An analytics program needs straightforward, standardised data that can be shaped, interpreted, and replaced when necessary. These traits are especially necessary for the healthcare industry. Because of the large amounts of data, a healthcare enterprise data warehouse (EDW) becomes important to integrate everything that comes from various sources.
With the help of these data warehouses, healthcare organisations can finally observe and measure different disease conditions, operations and care delivery processes. For this reason, they can come up with analytics that could provide them with the right decisions for their growth. But first, these healthcare institutions must learn the unexpected benefits of healthcare enterprise data warehouses to maximise their investments.
#1: Negotiate with Insurance Companies
One of the best benefits that healthcare organisations can get from enterprise data warehouse services is finding important data. It helps speed up the negotiations with insurance companies.
For example, a healthcare institution can retain the cancer services for a significant self-insured employer since they can provide the accurate cost of care and care outcomes using the data gathered from EDW.
#2: Helps Comply with Clinical Quality Registries
In Australia, the clinical quality registries are used to monitor healthcare quality served to a determined set of patients by collecting, analysing, and announcing important health-centred information. The EDW can help institutions abide by these registries since it can create a dashboard for monitoring the preparedness of hospitals and doctors in serving patients.
The healthcare institution can easily find all the necessary data from the EDW to send to the registries for evaluation. Without investing in an EDW, it would take some time before hospitals can comply with the registries’ requirements.
#3: Figure Out Data Quality Issues
Having a healthcare EDW will help hospitals and clinics discover data quality issues that they may have overlooked in the past.
For example, a particular report about the Averages recorded an “average” that was not exactly the norm. It would take too much time, resources, and effort to correct the mistakes. But if the institution has an EDW, finding the error would be a lot easier.
#4: Accurately Compare Financial Data
Healthcare companies that invest in EDW will have a more convenient way to look into their financial data from various systems. They can compare these data side-by-side to check if there are any inconsistencies.
With the help of these comparisons, the healthcare institution can find a way to do a renegotiation. It can come from regional to system-level contracts to incur better payer reimbursements. It will result in generating higher revenues.
#5: Get More Employee Satisfaction Data Information
All healthcare institutions function better if they have happy and satisfied employees. But they can only fulfil their staff’s satisfaction if they know exactly what their employees want.
But understanding employee satisfaction requires extensive Full-time Equivalent (FTE) measurement. It is a highly time consuming and laborious process that may take a while before providing relevant results. But the data from EDW can simplify the method.
These are some of the most surprising benefits that healthcare companies can achieve using EDW. This solution does not only gather and keep the company’s files, but it can help them achieve their business objectives faster. It will also reduce the tasks for most employees. As a result, it will provide more value from the company’s investments.
Author Bio: Ester Adams is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things