Making Use of Data-Driven Healthcare
The effects of the big data bang have reached all corners of the business world. This includes the health protection industry. Today, data-driven healthcare has become a buzzword with a deep meaning. The unprecedented amount of information about the health of people worldwide is now available and expects processing. What can businesses do with all that data? What’s healthcare business intelligence? Let’s find out if data-driven healthcare is something worth investing in.
Data-Driven Healthcare: What Value Does It Have?
In the era of data-driven healthcare, various types of data come in showers: behavioral, clinical, environmental, medicational and others. Besides, medical apps, fitness trackers and other wireless tools add up to the notion of mhealth, and are rich sources of patient-specific data. In a perfect world, the rational tech approach to many layers of patient info is supposed to improve drug effectiveness, cut expenses and enhance patient care. Quite a task, but possible to implement with the proper treatment of data.
Software development companies are making their names by solving the challenges big data poses. Hardly any business owners from any industry or business domain would refuse to reap the benefits big data offers. Every pillar of the healthcare system – patients, providers, technological and insurance companies – is interested in getting meaningful insights from digital information. Let’s take genetic data, for instance. For doctors and patients, it means advanced knowledge for advanced preparation. Now they can take action against predisposed conditions before it’s too late. Behavioral data, along with info from electronic health records, can prevent massively expensive procedures.
The monumental task is to aggregate, extract and make sense of big data. When it stands alone, data isn’t worth much. According to McKinsey & Company, masters of dealing with data will become masters of a new patient-specific brand of medicine, bound to be far and wide in use. An effective data-driven approach to healthcare equals to $300-$450 billion a year.
What Makes Healthcare Business Intelligence Worth Investing In
In data-driven healthcare, big data underlies business intelligence (BI) solutions. The competent management of healthcare expenditures determines the way the industry does business. This means the potential role of data analytics in healthcare is enormous.
Increased effectiveness of marketing activities is one more considerable plus of using BI. Healthcare providers are the first to witness the positive impact of healthcare business intelligence. Better control over the cash flow, advanced reporting and understanding the value of provider-patient activities are the main tasks for BI tools. In this way, healthcare providers get better visibility of the financial operations. A data-driven approach means the shift towards extraction, analysis and integration of data from therapy visits, fitness training, social activities, nutrition consulting and more. On top of the financial performance, healthcare business intelligence can optimize costs of operational activities like system administration and operational standards observance.
Data-based BI tools decrease overproduction in medical services. They also make healthcare more profitable for companies and affordable for consumers. Moreover, healthcare business intelligence tools improve patients’ outcomes and help doctors better check and forecast diagnoses with data-based therapeutic decision-making.
Predictive Analytics in Healthcare as a Major Growing Trend
Everyone knows prevention is better than cure. Today, predictive analytics is an on-the-rise trend in data-driven healthcare. Predictive analytics in healthcare fueled by big data provides insight into the patterns that determine and reveal genetic, behavioral or clinical factors of patient disease risk.
Despite the obvious advantages of the data-driven approach to healthcare, too many healthcare institutions are not using it yet. What follows are examples of the common, and yet avoidable, downsides of not making use of the data-driven approach by partnering with technology providers experienced in big data and the implementation of predictive analytics approaches.
- More data doesn’t always lead to more insights. For healthcare providers, it can be troublesome to extract hefty but relevant medical info from the large amounts of clinical data sets.
- Specific data requires specific interpretation approaches. Types of data that seems valuable while aggregating may lose its value when sent to processing. Sometimes, even the best clinical information may grant only limited insights into the patients’ outcomes.
- Accessibility doesn’t mean relevance and value. Scientific works and findings can be thought-provoking or even impressive but useless for prediction or improving clinical results.
- Predictive analytics in healthcare might be a challenge for hospital infrastructure. Medical institutions should be ready to embrace predictive analytics techniques both economically and technologically.
The digital keys to improving healthcare as a system lie somewhere in the middle of the complex digital information environment. The task of the care providers is to successfully ride the wave of the data-driven healthcare. Engaging with tech providers can help them become the drives of the patient-specific brand of medicine.
Making use of big data and predictive analytics can make a difference at all levels in the healthcare process. At the patient level, it means a right to choose among suggested treatment approaches. For medical providers, it’s a significant cost reduction from excluding unnecessary procedures with dubious advantages. Data-driven healthcare holds a chain of landmark improvements in the quality of a human life with a far-reaching perspective.