ASaviance TechnologiesWhitepaperHow Data Analytics can help in Decision Making in HealthcareWhy Analytics has Become an Integral Part of HealthcareThere is a constant pressure on healthcare providers to improve their productivity andreduce healthcare costs which is skyrocketing in the US. In addition to that, theadvancement of technology and other factors are compelling healthcare providers toadopt advanced communication and collaboration systems across their settings.Moreover, to gain competitive edge, improve quality care, engage patients and toenhance business prospects, these healthcare providers are adopting healthcare ITsolutions such as EMR, EHR and HIE. Hence, the healthcare industry today is loadedwith tons of data and numbers. The big question in front of these healthcareorganizations is how to crunch these numbers and extract meaningful knowledge fromhealth Big Data, identify and develop new decision models and how to manage Big Data.All these challenges seem to compel healthcare organizations to use data analytics inhealthcare.Role of AnalyticsAnalytics is a tool or a set of methodologies that transform raw data into meaningful anduseful information that is further used to enable healthcare organizations to haveeffective, strategic and operational insights for decision-making and set their futurevision. With the advancement of technology and data analytics tools, healthcare Saviance 2014All rights reservedwww.saviance.com
organizations can now easily manage colossal amount of digital data which is in theform of EMR/EHR, insurance records, pharmacy prescriptions, patient feedback andresponses. These data comes from various sources such as, various care settings,sophisticated medical instruments and online health communities in raw andunstructured form. Hospitals and other healthcare settings struggle to manage theseraw data on a regular basis and require extracting useful and meaningful knowledge outof it for right decision-making and value creation. Here, analytics play a very crucial rolein separating the wheat from the chaff.Healthcare organizations are increasingly using analytics to derive new insights frominformation. New methods of analytics are used to drive clinical and operationalimprovements to meet business challenges. Analytics in healthcare is unlocking wayswhere predictive analytics will enable organizations to see better future prospects, createbetter healthcare solutions, and enable organizations to access fraud detection andpredict patient behavior.Big Data Analytics and decision-making in healthcareAnalytics has changed the whole scenario of business decision-making process. As in thepast and still in most of the companies, big business decisions are taken on gut feelingsor intuitions of the head honchos. But, due to the advancement of digital technologiesand data analytics tools, organizations are able to store, analyze and transform terabytesof data into meaningful and relevant information easily.The use of extracted information from colossal amount of data is a crucial process forany company and to improve this process, powerful tools and techniques are used whichincludes Big Data analytics.There is a growing belief among companies that data analytics enable them to get acompetitive edge and provides insights in decision-making process. Companies todayare recognizing that quality decision-making depends upon the quality of informationavailable to support their decisions, thus making the provision of quality informationthe key to gaining a competitive advantage.Fundamentally, ‘Big data analytics and decision making’ is a term which refers to theprocess of scrutinizing big data assets in order to observe trends and derive insights fora rational approach for making right decisions. Acquiring or collecting information doesnot benefit company’s decisions; it gets futile without analytics that further makes theinformation useful and meaningful. If companies want the available quality informationto contribute to their performance, such information must be used to improve theirdecision-making. Saviance 2014All rights reservedwww.saviance.com
Therefore, in today’s business environment quality information is considered criticaland one of the key determinants of quality decisions and actions. Right information hasbecome a critical resource and an asset for companies’ business processes that areactually based on information.Analytics Improving Patient CarePatient centric data analytics and new HealthCare IT solutions together are providinggreater insights to healthcare providers to improve patient care, cost optimization andbetter outcomes.Big data analytics plays a crucial role in extracting and providing valuable informationfrom colossal amount of data in healthcare to providers and decision-makers which isextremely important for formulating strategies, plans and crucial decisions.From an EHR perspective, data analytics helps to capture data and convert it intomeaningful and useful information and supports businesses to gain visibility and be ableto change or modify their business model according to the industry requirements.Analytics also saves time for doctors and physicians who are inundated with dozens ofcontinuous inputs and readouts charting which is a significant challenge for them to payattention to it. Analytics helps time-strapped doctors and physicians to monitor patientdata easily in real time and thus enables them to invest more time in better patient care.Roadblocks in Analytics AdoptionLatest trends show that data analytics has lot of growth potential but there are somefactors that inhibit its growth.126.96.36.199.5.Lack of EMRLack of skilled professionalsBig costs for mid-sized companies to implement data analytics toolsLack of enterprise collaborationOther technology challenges Saviance 2014All rights reservedwww.saviance.com
Benefits of using data analytics for hospitalsWhen it comes to healthcare analytics, hospitals and health systems can benefit mostfrom the information, here are some of its benefits:188.8.131.52.5.6.7.Use analytics to help cut down on administrative costs.Use analytics for clinical decision support.Cut down on fraud and abuseUse analytics for better care coordination.Use analytics for improved patient wellnessHelps in detection in data duplicationOne of the many benefits data analysis technology offers is the ability to analyzean entire population of data, as opposed to sampling.ConclusionUsing analytics to gain better insights can help adding value and achieving betteroutcomes for healthcare settings, such as new treatments and technologies. Frommanaging small details to large processes, analytics can aid exploration of new avenuesof growth and success; help design and plan policy and programs; improve servicedelivery and operations; enhance sustainability; mitigate risk; and provide a means formeasuring and evaluating critical organizational data. It can expand access tohealthcare, align pay with performance and help to cut down on increase in healthcarecosts.**************ABOUT Saviance Technologies:Saviance is a US based Healthcare IT Services provider focusing on the newesttechnology SMAC stack – Social, Mobility, Analytics & Cloud. We provide innovativesolutions & enable meaningful use of IT by designing patient engagementportals, collaboration applications & actionable analytics for wellness &population health. Incorporated in 1999 in the US, with over 15 years of excellentindustry track record, Saviance offers services & solutions that enable enterprises toachieve critical objectives.Saviance is a Gold Category Corporate Member with Healthcare InformationManagement Systems Society (HIMSS), mHealth Alliance and a NJ-HITEC Saviance 2014All rights reservedwww.saviance.com
Corporate member. We are awarded by INC. 5000 as one of the fastest growingprivately held companies in North America. Saviance is also ranked among the Fast 50Asian American Businesses in the United States by USPAACC (US Pan AsianAmerican Chamber of Commerce) and selected as a 2014 "Top Business" recipient byDiversityBusiness.com. A certified Minority Business Enterprise recognized byNMSDC, Saviance is also partner with Microsoft, Amazon Web Services, Apple,Samsung and Red Hat.Visit us: www.facebook.com/SavianceTechnologiesFollow Us: www.twitter.com/SavianceTWebsite: www.saviance.com Saviance 2014All rights reservedwww.saviance.com
Benefits of using data analytics for hospitals When it comes to healthcare analytics, hospitals and health systems can benefit most from the information, here are some of its benefits: 1. Use analytics to help cut down on administrative costs. 2. Use analytics for clinical decision support. 3. Cut down on fraud and abuse 4.