Business intelligence can be put to use in any industry, as it has near-limitless applications as long as there is data to be analyzed, and it is growing increasingly popular among health care facilities. The latest market research report from MarketsandMarkets indicated this sector of BI is growing nearly twice as fast as the overall BI market. As more health providers begin to take advantage of data analysis, it is likely that they will find even more ways to put collected data to work to improve everything from patient care to hospital administration and cost-savings.
Health care market embraces business intelligence
A report released in February by Research and Markets predicted that the overall BI market would see a compound annual growth rate of 8.9 percent between 2013 and 2018. While this is impressive, the health care sector’s expected growth outshines it dramatically. The MarketsandMarkets research found that the market for BI in the health industry is expected to grow at a CAGR of 14.8 percent in the same period.
It’s likely that the health care industry will show more interest in mobile BI and cloud BI, as technologies in the field are expanding in these directions as well.
Putting data analysis to work in health care field
“We, as a society, need to start creating our own metrics for how health care quality is defined,” said Dr. Anil Jain, senior vice president and chief medical officer at Explorys, according to InformationWeek. “In the sense of looking at costs, we know where there’s avoidable cost in health care. We just need to get folks the data they need to avoid those pitfalls.”
Analyzing patient data can give medical professionals insight into everything from daily emergency room admission rates to rehospitalization risks that can help them improve care delivery, cut costs and create a better environment for doctors and patients. InformationWeek highlighted the University of Pittsburgh Medical Center, which used data analysis to predict whether patients would need long-term care, emergency services or repeat appointments. By examining the patient data, the hospital was able to improve patient care.
Health care professionals interested in getting the most out of data analysis might want to look for a BI solution like Necto 14. Panorama’s latest software offering puts the power of analytics into the employees’ hands. The dashboard is intuitive and user-friendly, which makes it easy for anyone to collect and manipulate data, even if they are not data experts.