“Business Intelligence in the Healthcare Industry” outlines strategies, vendor solutions and services utilized by leading companies.
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 are just a few of the healthcare firms that utilize business intelligence and information management services to streamline costs, improve patient care and to enhance clinical research.
However, Leslie Ament, partner at Hypatia Research, LLC. ascertained that 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 stated.
The main barriers to BI adoption are:
- Lack of resources during a recession
- Interoperability between diverse departmental IT systems—Radiology, Admissions, Financial, Scheduling, Pharmacy, Supply Chain, Laboratory, Patient Records, etc.
- Future market and economic uncertainties combined with evolving regulations and policies
“BI projects of limited scope that demonstrate tangible monetary benefits will be funded and regarded as an essential investment.” added co-author and senior analyst, Sue Hildreth. Projects that will receive support during recessionary times include the following targeted areas:
- Cutting administrative costs
- Increasing reimbursement rates
- Reducing payments for fraudulent claims
- Improving efficiencies in procurement