Technological advancements play a crucial role in every industry, and healthcare is no exception. The industry is undergoing a significant transformation, spearheaded by the power of data analytics. A Statista research stated that the market of global healthcare-related analytics utilizing big data would expand to over 13 billion U.S. dollars. The advancing use of analytics in healthcare data has become indispensable for improving patient care procedures, reducing associated costs, and enhancing the operational efficacy of healthcare providers and institutions.
“Banks, insurance and healthcare companies all have decades of historical, transactional customer data stored on their mainframe. Mining that data can deliver great value and be used to develop predictive models by analyzing customer behavior in order to offer new, tailor-made solutions, and anticipate customer needs. It has therefore become a strategic priority for visionary business leaders to unlock data and integrate it with cloud-based BI and analytic tools.” — Gil Peleg
How Data Analytics is Transforming the Healthcare Industry?
Using data assets has transformed the healthcare industry significantly. A few avenues in which data has benefitted healthcare include-
Predictive Analytics Aiding Prevention of Diseases
Predictive analytics is a common application of data analytics in the field of healthcare. Capitalizing on historical patient care data, patterns and trends that aren’t readily visible to healthcare service providers can be identified. Professionals can use these insights to predict disease outbreaks, the scope of patient readmission, and a wide variety of risks associated with individual patients.
Improved Patient Care and Scope of Personalization
Actionable insights derived from patient data empower healthcare providers to offer more personalized and patient-centered facilities. Electronic Health Records (EHRs) have the capability to register large amounts of patients’ health data, including the medical history, test results, and treatment plans of patients. By analyzing this data, healthcare experts customize treatment plans and interventions to meet each patient’s unique healthcare needs.
Streamlined Healthcare Operations
Data analytics optimizes healthcare operations and resource allocation. Hospitals and healthcare service organizations generate an enormous amount of data daily, including patient admissions, staffing schedules, inventory management, and billing. Analyzing this data identifies operational hurdles, optimizes protocols, and reduces operational costs.
Drug Discovery and Development
Drug discovery is a process that is long, expensive, and involves a host of risks. Data analytics revolutionizes the process by identifying potential drug trial candidates more efficiently. Automated analysis of genetics, disease trials, and medication data allows scientists and researchers to be capable of zeroing in on promising compounds quickly and more accurately.
Fraud Detection
Fraudulent transactions are extremely prevalent in this industry, with millions and billions of dollars paid annually for false claims, identity thefts, and instances of overbilling. Data analytics plays a crucial role in combating cases of healthcare fraud. Studies estimate the global healthcare fraud analytics market to grow at a CAGR of 20.45% through 2022-2028. Analytics plays a crucial role in detecting fraud instances by analyzing claims data, patient health histories, and billing trends can be analyzed by using algorithms that are designed to detect irregularities and present potentially fraudulent activities.
Healthcare analytics market size accounted for USD 12.3 billion in 2021 and is estimated to grow at a CAR of over 11.8% between 2022 and 2030. The emergence of personalized and evidence-based medicine is widely promoted for use in healthcare decision-making and is associated with effective outcomes for patients.
Use Cases for Big Data in Healthcare
Real-Time Alerts
Instant alerts enable doctors to make more informed decisions by capturing patient health data in real time.
EMR Systems
Electronic Medical Record software makes medical information accessible worldwide. Patients can conduct self-reviews and share relevant data with healthcare professionals.
Remote Patient Monitoring
Wearable devices collect patient vitals and enable doctors to monitor health conditions remotely, minimizing extended hospital stays.
Customized Treatment Plans
Data analytics comes into use while designing a personalized treatment plan and delivery schedule for faster patient recovery.
Data analytics usage in healthcare is poised to revolutionize the industry, from predicting outbreaks of diseases to streamlining operations and improving patient care. The combined power of data and advanced analytics solutions curated by the United Techno data experts would assist healthcare providers, researchers, and institutions in arriving at informed decisions quickly. With advancing technological growth and development in healthcare data architecture, the potential of analytics in transforming the industry will only grow, securing a brighter and healthier future.
