The Crucial Role of Health Analytics in Your Business | Binary Fountain

December 12, 2019

The Critical Role Health Analytics and Information Plays in Your Business

By: Kieran McQuilkin

health-analytics-information

Today, information is all around us. Even large organizations struggle to analyze their most relevant data in meaningful ways. But where manual processes fail, automation provides a solution.

Data plays a major role in every industry, and healthcare is no exception. Healthcare providers can use this crucial data to benefit both the organization and its patients, but only if it can be analyzed efficiently and in detail.

Here we will discuss the critical role health analytics and information plays in your business.

What is Health Analytics, Exactly?

Healthcare analytics is the process by which raw health data is dissected and reconfigured into meaningful, actionable insights. This data includes information like patient history, company expenditure, brand reputation, patient engagement and more.

When analyzed via automated processes like natural language processing (NLP), details and patterns that may have gone unnoticed become transparent so the organization can properly strategize and adjust its operations accordingly.

We will outline the many benefits of analytics in healthcare below.

Provide Better Care for Patients

Healthcare facilities must treat numerous patients every day, all of whom are unique and require individual attention and care. In the past, nurses and doctors had to largely rely on paperwork to maintain records on each patient, which could contain outdated, inaccurate or misleading information. At the very least, filling out and correcting these forms takes precious time for patients and staff. These lapses in efficiency and accuracy can degrade the quality of care given to a patient.

Health analytics and predictive analysis tools, on the other hand, go a long way toward improving patient experience and health outcomes. Patient records can be stored in a secure online database, where they are updated and analyzed to help doctors make accurate diagnoses, develop individual wellness programs, recognize potential health risks, and provide better overall care to each patient.

Manage and Improve Your Reputation

Your brand reputation is directly tied to your organization’s success. And as it turns out, health analytics plays an important role in reputation management, too.

With automated processes that gather online reviews and survey data into a single location in real time, you can easily track your performance on various scales (day-to-day, monthly, year over year) and across different platforms. Health analytics software can also prepare, schedule, and share reports with different teams based on this survey data so everyone stays on the same page.

For a more detailed view of patient sentiment, NLP uses AI to “read” text and find patterns within the data. By processing the text-based data from online reviews and surveys with NLP, you can quickly identify common concerns that require the most attention. Then, you can act upon these insights to improve your operations and reputation moving forward.

Optimize Your Marketing and Engagement Strategies

While maintaining a stellar reputation is crucial for reeling people in, your organization must also reach out to prospective patients and consistently communicate with current ones. Analyzing patient information can help you develop various outreach and engagement campaigns both online and offline.

Based on patient feedback, you can focus your advertising efforts more on services patients appreciate – and less on the services they view less favorably. Healthcare marketing analytics can also help you track how well or poorly certain campaigns are performing. You might find that different demographics are more or less engaged with certain social media platforms, or that you need to narrow your regional outreach, or that you should adjust your messaging based on the target audience.

Of course, all of your healthcare marketing efforts must abide by HIPAA (Health Insurance Portability and Accountability Act) guidelines so all protected health information (PHI) remains secure.

Save Time and Money with Health Analytics Software

The time- and money-saving aspects of healthcare analytics cannot be overstated. As more and more information is stored online, the need for automated data processing becomes increasingly valuable. By investing in these automated solutions, you free up resources to the benefit of your organization. 

Now, staff members can spend less time filing paperwork and more time improving operations, caring for patients, responding to reviews, developing outreach campaigns, and more. Additionally, health analytics gives those in charge of finances a clearer view of costs, ROI and inefficiencies. These insights can help you trim the fat of your operations and better allocate resources – especially when it comes to marketing your practice.

Maintain a Competitive Edge

As a business, you should always strive to outdo yourself year after year. But you are not your only competitor. If you want to steer more patients toward your organization and away from your competitors, you need to know how you stack up against your peers.

Tools like Binary Fountain’s Deep Analytics platform use artificial intelligence to extract key insights from raw data. One such capability on the platform allows you to benchmark your locations against local and national competitors based on aggregated customer sentiment.

By now, it should be clear just how valuable your data is to your organization’s overall success. Truly understanding that data is even more important. Health analytics gives you the insights necessary to acquire new patients, make your current patients’ lives better, optimize your operations and expenditures, and stay ahead of the competition.

About the Author

Kieran McQuilkin
Content Marketing Specialist

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