Data analytics, being the revolutionary process that it is, has the power to transform the way that we analyze, interpret, and implement changes on the basis of data. Perhaps one of the most promising fields in which data analytics can be applied in the healthcare industry. Data analytics in healthcare is an exponentially expanding field with many wide-reaching uses. In fact, our Data Science course is quite popular with doctors!
Proper use and implementation of data analytics have the potential to reduce costs, increase medical decision accuracy, and improve the lives of both the health practitioners and patients.
Cutting down costs
As evidenced by the exorbitantly high healthcare costs in the US, cutting down on healthcare costs is a big goal for the industry. In order to fully understand the costs, and exactly where the money is going, data is required. Data on the demographics of different patients, data on the cost of various medical procedures, and so on.
Just having, for instance, a shared system of digitized patient records would save most hospitals and health care centers a huge amount of money.
Aiding diagnoses and clinical decision support
Data analytics in healthcare can help doctors and clinicians with quick diagnoses as well. Having all the information on a patient on an electronic display is a much more reliable and efficient way to make clinical decisions, rather than relying on the unreliable and often times forgetful memories of patients. In the near future, we may even see predictive analytics being used in mainstream healthcare practices. The massive collection of data of patients will help doctors to make extremely quick and accurate diagnoses.
Cut down on fraud
Past history shows that the healthcare sector loses a significant amount of money every year due to fraud and abuse. With data analytics, organizations will be able to track any incorrect or fraudulent payments. And along with that, they could use the past history of such known defaulters to prevent future cases of fraud.
Increase patient engagement
This refers to the use of smart devices, like the ones that collect information about heart rates, sleep habits, and so on. Data collected from these devices can be used in tandem with other medical records to arrive at diagnoses more quickly. It will also help to identify any possible future health risks.