Data analytics is transforming healthcare facility management. Are you ready for what’s next?
Healthcare analytics is reshaping decision making and day-to-day operations within healthcare organizations to become smarter and more efficient. In the past, staff tediously sifted through overwhelming collections of unorganized data. Answering important strategic questions such as determining the most profitable service line or identifying over-staffed instances was difficult, hindered by a lack of data transparency and timely reports. With the advent of healthcare analytics applications, performance assessment and strategy development can be performed quicker and easier with accurate, richer information.
Various healthcare organizations have experienced notable results in leveraging their data. After implementing FTICatalyst healthcare analytics software, Frederick Memorial Hospital in Maryland was able to uncover disparities in patient length of stay data and develop strategies for improvement. According to a recent healthcare analytics survey conducted by CDW Healthcare and O’Keeffe & Company involving 150 healthcare decision makers, 82% of respondents reported observing enhanced patient care after using data analytics. In addition, 52% noted improved financial reporting capabilities.
In the long term, healthcare analytics will stand as a highly advantageous capability for any healthcare organization to have. Let’s explore 4 important trends in healthcare analytics for 2015.
The presentation of complex healthcare data in the form of visual dashboards, graphs, and charts will assist physicians, nurse staffing managers, and other non-IT staff in daily decision making by providing easier data interpretation. Non-IT staff will not be required to read through and understand complex data reports in order to answer basic questions. Furthermore, data from disparate sources can be organized and accessible from a single application using visual dashboards. This would allow for greater coordination across different departments and users and align their efforts to work towards the same organizational goals.
Mobile Device Usage
Healthcare providers will increase their employment of mobile devices to run data analytics software as well as other business intelligence applications for convenience and flexibility. Mobile devices will enable users to readily access a rich collection of organizational data that they can use to guide their tasks and efforts. Productivity and workflow will benefit and become more streamlined with less paperwork and time needed to process documents.
Increased Collaboration and Improved Team Results
When an organization’s data can be accessed from a single source by multiple individuals, the opportunity for collaboration between users, teams, and departments is greater. For example, a healthcare finance executive could easily collaborate with their HR counterpart on a project designed to improve profitability through alleviating overstaffing by working with data sourced from financial and staffing analytics dashboards. HR staff can be made to understand how their efforts affect the organization’s financial health and develop ideas based on their experience and knowledge. Likewise, by working with a staffing analytics dashboard, finance staff can identify opportunities for lower costs and other improvements.
In the end, team projects and strategy meetings will require less time to complete as data analysis becomes easier and more streamlined. The silo mentality that plagued organizations in the past will be replaced as teams work more openly by sharing and viewing each other’s data. When collaboration is increased, the organization can develop higher quality solutions from their data and discover new ways in how their data can provide value.
Quick Access to Real Time Data
Leadership in healthcare organizations is often required to address a multitude of different problems and solve them immediately. By organizing the facility’s data into a single analytics application, information can be quickly updated and reviewed, allowing key decision makers to know the organization’s exact performance at any time. Such speed in accessing data will enable swifter problem solving and create a more proactive organization. Real time figures and metrics would assist leadership in making correct predictions and implementing proper solutions when critical issues are present.
Stodder, David. Ten Trends in Business Intelligence and Analytics that Are Transforming Healthcare. TDWI. Retrieved from http://tdwi.org/Articles/2012/07/18/FEATURE-Ten-Trends-in-Business-Intelligence-and-Analytics-that-Are-Transforming-Healthcare.aspx?Page=1.