Why should we move your historical data into Cloud 340B Platform?

If you want to automate your 340B business, you must consider moving your historical data into an IT platform. In an effective 340B audit process, historical information is critical for success. 

The increasing ubiquity, difficulty, and seriousness of 340B business have led hospitals to recognize the need for something more formal than a traditional IT support center to maximize returns. So, we must enable the Cloud 340B platform as a Business Intelligence (BI) platform. 

What is Business Intelligence (BI)?

BI comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations. 

Most covered entities remain unsure whether their Business Intelligence Support system conforms to industry best practices for charter, scope, roles, processes, and health care business alignment. Many real-world implementations stumble or drift as they fall prey to a long list of worst practices. To realize BI’s full promise, healthcare IT professionals must address the key issues and challenges associated with forming and operating BI Support Centers.

The Intelligence to have thorough insights about the Business.

As BI grows more ubiquitous, complex, feature-rich, and mission-critical, it also becomes harder to implement effectively. Many IT companies and professionals question whether the architect, implement, and manage their BI initiatives properly. Doing so requires vigorous BI and performance management best practices — and an awareness of the countless ways it can all go wrong.

Business Intelligence is no longer just about back-office reporting for any health care organization. As BI solutions increasingly radiated to the covered entities and span a wide range of applications, analytics-driven organizations recognize BI as a critical corporate asset and a do-or-die platform. In today’s turbulent and increasingly commoditized economy, hospitals or contract pharmacies must make better and faster decisions to stay competitive — and often to keep their heads above water.

Forrester’s ongoing research compiles repeated worst practices committed, deliberately or inadvertently, by even the most competent IT companies in the world. The most common deficiencies in many BI areas often manifest themselves at the application level, but the root cause of the issues must go deeper. 

Here are the main symptoms of the suboptimal BI management practices:

• BI Applications are too complex to use effectively. Crafting sophisticated BI applications for C-level users is essential, but designing them for casual business users is far trickier. Even the most user-friendly, point-and-click BI applications for 340B software often require users to drill through a daunting range of user interfaces, features, reports, metrics, dimensions, and hierarchies.
• Regardless of the healthcare industry, our modern world moves at lightning speed, but BI solutions are often too rigid to keep up with the changes. One simple change to a single source data element can result in a few changes to load process jobs, which may turn into several database-level changes; this, in turn, affects dozens of metrics and measures referenced in hundreds of queries, reports, and dashboards.
• The lack of a 360 Degree View or Single Trusted View of all relevant health care information. The diversity of the data formats received from multiple applications both internally and externally; social media data, machine learning data, EHR, EMR, ADT, etc., cause enormous complexity in integrating the information to deliver a unified view about patient history. Also, insufficient focus on data quality and master data management (MDM) only adds to a lack of trust. As a result, BI application users resort to old-fashioned methods to collect and analyze data, such as running their statements and bringing data into spreadsheets for analysis.

How Cloud 340B addresses the above complexities?

Cloud 340B developed with complete, scalable, “Industrial Strength” BI solutions, applying best practices, and a significant integration effort. Because authentic best practices do not evolve from implementing two or three BI applications and Internal resources with experience in dozens of successful BI implementations are difficult to find. Knowledge of best practices and lessons learned needs to be accumulated across hundreds of BI implementations.