How Healthcare Analytics Will Aid Various Stakeholders?

Exploding healthcare data, rapid digitization, and increasing expectation of customers who are mobile, calls for robust healthcare analytics solutions.

Exploding healthcare data, rising patient care expenses are posing big challenges to the healthcare sector. The IoT in the healthcare market is expected to grow from USD 32.47 billion in 2015 to USD 163.24 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 38.1% from 2015 to 2020. This calls for a shift from volume-based healthcare to patient centric care, leveraging technology advances in the field of big data and analytics.

Why Analytics?

Electronic Medical Records (EMRs) are increasingly moving to centralized cloud repositories prompting healthcare sector to digitize healthcare records. This will put pressure on IT departments to enhance the processes where all stakeholders are linked through application on mobile devices. Consumers expect improvement in healthcare outcome at lower prices. Coupled with this is the pressure on the healthcare system. To be specific, what are those pressures? First of all pressure to improve processes due to data explosion and increasing customer expectation thanks to the digital technologies. Secondly, the cost pressure where executives are tasked to streamline operations and reduce waste.

Pressures on the healthcare system are mounting – from both the financial and clinical perspectives. Healthcare executives struggle to streamline operations and adapt to emerging health needs. Markets call for taking right decisions at the right time to build customer loyalty. It is at this stage healthcare analytics comes to the aid of all stakeholders involved.

The United States population is 322,762,018 and is growing at 0.77%. According to the latest data from the Centers for Disease Control and Prevention's (CDC's) National Center for Health Statistics (NCHS) overall life expectancy at birth for the total US population held steady at 78.8 years. Citizens live longer, and IoT is changing patient care with big data in IT systems, storing huge volumes of data for decision-making and regulatory compliance. Due to this, analytics solutions are required for key stakeholders.

Analytics for Whom?

The following three stakeholders are going to benefit from analytics:

1. Providers (physicians): There is an opportunity to build analytics systems for EBM (Evidence Based Medicine) - shifting through clinical and health outcomes data to determine the best clinical protocols that provide the best health outcome for patients and create defined standards of care.
2. Producers (Pharmaceutical and Medical device companies): They can build analytics systems to enable translational medicine - integrating externally generated post-marketing safety, epidemiology and health outcomes data with internally generated clinical and discovery data to enable improved strategic R&D decision making across the value chain.

3. Payers (i.e., Insurance companies): Payers can create analytics systems to enable comparative effectiveness research that will be used to drive reimbursement - mining large collections of claims, healthcare records (EMR/EHR), economic and geographic, demographic data sets to determine what treatments and therapies work best for which patients, in which context and with what overall economic and outcomes benefits.

Advantage Analytics

Digital innovations lead to digital workflow aiding EMRs and telehealth. On its heels are companies embracing digital health devices to track employees’ health. According to Gartner by 2018, two million people will be required to don health or fitness tracking device as a prerequisite for employment. Out of conviction or compulsion organizations required predictive analytics systems to:

• Gauge the risk of patients who are vulnerable to hospital readmission.
• Reduce hospital stays after joint replacement.
• Anticipate staffing needs while reducing overtime.
• Predict the future and help organizations get out in front of consumer trends.

The very survival of the healthcare sector hinges on analytics. They require a highly accurate and informative system fully customizable for individual businesses and other stakeholders.

Prime Technology Group, LLC is a global, technology services company with innovation at the core of our business engagements. For more Information visit http://www.PrimeTGI.com