Healthcare data to grow at a CAGR of over 36% by ‘25 – data analytics in healthcare

Published On January 19, 2021
In Data Analytics, Healthcare, Blog Archives

As the average human lifespan increases, healthcare data analytics are expected to make a significant difference in modern patient treatment. Using healthcare analytics can potentially minimise medical costs, predict outbreaks of disease, circumvent preventable diseases, and generally improve patients’ quality of care and existence.

Growth of Healthcare data | SG Analytics

Big data basically takes large amounts of data, digitises it and then consolidates it with specific technology and analyses it. For healthcare analytics, the saying “an ounce of prevention is worth a pound of cure” is extremely true as it can help physicians understand more about patients earlier in their lives, provide early warning signs of illnesses and treat diseases at their initial stages.

According to the recent healthcare trends of 2021, the use of modern technology and analytical solutions are going to improve the healthcare sector considerably. Such solutions support both healthcare providers and the economy. There is a financial opportunity to lower costs for insurance providers while still enhancing the lives of patients, as more caregivers are paid based on patient outcomes. Moreover, as the decisions of doctors are most often based on facts, there is much greater demand for analysis and clinical data generated by healthcare analytics.

The role of data analytics in healthcare | SG Analytics

The Role of Data Analytics In The Healthcare Sector

‘Data analytics’ refers to the process of gathering and analysing volumes of aggregated data in order to gather valuable observations and knowledge found within. New software and technology that helps examine vast quantities of data for secret knowledge is increasingly helping this process.

When applied correctly, cutting-edge data analytics enhances patient safety in the health care sector. The analysis of available data to find out which practises are most beneficial helps minimise costs and improve the services of the health care facilities with the transition in health care towards outcomes and value-based payment programmes.

Data analytics services can help gain insights into organizational resource waste, monitor the success of individual physicians, and can also track the wellbeing of communities and classify people at risk for chronic diseases in the context of the healthcare system, which is increasingly data-reliant. The health system will distribute resources more effectively with this knowledge in order to improve income, population health and, most importantly, patient care.

The Benefits of Data Analytics In The Healthcare Sector

Understanding Patient Costs

Outcome-value-based payment programmes promote health care efficiency enhancement. Therefore, accounting for costs is related to success assessment and best practises valuation.

Continuous analytics in healthcare will help recognise broad trends that contribute to a greater understanding of population health. A system of interconnected electronic health records accessible to doctors helps provide accurate information that, through eliminating unnecessary treatment, can help reduce costs.

Prescriptive analytics can predict individual patient costs by detecting patterns in population results; therefore, the health care system can better distribute staff and resources to minimise duplication and optimise performance.

Predictive analytics in healthcare | SG Analytics

Knowing patient expenses, as well as overall programme expenses, also includes accounting for what happens to patients outside, as well as within, treatment. For example, we can understand the cost to the healthcare industry of type II diabetes by data analysis. Since type II diabetes can be avoided by diet and exercise, providing health counselling of high-risk individuals in the community can dramatically reduce the industry’s total costs.

Avoiding Human Error

Many preventable health issues or insurance claims, such as a physician administering the wrong drug or the wrong dose, are a result of human error. Not only does this increase the risk to patients, but it also increases premiums and claims, and healthcare facilities need to absorb these costs.

To analyse medical data and prescribed medicine, a BI platform can be leveraged to corroborate data and alert users about irregular prescriptions or dosages to minimise human error and avoid patient health or mortality issues. In fast-paced environments where doctors treat several patients on the same day, this is particularly beneficial, as the possibility of making a mistake is high.

Practitioner Performance Evaluation

Evaluate practitioner performance | SG Analytics

The introduction of health analytics offers new tools to measure the efficiency and efficacy of health care providers at the point of delivery, in addition to the seismic transition from volume of care to value-based care. Data analytics can be used to provide ongoing reviews on health care providers with continuous quality assessments, along with health data relevant to patient safety. This promises positive changes in patient experience and quality of treatment as healthcare analytics continue to be better understood and applied.

For example, the McKesson Ongoing Professional Practice Evaluation continuously assesses the performance of health care professionals by aggregating information from direct observation, concerns, trends of practise, patient outcomes and utilisation of resources. The data is then compared to numerous performance metrics such as integrity, patient care and interpersonal communication skills.

Data analytics will continuously assess physicians in real time, in order to monitor and optimise practitioners’ effective practises and improve patient care.

Promoting Industry Advancement

A Health BI solution could also advance science and technology for the future, in addition to the advantages of data analysis for current healthcare industry problems. To find treatment options or solutions to various illnesses, data analytics can be used to process large quantities of data in seconds. This can not only offer reliable solutions based on historical knowledge, but will also provide individual patients with personalised solutions for particular issues.

There are no limits to the possible applications of this data, some of which are:

  • Predicting and preparing for epidemics
  • Finding cures for diseases
  • Improving the quality of life
  • Providing preventable care
  • Detecting illnesses earlier
  • Assessing risks
Benefits of data analytics in the healthcare sector | SG Analytics

Risk Prediction

The treatment of chronic illnesses is one of the greatest expenses for the healthcare sector. Predictive analytics can help significantly reduce costs at a population-wide level by predicting which patients are at higher risk for disease and arranging early intervention before problems arise. This requires the collection of data linked to a number of variables. That includes medical history, socio-economic or demographic background, and comorbidities.

Age, blood pressure, blood glucose, family history of chronic diseases, and cholesterol levels are commonly included in medical history.

Factors outside the reach of conventional health care are correlated with a significant proportion of what impacts health outcomes. Patient health patterns and attitudes, socio-economic factors such as employment and schooling, and the physical environment are among these factors. The public health system must broaden its boundaries to account for these ‘outside’ variables in order to maximise results. In data analytics, it is possible to model these metrics to predict chronic disease risk. The health care industry can distribute resources more efficiently by aggregating and evaluating all these types of data, allowing it to intervene actively in high-risk communities early on to reduce long-term structural costs.

Conclusion

While healthcare data analytics have yet to be fully implemented due to lack of technology and funding constraints, it is already correcting consistent problems and providing hope for the future. When completely introduced, the industry will be revolutionised by the potential for data analytics to optimise patient care, reduce costs, limit errors and anticipate possible health emergencies.

Moreover, there’s no doubt that healthcare isn’t the only industry that is improving and benefiting from the power of data analytics services. Almost every industry, including retail, finance, and even media use powerful insights derived from data to drive their business forward using various tools to reach their customers and fuel business growth.

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SGA Digital Marketing Team
SGA Digital Marketing Team
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The SG Analytics Digital Marketing team creates and optimizes content for service and industry-specific blogs. We are a dynamic team focused on building our company's brand online, as well as sharing the expertise of our subject matter experts through the medium of our thought leadership blogs.

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