In her book, Data-Driven Healthcare: How Analytics and BI are Transforming the Industry, Enterprise BI and Analytics Program head at Children’s Hospitals and Clinics of Minnesota, Laura B. Madsen says “Data is taking over in a powerful way.”
In today’s era, an abundance of data is at our fingertips. Hence, leveraging appropriate analytics can fuel progress. The advantages encompass patients, providers, and board members alike, with the potential to actualize streamlined patient management through cutting-edge technology.
We are here to unveil how exactly data-driven healthcare is transforming the industry.
Challenges of Business Intelligence in Healthcare
Before we explore data-driven healthcare, and how analytics and BI are transforming the industry – let’s take a look at the complexities healthcare poses to both of them.
Todd Crosslin, the Global Industry Principal Healthcare and Life Sciences at Snowflake highlighted the challenges faced when operating at the intersection of healthcare and data during an episode of The Data Chief podcast.
Apart from data governance and privacy, Crosslin mentioned another aspect of the healthcare industry holding back BI and data analytics experts in the field. That element happens to be certain data that is complex and difficult to build relationships around.
Moreover, while the healthcare provider focuses on delivering top-notch patient care, patients are reluctant to share private data. Meanwhile, the payer aims to control as many costs as possible. Osborn and the entire industry face a challenge to foster collaboration between said parties with such conflicting priorities.
However, there is hope. Advancements in technology have facilitated improved protection, exchange, and analysis of healthcare and life sciences data. The valuable insights derived from this data empower healthcare professionals to enhance patient care, anticipate health outcomes, and potentially save lives.
How Analytics And BI Are Transforming The Industry
RBC Capital Markets indicate that the healthcare sector contributes a significant portion of the world’s data volume. The global healthcare business intelligence market is projected to reach a substantial value by 2027, as estimated by Emergen Research.
It is estimated that electronic health records and medical images contributes over 80 MB of data for one single patient in 2023. The wealth of information allows major opportunities to implement data-driven approaches to optimize processes.
Consequently, a growing number of businesses opt for business intelligence solutions tailored specifically for healthcare.
6 BI Solutions Revolutionizing The Healthcare Industry
Future Market Insights predicts a high compound annual growth rate (CAGR) for the healthcare BI market between 2022 and 2032. Precisely, 8.1% CAGR. Additionally, one can expect the healthcare business intelligence market to rise above $7.4 billion by 2032.
What is catalyzing this growth? Here are 6 BI-powered innovations the healthcare industry is leveraging.
Unleashing Insights from Data via Medical Professionals
Physician-led data-driven healthcare insights revolutionize analysis, replacing cumbersome back-and-forth with data analysts lacking medical expertise. Life-saving insights frequently remain trapped in data silos due to time constraints.
For instance, a cancer researcher’s query may take days or weeks to generate a report, delaying actionable insights. In bigger healthcare firms, data cleansing and transformation are necessary to analyze multiple EHR sources.
Data teams lack medical proficiency to identify anomalies or anticipate the next set of questions, resulting in generic reports. In contrast, self-service analytics empowers medical professionals, enabling real-time analysis and impactful decision-making.
BI Boosting Drug Discovery
Accelerated drug discovery is made possible by modern data-driven healthcare BI tools that streamline the analysis of clinical trial outcomes and previous genomics data, leading to reduced time to cater drugs that save lives. The ability to provide medical researchers with access to aggregate data querying has the potential to transform the pace of medical research.
Enthusiasm arises when practitioners envision having comprehensive patient genomic data and running queries against all variants for thorough testing. This highlights the impact of democratizing analytics in the field of medical research.
Data Sharing Enhanced Via Business Intelligence
Modern technology and AI-powered data transformation tools such as FLIP enables unprecedented data unification from diverse data sources for actionable insights.
This integration empowers companies specializing in genomics and patient data to explore new possibilities. They can join datasets without the need for data migration, and streamlining data analysis.
Moreover, hospitals can leverage advanced data analytics to correlate nationwide statistics, providing insights into the causes of ailments.
Data-Driven Healthcare Through Care Plans
Embedded data in care plans have the potential to benefit not only the healthcare industry but also empower individuals to access, monitor, and control their own data. The vision is to have a single place where patients can view all their connected healthcare information.
Previously, data unification and sharing posed challenges, but advancements are being made. For example, biometric data from heart-rate monitors or wearable fitness trackers can be integrated, expanding the range of captured patient data.
How Data-Driven Healthcare Is Transforming the Industry Via Data Storytelling
Data storytelling plays a crucial role in healthcare research. While data has always been central to healthcare and clinical evolution, current analytics, and BI tools have made it convenient to convey a narrative through data. By merging medical data with impactful data visualizations, users at all levels of data literacy can gain insights and engage with data in a relevant manner.
Whether you’re a researcher seeking financial support or a pharmaceutical company looking to enhance your market position, data visualizations empower you to uncover potential opportunities and reinforce your compelling narrative. These visual representations of data not only enhance understanding but also facilitate effective communication and decision-making.
AI-Powered Predictive Healthcare
Predictive healthcare is becoming a reality thanks to the advancements in AI and ML technologies in business intelligence. These developments have unlocked possibilities that were once limited to the realm of science fiction.
With AI and ML, healthcare professionals can now forecast various outcomes. For instance, they can predict the probability of a prescriber authoring a script in advance, anticipate a patient discontinuing a therapy before it happens, and even forecast changes in a plan’s formulary status ahead of time.
Harnessing AI-Powered Analytics with Kanerika
Data Analytics and Business Intelligence acquire new capabilities using the power of AI. AI-powered analytics allow organizations to quickly identify savings opportunities and pinpoint bottlenecks in critical operational areas such as hospital staffing, operational costs, patient turnover, and wait times. This empowers them to make informed decisions and optimize their resources for better patient care and operational efficiency.
Kanerika unlocks the power of analytics and business intelligence by utilizing their in-house AI-powered DataOps tool FLIP. Leveraging Kanerika’s services before, a global digital healthcare leader addressed critical issues. By implementing real-time business intelligence, they empowered senior management with timely insights to drive business growth.
Utilize advanced business intelligence tools and integrate data across functions by booking a meeting now!