3 Reasons that Healthcare Organizations Need a Business Intelligence Strategy
More than almost any other industry, healthcare oriented businesses live or die by the way they gather and use data. Healthcare has evolved more in the last century than in the thousands of years prior, due to technological advances and increased understanding. As a healthcare oriented organization or provider, it is imperative to survival that you stay in front of the curve as technology continues to advance,or you run the risk of immediate irrelevancy.
Loosely defined, Business Intelligence (BI) refers to a set of tools, systems and software that play a major role in the strategy planning of a business organization. As you’ll find out, that only scratches the surface of what BI entails, and if you’re not implementing a solid business intelligence strategy, you will rapidly become irrelevant.
What follows are 3 reasons why you constantly need to update and implement your business intelligence strategy. Follow these ideas and devise your own strategy, the important thing is that you make business intelligence a priority for your organization.
The healthcare industry is experiencing monumental and unprecedented growth and change.
Gone are the days of healthcare providers relying on paper records to track the care that has been provided for a patient. In 2013, 80% of hospitals had incorporated an electronic health record (EHR) system. The centralization of patient information has improved patient care, lowered costs for providers, and decreased wait times and inefficiencies in the medical industry.
The internet has overhauled the access that individuals have to medical information. Services like WebMD have enabled patients to diagnose (and misdiagnose) medical issues on an unprecedented scale. As technology advances, healthcare organizations need to keep up or they run the risk of obsolescence in the information age.
Healthcare costs are rising.
In 2003, the average Health Insurance Premiums totaled $9,068, with the worker contribution totaling $2,412. Ten years later, the total rose to $16,351 with the worker contribution reaching $4,565 – an 80% total increase and an 89% increase in worker contribution, according to a report by the Kaiser Family Foundation. Ten years before that, the worker contribution was just under $2,800. There is no sign that this massive increase will slow down.
The Affordable Care Act has also changed the playing field for healthcare providers in a major way, requiring fast and drastic action in order to comply with new requirements as well as to keep overhead as low as possible. A properly constructed and implemented business intelligence strategy is one tool that every organization needs to employ to accomplish that goal.
Today’s consumer has more power than ever before.
Put yourself in the shoes of a modern consumer choosing a primary physician. What would you do to find the right doctor for your family? If you’re like most modern Americans, a web search will be a part of the process. Once a potential customer reaches your web site, they are just one mouse click away from leaving you behind and moving on to the next provider.
At the same time, a dissatisfied customer is only a few mouse clicks away from finding a new provider and giving their business to someone else. Proper and constant application of BI will keep you at the forefront of what today’s healthcare consumers are searching for.
So what now? Where do you start?
In the articles that will follow, we’ll examine tools like the Enterprise Data Warehouse (EDW), EHR systems, and the tools that every healthcare organization needs to stay at the forefront of efficient business intelligence.
In the meantime, here is some additional reading on the topic:
* Why Your Healthcare Business Intelligence Strategy Can’t Win without a Data Warehouse
* Top Actions for Healthcare Delivery Organization CIOs
* American College of Healthcare Executives Announces Top Issues Confronting Hospitals: 2012