Oct 07 2015
BI Reporting & Dashboards, Healthcare
The rising costs of medical insurance has put an immense burden on healthcare and insurance providers to adopt technology that can better predict patient costs. Today, predictive analytics is being used to assess patient risk of illness, treatment costs, clinical data patterns, so that healthcare providers are better prepared to bill their patients. In 2014, the Predictive Analytics World Healthcare Conference flagged off the emerging importance of BI in the global healthcare industry. Now, even mid-sized or small healthcare providers have access to BI technologies like data warehousing that were beyond their financial reach five years ago.
Here are a couple of specific instances where BI can make significant contributions to the healthcare industry in the coming years:
In an IDC press release, Increased demand for payer BI services driving competition and investment, the American healthcare providers are busy investing BI tools and services in order to remain competitive. The use of payer BI services is increasingly gaining popularity in the highly competitive health insurance market, where even a few-dollars worth of variation in health insurance pricing can mean losing big business.
According to this report, the payers and consultants have partnered to bring hybrid BI solutions to the market. In the hybrid scenario, software and services are combined to provide value-based care delivery. The hybrid solutions benefit both the payer and the consultant, as the software tools can be reused in many client engagements with custom modifications and they provide higher value solutions to the clients.
The payer BI trend which started recently across the health insurance industry will gain more momentum in the upcoming years.
The article Why Your Healthcare Business Intelligence Strategy Can’t Win without a Data Warehouse argues in favor of a clinical data warehouse in healthcare BI. With the recent models of care delivery, hospitals and medical practices are increasingly embracing EDW solutions to take advantage of big data-enabled BI and create custom queries to get mission-critical answers. This kind of BI enables a more personalized analytics experience for an individual healthcare client. Moreover, the healthcare provider can access and analyze disparate data such as clinical, financial, quality, patient data, or government data.
In a data warehouse, disparate data can be aggregated, catalogued, and prepared to facilitate complex queries and in-depth analysis. Data warehousing enables analytics that lead to complex insights and actionable intelligence that would not be possible without the data warehouse technology. As this technology is inexpensively available now, the healthcare ecosystem will experience a rapid growth in the use of data warehouses in hospitals, clinics, research laboratories, and in the health insurance industry.
Thus payer BI services and data warehousing are gradually becoming the norms across the healthcare ecosystem—among large, medium, and small healthcare operations or in the healthcare payer industry.
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