Healthcare Analytics: What it is, its importance and application
Healthcare analytics is a basket of technologies and skills that are used to propel efficiency in healthcare domain, to gain clinical and predictive insights into the sophisticated relations that drive healthcare outputs, costs and results.
Through modeling, data mining, predictive analytics healthcare players can explore new frontiers by strengthening financial and budgetary performance, fostering consumer-centric relationships to deliver best in class solutions across the healthcare spectrum.
Analytics in health insurance:
“Studies estimate payers could be losing US$100bn annually to incorrect claims.”
In the wake of rising economic instability and changing healthcare ecosystem, stiffer challenges lie ahead for health insurance plans. As the market becomes increasingly consumer driven and regulated, the question of profitability and sustainability of companies remains unanswered. Probably, answer lies in data sources which can be unlocked by more complex data analysis techniques and metric-driven decision-making at an unprecedented level.
Analytics for healthcare providers:
With the increasing cost of healthcare and increasing complexities in customer spend healthcare analytics plays a crucial role in increasing patient safety, improving the precision and quality of care, becoming more financially provident through efficient cost management by measuring, tracking and delivering evidence-based forecasts.
Analytics for Government policies related to public health:
For Governments to see the fruits of the spend on healthcare system and to modernize the system along with reducing costs government is funding programs that will incrementally build the electronic health records, through which government and NGOs collect and store humungous amounts of healthcare data. Clinical data in synergy with administrative data processed through cutting edge technologies will be instrumental in checking if the public spend is utilized to the maximize healthcare outcomes. This is only possible by connecting a million pieces of patient data scattered across the organizations.
Analytics in life sciences:
An ever-escalating cost of development for OTC drugs, strict patent laws, life sciences companies are struggling to survive and thrive in the competitive environment. Advanced analytics provides crucial insights to propel a business towards success. Analytics helps in developing new medications faster and also acts as an evidence for drug safety checks from regulatory bodies. The gamut of data helps in heightening the understanding of the disease, improving manufacturing processes and better targeting the sales and marketing efforts. Analytics will act as a torch bearer in developing next generation healthcare system.
Analytics find wide spread application in healthcare space. GlobCon technologies can help companies identify pain points / bottlenecks and provide solution for the same.