organization’s biggest risk areas, said Pennic. Providers and payers can also look to the software to improve claims response times, optimize pricing, and avoid fraudulent claims. 4.Financial analysis. Look to BI software for a range of financial capabilities, said Pennic. They include, “income and cash flow, debt to asset ratios, denial management, and actual income versus projected income analysis,” he said. Additionally, BI software has a history of cutting costs, particularly in a hospital setting. According to an article published in 2009, facilities that implemented the software reduced days not final billed from six two and a half. The software also accelerated reimbursement and generated cash flow benefit of more than $4 million. 5.Patient care. According to Pennic, the software can provide a single platform for healthcare providers to share information with their patients and “improve medical decision outcomes and evidence-based clinical decision-making, and foster seamless patient care across all medical departments,” he said. He added electing to utilize the software allows providers to forecast patient diagnoses and administer efficient treatments, while reducing the average wait times.