Top Benefits of Data Analytics in Healthcare Industry

We go to the hospital and expect to be in the safe hands of a physician whom we expect to know everything about the sickness and give the right dosage of medicine, right?

People are becoming more conscious about their health; people use wearable devices to monitor heart rate and other vital body organs. Record keeping, compliance and industry regulation creates lots of data for the healthcare industry.

1. Lowers Cost: Data analytics lowers administrative cost to the hospital and reduces the cost to the patient.

2. Facilitate diagnosis: Data analytics can facilitate a clinical decision. It can bring all prescribed medicine, lab test report and medical history of a patient to a single screen. This can help the clinical team to see a fuller view of the patient’s condition and give a better prescription.

3. Check fraud and abuse: Fraud and abuse is a big hole in the pocket for the healthcare industry. Fraud includes inflating bills, falsifying records, changing or extending dates or magnifying services rendered to make more money. Abuse, on the other hand, is overbilling the patient, rendering services that the patient doesx not require or not maintaining a proper record. Data analytics makes the process of payment transparent and also monitors how doctors are treating their patients. This ensures the patient is not exploited or the health system cheated by the patient.

4. Better care coordination: Data analytics can help with better care coordination among hospitals.

5. Improved patient wellness: Hospitals can use Data analytics to check on and monitor their patients. They can use data analytics to ensure that their customers are living a healthy lifestyle. This gives doctors the ability to monitor their patient’s health and well being. Patients can also work closely with doctors being better informed about their health. Patients would use apps or wearable devices to monitor their vitals. This data can be automatically received by the doctor and he can advise on the best health practice for the individual. This precise data passed to the doctor would give a more accurate prescription for the patient.

6. Improved staff and customer satisfaction rate: Hospitals can monitor and improve on both staff and customer satisfaction. With the aid of data analytics, the medical can be more confident in the decisions they make. They are less stressed because medical conditions that might take hours to diagnose or take decisions on can be done in few minutes. The medical team can also handle more patients in a given time period.

7. More visibility into performance/boost competitive advantage: Hospitals can have more insights into their performance. They can easily have information such as check-in time and the time taken to respond to a patient. The management team can have a full view of where they are lacking and can improve their services. Hospitals using data analytics make better informed medical decisions on patients and would have better treatment. This would lead to increased patronage and of course with a better system to manage patients, the hospital can manage more patients per time, leading to an increase in market share because they’re using data analytics that’s giving them a competitive advantage.

8. Help researchers develop models: Researchers can now develop models without needing to have years of data or thousands of samples. Data analytics can provide data for researchers and this can improve with accuracy over time.

9. Boost preventive medicine and public health: Data analytics can diagnose diseases very early. Doctors using analytics are detecting diseases a lot earlier before they can become life-threatening. Terminal diseases such as cancer if detected early gives the patient the longest time frame possible to live. Early detection is key in treating many medical ailments or conditions. Data analytics help in spotting these diseases early enough.

10. Personalised treatment: Patients can receive personalised treatment with the help of data analytics. Medications that work for the larger population may not work for a selected few. These few can have medicines made by the pharmaceutical industry targeted at them and this can be very lucrative for the industry. Doctors, using data analytics can prescribe a medication best suited to the patient and not prescribed based on popularity.

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