Healthcare Analytics: Save Cost on Medical Services
With the increasing the cost of healthcare service providers, companies are aggressively looking to reduce their expenses using various services. The focus is not only on reducing the cost but also to find different ways to increase revenue. Having realized the pain points of the industry, companies are looking forward towards their historical data to make better informed decisions.
Focus of the companies
Companies are now focusing on optimally utilizing their historical data to draw conclusions. Data collection through electronic medical records, data sharing through health information exchanges etc. would act as key data sources. These would provide the company management access to data which could be harmonized and brought to a single platform. It could then be analyzed using various analytical tools to understand the pattern at a macro level as well as at micro level. This data repository can further be utilized to check for chance of occurrence of any undesired event, probable medical test results, detailed analyzed information about a particular patient etc. Data analysis at the granular levels enhances the transparency and improves the outcome of the model.
Targeting the right person and delivering the medication at the right time
Having the best analysis in place only completes half the journey. It is important to find out the potential people who are the risk to particular disease. Data model is prepared from the population of different groups of people. We need to map characteristic features of the individual to the available data in the model to find out who is at a high risk to acquire any particular disease. These features of an individual are likely to get captured in health risk assessment data. This mapping can provide with good insights about who needs the medication. Once the person who needs the treatment is found, what kind of medication is required is the next question. The type of medication is decided by historical data and also by medical treatment being provided to any person at the similar time. Large amount of real time information is available from wireless monitoring devices. This information combined with data analysis tools will give ideas about suitable medication which should be delivered. This ability to deliver the right treatment at the right time will improve as the awareness about the utility of sharing the information with the healthcare service provider increases among the people.
As more information on health and diseases is available, easier it will be to draw patterns. This in turn will provide insights about what necessary medical treatment should be taken at any given point in time. This will reduce the cost of medical services on account of improved and timely medication. Thus improved healthcare analytics leads to improved results and hence reduce cost.
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