Predictive analytics is increasingly key to powering hospital initiatives that maximize efficiency, realize cost savings, and help deliver superior care. Predictive analytics is not new to healthcare, but it is more powerful than ever, due to today’s abundance of data and tools to understand it.
Tweet: 3 examples of how hospitals are using predictive analytics
How – and why – are hospitals putting predictive analytics to work? The goal is often to improve operational efficiency or to proactively provide services that prevent greater problems and spending. Many hospitals have started with applications aimed at reducing readmissions and predicting which patients are at risk of developing sepsis. Other common use cases focus on optimizing staffing and resources. Here are three other examples of hospitals successfully putting predictive analytics into action. (more…)
2017 was a year of technological innovation, especially with the increased impact of artificial intelligence and machine learning. Recent discussions have focused on future uses of artificial intelligence in various areas such as marketing, retail, and healthcare. 2017 also saw the rise in blockchain technology and Bitcoin.
Tweet: How will blockchain technology impact healthcare?
There are numerous questions surrounding the topic of blockchain technology. What exactly is it? How are Bitcoin and blockchain connected? Why does it matter? Here are some of my thoughts on blockchain technology and its future role in healthcare. (more…)
The cost of drugs is skyrocketing, with a recent Blue Cross and Blue Shield survey finding that member drug costs rose 73% over the last seven years. News headlines capture the dramatic impact on consumers – the price of insulin tripled between 2002 and 2013, the price of an EpiPen rose 500% since 2007, and the cost of Daraprim, a drug used to treat parasitic infections, increased from $13.50 to $750 per tablet overnight.
Tweet: How one health system used analytics to save $200,000 on a common drug
Drug costs also impact hospitals’ bottom lines. An American Hospital Association study indicated that inpatient drug costs increased 23.4% annually between 2013 and 2015, and 90% of surveyed hospitals said rising drug prices had a moderate or severe impact on their ability to contain costs. For many hospitals, it seems like a losing battle. How can you not give patients necessary medications? You have to. However, analytics can help healthcare organizations keep drug budgets in check. (more…)
Predictive analytics is a topic generating great hype and great hope in healthcare and other industries. As this area of data science matures, it is important to remember that predictive analytics is not defined by one technology or technique, although it can be roughly divided into two approaches: pattern recognition and simulation.
Tweet: 3 advantages to using simulation in predictive analytics
Pattern recognition is the most common approach, the foundation of much-hyped machine learning and artificial intelligence. Simulation is another, more human alternative to understanding business problems, predicting future trends, and recommending optimum decisions. In this blog, I explain the essentials of simulation and highlight three of its advantages. (more…)
Predictive analytics is a technology whose time has come. In healthcare, hospitals are beginning to use advanced analytical techniques to improve patient outcomes and optimize operations with some impressive results.
Tweet: Why the time is right for predictive analytics in healthcare
Predictive analytics is the process of learning from past data to make predictions about future outcomes. Several factors have set the stage for the emergence of healthcare predictive analytics in 2018 and beyond. In this blog, we will consider three reasons why the time is right. (more…)
Healthcare consolidation is on a tear, with several massive deals at the end of 2017, including CVS-Aetna and UnitedHealth Group buying one of the largest U.S. physician groups. Hospitals are merging in ever-larger deals, creating multi-state powerhouses. The number of U.S. hospitals that are part of a system rose nearly 20% between 2006 and 2016, according to the American Hospital Association (AHA).
Tweet: Healthcare consolidation: What to watch for in 2018
Healthcare companies also are forging creative alliances, with some of the industry’s biggest investments now happening outside the traditional hospital setting. Here are three trends to watch in 2018 and what they might mean for healthcare analytics.
It’s been a busy year here at Dimensional Insight, and it’s hard to believe that 2017 is quickly wrapping to a close. 2018 promises to be just as busy, and I’m looking forward to all that we have planned!
Tweet: Dimensional Insight’s top 5 blog posts 2017
Here on the blog, we spent 2017 writing about issues such as data governance, value-based care, and dashboard design. Which topics most interested our readers? Here’s a list of the Top 5 blog posts of 2017. (more…)
2017 was quite an eventful year in the healthcare industry. There was a lot of discussion about technological innovation, such as artificial intelligence and blockchain, and the impact this technology could have on healthcare. In addition, this year was marked by attempts to repeal the Affordable Care Act, as well as discussion around and implementation of new forms of payment in healthcare such as value-based care models.
Tweet: The future of data and analytics in healthcare
What will 2018 bring in healthcare? Will providers be able to take advantage of predictive analytics? How will data and analytics impact healthcare’s ability to measure population health? How will providers gain more trust in their data? Here are some of my thoughts on the future role of data and analytics in healthcare. (more…)
Healthcare analytics. Data visualization. Population health. Buzz continues to build around these terms as we look ahead to 2018. But looking back, we find a surprising figure at the root of all three: Florence Nightingale.
Tweet: Four Lessons from the Mother of Healthcare Analytics
Florence Nightingale, the mother of modern nursing, was also arguably the mother of healthcare analytics. She was a trailblazer in using statistics to identify preventable conditions that affect mortality and a master of data visualization. Her story has powerful lessons for today’s analysts. Here are four. (more…)
2017 has been a year filled with technological innovation, especially with the emergence of blockchain technology and bitcoin. Additionally, there’s been a lot of talk about artificial intelligence and machine learning. Although these technologies are described as impactful as the Internet, there are fears about their full integration into society.
Tweet: How will artificial intelligence and machine learning impact healthcare?
For those in healthcare, it’s worth evaluating and strategizing the implementation of artificial intelligence and machine learning into facilities to drive patient outcomes, improve productivity and efficiency, and reduce costs. Here are some things to consider. (more…)
2017 was a busy and tumultuous year for the beverage alcohol industry, especially those who were affected by the wildfires in California. This year also brought many company mergers and consolidations, continuing an ongoing trend in the industry.
Tweet: Holiday wish list for the beverage alcohol industry
What’s clear as we head into 2018 is that technology and analytics are becoming even more important than ever, and it’s important for the beverage alcohol industry to adopt tools that will lead to improved efficiency, increased productivity, and more revenue. With that in mind (and since the holidays are on our minds), I created a holiday wish list for better business intelligence and analytics in the beverage alcohol industry. (more…)
As an analyst, you can perform the most sophisticated analysis and draw the most compelling conclusions, but without a way to share these with others, your hard work stays with you. So how to best communicate when it comes to quantitative data? In a nutshell: words and pictures.
Tweet: How to harness the power of pictures
In this blog, we offer practical suggestions on how to tell compelling stories through data visualization. (more…)
Dimensional Insight recently sponsored the Gartner Data & Analytics Summit in Frankfurt, Germany. The two-day event provided dozens of educational sessions from Gartner analysts and attracted 750 business intelligence and analytics leaders from around the world.
Tweet: Highlights from the Gartner Data & Analytics Summit in Frankfurt
What did these thought leaders say about BI today and where analytics is headed? Here are a few big takeaways. (more…)
Did you know that doctors spend nearly six hours a day on EHR-related tasks – 4.5 hours in the office and about two additional hours outside the office? (Source: Healthcare DIVE) This growing burden along with increased workflow results in clinician burnout and, in some cases, ultimately physician suicides.
Tweet: How Analytics and Technology Can Reduce Physician Burnout
This is one of the many unique challenges in healthcare today, as the current rate of physician burnout has been and continues to be an issue. According to the AMA, emergency medicine physicians have the highest rates of burnout at 60% in 2017, followed by OB/GYN and family medicine. And it is only getting worse, unless those in the healthcare industry intervene. I spoke with Nora Lissy, Dimensional Insight’s director of healthcare information, and Julie Lamoureux, senior healthcare consultant about this issue. They share their insights on the physician burnout challenge and how technology and analytics can work to reduce it. (more…)
When we rely on data to make decisions, how do we tell what is a meaningful signal and what is merely noise? Data is neither, in and of itself, as Stephen Few reminds us in his latest book: “Signal: Understanding What Matters in a World of Noise.”
Tweet: How to Separate Noise from Meaning in Big Data
Few has written a series of books about harnessing visualization to aid in analysis. In “Signal,” he takes a broader look at analysis, focusing on the idea of “sensemaking” – that is, deriving meaning from data that can be used to empower decision makers. This is especially relevant for data sets that are large and unfamiliar. Here’s how you can apply some of these techniques to help you understand a set of data and what it might be telling you.
What is one of the biggest challenges in the beverage alcohol industry? Program management – especially without the use of program tracking capabilities. Before technology, beverage alcohol organizations used spreadsheets as their tool-of-choice to manage programs. However, as programs increased in number and complexity, organizations spent more resources on program tracking and devoted less time to generating revenue. However, as technology has developed, program tracking can be done much easier and more efficiently than before.
Tweet: How Program Management Can Help Capture More Revenue
Now, it’s OND (October-November-December), a busy time of year for those in the beverage alcohol business. How can beverage alcohol organizations boost productivity, efficiency, and revenue? Here are 5 ways program management can help.
November 1, 2017, may someday be remembered as the date that analytics irrevocably took over baseball. That’s when the Houston Astros won the World Series. Theirs is the latest championship clinched by a team relying on modern analytics in a sport filled with revered old traditions.
Tweet: In Baseball and in Business: “Adapt or Die”
Baseball has changed significantly in the past 15 years, with analytics upending 150 years of conventional wisdom. So far in this Practical Analysis series, we have focused on statistical tools and concepts. Baseball provides a compelling example of how these can be applied, sometimes with astounding results. The rise of analytics in baseball also offers a cautionary tale about embracing – or ignoring – empirical analysis. In the words of one baseball insider, organizations must “adapt or die.” (more…)
Your organization has invested a lot of time and money collecting data and wants to get some useful information out of what you’ve collected. In the early days of BI, usually only a few people in the company could make sense of the data. But today, with dashboards, more and more employees are able to access the data and use it to make better decisions.
Tweet: Back to Basics: 5 Things to Think about When You Create a Dashboard
What does this mean to you, the dashboard designer? It means you are probably creating dashboards for more than just one or two individuals. And because you have so many end users, creating dashboards that are used or not can severely impact what the company experiences in terms of ROI in the dashboards themselves. The bottom line: you want your dashboards to be understood by every end user. How can you do it? Get back to basics and follow these 5 concepts.
Later this month, Dimensional Insight is attending the Gartner Data & Analytics Summit in Frankfurt, Germany. We are very much looking forward to attending the educational sessions with Gartner analysts, learning from our peers all across Europe (and the globe!), and of course, meeting with attendees.
Tweet: 5 Reasons to Meet with Us at the Gartner Data & Analytics Summit
Are you attending the summit? If so, here are 5 reasons to swing by our booth and meet with us.
Do you ever procrastinate or delay doing something you know is good for you? Of course, you do. We all do. It appears healthcare organizations do, too, when it comes to instituting data governance. A recent survey finds many hospitals are struggling to implement such systems.
Tweet: 3 lessons in implementing healthcare data governance
But just as a nudge from a friend can help us conquer personal procrastination, organizations that are stalled can learn from peers. Today we look at lessons from Covenant Healthcare, a healthcare system that recently set up its data governance. (more…)
In Part I of my Practical Analysis series on analysis and statistics, I talked about statistical concepts. Understanding the concepts is essential, but we also need to know the tools to put them to work. Here we discuss tools for applying statistical concepts and the importance of using the right tool at the right time.
There are two sides to what we do with these tools. As analysts, we can think of ourselves as members of a team competing to prove the truth. We’ll call this “the game.” The defensive side is working to defend our claims, using our tools and data. On offense, we work to refute the opposing team’s claims – at least when they differ from ours. The theories of Statistics provide the rules and boundaries of the game.
Tweet: Practical Analysis: Our Statistical Toolbox
Using Deborah Rumsey’s books “Statistics for Dummies I & II” for background, let’s look at a few particularly useful tools in an analyst’s toolbox.
This week, we announced the availability of Measure Factory, our new automation engine that is an add-on to Diver Platform. Our goal with Measure Factory is to help organizations make better data-driven decisions that ultimately benefit their finances, operations, patient care (in the case of hospitals), and more.
Tweet: 3 Ways Measure Factory Will Enable Data-Driven Decision Making
Want to learn more about Measure Factory and how it can benefit your organization? Here are 3 things Measure Factory is designed to accomplish.
Did you know that 60% of wine/spirits sales take place in OND (October-November-December)? For most of us, this time of year is all about upcoming holidays – Halloween, Thanksgiving, and the holiday season. However, for those in the beverage alcohol industry, this time of year is extremely busy and important for driving revenue.
Tweet: How to Increase Sales and Drive Revenue for OND
Your organization will need all the right strategies and tools to capitalize on opportunities in Q4. Here are some tips on how to increase sales and drive revenue for OND.
Where do statistics fit into the world of analysis? Well, analysis allows us to make objective arguments to discover the truth based on actual observations – that would be data – as opposed to subjective claims based purely on intuition or potentially biased points of view.
Tweet: Practical Analysis: How Statistics Help Us See the “Gray”
But observed data still comes with an inherent degree of uncertainty. Where math tends to be “black and white” precise, statistics deals in the realm of “gray.” Statistics allow us to factor in uncertainty so we can draw meaningful conclusions with confidence. In this blog post, we will take a look at statistics’ fundamental concepts and tools. (more…)
DI-Production is a visual tool for developing production scripts. Production scripts help you automate processes. The scripts can automate and schedule simple to very complex processes such as extract, transform, and load (ETL) related tasks like loading data, moving files, and building data models.
Twitter: How to Use DI-Production Extensions
But what if you have a task to automate that isn’t part of the standard set of process and control functions? What if you want to ensure that everyone on your development team uses the same solution for a given challenge? That’s the perfect time to create and use DI-Production extensions for standardized, reusable solutions. (more…)
Year after year, our web site visitors have shown a great deal of interest in an article I wrote about a tool that can be used to explore color combinations online – Adobe Color. Since I have never gone into detail about how to use the tool, I thought people might benefit from a short tutorial. So I am updating my original blog post for this month’s dashboard design article.
Tweet: A Cool Tool for Experimenting with Dashboard and Portal Color Schemes
For DivePort users who want to create a beautiful user interface that is both highly functional and visually appealing, color choice is an important factor. If selecting colors is not your forte and you need something other than what is available on your company’s color palette, you can use Adobe Color. Let’s take a look at how to use Adobe Color Creative Suite to find colors for your dashboards. (more…)
Since this is National Health IT Week, we’d like to celebrate the role of health IT in healthcare delivery and recognize all who work in the field, whether at the institutional or vendor level. Health IT has played a major role in the transformation of healthcare delivery, from the introduction of the electronic medical record (EMR) under the Obama administration, to today, when it allows organizations to view data and generate actionable reports to improve outcomes and efficiency.
Tweet: National Health IT Week: A Salute to Healthcare IT
In the first post of the “Practical Analysis” blog series, I suggested that numeracy will become an increasingly essential skill set in the 21st century, and that everyone, in one way or another, will become an analyst. But what does it actually mean to be analyst? There is no one answer. The possibilities range from someone who uses a working knowledge of analysis in their day-to-day work to hotshot data scientists at companies like Amazon and Google.
Tweet: Practical Analysis: Learning from the Experts
Data integrity. It – or a lack thereof – can make or break a business intelligence implementation. How can analysts make better decisions when there’s no consistency between data definitions across different departments and data sources?
Tweet: Survey Says: Hospitals Struggle with Data Governance
Many hospitals are turning to data governance processes to help them manage their assets and ensure consistency between data. However, as a recent Dimensional Insight survey found, healthcare organizations are struggling to implement data governance. What are their most pressing concerns and challenges? Following are a few highlights from the survey. (more…)
When it comes to investing in technology in the wine industry, there’s a huge discrepancy in terms of money spent. A recent WBM Technology Survey by Wine Business Monthly magazine shows that while 90% of small wineries spend less than $50,000 per year on IT, more than half (54%) of large wineries spend more than $1 million.
Tweet: How Wineries Can Invest their IT Dollars for Better Analytics and Job Creation
This obviously makes sense – wineries do what they can with the resources they have. What was striking, though, is that the majority of medium and large wineries had the same top IT issue, which is “providing better data to our trade sales team.” Better data can indeed produce a myriad of positive results – providing insight into areas such as finance and sales, and spurring company growth. In this blog post, we’ll look at how business intelligence solutions can help wineries – no matter what their revenue or the size of their IT budget – make better use of their data and gain the insights they need.