Advanced Analysis
How can advanced analysis (the use of statistical analysis)
provide credibility to an organization’s business intelligence offering?
Advanced analytics in itself is a combination of analytical
techniques used to give meaning to data. Through implementation of an
analytical process organization can have an accurate view of current
operations. Organizations that implement advanced analytics will have the
capability to visualize data and make informed decision that are aligned with
organizational goals. Business intelligence aligned with an advanced analytics
model can provide comprehensive insight to current and future trends of the
organization (Bose, 2009).
Many organizations in today’s health system are just
starting to implement new technologies with integrative analytical
capabilities. The fundamental goal for many health systems is simply to reduce
cost and improve quality of care. To adapt to the current value based model of
care. It is important that organization learn to leverage the technology to
gain insight on their organizations operations. Through enhanced analytical
processes organization will be able to identify areas of improvement and can
make changes as needed. Data mining is the first step in predictive analytics
and is important for organizations to enhance clinical decision support systems
and aid in administrative planning. Strome (2013), argues that analytical
systems provide much more value to health professional then simply past or
current performance information.
Our organization recently went through strategic changes
that where driven by changes in the market. The recent market changes and
limited coverage made us develop new initiatives to focus on a new group of
patients. The first step we took was to increase access to Medicare patients.
The organizations leadership team developed this initiative after we realized
we were going to lose a lot of patients due to changes in the market. Although,
we have not lost the bulk of our patients yet, through predictive models we
estimated a large percentage of our patients would need to transition care. Knowing
that we would have over 50 of our 150 bed facility not being occupied. We
realized that this would be a large loss in revenue and rather than leave these
rooms un-occupied we developed initiatives to treat more Medicare patients and
increasing access to other commercial payers. Without the strategic move of the
new CEO we would not have identified areas of opportunity. One thing that he
did was bring a new team on board that understood the need for change and
understood analytics. Organizations who have people that understand and
appreciate analytics and the significance it has in healthcare. Will be able to
enhance decision making and make necessary changes to organizational
strategies.
References:
Bose, R. (2009). Advanced analytics: Opportunities and
challenges. Industrial Management & Data Systems, 109(2), 155-172.
doi:http://dx.doi.org.proxy.cc.uic.edu/10.1108/02635570910930073
Strome, T. (2013) Advanced analytics in healthcare.
Healthcare Analytics for Quality and Performance Improvement. Hobroken, NJ:
Wiley & Sons in.
