What good is a resource outside of your reach? Healthcare providers and payers everywhere face this dilemma as their data accumulates without the right means of full interpretation. In response, a new generation of analytics platforms and healthcare IT solutions are being rolled out to capitalize on untapped data. What is being done is stunning and promises to alter the healthcare industry immediately.
Greater Accuracy with Life-Saving Diagnostic
Correct and effective treatment relies on accurate diagnosis. However, very few real life cases are open and shut textbook examples. Rare diseases, uncommon genetic disorders, or even overlapping symptoms complicate the diagnosis process. When healthcare professionals lack the tools to enhance evaluations, patient outcomes teeter on the brink. Fortunately, a range of healthcare IT solutions are bridging the gap in significant ways.
Machine Learning is at the very top of the list. Cognitive computers like IBM’s Watson are learning from medical specialists, improving the ability of the platform to duplicate top-tier care across facilities far and wide. As more hospitals and companies within the healthcare industry contribute to and access this information, national health outcomes are only set to improve.
More immediately, there are healthcare IT solutions that help to consolidate patient analytics in one spot. EHRs grow in sophistication each year, making analytics about a patient’s lab reports, medical tests, and prescriptions accessible from one electronic dashboard. Implementing the right platform on secure servers decreases the likelihood that charts and patient data will be misread.
More Efficient Workforce Management
Workforce management is especially complicated in the healthcare industry. Employees working across shifts that often rotate make analysis a quandary for traditional methods. Yet big data analytics implementation empowers HR and department leaders to evaluate employee morale, productivity, performance, and other critical KPIs.
Decreased workforce costs are one target data analytics help to hit. Big data tools implemented the right way are capable of pulling together diverse unstructured data sources and running multifaceted analysis. A variety of factors are comparable alongside employee performance and peak hours of business to determine the most comprehensive and efficient workforce adjustments. Additionally, engagement KPIs help to shift the right personnel to the right shifts, determining when, with whom, and at what times they are most productive.
Once data warehouses are established in the above scenarios, business intelligence teams are crucial in extracting insight. With so many potential sources for workforce data, many healthcare companies are learning that IT professionals with advanced analytical expertise drive their most consequential findings. That way, less time is spent fumbling for answers.
Improved Payment Integrity
Payment integrity is one of the greatest data analytics opportunities for healthcare payers. Studies show $5 trillion is wasted annually on unnecessary healthcare payments for reasons varying from claims payment overlap to fraudulent claims. Wasted spending dominoes through healthcare payers, constraining operations and raising premiums. However, tailored healthcare IT solutions have the potential to decrease overall expenses.
Big data analytics platforms combined with trained analysts are capable of spotting the areas where payment integrity suffers the most. Awareness of commonly overlooked areas of needless cost remittance and an eye for spotting fraudulent claims paired with sophisticated algorithms are helping to cut down the financial waste to far more manageable levels. And as the competition for healthcare payers only increases, any edge provides a sizable advantage.
Making the Most of Healthcare IT Solutions
What surprises many healthcare companies about the shift is how fast the evolution of data analytics is happening. Last year, only 10% of healthcare organizations were using data analytics to the fullest potential, and this year more are implementing the full gamut of options. The right healthcare IT solutions are helping to move companies into the upper canopies of the industry, allowing them to reach beyond the low-hanging fruit that their less adaptive competitors are stuck with.
Most are finding that staying competitive requires the guidance of data analysis professionals. Their hands-on expertise helps to transition into new technologies and strategies with the least cumbersome learning curve. That way, healthcare companies are able to get the most out of their data analytics as quickly as possible, keeping their most valuable resources within reach.