The untapped Potential of Data Analytics in Healthcare

The untapped
Potential of Data
Analytics in
Healthcare

OVERVIEW

The healthcare industry has already been transformed by technology advancement by adopting new electronic health record (EHR) systems to streamline its process. However, the need for advanced technology is in demand to boost efficiency in the management system and provide better healthcare to its customers.

Data analytics is one of the powerful tools that can help the healthcare industry extract meaningful insights from raw data to make well-informed decisions and provide better healthcare.

Healthcare industries that understand the need for data analytics are able to handle the huge influx of complex data and use it to extract meaningful insights to improve the quality of the healthcare system. This new approach will deliver effective clinical data management, value-based care, and robust analytics to resolve complex healthcare challenges.

For instance, medical devices that detect ailments and provide a diagnosis to avert serious illness are indeed a revolutionizing product that will soon dominate the market. Implementation of data analytics will help increase the performance of such medical devices using predictive analytics, ultimately augment the growth of the healthcare industry. Hence, the medical device market is expected to grow at a CAGR of 6.2% from 2021 to $603.5 billion in 2023. Medical wearable devices will contribute to this growth.

How can data analytics help the healthcare system ?

Data analytics in healthcare focuses on analyzing the current and historical data to predict the trends to improve current performance and manage the spread of diseases. The insights are offered on micro and macro levels to improve clinical data, diagnosis, patient care quality, and business management.

Data analytics combined with data visualization tools and business intelligence suites will help the managers operate the system better with real-time information tools to support the decisions and deliver actionable insights.

Let’s see how data analytics can help the healthcare sector improve its performance and deliver exceptional service.

Early disease diagnosis and prevention

Data analytics has played a vital role in predicting diseases early. The practice management technology uses data analytics to analyze the patient’s massive historical data and identify specific patterns for any potential disease.

Financial risk management

Healthcare organizations are heaped with unpaid bills, lower reimbursements, under-utilized records, miscalculated data, etc. With the power of Artificial Intelligence, data analytics can use predictive analytics to identify patients’ insurance coverage, detect unpaid bills, and discover the accounts due for payments, eventually improving the organization’s cash flow.

Patient care coordination

As the healthcare industry is engaged in huge transactions, it is more prone to fraudulent activities. Data analytics can help in identifying and eliminating any fraud or abuse. Fraudulent activities include improper payments, human errors in billing, insurance claims, incorrect pricing, and more. These are some of the common mishaps in the healthcare system.

Avoid fraudulent activities

Inventory management

Healthcare organizations use inventory management systems to deal with bulk medical equipment and supplies. Data analytics can improve the inventory management system by identifying the stock turns, inventory-to-purchase ratio, and soon-to-be-out-of-stock items. An inventory management system powered by data analytics can identify categories of products and predict which items need to be stocked and the quantity required for the same.

Summary

Data analytics with Artificial Intelligence and data-visualization tools will be the key to getting the most out of the data. It will help uncover real-time insights to identify opportunities to deliver more value and provide better-quality care at an affordable cost. Collecting data and analyzing them further to boost efficiency in the management process is a promising step for the healthcare sector.

Healthcare organizations can create a much smarter, more connected, and value-based healthcare system to assist clinicians in taking better care of patients and empower them with tools to make better decisions. Adopting advanced technology in the healthcare system will enable organizations to improve their performance, deliver exceptional customer service, achieve greater efficiency, and integrate with new partners for a personalized approach focused on delivering value.