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“Big Data” sounds like a character in a “Transformer” movie, or a Tennessee Williams play.
Everyone in healthcare IT is talking about “Big Data” these days. From Genome medicine to EMRs, the opportunities are stupendous. But so are the problems.
An IBM survey of healthcare executives says 90 percent expect things to be more complex over the next five years, but 40 percent admit they aren’t prepared for it. IBM makes the point that investing in business analytics will help those 40 percent (and more) through the next big wave of information overload.
We wholeheartedly agree with that sentiment. In fact, we have a corporate division dedicated to data analysis as it pertains to the operational side of healthcare delivery. We know the same flow of data that informs executives can overwhelm them. We also know that data points aren’t really information until someone or something is able to connect them in a meaningful way.
Analytic engines can sort through the data to produce meaningful and actionable information for healthcare executive decision-making. Basically, they connect the dots.
In the case of healthcare capacity management, analytics also can make predictions about staffing needs, bed demands, discharge scheduling, even the impact the time of day or season of the year can have on demand. Our clients have used our business analytics solutions to plan new additions and new wings and allocate beds for specific product lines based upon historical trends.
But the real-time nature of our capacity management software provides “just in time” information about how the healthcare enterprise is functioning at any given moment. This is aided by graphic visualizations, or “dashboards,” which show instant analytics of various patient workflow tasks in an easy-to-read format.
TeleTracking Business Analytics Solutions provide a robust set of scorecards, dashboards, custom reporting tools and services to give hospitals the business intelligence they need to:
• Measure and sustain performance improvement
• Optimize use of the healthcare enterprise
• Monitor capacity and resource needs based on volume
• Execute root cause analysis of process delays and wait times
• Increase hospital admissions and transfer volume
• Accelerate discharges and reduce length of stay
The end result is greater efficiency, which results in cost reduction, revenue generation and improved patient outcomes.
If you have a story about the impact of healthcare business analytics on your institution, please consider sharing it with us.