Advanced Analytics Revamping the Healthcare Industry
Over the past few years, emerging technology trends like cloud, predictive analytics, big data analytics, and machine learning have been significantly transforming the healthcare landscape. The industry is leveraging advanced analytics to reshape the way care is delivered, identify gaps in quality documentation and assessment to produce insights that lead to better outcomes, address performance challenges, lower costs and build new revenue streams. Practical predictive analytics is being applied to existing workflows to drive financial outcomes for hospitals. For instance, Connance is using predictive analysis across revenue cycle continuum, finding ways to benefit patient financial relationships. The use of remote monitoring and telehealth are already minimizing hospital visits. Technologies like statistical modeling can be used to assess the probability of cancer within a certain patient category. The significant data that hospitals have can be used to generate data models and benefit across clinical, operational, and revenue cycle processes. Insurance companies can leverage large volumes of consumer data as well as patient data to design better products for their members.
However, with technological advancements, consumer expectations are also changing dramatically. Consumers today actively engage with providers through mobile apps, fitness trackers, and specialized patient portals. Advanced analytics can be applied to create end-to-end solutions addressing core challenges like clinical measure management, cloud migration, patient engagement, and value-based contracts. Tailoring these next-generation capabilities for specific use cases and industry needs, healthcare organizations will be able to improve their efficiencies. In the near future, technologies like blockchain and nanotechnology will see growth in data security and personalized medicine respectively. Healthcare organizations must embrace this change to have a competitive edge and thrive against peers.