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The explosion of Big Data in healthcare can lead to information paralysis if the appropriate systems are not in place. Business intelligence is an umbrella term for all the tools, infrastructure and software necessary to access and analyze data to improve decision-making and organizational performance. This is a very broad approach, which needs to be refined so that it can be useful and drive visible ROI and increase in patient satisfaction rates.
Where Is BI Transforming Healthcare?
The first thing any healthcare organization needs to do is to define the areas where BI could have maximum impact, then pick the low-hanging fruit first and move toward more sophisticated applications. It is about turning data into information, and information into action.
Financial data management
Revenue cycle management is one of the biggest hassles of healthcare. The shorter the period between billing and reimbursement, the better the cash flow and the less risk of financial bottlenecks. BI implementation can help organizations to track the status of each claim to evaluate the health of their revenue streams. Such a system can eliminate duplicate requests, compute denial rates and resubmit cases, if necessary.
A BI system is also an excellent tool to manage budgets and money allocation among departments. …