A 360 Degree View of the Healthcare Data Analytics Landscape
Intrinsic to all aspects across the industry, data is completely transforming healthcare. While organizations only begin to scratch the surface of turning collected data into actionable insights, they’re relying more on technology solutions to withstand disruption. With a growing emphasis on accountable and value-based care as well as precision medicine and population health, every stakeholder from payors to providers to patients is attempting to navigate this new territory.
To thrive in this patient-centric and data-driven culture, it’s critical for organizations to understand how to harness the power of analytics. By 2020, the healthcare industry is expected to reach 25,000 petabytes of data. Much of the data that the healthcare industry collects is underutilized. In traditional healthcare data and analytics models, information becomes “siloed” and, therefore, stagnant. But by implementing more connected models, teams can more easily access and share data, increase effective communication and decrease costly errors.
In alignment with growing patient engagement trends, wearables and IoT-enabled devices will play a major role in generating health data. Providers and payors will need to integrate this data with existing EMRs and patient profiles to gain a more holistic view of the patient and provide targeted, personalized care. As next-generation hospitals start encouraging patients to bring their own devices into the hospital room, healthcare equipment will require connectivity to share information across systems to patients, care teams and insurance companies can access data. As providers move away from solely relying on physician education and experience, platforms will also need to leverage population health and genomic data to diagnose and treat patients, ultimately leading to better healthcare outcomes.
Each year, the US healthcare system spends around $600 billion on unnecessary services. But with a data-enabled, holistic picture in place, payors can facilitate coordination and case management with providers to prevent costly re-admissions and healthcare utilization. For example, rather than following a rigid formula for diagnosing patients with similar symptoms and running potentially unneeded tests, organizations can more easily employ an evidence-based approach. When the process is tailored to the individual, the healthcare industry will be able to better predict outcomes and make care decisions in real time.
Analyzing data trends can unlock many opportunities for the healthcare sector. Payors and providers need to invest in big data solutions to aggregate and analyze healthcare information to provide a comprehensive view of the entire member/patient database. The entire healthcare industry needs to prioritize digital transformation to generate actionable insights and ultimately provide better care for patients.