Big data, modern technologies and advanced analytics has ushered in a new era of measurable business improvements that go beyond conventional business intelligence. It can save lives, reduce patient readmission rates, and make equipment safer. It also produces improvements in areas like facilities engineering, hospitality and business support services. Even single digit gains here can have a big impact on your business.
The benefits of logical combinations
The healthcare industry has seen a flurry of software applications that address the collecting, analyzing and reporting of data. From Electronic Medical Records to building automation, each department has invested in new systems. The problem is that most focus solely on the processes and operation of one specific department. This has left a sizable gap in the overall data management and reporting capability of the enterprise within technical operations.
From a business perspective, this limits process improvement opportunities for the organization as a whole. That is where a better data management, reporting and advanced analytics program comes in. Here are three examples of how advanced analytics can correlate data sets across department lines to improve business efficiency.
- Building Automation data + Work Order data. When you have the ability to analyze your building’s real-time sensor and device data along with associated work orders, your organization can get preventative and predictive with maintenance strategies. That helps assure continued patient comfort and safety without significant downtime.
- Parts Inventory + Accounts Payable. Analyzing parts sitting in inventory with real-time purchases by maintenance or facility staff ensures the right parts are always available. It also lets you leverage purchasing power in a centralized location streamlining procurement and reducing expense.
- Real Estate + Financial data. By analyzing real estate data of owned and leased properties along with financial data such as the general ledger or accounts payable, you now have a clear view into service lines expense by locations. You can see which ones are performing poorly, making process improvement areas easier to identify and address.
Improving the data management, analytics and reporting across departments is time consuming and typically frustrating to navigate alone. You’ll find improving this component of your business offers you a new level of clarity: the ability to baseline spend and delivery models, identify process improvement opportunities, then successfully track individual improvements and their impact on your organization.