Healthcare and Business Intelligence are two concepts that one would not have paired years ago, when the healthcare industry first started to grow. Today, healthcare companies are constantly looking for ways to stay competitive and improve their business performance as more and more competitors enter the market. Brian Fugere, COO of RemiDATA, wrote an article a couple months ago specifically discussing the impact Business Intelligence will have on healthcare in the future. The article, "Comparative analytics: the future of business intelligence in healthcare," describes how comparative analytics are an added bonus to the already adopted business intelligence solutions.
Fugere says, "In contrast, comparative analytics solutions leverage the concepts of business intelligence but contextually compare that data against peers and other benchmarks - a key differentiator." In this quote, Fugere is describing why comparative analytics are a step above the business intelligence solutions most healthcare companies are currently using. In other words, comparative analytics allow healthcare companies to not only assess their own performance, but also allows them to see how they are matching up against competitors and other players in the market.
Fugere also mentions how "the next generation comparative analytics capabilities provide even more transparency and value, including the use of real time data to benchmark against peer indicators." In his eyes, the best comparative analytics allow the company to not only leverage their business intelligence solutions, but also leverage the data in real time.
The hc1.com Healthcare Relationship Management Cloud includes healthcare specific Business Intelligence that allows laboratories, radiology practices, and health organizations to analyze facets of their business like turn around time, levels of volume, and forecasted sales. Combine this Healthcare BI with comparative analysis and a laboratory or practice will be able to not only assess their productivity in real time, but also gain an understanding of how they can leverage this data to stay competitive in a constantly growing healthcare industry.
To learn more about the hc1.com cloud-based solution, visit hc1.com.