Hypatia Research LLC has announced the release of a report that examines the Business Intelligence (BI) methods employed within the healthcare industry. This report, “Business Intelligence in the Healthcare Industry” details the strategies, vendor solutions and services that are being used by leading companies today. 

 

The healthcare firms that rely on BI and information management services to streamline costs, improve patient care and to enhance clinical research include Blue Cross, Blue Shield, Aetna, MetLife Insurance, Centers for Disease Control, Health Net, Inc., New York University Hospitals, St. Luke`s Medical Clinic, John Hopkins Health System, AstraZeneca Centers for Medicare/Medicaid Services, and St. Jude Children`s Research.

While the use of BI in the healthcare industry has proven to be an effective tool for developing strategies for sustainable growth, not all facilities or organizations are in a position to be able to launch BI strategies.

 

According to Leslie Ament, partner at Hypatia Research, LLC, a tight budget is one major obstacle to BI adoption. "Upfront costs, which range from $2-$3 million, coupled with ongoing investments in creating business rules, data models or role-based reporting templates while migrating and consolidating information into one centralized repository can be daunting," she shared in a Monday statement.

Researchers for Hypatia found that the main barriers to BI adoption are a lack of resources during a recession; interoperability between diverse departmental systems-Radiology, Admissions, Financial, Scheduling, Pharmacy, Supply Chain, Laboratory, Patient Records, etc.; and uncertainties about the future market and economies with evolving regulations and policies.

 

"BI projects of limited scope that demonstrate tangible monetary benefits will be funded and regarded as an essential investment." said co-author and senior analyst, Sue Hildreth, in the Monday statement.

 

While the difficult economic times have been a strain on BI in the healthcare industry, it has not stopped the activity altogether. Those projects that are likely to continue to receive support during recessionary times include targeted areas such as cutting administrative costs; increasing reimbursement rates; reducing payments for fraudulent claims; and improving efficiencies in procurement.

This research helps to demonstrate that while certain projects within any organization can easily be put on hold during slower economic times, companies will still pay attention and implement those projects that support their goals while also reducing their cost of operation.

BI projects have demonstrated their ability to increase efficiencies, while also enabling an organization to achieve better alignment strategically in a competitive market. When those projects can also reduce costs, the organization – no matter the industry – will be better equipped to ride the economic wave to more profitable times ahead.