Healthcare Analytics… Essential to Your Survival

Global healthcare is transforming from a volume-based business to a value-based business. With increasing demand from consumers for better healthcare, providers are taking a closer look at how they can improve quality and enhance value. As the search continues, data is increasingly becoming the surest way to decide what to do.

What is healthcare analytics?

Healthcare analytics was valued at 7.3 billion in 2015. ResearchnReports predicts the global healthcare analytics industry will value at $34.27 billion by 2022. Orbis Research believes the global healthcare business intelligence (BI) market will grow at a 15.56% compounded annual growth rate (CAGR) until 2021.

Real-time healthcare data is becoming the expectation and growing at such a rapid rate that humans simply cannot keep up. BI tools are becoming essential for healthcare providers and facilities.

“BI and business analytics (BA) are often used interchangeably,” said Katherine Andriole, PHD, FSIIM, associate professor of radiology from Brigham and Women’s Hospital. “Business intelligence asks questions of the data by changing the visualization, whereas business analytics is really a subset of the overall BI framework.”

Where and how do I get this data?

There is an overwhelming amount of data for radiology professionals.

The problem is that the data is scattered across many different databases, such as your PACS, RIS, or EHR. It is essential to have a way to merge this data so that it becomes usable. One of the most popular, up-and-coming ways to do this is by using an Enterprise Imaging Solution, such as Novarad’s Ncompass Enterprise Imaging solution.

An enterprise imaging tool will enable you to aggregate, integrate, and analyze the data that your facility already has.

Developing a clear roadmap

Organizations need to develop a clear roadmap to create a seamless and silo-free data warehouse. If you wish to succeed with predictive analytics, you should develop meaningful data dashboards and reports for the end-users.

Cloud technology will play a major role for healthcare organizations to create scalable analytics. Cloud storage offers flexible options with lower upfront costs, yet still allows for sophisticated analytics development.

Many cloud-computing vendors now offer “software-as-a-service” (SAAS) technologies that make it easier for the provider with smaller budgets and without large internal IT departments to engage and be progressive in their analytics initiatives.

What does this mean?

There are healthcare analytics solutions for all providers and organizations big and small. You do not have to be a large corporation to take advantage. However, you do not want to sit back on your heels and think you have time to wait. The technology is expanding and growing faster than anyone can keep up, wait too long and you may be left in the dust.

 

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