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Ways to Make Smarter Decisions with Healthcare Business Intelligence



The first three months of 2018 saw the highest level of healthcare merger and acquisition activity in over a decade. During that same period, we have seen prominent US business leaders form unique partnerships and frequent, impactful shifts in healthcare policy. In the midst of these changes, stakeholders who put effort into developing their healthcare business intelligence will make smarter decisions and adapt while those who do not will likely get left behind.

Listed here are a few ways to make smarter decisions with healthcare business intelligence to give you an adaptive edge.

Consider Salient Data

Overlooking valuable data can be a missed opportunity for new insight. We will never have perfect or complete information, but we can improve the quality, timeliness, and variety of the data that we feed into our healthcare business intelligence. Using your business goals as a guide, bring in disparate groups of data for more comprehensive analytical benefits.

Cultural Business Intelligence

Keep in mind the idea put forward by Melvin Conway when he said, “Any organization that designs a system will inevitably produce a design whose structure is a copy of the organization's communication structure." Business intelligence is not something for a single team within the organization but rather should be ingrained in the decision-making process across all teams.

Interactive Visualization

Turning data into an interactive visual dashboard can uncover hidden patterns and connections at glance. Data journalist David McCandless explains in his TED Talk that, “There’s something almost quite magical about visual information, it’s effortless. It literally pours in… The eye is exquisitely sensitive to patterns in variations in color, shape and pattern... It's the language of the eye. If you combine the language of the eye with the language of the mind, which is about words and numbers and concepts, you start speaking two languages simultaneously, each enhancing the other.”

Focus on the Consumer Experience

Healthcare consumers want access to quality care on their own terms. Providers who focus their healthcare business intelligence efforts toward better patient experience and engagement will be better off while margins are thinning. Similarly, payors who use business intelligence to better understand their consumers can provide them a better experience which will reduce member churn. 

With the drastic landscape shifts occurring in the healthcare industry, making smart decisions is as vital as ever. Being thoughtful about healthcare business intelligence allows for smarter decision-making, which can turn a daunting challenge into a key opportunity. Drop us a note here if you would like to hear more about how Amitech can help you and your organization reach your business goals.

 

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