The healthcare industry is increasingly becoming dependent on timely and precise data to fulfill its operations. Health plans, hospitals, medical groups, and insurance providers need to monitor vital aspects of their organizations, be it operational performance or revenue.
In 2020, healthcare dashboards are the preferred tool for having a clear picture of the analytics that are most important to your organization.
Why Are Healthcare Dashboards so Essential?
With the healthcare industry embracing business intelligence, stakeholders are leveraging data visualization for making swift and actionable insights. There are many reasons why healthcare organizations need business intelligence dashboards, including:
- Enhancing transparency. KPI dashboards provide a means for conceptualizing data and improving visibility.
- Ensuring easy and quick access. The implementation of hospital analytics software allows employees to access the same data simultaneously. Consequently, it becomes easier for IT teams and C-level executives to understand how data visualization affects their departments.
- Better decision-making. Data visualization is interactive and allow you to make informed decisions. They offer real-time data and valuable insights for making better decisions about your organization.
- Meeting the organizations’ growth demands. All healthcare organizations have short-term and long-term growth objectives. A dashboard provides you with customizable tools with real-time reporting capabilities that help you meet the dynamic needs of the industry.
- Improves your data reporting system. C-level execs and other crucial decision-makers at healthcare organizations rely on reports to monitor performance. Health KPI dashboards help you to gather and compile data in an automated, visual, and interactive manner.
There are dozens of healthcare dashboards that you can leverage to streamline operations at your organization. Here are four types of business intelligence dashboards that can drive your business forward.
1. Claims Analytics
Health insurers can maximize profitability by staying on top of their key metrics. In doing so, they will be able to modify premiums for policies with a high claim ratio.
Similarly, it will be easier for insurers to add policies that lower clients’ premiums. Insurance companies also need to identify the number of claims per client and per policy, besides offering cheaper premiums to customers.
Health insurance dashboards are perfect for organizations that need interactive and customizable software that assist in everyday operations. The dashboards provide you with an array of charts and visualizations besides providing dozens of capabilities, including:
- Uploading and sifting through vast volumes of data to identify trends and aberrations.
- Ease of use when modifying or creating charts and visuals.
- Leveraging user-driven data mashup.
2. In-Patient Analytics
In-patient dashboards are designed to display critical clinical information regarding patients who get admitted into your facility. This includes clinical tasks that are to be undertaken, information about patients’ routine management, and their eligibility to funded healthcare programs such as Medicare.
All this information gets displayed on a single screen, thus enabling medics to handle patients who are under their care expertly. You can customize the dashboard to meet the needs of your facility. A patient dashboard can significantly improve the quantity and quality of clinical information that you collect from your patients. This, in turn, offers your facility an array of benefits, including:
- ?Better service delivery.
- ?Improved access to patient information by medics.
- ?Enhanced access to clinical programs.
- ?Attainment of performance and revenue targets.
3. Referral Analytics
Medical facilities provide a broad range of services and procedures to patients who’ve been referred by their medical doctors. A crucial key performance indicator for the growth and revenue of your facility is the number of referrals. Therefore, your facility needs to have great partnerships with medical doctors and clinics since this translates to more referrals and more patients.
A referral dashboard can also help you identify, nurture, and strengthen valuable partnerships with medical doctors and clinics. It measures the number of referrals made by individual medical doctors or clinics over a specific period and the number of referrals by medical specialty, among other metrics.
Sometimes, hospitals lose out on potential revenue due to referral leakage. With a dashboard in place, you’ll be able to increase the likelihood of referrals and track and coordinate all referrals made to your facility. Tracking leakage rates within your health system will also be convenient. Furthermore, it will be possible to generate referral leakage reports.
4. Hospital Analytics
C-suite execs and IT teams at hospitals need to track critical metrics such as the number of patients, waiting time, and cost of treatment. A centralized dashboard is an excellent tool for collecting and compiling data from different departments in one centralized database. It also makes it easier to identify trends that emerge over time, as well as weaknesses in your operational setup.
Hospital analytics tools provide you with a clear picture when it comes to resource allocation since they track the needs and performance of every department in a hospital. You will gain a holistic insight into how your facility is working, something that goes a long way in streamlining your decision-making process.
As a business intelligence tool, a hospital dashboard can also help you to determine your patients’ satisfaction level. By understanding their needs and preferences, you will be able to improve your facility’s patient satisfaction score. Hospital dashboards also offer a range of other benefits, including:
- Revenue and expense analysis.
- Referral trends.
- Convenient segmentation for targeted insights.
- Ease of use.
Since every hospital aims at optimizing service delivery, incorporating hospital analytics tools into your facility’s operations will improve patient care and monitoring besides ensuring efficient staff allocation. Moreover, it will be easier to monitor the progress of individual patients.
The scope of healthcare data analytics is broad and encompasses dozens of organizations, from medical equipment manufacturers to hospitals. The use of data visualization shines a spotlight on what’s doing well or where issues may be on the horizon. Either way, it’s better to know so you can act swiftly to meet your business objectives.
Keep your finger on the pulse of your organization with data visualization. For more information or to request a free demo, contact us today.