Business Intelligence for Healthcare Industry

There have been many strides in the field of healthcare; to make it more accessible and cheaper. One of the main contributors to developments in the healthcare industry is technology. Owing to the many advancements in technology, hospitals, clinics, and doctors have become better equipped to deal with patients and the different kinds of illnesses, injuries or diseases.

Business intelligence plays a very important role in all of this. Business intelligence or BI refers to the set of technologies or practices adopted for the collection, storage, analysis as well as presentation of data or information. Not only that, but BI also makes it possible to somewhat predict future trends and thus work towards them.

Every industry and every sector of the economy depends heavily on new technology, and the healthcare industry is no different. Here are some ways in which BI has changed the healthcare industry, for the better:

• Access Data on Devices: People are growing increasingly conscious about their health and are taking every step they can to make sure that they remain healthy and in good shape. One of the ways in which they ensure this is by using devices or applications which monitor and record medical data, such as heart rate, blood pressure, sugar levels, etc. BI algorithms make it easier to track and access such data, thus providing the doctors with the necessary information.
• Analysis: What BI allows organizations is the possibility of organizing and analyzing medical data, such as lab results, medical history, etc. There is a lot of information coming in every second when it concerns the medical industry, and thus, there is a need to monitor and analyze it. This gives an idea of which particular area requires more attention, which patient’s case is more severe, how doctors and nurses must plan their shifts etc.
• Economical: Since technology is a major aspect of the healthcare industry, it is important to ensure that there is proper access to such facilities. What determines access is the cost. Since BI technology such as applications and software are widely used, they are quite affordable and, thus, can be used in the healthcare industry to improve performance and service.
• Manage Funds or Expenses: As mentioned above, BI makes it possible to not only analyze data but also predict future outcomes. The demands on the healthcare industry are significant, and so, it needs to be made sure that there are enough funds to manage everything. BI enables hospitals, organizations, and authorities to monitor their expenses, allocate them where there is a greater need, and overall avoid any unnecessary expenses.
• Better Care for Patients: Again, BI serves as a means of predictive analysis, which means that organizations or hospitals have a way to evaluate the given medical data in order to understand the condition better, predict any relapse, hereditary risks, medical expenses, hospital stay, etc. This not only makes the work easier for doctors but also paints a picture of the patient’s health condition and further course of action.
• Store Data: Of course, one of the most important functions of business intelligence when it comes to the healthcare industry is storing medical or financial data. There is a constant flow of information in the industry, and since this information is so vital, there is a need to store it properly. That is what BI facilitates. Improved applications and algorithms make the whole process of recording data much easier. It makes it simpler to not only retrieve this data but also associate data to a particular patient or case, and therefore offer the right diagnosis and treatment.
• Be Informed About Any Shortcomings: Unfortunately, there is always the possibility of something going wrong in the healthcare industry, such as a treatment failing to work, not being able to provide an accurate diagnosis, etc. In this context, BI helps organizations analyze the data and figure out what did not work or what went wrong so that they can change their methods in the future to obtain the desires results.

While it is a fact that Business Intelligence has and still continues to play a very vital role in the healthcare industry, making healthcare widely available, managing records and patients, allocating funds, etc., there is still a long way to go. There is still scope for improvement in the field of Business Intelligence, which in turn means that there needs to be more developments in the field of healthcare.