What is Healthcare Analytics?
Healthcare analytics aims at offering insights into patient records, hospital management, costs, and diagnoses. It covers a broad swath of the healthcare industry, offering insights on both the micro and macro level. Healthcare analytics, when combined with data visualization tools and business intelligence suites, helps healthcare companies operate better by offering real-time information that can support decision making and deliver actionable insights.
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Why is Data Analytics Important in Healthcare?
With the adoption of digital tools like electronic health records (EHRs), data has become more structured. Furthermore, it has improved the analysis to a large extent. Moreover, the emergence of machine learning and artificial intelligence have made inferences and predictions easier than ever before. The dramatically positive impact data analytics can have on the pressure health systems is more efficient and promises to enhance clinical outcomes. Ideas such as doctor-on-demand, video calls, and Wi-Fi-enabled blood pressure monitors were a fantasy a decade ago. But today they are mainstream and real. This is encouraging both consumers and healthcare providers to adopt healthcare analytics rapidly to lower costs, improve efficiency and enhance patient satisfaction.
Healthcare analytics provides consolidated and actionable insights and helps in risk mitigation and resolution of issues facilitating efficiency and accuracy in the process.
Benefits of Health Analytics
Benefit 1: Identifying and Targeting the Right People
The health plan serves a diverse group of people who may be at any point along the continuum of health and wellness. Healthcare analytics helps healthcare companies to identify people who are at risk and could benefit from weight management, additional screenings, or smoking cessation programs. Furthermore, healthcare analytics aids in providing care to those who need it best. This starts by analyzing multiple sources such as claims data, health risk assessments, and a lot more. Without healthcare analytics, health plans would have to wait to find who requires careful coordination. Additionally, health plans can leverage healthcare analytics to analyze what are the factors that motivate people and how to change their behavior. Also, it helps in taking a closer look at screening rates among people in different demographic groups. This can further help in identifying barriers to screening and determining the best way to encourage target groups to complete the recommended screenings.
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Benefit 2: Increasing Productivity with Real-Time Healthcare Analytics
Healthcare analytics offers relevant data that elevate operational efficiency. This is the reason why proactive healthcare organizations are turning to healthcare analytics for right-time data feeds to track costs and outcomes and improve decision-making. Furthermore, it also facilitates the standardization of staffing with real-time data that allows physicians to focus on one patient-centered activity at a time. The top healthcare organization has realized an improvement of 50 percent in its variance from benchmark lengths of stay and a reduction of 10 percent in readmissions for heart attacks and heart failure.
Benefit 3: Reducing Inefficiencies in the Supply Chain
Healthcare companies accumulate a huge amount of data which is stored in silos across the entire enterprise. Data silos make it difficult to spot the opportunities of savings in the thousands of daily supply chains. Healthcare analytics helps in connecting these islands of information which leads to smarter and wiser buying decisions. Additionally, it provides the ability to gather and blend data on a common field. By leveraging healthcare analytics, companies can create dashboards with data from multiple sources. Furthermore, this will offer 360-degree assessments of supply chains and help in more accurate visuals, eliminating excess and obsolete inventory while reducing the involvement of clinical staff in replenishment and ordering.
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Benefit 4: Automating Ad Hoc Visual Analysis
Healthcare analytics helps in automating spreadsheets for ad-hoc financial reporting in healthcare. This rule out the tendency of mistakes that are made at the expense of accuracy, efficiency, and time. Data visualization thus allows to quickly automate processes that used to consume a large amount of time. Furthermore, by leveraging healthcare analytics and artificial intelligence, providers can see a significant improvement in revenue, patient access, lower cost, patient experience, and increased asset utilization.