May 23, 2023
The healthcare industry is flooded with data: each patient generates more than 80 MB of data in electronic health records and medical images alone. Such an abundance of information opens vast opportunities for data-driven process optimization. Consequently, more and more organizations are turning to business intelligence solutions tuned for the specifics of healthcare.
Digital transformation of the healthcare industry has contributed to generating terabytes of complex data, increasing the need for sophisticated healthcare BI tools.
of the world’s data volume is generated by the healthcare industry
RBC Capital Markets
expected value of the global healthcare business intelligence market by 2027
estimated CAGR of the healthcare BI market between 2022 and 2032
Future Market Insights
You can use business intelligence tools in almost any area of healthcare to enhance clinical and administrative workflows.
Analyzing each patient’s data to identify trends and patterns, improve patient care outcomes and reduce costs.
Analyzing data from multiple sources to identify health trends, risk factors, and opportunities for intervention in a particular group of patients to improve population health.
Using organizations’ data to optimize staffing levels, redistribute the workload, and reduce burnout rates and hiring costs.
Processing data from various sources to detect and prevent insurance fraud, waste of resources, and healthcare system abuse.
Analyzing inventory, purchasing, and distribution data to optimize the supply chain and reduce costs.
Tracking and analyzing data from clinical trials to improve trial efficiency and outcomes and participants’ satisfaction.
Creating data-based reports on quality measures to comply with regulations and improve patient care.
Processing financial data to optimize revenue cycle, including billing and insurance workflows.
Analyzing data from IoT devices and hospital management software to monitor the safety, hygiene, and proper usage of healthcare facilities.
Processing data from healthcare, pharmaceutical, and other sources to develop new treatments faster, more effectively, and with fewer side effects.
For more than ten years, our team has provided BI consulting and end-to-end implementation services for healthcare industry players.
The solution Itransition delivered helped us further raise the bar in the level of services we provide to our clients and allowed us to significantly increase their satisfaction and bolster our competitiveness on the market. While working on the project, Itransition’s team has proven to be responsible and experienced professionals, often acting as a valuable technology consultant, and demonstrated a highly creative, autonomous, and proactive approach.
Thanks to Itransition’s technology expertise and experience in setting up development processes in multinational distributed teams, we have been able to accelerate delivery, scale teams up without slowing down development, and increase team velocity and productivity. All the above helped us speed up proving product viability, hitting important milestones, and showing demos to key company players.
A successful healthcare BI solution gathers data from different sources, stores, processes, and governs it securely and effectively. Four main BI solution components handle particular tasks.
Acquires data from multiple sources, alters, repairs, cleans, verifies and recombines if needed, and loads it into a repository.
Normalizes, stores, and analyzes data to combine it into more comprehensive categories inside one database. It also helps properly govern data inside the organization, safeguarding and securing it.
Processes large volumes of data, analyzes it, and presents insights to make strategic data-based decisions.
Helps present analytical insights in more comprehensive formats featuring multiple visualization techniques.
The healthcare sector requires providers to employ four major types of business intelligence.
EHRs provide a vital data source for BI analysis and clinical decision-making, while BI tools help optimize the EHR’s performance and effectiveness.
As well as EHRs, healthcare CRM contains patient data that should be processed by BI software, and their proper integration ensures safe, secure, and accurate data transfer between systems.
Analyzing customer data like purchasing history, shipping details, requests, and feedback improves the effectiveness of marketing and sales workflows, leading to better business decisions.
Connecting BI tools to pharmacy management software can provide insights into pharmacies' workflows, contributing to the safety and effectiveness of multiple groups of drugs.
Medical images represent a significant volume of the most valuable healthcare data. Still, the data should be extracted with specialized analytics software and then processed by the business intelligence solutions.
Medical devices can feed data to BI solutions in real time if integrated smoothly, contributing to the accuracy and relevancy of the insights provided by the BI tools.
Reduces organization’s expenses by optimizing performance
Improves health outcomes due to more data-based clinical decisions
Enhances patient satisfaction by personalizing care
Saves medical professionals’ time with more efficient workflows
Presents new growth opportunities, thus increasing organizations’ revenue
Boosts population health through demographic-based actionable insights
Like any other software, BI tools have their inefficiencies and characteristics that can put healthcare organizations off from implementing the system.
Due to the number and variety of data sources in most medical, pharmaceutical, and insurance companies, data they receive is often inconsistent or incomplete.
Healthcare providers must comply with data privacy and security regulations, such as HIPAA, to protect patient records and other sensitive data.
Many healthcare providers have legacy systems installed that aren’t compatible with modern BI software, obstructing and compromising data transfer.
The cost and timeframe of adopting a business intelligence solution vary depending on several factors, such as the healthcare organization's size, data complexity, the number of users, and the features required. According to Capterra, the prices for BI software range from $600 to $6,000 per year. Therefore, it is best to ask vendors for a quote for your organization specifically.
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