MedEZ - Newsletter Q2 2017
Business intelligence and analytics (BI&A) has emerged as an important area of study for both practitioners and providers in the Healthcare industry. MedEZ™, always striving to provide the right tools for its clients’ needs, has developed a module that simplifies the interaction between practitioners and data.
Healthcare has changed rapidly in the last decade, particularly regarding its need for analytics and business intelligence; however, a generalized overuse of the term and its multiple meanings give organizations a hard time defining their needs and priorities.
The more precise way for healthcare to look at business intelligence may be in terms of a strategy. Defining what’s the business intelligence strategy to employ will help define the specific needs an organization has regarding data warehouse, analytics and visualization.
Independent research firm Gartner, Inc., notes in its 2014 report, Top Actions for Healthcare Delivery Organization CIOs, 2014: Avoid 25 Years of Mistakes in Enterprise Data Warehousing, that the lack of a BI strategy is one of “nine fatal flaws in business operations improvement (BOI)” in healthcare.
The Data Issue
Tackling the data paints doesn’t paint a rosy picture. Gartner’s Hype Cycle for Healthcare Provider Applications, Analytics and Systems, 2014 report found that BI solutions market penetration was in the “very low end of the 5% to 20% category,” and “many health systems are still struggling to gain top executive commitment, justify the investment, build strong information governance and settle on an approach.”
The industry is shifting from fee-for-service to fee-for-value, yet without the historical investment in analytics technology so common in other industries and so essential to success.
With healthcare reform and emerging models of care delivery, medical practices need solutions to reliably answer critical questions about performance. Harnessing the combined data of clinical, financial and cost sources, the proper solution enables such complex analysis. These platforms can help produce, for example, a monthly summary of operational value, defined as “outcomes per dollar spent.”
MedEZ™ BI Module and Dashboard
The MedEZ™ Business Intelligence Dashboard is a unique tool used to process and analyze a facility’s information. As a result, the users are provided with the real time live data to track, and manage their reports and key performance indicators.
The MedEZ™ Business Intelligence Module is a system which gets tailored to the facility specific KPIs. It will operate based of the facility’s data, providing the live analysis necessary to guide the facility’s management team through important operational, financial, and administrative decisions.
Some of the main functions of the Business Intelligence tool will include the following:
- KPI monitoring of all of the facility trends.
- Actionable insight into the greatest areas of opportunity via the Facility Department dashboard.
- Empowers and directs users to have meaningful, fact-based interactions with senior management, caregivers and staff regarding performance management and improvement opportunities.
- Minimizes the cost of collecting and analyzing throughput and capacity metrics.
Would you like to know more?
Call your MedEZ™ representative today, or contact MedEZ through their link to get a Free Demo. Let MedEZ show you how they can help you to Make Complex Easy.
Business intelligence and analytics (BI&A) has emerged as an important area of study for both practitioners and providers in the Healthcare industry. MedEZ™, always striving to provide the right tools for its clients’ needs, has developed a module that simplifies the interaction between practitioner