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Healthcare BI software is a specific type of business intelligence software designed with analyzing report tools to organize and extract data for hospitals, clinics, and private practices. Relevant data tracked by this type of software includes patient files, financial records, and staffing schedules.
BI software for healthcare providers primarily works to identify patient trends for better care while analyzing financial changes to improve the bottom line. This is a valuable tool for any Accountable Care Organization (ACO) which needs to maintain and monitor detailed records. Reviewing past data can reveal how your company should move forward.
Patient satisfaction rates are also trackable via healthcare BI software. You can ensure everyone gets the best treatment by analyzing risk with BI tools in a clinical decision support (CDS) system. You can also manage financial operations without sacrificing patient care. Healthcare organizations can use BI software to cut costs while keeping up with always changing industry standards set by federal compliance.
There are many benefits to working with a healthcare BI software at your medical facility:
What makes healthcare-specific BI software so valuable over traditional BI solutions? Healthcare BI software are designed with electronic protected health information (ePHI) and the Health Insurance Portability and Accountability Act (HIPAA) in mind. Both of these measures are designed to protect valuable patient information online and in real life.
Medical SaaS vendors who are not healthcare-specific would need to review if they are legally able to work within HIPAA guidelines. If they’re not, you won’t be able to use your BI software for analyzing patient data. Healthcare BI software is HIPAA compliant to safely extract and analyze protected health information (PHI).
You can still use a business intelligence tool which isn’t HIPAA-compliant, as long as you separate patient data from medical records. This can be done by creating an account number to correspond to medical records. Then the data transferred to the account can be anonymously used to compile sales summaries which do not include any PHI.
Are more patients coming in with the same health concerns? Unless your staff are sitting down for regular meetings they probably don’t notice emerging trends amongst their various patients. BI tools are designed to collect all sorts of data and then present it in a simple to understand manner so you can start seeing patterns as they begin.
For example, imagine some patients start asking for a specific coronavirus screening test. Maybe there was a news story about the pandemic reaching the local community which prompted increased interest in this new test. Your healthcare center can use BI tools to determine what patients are requesting during their appointments. You can then design a specific screening package for other patients who may be interested in testing.
The right healthcare BI software can help doctors, nurses, and other medical professionals make the right decisions when treating patients. Data analysis can show which treatments have had the best results for different diagnoses over time. Doctors can then view this data from the software dashboard to improve quality of care.
The best way to plan next year’s budget is to analyze your spending in the past. By plugging all your data into an EPM and BI software, you can review spending patterns daily, weekly, quarterly, and annually.
These tools are made for planning the finances of both small businesses and large enterprises. Whether you operate a two-room private practice or manage an entire hospital, this software is suited for your budgeting needs.
When your patients need referrals, it’s up to you to accurately transfer their ePHI to the other medical facility. Healthcare BI solutions are useful when working with health information exchanges (HIE) as data is protected when transferred between different organizations.
The software your facility needs depends on the scale of your work:
The cost of healthcare BI software is usually determined by the total number of users. Individual users start as low as $20 per user and reach as high as $70 per user. Often, the more users there are the lower the cost per user.