Another article addressing Business Intelligence for HealthCare...financial analysis, claims, educational trends, supply chain efficiency, research and clinical trial information are some of the items that can be traced and evaluated through software to enable real time tracking of all areas of operation.....it is just way too time consuming to manually create and analyze information that is needed quickly....."As the industry continues to move toward contracted services, the competition will heat up and this capability will become not only the way to succeed, but also the way to survive."...BD
The trend over the last few decades has been toward specialization in healthcare services, and business intelligence can be a powerful tool for achieving the business goals for specialty healthcare organizations.
Once upon a time, there was a chain of department stores that was losing money. The CEO wanted to know if any department was making a profit. No, every department was losing money. So, the CEO wanted to know which department was losing the least amount of money. It was toys. The company changed its name and poured all of its money into that one department. Toys"R"Us was born. And, with it, the category killer business model was born.
Healthcare organizations are moving in much the same direction – that is, toward specialization along service lines. This specialization makes business sense in many situations. There are constraints on healthcare organizations that don’t exist for other types of businesses. Hospitals and other providers, for instance, have a public service aspect to them that prevents them from dropping business segments just because they are unprofitable; whereas retailers can target new customer segments, close locations and open new ones, and sell off product lines if the money is not there. Business intelligence can be a powerful tool in achieving all of these business goals. The key is to define and prioritize the right business intelligence applications for the size, structure and types of products and services provided by the specialty organization.
Business Intelligence Applications for Specialty Healthcare Organizations
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