Business Intelligence revolutionizing the Healthcare Industry

There have been many strides in the field of healthcare, to make it more accessible and cheaper. One of the main contributors to developments in the healthcare industry is technology. Owing to the many advancements in technology, hospitals, clinics, and doctors have become better equipped to deal with patients and the different kinds of illnesses, injuries or diseases. Business intelligence plays a very important role in all of this. Business intelligence, defined by Gartner as “an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance,” is essential for helping healthcare providers gain visibility into opportunities for improvement.

According to a report by Stratistics MRC, the overall market share of business intelligence in healthcare is set to see an increase of about 17.4% from $3.75 billion in 2017 to $15.88 billion by 2026. Considering that the phrase “value-based care” is almost always immediately followed by a discussion about how to trim inefficiencies and improve patient outcomes, healthcare should be given the highest preference, and improving its quality, safety values, and efficiency should be a priority and therein technology has really revolutionized this sector by reducing costs, improving efficiency, and keeping the quality up to mark.

Business Intelligence is the process by which large scale data from the massive healthcare industry can be collected and refined into actionable insights from 4 key healthcare areas: costs, pharmaceuticals, clinical data, and patient behavior. If there is one industry in the world that reaches everybody, it is the healthcare industry. Lotus Analytics integrates BI tools with medical software that help organize, prepare and analyze data for providers and organizations in the medical field, such as hospitals and clinics. The technology can track information from patient files, financial records and more to help healthcare providers optimize their budgets and improve the care offered to patients, as well as chart a course for future success. At Lotus, we recognize that business intelligence tools are more accessible and require less specialized knowledge to use than medical software, with a user-friendly interface that can enable employees all throughout a healthcare organization to see insights in real time. The impact on your business is immense:

• Reduce the amount of time and resources required to leverage data

• Optimize patient care and revenue streams

• Gain competitive differentiation

• Accelerate successful adoption of value-based care

• Keep up with imperative, industry-wide changes that affect profits

• Avoid excessive waiting times that damage patient-doctor relationships

• Recognize and balance patients’ needs as well as those of medical staff

• Take advantage of real-time data for real-life situations

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