Just like in other key industries, information collection and analysis in the healthcare industry is critical too. The healthcare industry has been growing and evolving at a very fast rate, with big data being at the forefront of its transformation. This transformation has led to the emergence and fast growth of the healthcare analytics industry which is estimated to reach more than $18 billion by 2020.
Analytics in healthcare or healthcare analytics refers to the analysis activities and processes undertaken to give meaning to the data collected from various areas within the healthcare industry. Healthcare analytics enable analysts to examine patterns of any given healthcare data so as to establish how care in the medical field can be improved while simultaneously limiting the expenditure.
Many hospitals and healthcare networks have adopted healthcare analytics in order to remain competitive in the current market. They use them to convert raw financial and clinical data into actionable information that can help them improve their performance delivery, care delivery, and the bottom line.
Here are the top benefits of utilizing analytics in healthcare
Accelerate performance improvements in healthcare
Performance improvement in healthcare, both financial and clinical, is important in all roles within the organization. However, it can be difficult to accelerate or improve these areas without analyzed data because of competing priorities. For example, two different individuals within the organization but in different departments may have different views on the question of “how do we improve our care delivery?” But with data analytics to help you in decision making, accelerating performance improvement becomes an easy task.
Maximize profitability and improve the outcomes in a fee-for-value reimbursement model
Analytics in Healthcare help hospitals and providers to make the most out of the fee-for-service reimbursement model by establishing the data that can help close information gaps and create a clear picture of the general cost of care in the whole sector. Analysts utilize clinical data, lab results, claims, operating room data, and mild treatments data among others to help them with analysis. With healthcare data analysis, care providers can have a clue of their healthcare decision’s impact on profitability and costs compared to what was actually paid.
Enhance clinical decision support
With healthcare data analytics, clinicians have access to all patient records, lab reports, medical tests, and even prescribed medications analyzed and stored in one electronic dashboard. They are therefore able to see what has been done on a patient and what is yet to be done. This helps them to make immediate clinical decisions and also avoid duplicating tests or double-prescribing a patient because of lack of information about them.
Improve care coordination in healthcare
Data analytics in healthcare go a long way in improving care coordination. With the actionable information in their hands, physicians and care providers can be able to effectively communicate and share information about care delivery across the whole healthcare network. Coordinated care results in higher quality and affordable care for all patients.
What else can healthcare analytics help improve?
Every healthcare organization is different in its own way. However, healthcare data analysis drives the following valuable improvements across the board;
- Increases efficiency in utilization of financial and clinical resources through periodical analysis
- Helps lower re-admissions and consequent financial penalties
- Improves outcomes from healthcare givers and providers
- Enhances population management efficiency through strategies such as maintaining narrow networks
- Shifts care from the expensive in-patient services to affordable ambulatory settings
- Helps with the identification and early correction of costly and unwanted outcomes such as returns to critical care or surgery
- Maximizes service profitability across the care field
As the healthcare industry continues to experience exceptional growth, the limits of data analytics in boosting this industry are beyond the horizon. The future of healthcare is essentially in the hands of data analytics.