Business intelligence (BI) can be a competitive advantage for a health care orga
ID: 465363 • Letter: B
Question
Business intelligence (BI) can be a competitive advantage for a health care organization. What is BI and how can it be used to attain a competitive advantage? Use the mini-case "The Metropolitan Medical Group," found below, as the basis for your response. Please cite your resources to support your position.
The Metropolitan Medical Group (MMG) merged with the Oak Grove Medical Group (OGMG). The Oak Grove Medical Group has four offices and owns the medical office building where their imaging and radiology lab and physical therapy and diagnostic laboratory centers are located. Although the size of staffs in both practices is about the same, OGMG has a very different financial structure. Not only are their receivables a lot higher, but the aging of their receivables is much older. This has caused them to miss payments to their vendors, resulting in a higher accounts payable balance. Further analysis revealed that some of the doctors from remote offices have referred patients for laboratory tests and to specialists outside the practice when these same tests or specialists are available internally at other offices. The room that houses the network servers is not climate controlled, secure, or backed up off-site.
Explanation / Answer
Introduction
The Internet is considered and adopted primary source of market data, information for useful information to analyse customer and market behaviour to get insight of real demand and real status than ever before. BI allows to take quick decisions in product, pricing, services and other related strategies. Business information system is information collection and processing system from internal and external resources for facilitating fruitful decision making process. Companies have competitive advantage if they have integrated BI with business activities to design policies, strategies and favourable outcome. It is not only computerization of information processing but data analysis techniques to dig out organized report for making business decisions.
What is Business Intelligence (BI)?
Business intelligence (BI) is a set of process for analysing data or information and generating, analysing, evaluating and presenting information which help corporate managers, executives and other to make strategies and take firmed business decisions.
For Example: Forecasting Profit margin for next year
BI gives essential inputs like market share, market segment, product standards, product life cycle, customer behaviour, customer preferences etc. to determine and project volume of sales and revenue and profit for upcoming years.
BI to gain competitive advantage
BI helps an Organisation to enhance their business value and assists all level of management like top or Middle and level managers and executives to formulate strategies to have competition edge. In today’s era information and management of it is key aspect for every decision taken in an organization. Management can be considered as efficient and powerful if relevant and reliable information are available on regular basis with accuracy. It is inevitable task for manager to develop BI for effective reporting system in order to use for future planning, forecasting, controlling and execution of business processes.
BI in healthcare Industry / Organization/healthcare transformation
Healthcare industries have been generating a lot of data base including data regarding labs result database , medicines database , patients information, finance informations, medical claims and insurance database , invoice &billing information, CRM, health informatics, Health care management system. These database must be integrated to get information about particular patient. Healthcare industries now focus on improving qualities and reducing cost as healthcare service provider transforming their services as ITeS (information technology enable service) with EMR (Electronic Medical records), clinical applications, operational information and customer relationship management. Transformation of Healthcare using BI focuses continuous performance improvement, quality enhancement.
Clinical database management
Healthcare information system can be developed to improve clinical quality and resource utilization by evaluating , executing and measuring clinical performance.
BI and Healthcare Marketing
In health care organization, marketing aspect is very important regardless of unwanted expense and limited to certain activities. Health care marketing is now beyond of traditional marketing activities will continue at new social media platform and online marketing. Monitoring marketing activities in healthcare requires multiple analysis to be performed to measure effectiveness of activities.
Quality assurance in healthcare services
Healthcare industries can also use various demographic variables depending on needs of particular segment. The medical needs of population may be different and those needs to be addressed with customized healthcare services. One can measures of the services and care patients receive in hospital to achieve desired outcomes. Market share can be increased to establish best practice takes place and actions are carried out in technologically. The Metropolitan Medical Group (MMG) and Oak Grove Medical Group (OGMG) may integrate their database to address quality issues and other operational issues.
Customer /Patients database and analysis
Many health organizations or hospital have conducted healthcare service campaign based on demographic or psychographic characteristics of population. Many hospital sent free check-up campaign letters or mails to patients based on CRM data base. They will also assist in providing primary kits or primary check-up for certain diseases or problem. So by using this kind of tactics hospital can increase number of patients for availing services. Hospitals can raise sale of services.
Care and analysis of patient’s experience – customer satisfaction analysis
Hospitals are maintaining logs or tracking records of Patient experience. They have defined factors to analyse Patient satisfaction measures based on way individuals are treated in hospital and the hygienic environment in which they are treated during curing.
Performance of hospital – responsiveness of healthcare system
It mainly measures concerned with issues of patient dignity, confidentiality, communication. It is mainly related to productivity of the health care system, health care organizations, hospital or healthcare professional. Labour productivity with technical soundness and efficiency can be measured with compared to cost factor.
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