In a competitive healthcare sector, medical care providers need continuous access to patient data to improve their services and augment their financial outcomes. Healthcare organizations collect patient data for various reasons, including improved care, health insurance, clinical research, and business success.

However, the lack of data standardization prevents healthcare providers from seamlessly collecting and sharing medical data across systems.

There is a growing need for standardized processes across healthcare institutions.

That’s because standardization is the answer that can improve outcomes for both patients and healthcare providers.

Why Is Business Intelligence Crucial in the Healthcare Sector?

As elucidated above, the healthcare sector depends heavily on data for business success. Be it for improving patient care or monitoring their cash flow; healthcare providers increasingly rely on high-quality data.

As such, they realize the value of Business Intelligence (BI) and Big Data in eliminating process inefficiencies and improving patient outcomes. The global BI market for healthcare is expected to grow at a CAGR of 13.5% between 2022 and 2030. Besides improved patient care, BI solutions in the healthcare sector can deliver benefits like:

  • Faster decision-making
  • Better risk management
  • Improved cost management

BI leverages the capabilities of data analytics, visualization, and mining to extract actionable insights from any data. In healthcare, BI can effectively enable organizations to view their data to implement change and eliminate inefficiencies.

Can BI technology fulfill the need for data standardization and modernization in the healthcare industry?

Modernization Challenges in the Healthcare Sector

35% of healthcare executives say modernizing their IT infrastructure is their leading digital initiative. According to industry standards, 19% of healthcare executives are also focused on data transformation.

For too long, however, healthcare modernization has primarily focused on technological upgrades – instead of digital or business transformation. Hence, the healthcare sector has continued to lag regarding customer expectations.

A study previously found that 95% of enterprises work with unstructured data. The existing BI platforms at the disposal of healthcare providers cannot make the most of the data and extract valuable insights. These legacy BI platforms cannot leverage AI and ML technologies for predictive analytics. This doesn’t bode well since these technological capabilities are helpful in the industry, as a host of the operations rely on on data-based forecasting models.

Here are some of the problems that can arise when healthcare companies do not modernize their legacy BI systems:

  • Lack of integration (or standardization) with third-party systems (for example, electronic health records or EHR)
  • High costs of maintaining legacy platforms, including operational and labor costs.
  • A lack of real-time data insights can impact the decision-making process for healthcare management teams.
  • Loss of revenue due to lack of innovation and competitiveness.
  • Higher cybersecurity-related risks, including issues related to data security.

Favorably, businesses across industries realize the importance of BI-enabled modernization processes that can effectively collect and analyze valuable data. Modern BI solutions can help gather and capture accurate insights without entailing technical expertise. Business users can analyze, manage, and share data-driven insights with minimum training.

This is precisely where managed services prove viable in overcoming BI-related challenges.

How Emergys Can Help with Managed Services

Emergys has enabled its customers to solve complex business challenges using AI and Big Data expertise. Our Big Data managed services have helped organizations to streamline their data operations with minimum downtime.

Besides real-time analytics, telecom players are also building forecasting models based on predictive analytics. This is useful for predicting and preventing future network outages.

Here are some of the benefits of Emergys Big Data managed services:

  • Streamlining Big Data operations with minimum downtime.
  • Real-time data insights and transparency.
  • Improvement in the total cost of ownership (TCO)
  • Continuous updates about technological innovations.

We can also help the BI modernization process in the healthcare segment with the following services that can overcome major BI-related challenges:

  • 24/7 monitoring of existing systems.
  • BI solution enhancements and customer support.
  • Continuous upgrades to the BI platform.
  • Data visualization and storytelling capabilities – including customized visualizations and color schemes.
  • Visual analytics and reporting.
  • Real-time data insights from a variety of data sources.
  • Mobile BI capabilities.
  • Assessment of existing BI tools and platforms.
  • Seamless integration with third-party systems and tools.

Here’s a successful case study of how Emergys implemented accurate analytics of legacy data for a healthcare company and modernized its existing system. This modernization project enabled the company to save millions of dollars using the Cloud and Big Data.

Conclusion

To meet the changing patient needs and expectations, the healthcare sector is undergoing a massive standardization process centered around high-quality data.

Hence, healthcare providers must modernize their BI platforms to stay competitive. However, that is easier said than done. Healthcare firms must consider partnering with a managed services company like Emergys to streamline this transformation.

At Emergys Solutions, we deliver business transformation with our expertise in Big Data, Analytics, and Artificial Intelligence. Our customized accelerators can reduce the time and cost of data projects by 50%.

Let us guide you in your data journey and alleviate the modernization challenges.

Emergys Blog

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