Various industries use data and analytics to advance their bottom lines. It’s not a secret that the numbers can help sectors identify where they’ll be in the next five years. As such, healthcare is also following the lead in analytics in identifying the challenges and solutions in the industry.
Leaders in the industry had conceded that analytics is one of the missing pieces in order for healthcare providers to resolve their budgets, payment method, and others. Currently, the healthcare system and providers use artificial intelligence and electronic record-keeping to address the data they need.
Importance of Data and Analytics
Health systems use data and analytics to not only prepare for the future but also to do what they can do now. According to a study conducted by Deloitte, health systems have identified that:
- Analytics has helped them develop and define their vision and strategy. By applying analytical tools and data extraction, hospitals have developed a clearly defined plan and vision for them.
- Hospitals or health systems have identified that it’s essential to have a dedicated analytics department. The department focuses on extracting the necessary data in order for the system to, for example, the best possibilities when it comes to applying solutions.
Predictive Data in Healthcare
On the other hand, in a survey conducted by the Society of Actuaries, predictive analytics is used by almost 60% of healthcare executives. Executives in the health systems are reaping the benefits of predictive analytics which include the following:
1. Increased Patient Satisfaction
Nearly 50% increase in patient satisfaction both for in-patient and out-patient groups. Executives and practitioners have identified that analytics can even improve this number by allowing them to focus on providing more personalized medicine, treatment, and care plan for patients.
Predictive analytics and technology can be leveraged in order to get 98% accuracy when it comes to creating patient plans with their records. Allowing healthcare practitioners to gain access to patient treatment will help them develop a more precise treatment plan which then brings us to the second benefit.
2. Cut Cost
In any industry, reducing the cost of services or goods is difficult to achieve. However, almost 40% of the executives reported that they had cut their care costs because of predictive analytics.
Specifically, the data and analytics team of health systems uses platforms and tools for artificial intelligence to identify and extract data on their end. Nonetheless, other contributing factors to this also include the expert staff and healthcare providers.
The staff and healthcare personnel streamline all the activities, including administrative tasks, in order to identify aspects in their systems that negatively affect their budget. Once these are identified, the system then creates a solution to minimize these operating costs.
3. Actionable and Tells a Story
Predictive analytics top-down management a vision of their current cost, issues, and solutions. The data tell a story of their current issues and how they can resolve it in the future.
Being able to tell a story allows them to communicate the information better. The stories that data tells are critical in allowing executives to visualize the future. It also provides a concise analysis of insights into the various aspects of the health system.
4. Manage Health Population
Analytics is also seen to help manage the population. The determinants provide insights on how to manage the current and future population. By factoring that socioeconomic status, education, employment, home situation, and even social networks of a person makes it easier to manage their health.
Analytics will help healthcare providers identify or read the factors and how it affects every individual in the health system. It allows them to prepare for the future and even help identify preventive methods and preventive care for the patients.