8 Benefits of Business Intelligence in Healthcare Sector

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Business intelligence (BI) is defined as a set of techniques, technologies, and tools, which are used for the collection of raw data and then transformed it into meaningful, useful and insightful information. It provides present, past and future view of business processes. In health care the meaning of executive performance is varying as rapidly as the requirement for it is increasing. Business intelligence provide information, integration, delivery and analysis capabilities to healthcare organizations. The complex data gathered from numerous sources (operational, patient data) is analyzed and used by healthcare providers with the aid of BI platforms for the larger population.

The healthcare business intelligence market is anticipated to grow with a significant rate in the coming years, owing to factors such as, rise in healthcare data, growing adoption of business intelligence systems by the healthcare providers, increasing healthcare expenditure and hence the need to use technology for cost reduction drive the market. Due to traditional systems are expected to be replaced by new technologically advanced systems in response to government regulations. Healthcare business intelligence market are expected to offer growth opportunities for the players operating in the market.

The global healthcare business intelligence market is segmented on the basis of function, technology, application, and end user. The function segment includes, query and reporting tools, performance management/ monitoring & alerts, and online analytical processing (OLAP) and visualization tools. On the technology basis market is segmented as, mobile business intelligence, and cloud business intelligence. Based on Application, the healthcare business intelligence market is segmented as, financial analytics, clinical analytics, operational analytics, and others. Based on end user, the market is classified as, physicians, hospitals, providers, and payers.