The estimation of the total global healthcare spending is expected to grow more annually by 4.1% which is about $10 trillion till 2022. The growth is enhanced by an increase in the adaptation of business intelligence and data science for healthcare.
The landscape of business intelligence is improving with the implementation of data science making healthcare facilities more advanced and customized. The technical and information technology-centric business intelligence is now incorporating data science and analytics for successful healthcare enhancements.
Role of Business Intelligence and Data Analytics in Healthcare Industry
The healthcare industry is contributing to more than 10% GDP (gross domestic product) for most of the developed countries of the world. is moving towards a more formed and data-driven world.
The data management have improved efficiencies regarding patient safety and medical hazards, and are particularly concerned about the clinical data management during the arrival of the pandemic. The major advantages of implementing various applications of data science with business intelligence are as follows:
- There are more than 784,626 organizations that are contributing to the enhancement of healthcare facilities. With improved facilities, the healthcare industry is getting more streamlined for effective decision making and implementation of business strategies.
- It is estimated that IoT (internet of things) can lower operational costs and at the same time improve clinical efficiencies by almost $100 billion per year.
IoT is helpful for providing predictive analysis for evaluating medical emergencies. Healthcare professionals can mitigate the impact and take precautionary measures for the same.
- 64% of doctors believe that data science and business intelligence can reduce the huge burden from physicians and nurses.
Business intelligence application is beneficial in providing detailed reports about a specific medical condition with cost estimation so that the patient’s family can get a thorough insight into each aspect of the treatment and proceed according to the report.
Leaning Drift towards Business Intelligence
The total healthcare spending is accountable for 33% from the hospitals, followed by 20% of clinical services, 10% in retail prescription drugs, and rest in other forms of medical facilities.
The majority of business investments should be made in these services so that the healthcare industry experiences a maximum advantage. The top trends in healthcare industries are:
Augmented analytics with machine learning has improved the automation abilities of healthcare organizations. Patient data are more readily analyzed for prescribing treatment and care according to the medical history of the patient. Drug administration and corresponding side effects and hazards can be analyzed with different data science software.
AI eliminates the risks of developing vulnerable points of attacks and they aim in executing tasks that seem to be complex by human intelligence. AI algorithm helps in preparing a live dashboard for the healthcare professionals to manage their workforce and tackle emergency medical services more effectively.
Collaborative Business Intelligence
Almost 12% of people around the globe are connected with a healthcare device that utilizes collaborative business intelligence for different healthcare facilities. The online tools integrating with social media helps to analyze the medical threats and predict medical hazards to prevent them with corrective measures.
Data Quality Management
The clinical data are efficiently collected by different data management tools and thereby analyzed for interpreting future endeavors of business intelligence. The accuracy of data interpretation can help in taking the right business decisions.
Data Visualization Tools
The data collected are analyzed by data visualization tools that generate findings and reports that hold a business value. It helps in data preparation and visual analytics, followed by important extraction of insights. These help the pharmaceutical companies to prepare medical-chemical analysis for preparing new drugs.
With the advent of business intelligence, 60% of healthcare giants have already implemented IoT in their businesses. 47% more companies are inclining themselves in using connected healthcare devices.
The era of business intelligence and data science for health care has improved facilities as well as patient compliance to a huge extent. 55% of patients are conveniently sharing their medical reports online, while 50% of the patients are happily contacting their respective physicians online.
During this pandemic spread, digital media with the application of telemedicine have paved new ways in the healthcare industry.