Information Management reports that 95 percent of providers is projected to adopt electronic health records (EHRs) by 2020, while data is expected to grow 48 percent each year during that time.
This is explosion of data creates a wealth of opportunities to extract actionable insights that drive decision-making around clinical, operational, regulatory and financial areas of healthcare organizations.
Because of this, the healthcare BI technology market is also expected to grow. A Transparency Market Research report estimates that the global market for healthcare BI tech will hit $3.91 billion by 2023, up from $1.52 billion in 2014.
As the market expands and healthcare companies see the value of BI, these are some of the healthcare BI technology trends we expect to see in 2016.
1. Shifting Analytics Capabilities to End Users
Many healthcare BI systems are designed to rely on IT teams to gather, analyze and report on data to end users, which has the potential to create a bottleneck of information and introduce an unreasonable workload on IT teams. When that happens, data quickly becomes out of date and opportunities may be missed.
Healthcare organizations will continue to rely on the IT department to centralize data pulled from multiple EHR systems and disparate source of data, healthcare BI technology will continue to evolve to allow non-IT end users to easily review and analyze data that is collected and organized. These kinds of robust, self-service data discovery tools allow multiple users to extract meaningful insights.
2. Utilizing Cloud-based SaaS Applications
One of the simplest ways healthcare organizations can shift analytics capabilities to end users is by using a skilled health IT vendor to provide SaaS (software-as-a-service) applications. Organizations of any size can implement SaaS technology, which reduces the burden on IT staff, alleviates security concerns, speeds time to benefit, and streamlines platforms. SaaS applications also allow users to access data on multiple types of devices in many locations.
3. Employing Enterprise Data Warehouses
When data is housed in disparate locations throughout an organization, it can become locked in silos, making it difficult to access or even inaccessible. Enterprise data warehouses can overcome this barrier by serving as a centralized data repository across the organization. This simplifies access, provides a complete view of data and enables end users to glean actionable insights impacting financial, clinical and operational areas of the organization.
Learn more about the benefits of implementing healthcare business intelligence programs in our white paper.
What are your greatest needs from healthcare business intelligence technology?