Currently as the healthcare market is growing, it has become clear that organizations which are capable of leveraging the power of analytics are demonstrating a clear advantage in market share over their competitors. Big Data analysis in healthcare has in fact, now become the driving force for creating opportunities in developing optimal treatment pathways, improving the medical loss ratio and better managing clinical decision support systems.
With soaring healthcare costs especially in the USA as well as growing regulatory pressures for both affordability and improvements in clinical outcomes – Analytics has emerged as a silver lining for this industry. Analytics in healthcare has proven to generate insights that not only lower total costs, reduce inefficiencies, and identify high risk population but also can predict a patient’s future healthcare needs.
Therefore with analytics today, decision support systems are now being subjected to various statistical and artificial intelligence techniques. This is further resulting in development of meaningful insights such as identification of various patient risk factors, grouping of patients based on varied health conditions, provision of actionable information to physicians at the points of care and most importantly, measurable progress on healthcare outcomes.
The introduction of analytics in healthcare therefore, has helped in overcoming umpteen challenges creating true, real value for this sector. Some of these everyday challenges include:
- Diverse data sources that make it difficult to create a single source for the truth.
- Information not being available in a timely manner, so decisions are not data driven.
- Lack of a clear vision on how the organization can benefit from analytics.
- Too many manual systems deployed, resulting in insufficient electronic data.
- The culture not being ready to become a data-driven organization.
However to overcome all of the above challenges, it is imperative that healthcare organizations create an environment conducive to nurturing and incorporating analytics. They must in fact create a ‘knowledge & analytics driven culture’ that pervades their entire organization. Also, all clinical information stored in their standard data formats such as EHRs must be captured and transformed into data on which analytics can be applied, so as to successfully derive actionable intelligence from it.
To conclude therefore, it can be said that analytics today is most definitely a crucial trend in healthcare that will significantly reshape its landscape in the coming years. Furthermore, analytics is also what is now driving a shift in this industry towards solutions that are capable of delivering real value such as:
- Improving clinical quality of care.
- Improving patient safety and reducing medical errors.
- Improving wellness, prevention and disease management.
- Optimizing supply chains and human capital management.
- Improving risk management and regulatory compliance.
In fact, it is analytics alone today that can deliver on the above results most efficiently to ensure that those who need care the most – receive it. To know more and gain better insights on how to improve patient care and achieve operational excellence in healthcare, Register for our Webinar and understand how UCSF Medical Center uses QlikView Analytics Solutions to empower their decision-makers and maximize the value from their data.