Healthcare organizations located around the world are facing the pressure to reduce costs, improve coordination and outcomes and provide more with fewer resources and be more patient centric.
However, in practical, the industry is witnessing entrenched inefficiencies and suboptimal clinical outcomes.
This is where analytics can help these organizations harness big data to create actionable insights, set their future vision, and improve outcomes and reduce time to value.
So, what exactly is analytics and how can healthcare sector benefit from it?
Analytics is nothing but a systematic use of data and related business insights developed through applied analytical disciplines to drive fact based decision making for planning, management, measurements and learning. On the whole, Healthcare Analytics can be descriptive, predictive or prescriptive.
But why are we now behind it?
Factually speaking, Healthcare sector is increasingly being challenged by factors such as inefficiency, wastage of resources and improper planning. These in-capabilities are also leaving behind an entrenched loss of more than $2 trillion on an annual note. The disorganization can be attributed to several factors such as ineffective gathering, sharing and use of information.
Where does Analytics stand in this scenario?
This is where big data analytics proves helpful, as it helps in gaining insights and can help demonstrate value and achieve better outcomes, such as new treatments and technologies. From managing small details to large processes, analytics can aid exploration and discovery; help design and plan policy and programs; improve service delivery and operations; enhance sustainability; mitigate risk; and provide a means for measuring and evaluating critical organizational data.
Does Analytics address specific objectives?
- Yes, it can help in improving clinical quality of health care
- Analytics implementation in Healthcare can improve patient safety and reduce medical errors
- It can improve patient’s wellness, prevention and disease management
- Understand physician profiles and clinical performance
- Analytics helps in improving customer satisfaction, acquisition and retention
- Healthcare sector has also experienced improvement in pay for performance and accountability
- Healthcare analytics can also prove beneficial in improving operational effectiveness as it has the potential to increase operating speed and adaptability
- Analytics can improve pay for performance and accountability
- Financially speaking, Analytics has the ability to improve utilization and optimize supply chain and human capital management
- It improves risk management and regulatory compliance
- Healthcare analytics helps in reducing fraud and abuse
Interested in a more in-depth explanation?
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