Why Organizations Really Need Healthcare Data Analytics

Data plays a huge role in the success of businesses and companies. In 2014, a survey by Accenture shows that 90 percent of their clients were strategizing to hire more talent related to data science. Which really means that large organizations see the value of effectively analyzing business data—data that could give them an edge against their competitors. 

The daily operations of business allow companies to collect very large amounts of data, which can be used to make business decisions that are based on statistics, facts, and trends. However, with the overwhelming amount of information available, the main goal of data analytics is to help companies sort out the relevant data that they can use for business strategies and overall growth.

Data Analytics in the Healthcare Environment

Healthcare data analytics focuses more on evaluating raw data that are related to the healthcare industry. Data such as patient records, diagnosis, costs, authorization requests, claims payments, reimbursements, and more can be analyzed and converted into actionable information that managers use to make crucial organizational decisions. With the ability to gather, sort, and analyze healthcare data, healthcare and payer organizations can make reliable decisions that can lead to reduced costs and better healthcare services.

Analytics for Healthcare Service Providers and Payer Organizations

Companies and organizations use data in almost every aspect of their daily operations, that’s why the ability to sort and analyze data is so valuable to their success. But while these data hold the key that could help organizations better understand and improve their business, the data they have will only be as useful as their data analytics capabilities. Thus, with the lack of data analytics, healthcare service providers and payer o00rganizations alike are potentially losing more income than they should be.

Systems, Software, and Tools for Healthcare Data Analytics

Today, technological advancements are helping organizations with their data needs. Because when you combine business data with advanced analytics software, you generate more accurate data reports that can give your organization detailed insights on patient trends, reimbursement costs, member profitability, and other data that are crucial to the healthcare industry.

The Need for Healthcare Data Analytics

As important as data may be, there has always been a growing concern for the ability of companies to utilize the business data that they gather. In 2011, a McKinsey report noted that organizations have been running out of capabilities to capitalize on large data sets. Which gives a note of urgency for companies to invest in data analytics systems.

Notably, organizations in the healthcare industry need to take advantage of today’s data analytics technology if they want to foresee unwanted costs and make preemptive actions to save money. Not only will healthcare data analytics help organizations foresee costs but this technology can also help organizations predict market trends and patient behaviors that can lead to better business strategies that prevent losses.

Getting Your Own Data Analytics Software

Luckily, these days, you won’t have a hard time finding healthcare data analytics systems, suites, or tools for your company. However, there are a few other software providers that offer integrated features that cover more than your data analytics needs. 

Software like QuickCap 7 offers more than just advanced healthcare data analytics. With the extensive operational needs of healthcare service providers, independent provider associations (IPA), and healthcare payer organizations, you’ll need more than just a healthcare data analytics software to keep up with the demands of the industry.

QuickCap’s Healthcare Data Analytics Tools

QuickCap is more than just an advanced healthcare data analytics software. QuickCap is an integrated management system that’s designed to handle the multiple operational needs of healthcare payer organizations from electronic data interchange, credentialing, authorizations, referrals, claims adjudication, and more.

Here’s a few of the benefits you’ll get with QuickCap’s data analytics tools:

• Easily gather and analyze data reports of authorizations, claims, ER, inpatients, outpatients, and more with extensive analysis features
• Analyze referral counts according to primary care physicians, physician specialties, statuses, and more
• Avoid high costs with a profitability report feature
• Prepare for incoming challenges and gather reliable projections with the IBNR report feature
• Gather any data in the system with query builder tool so you can make specific reports and analysis according to your needs
• More healthcare data analytics features!

When all your business operations and data are in one system, you’ll get better healthcare data analytics and more relevant data reports. So keep your organization at the top of the industry and learn more about MedVision’s healthcare data analytics tools!